We present a financial economics analysis of the global Space Economy, which has surged in value and scale since 4Q2024. The combined market valuation of private and publicly traded space companies now exceeds $4.0 trillion after SpaceX’s $75 billion June 2026 IPO. Space companies made 2025 capital investments totaling $25.7 billion, despite revenues of only $87.9 billion and net losses of $20.1 billion. Commercial products and services represent three-fourths of space economy revenues, while government orders account for one-fourth. We categorize the space economy along an entrepreneurial spectrum. Massive recent declines in launch costs have transformed demand for space services.