## Space Infrastructure & Orbital Data Centers — Sector Initiation | 2026-02-13 [Translation will begin here] The space infrastructure sector is poised for significant growth, driven by increasing demand for satellite-based services, advancements in launch technology, and decreasing launch costs. This report initiates coverage of the emerging orbital data center (ODC) segment, a potentially disruptive force within the broader space infrastructure landscape. We believe ODCs represent a compelling investment opportunity, predicated on their ability to overcome terrestrial data center limitations such as latency, bandwidth constraints, and geographical restrictions. By locating data processing and storage capabilities in orbit, ODCs can offer superior performance for applications requiring real-time data analysis, high-frequency trading, and remote sensing. Our analysis focuses on the key drivers and challenges facing the ODC market, including technological feasibility, regulatory hurdles, and competitive dynamics. We assess the potential market size and growth trajectory, considering factors such as the adoption rate of space-based services and the availability of reliable and cost-effective space transportation. Furthermore, we examine the competitive landscape, identifying key players and evaluating their respective strengths and weaknesses. This includes an assessment of their technological capabilities, financial resources, and strategic partnerships. This report provides a comprehensive overview of the space infrastructure sector, with a particular emphasis on the emerging ODC market. We offer our initial investment recommendations based on our assessment of the sector's growth potential and the competitive positioning of key players. We anticipate that the space infrastructure sector, and particularly the ODC segment, will attract significant investment in the coming years, driven by the increasing demand for space-based services and the potential for significant returns. [Translation ends here]

13-Agent Research Global Equity Research

Sector Initiation — Space Infrastructure

Space Data Centers & Space Industry:
New Infrastructure Cycle on Orbit

Orbital Data Centers, Satellite Internet, Space Defense, Moon Economy — Investment Framework and Stock Analysis for the $1 Trillion Space Economy Era

Date February 13, 2026 Sector Space / Aerospace & Defense Coverage US + Korea Rating Overweight Analysts 13-Agent Desk (CIO, Futurist, Macro, Tech, Korea, Quant)

Executive Summary

The global space economy is projected to grow from $448B in 2025 to $1T+ in 2030, and $780B~$1.1T in 2033, with a CAGR of 7~9%. The space infrastructure sector is expected to grow from $174B in 2026 to $374B in 2034 (CAGR 10%).
In December 2025, Starcloud, supported by Nvidia, successfully trained an AI model with H100 GPUs in space for the first time — proving the technical feasibility of orbital data centers.
SpaceX confirmed its IPO in mid-2026 (valuation of $1T+), with orbital AI data centers being the core investment purpose. Google's 'Project Suncatcher', Blue Origin's dedicated team, and Axiom Space's ODC node launch were completed in January.
Trump's 'Golden Dome' space missile defense has a budget allocation of $13.4B~$25B (FY2026), with a maximum scale of $542B over 20 years. Beneficiaries include Lockheed, RTX, Northrop, and Anduril.
AST SpaceMobile has begun commercializing satellite-direct communication (BlueBird 6 launch), and Planet Labs has a +658% 1-year return. In Korea, attention should be paid to Hanwha Aerospace (Nuri rocket), Intellian Technologies (global No. 1 in satellite antennas), and Satrec Initiative (satellite systems).

$1T+

Space Economy
(2030 Forecast)

$25B+

SpaceX IPO
Expected Offering

$542B

Golden Dome
(20 Years, CBO)

658%

Planet Labs
1-Year Return

Section I

Space Industry Structure: 5 Core Value Chains

The space industry is not a single sector, but a complex value chain consisting of Launch → Manufacturing → In-Space Infrastructure → Services → Defense. As of 2026, it is the first time in history that this entire value chain has entered a phase of structural growth simultaneously. Reusable launch vehicles have reduced the cost per kilogram of launch from $50,000 to below $1,500, making mass satellite deployment, orbital computing, and space manufacturing economically feasible.

The commercial sector accounts for 43.5% of the market in 2026, surpassing the government sector. The CAGR of private companies is the fastest at 9.9%, with venture capital inflows, SaaS-based satellite service models, and the SpaceX IPO driving the revaluation of the entire sector.

Exhibit 1 — Space Industry Value Chain Size and Outlook by Segment
Segment	2025 Size	2030 Forecast	CAGR	Key Drivers
Launch Services	$28B	$52B	13.2%	Reusable Launch Vehicles, Starship, Small Launch Vehicle Competition
Satellite Manufacturing	$32B	$58B	12.6%	LEO Mega Constellations, Mass Production of Small Satellites
Space Infrastructure	$174B	$280B+	10.0%	Orbital DC, Space Stations, Orbital Services
Satellite Communication/Data	$180B	$350B+	14.2%	Starlink, Direct-to-Cell, Earth Observation
Space Defense	$60B	$120B+	14.9%	Golden Dome, SDA, Space Surveillance

Source: SNS Insider, Fortune BI, GM Insights, CoherentMI, PwC | Compiled by 13-Agent Research

Section II

Orbital Data Centers: The Final Frontier of AI Infrastructure

As terrestrial data centers face physical limitations in power and cooling, Orbital Data Centers are rapidly emerging as a long-term alternative. In space, solar energy is infinite, cryogenic environments provide natural cooling, and power grid connection waiting times (4+ years on the ground) are not required. In December 2025, Lumen Orbit (Starcloud) achieved the first successful AI model training in space with commercial NVIDIA H100 GPUs, proving technical feasibility.

Key Milestone

Axiom Space successfully launched two initial Orbital Data Center (ODC) nodes into LEO on January 11, 2026. Based on Red Hat Device Edge, it supports space-based cloud computing, secure data storage, and direct inter-satellite processing. Plans to expand services to defense, commercial, and international customers.

Comparison of Major Players

Exhibit 2 — Current Status of Major Orbital Data Center Companies
Company	Approach	Progress	Timeline
SpaceX	Mounting AI computing on Gen-3 Starlink satellites	Musk officially confirmed, core use for 2026 IPO	2027-28
Axiom Space	ISS-based ODC node → Independent space station	Completed launch of 2 ODCs into LEO (Jan 2026)	Operating
Lumen Orbit (Starcloud)	Dedicated orbital DC satellite (equipped with H100 GPU)	First successful AI learning in space (Dec 2025)	2026
Google (Suncatcher)	Solar+TPU satellite constellation, free-space optical links	Planet Labs partnership, test equipment scheduled for launch	2027-28
Blue Origin	Dedicated space DC team operating for 1+ years	No specific details disclosed, quietly in progress	Undecided
China	Nationally led orbital DC deployment	Deployment target announced by 2026	2026-27

Investment Implications: Although orbital DCs are still in their early stages, the registration of the 'Tidal Trust II' space data center-specific fund with the SEC in January 2026 has created an official channel for institutional capital inflows. The SpaceX IPO (mid-2026) is expected to be a catalyst for the revaluation of the entire sector.

Section III

Space Defense: Golden Dome and $1 Trillion in New Demand

The 'Golden Dome' space-based missile defense system announced by President Trump in May 2025 is a structural turning point for the space defense sector. Inspired by Israel's Iron Dome, but on a different scale. Trump claimed completion within 3 years with $175B, but the CBO estimated $161B~$542B over 20 years, and Republican senators projected that it would ultimately require "trillions of dollars." The FY2026 defense budget includes $13.