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Launch After Starship:
Prices, Capacity and European Sovereign Launch

The price of launch is set by one company's choices, not by a competitive market. SpaceX flew 165 of the world's 329 launches in 2025, 122 of them for its own Starlink, and earned about $60 million per customer launch while its costs fell with booster reuse. Starship reached orbit with its first operational payload in September 2026; whether customers see its lower costs depends on competition that is still late. Europe has recovered sovereign access with Ariane 6 and pays about €0.4–0.6 billion a year for it on Setcoin's estimate.

329
Launches worldwide, 2025
50%
Flown by Falcon 9
~$60M
Per SpaceX customer launch
180 min
Read, 45 chapters

Chapters

What each chapter answers

  1. 015 min · Free

    Executive Summary

    What will a kilogram to orbit cost, who will supply it, and can Europe close its gap?

    Key figures
  2. 026 min · Free

    Sixty Years of the Price of a Kilogram

    How has the cost of reaching orbit changed since the 1960s?

    Ranking
  3. 034 min · Free

    Forty Years of Commercial Launch Competition

    How has commercial launch been contested since the 1980s?

    Timeline
  4. 045 min · Subscribers

    The Market Today: Who Launches What

    How many rockets fly, from which countries and on which vehicles, and how concentrated is the market?

  5. 054 min · Subscribers

    Anatomy of a Launch Price

    What does a launch price pay for?

    Ranking
  6. 064 min · Subscribers

    Reliability: Why New Rockets Fail and What It Costs

    How reliable are new rockets, and what does unreliability cost?

    Ranking
  7. 076 min · Subscribers

    SpaceX's Launch Business, from Its Own Filing

    What does SpaceX's own filing reveal?

    Key figuresSplit
  8. 084 min · Subscribers

    Inside the Accounts: How Reuse Shows Up in the Books

    What do SpaceX's accounting policies reveal?

    Ranking
  9. 094 min · Subscribers

    Falcon 9 Reuse: How a Booster Flies 37 Times

    How did booster reuse go from experiment to routine, and what does it save?

  10. 105 min · Subscribers

    Starship: What Has Flown and What It Could Cost

    What has Starship shown, and what could a kilogram cost on it?

  11. 114 min · Subscribers

    Starship's Other Markets

    Beyond launching satellites, what markets could a fully reusable super-heavy rocket open, and how real are they?

  12. 124 min · Subscribers

    Heavy Lift Today: Falcon Heavy, Vulcan, New Glenn and SLS

    Who launches the heaviest payloads, and how will Starship change that?

    Ranking
  13. 133 min · Subscribers

    Starship Cadence Scenarios to 2030

    How many Starship flights, and how much mass?

  14. 146 min · Subscribers

    The Challengers: Vulcan, New Glenn, Neutron and the Next Medium Class

    Which Western rockets could compete before 2030?

  15. 154 min · Subscribers

    Small Launch After the Shake-Out

    Is there a viable business in launching small satellites on dedicated small rockets, and who has survived?

  16. 164 min · Subscribers

    Rocket Lab: The Economics of the Second Launch Company

    What do Rocket Lab's results show?

    Key figures
  17. 174 min · Subscribers

    China's Launch Industry

    How large is China's launch industry, how is it organised, and how close is it to reusable rockets?

  18. 183 min · Subscribers

    How China Finances Its Launch Industry

    How are China's commercial launch companies funded?

    Ranking
  19. 194 min · Subscribers

    Japan, India, Korea and the Rest

    How are the other launching nations doing, and do they matter to the global market?

  20. 204 min · Subscribers

    Europe I: Ariane 6 and Vega C

    Has Europe recovered independent access to space?

    Key figures
  21. 213 min · Subscribers

    Inside an Ariane 6 Launch

    Why does an Ariane 6 launch cost what it does?

    Ranking
  22. 224 min · Subscribers

    Europe II: The Launcher Challenge

    Can Europe create competitive launch companies?

    Ranking
  23. 234 min · Subscribers

    Europe III: What Sovereignty Costs

    What does Europe pay each year for its own access to space?

  24. 243 min · Subscribers

    Europe IV: The Industrial Base and the Path to Reuse

    What does Europe's launch industry look like, how is it organised, and what would it take to build a reusable European rocket?

  25. 254 min · Subscribers

    Spaceports and Range Capacity

    Is ground capacity becoming a constraint?

  26. 263 min · Subscribers

    Spaceport Economics

    How are spaceports paid for?

  27. 274 min · Subscribers

    The Economics of Reuse

    When does a reusable rocket cost less than an expendable one?

    Ranking
  28. 284 min · Subscribers

    Engines, Propellants and the Launch Supply Chain

    Which parts of the launch supply chain are concentrated, which are growing, and where could a single failure stop several rockets?

  29. 294 min · Subscribers

    Demand I: Constellations

    How much launch will constellations need to 2035?

    Ranking
  30. 303 min · Subscribers

    How Launch Prices Shape Satellites

    How do satellite designers respond to cheaper launch?

    Ranking
  31. 314 min · Subscribers

    Demand II: Governments, Defence and Human Spaceflight

    How much launch will governments buy to 2035, for what, and on what terms?

  32. 323 min · Subscribers

    National Security Launch in Depth

    How does the US buy national security launches?

    Split
  33. 333 min · Subscribers

    The Crew Market: Seats, Stations and Private Astronauts

    What does it cost to fly a person to orbit?

    Ranking
  34. 343 min · Subscribers

    Responsive Launch and Military Demand

    Will armed forces need rockets that can launch within days or hours, and who could provide them?

  35. 354 min · Subscribers

    The Lunar and Deep-Space Launch Market

    How much launch does the return to the Moon require, who provides it, and how does it compare with Earth-orbit demand?

  36. 364 min · Subscribers

    Supply and Demand, 2026–2035

    Will there be enough launch capacity?

  37. 374 min · Subscribers

    Price Scenarios for 2030 and 2035

    What will a kilogram to orbit cost in 2030 and 2035?

  38. 383 min · Subscribers

    Kick Stages and Orbital Transfer Vehicles

    How do satellites get from where a rocket drops them to where they need to be, and is that a business?

  39. 393 min · Subscribers

    Rideshare and the Integrator Business

    How does rideshare work, and who organises it?

    Ranking
  40. 404 min · Subscribers

    Regulation, Licensing and Insurance

    How do licensing, environmental review and insurance shape launch?

  41. 413 min · Subscribers

    Launch and the Environment

    What does a rising launch rate do to the atmosphere?

  42. 425 min · Subscribers

    Case Studies: Launch Decisions Under Constraint

    What do recent launch decisions by OneWeb, the European Union and Amazon show about how customers actually buy launch?

  43. 433 min · Subscribers

    What This Means for Different Readers

    How should satellite operators, suppliers, lenders, governments and industrial investors read the launch market?

  44. 443 min · Subscribers

    A Due-Diligence Checklist for Launch Counterparties

    What should counterparties check?

  45. 454 min · Subscribers

    Risk Register, Signals and Method

    What could go wrong, and what should readers watch?

  46. 462 min · Subscribers

    Appendix A: Vehicle Reference Table

    Reference

  47. 471 min · Subscribers

    Appendix B: Glossary

  48. 484 min · Subscribers

    Appendix C: Launch Dataset

    Reference

The first 3 chapters of this and every report are open to everyone. Space access opens all 48, with the models and their Excel files.

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awarded (corrected)

171

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