In 1957, there were three orbital launch attempts. In 2025, there were 329, a 25% increase over 2024's 263 attempts, and a 278% increase over the 87 attempts a decade ago in 2015. Through mid-May 2026 alone, there have already been 109 launches.
At a global scale, satellite payloads have surged in parallel: 4,526 payloads launched in 2025 versus 221 in 2016. The US has driven the bulk of that growth, its market share rising from 43% to 82% over the same period. China is the next largest player, with 370 payloads launched compared to 3,720 from the U.S.
What’s driving this increase?
It’s not NASA.
Commercial operators dominated ownership in 2025, commanding an 87% share of total payloads with 3,952 of 4,524 satellites launched. The second largest share was the civil government at 240. Defense and military came in third at 220.
Digging a level deeper, satellite payloads by mission can be classified into various applications. Underpinning a significant amount of how humans now integrate and communicate with each other around the world, Communications unsurprisingly dominated, commanding 91% of 100kg-plus payloads in 2025. That's 3,609 satellites dedicated to telecommunications usage out of 3,964 total. The second largest application was imaging at 192 payloads, followed by navigation at 54.
Perhaps the most compelling chart that shows how space has moved from innovation to commercialization: the number of satellite payloads accompanying each orbital launch attempt. In 2016, the ratio was around 2.6 payloads per launch. In 2025, it hit a record 13.8 payloads per launch. By this metric, the space industry is approaching a decade high in launch efficiency and cost effectiveness.
While launch efficiency has trended higher for a decade, 2020 marked a clear transition, catalyzing the rideshare era of multi-payload deployments.
Rockets are no longer cars carrying a single passenger (or payload). They're functioning as buses, shepherding 10, 20, or 30 satellites per launch, creating a much more efficient deployment model and unlocking real economies of scale. The industry has also moved decisively toward reusable rockets, a sharp break from decades ago when boosters were used once and discarded.
Significant buzz has surrounded the news that SpaceX, the leading private space operator in the U.S., is moving toward going public. SpaceX has filed for an initial public offering (IPO) with an initial valuation estimate of at least $1.75 to $2 trillion. This is a major moment for the US space industry because SpaceX accounted for 165 of the 325 global launch attempts in 2025. All other providers accounted for 160 launches.
But more importantly, SpaceX's imminent IPO signals that the space industry has achieved escape velocity in its maturation.
Focusing only on SpaceX undersells the breadth of public-market space exposure already available to investors today. There are SpaceX competitors, satellite operators, communications companies, and even Earth orbit debris collectors. The Roundhill Space and Technology ETF (MARS) provides diversified exposure to the commercialized space industry already operating and underpinning our daily lives. On a fund-weighted average basis, growth estimates for the current fiscal year are powerful: estimated earnings are projected to grow ~19% with estimated revenue growth of ~57%.
MARS holdings span the full space value chain. Current holdings include*:
To summarize: the space industry has already achieved escape velocity. MARS offers a pure way to participate in it.
*As of 5/21/26. Fund holdings are subject to change.
Investors should consider the investment objectives, risk, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about Roundhill ETFs please call 1-855-561-5728 or visit the website at https://www.roundhillinvestments.com/etf/mars/. Read the prospectus or summary prospectus carefully before investing.
Space and Technology Companies Risk. Space and Technology Companies may be adversely affected by government spending policies because they often rely, to a significant extent, on government demand for their products and services. Other risks for these industries include supply chain issues, cybersecurity incidents, requirements of government contracting processes, regulatory changes, geopolitical instability and shortages of skilled labor, among other things. Space and Technology Companies may face challenges related to the obsolescence of existing systems and equipment as well as unexpected risks and costs from technological developments, such as artificial intelligence and machine learning.
Communication Services Sector Risk. Communication services companies may be subject to specific risks associated with legislative or regulatory changes, adverse market conditions, intellectual property use and/or increased competition. Communication services companies are particularly vulnerable to rapid advancements in technology, the innovation of competitors, rapid product obsolescence and government regulation and competition, both domestically and internationally. Additionally, fluctuating domestic and international demand, shifting demographics and often unpredictable changes in consumer tastes can drastically affect a communication services company’s 16 profitability. While all companies may be susceptible to network security breaches, certain communication services companies may be particular targets of hacking and potential theft of proprietary or consumer information or disruptions in service, which could have a material adverse effect on their businesses.
Emerging Markets Risk. The Fund’s investments in emerging markets may be subject to a greater risk of loss than investments in more developed markets. Emerging markets may be more likely to experience inflation, political turmoil and rapid changes in economic conditions than more developed markets. Emerging markets often have less uniformity in accounting and reporting requirements, unreliable securities valuation and greater risk associated with custody of securities.
Industrials Sector Risk. The value of securities issued by companies in the industrials sector may be adversely affected by supply and demand changes related to their specific products or services and industrials sector products in general. The products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Global events, trade disputes and changes in government regulations, economic conditions and exchange rates 18 may adversely affect the performance of companies in the industrials sector. Companies in the industrials sector may be adversely affected by liability for environmental damage and product liability claims. The industrials sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. Companies in the industrials sector, particularly aerospace and defense companies, may also be adversely affected by government spending policies because companies in this sector tend to rely to a significant extent on government demand for their products and services.
Information Technology Sector Risk. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face obsolescence due to rapid technological developments, frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel. Companies in the information technology sector are heavily dependent on patent and intellectual property rights. The loss or impairment of these rights may adversely affect the profitability of these companies. Information technology companies are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action.
Concentration Risk. The Fund is concentrated in the industry or group of industries comprising the industrials sector, the information technology sector, the communication services sector, the materials sector and the utilities sector, collectively. The Fund may be susceptible to an increased risk of loss, including losses due to adverse events that affect the Fund’s investments more than the market as a whole, to the extent that the Fund’s investments are concentrated in the securities and/or other assets of a particular issuer or issuers, country, group of countries, region, market, industry, group of industries, sector, market segment or asset class.
Non-Diversification Risk. As a “non-diversified” fund, the Fund may hold a smaller number of portfolio securities than many other funds. To the extent the Fund invests in a relatively small number of issuers, a decline in the market value of a particular security held by the Fund may affect its value more than if it invested in a larger number of issuers. The value of the Fund Shares may be more volatile than the values of shares of more diversified funds.
New Fund Risk. The Fund is a recently organized investment company with a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decision.
Roundhill Financial Inc. serves as the investment advisor. The Funds are distributed by Foreside Fund Services, LLC which is not affiliated with Roundhill Financial Inc., U.S. Bank, or any of their affiliates.