Relm Insurance (‘Relm’), the specialty insurer for emerging and innovative industries, in collaboration with Seraphim, today released the Relm x Seraphim Space Economy Review, examining how key segments of the space economy moved from early promise toward operational and commercial execution across H2 2025 and H1 2026.
The report focuses on three areas: Earth observation, in-orbit manufacturing, and satellite supply chains. It reviews how companies across these sectors responded to tighter capital conditions, higher customer expectations, and increasing operational complexity.
Across each segment, a consistent pattern emerged. Early-stage narratives gave way to measurable performance, and companies came under greater pressure to demonstrate reliability, commercial traction, and clear paths to profitability.
“In space, we saw a shift away from broad narratives toward operational discipline,” said Andrew Bonwick, VP of Product Development at Relm Insurance. “Investors and customers asked harder questions around reliability, delivery, and performance. That changed how risk presented and how it needed to be understood and underwritten.”
Earth Observation: From Data to Decision-Making
The review finds that Earth observation providers faced growing pressure to move beyond raw data delivery and toward actionable insights that integrate directly into customer workflows. Companies that packaged analytics and automation around their data gained clearer traction, while those relying on unprocessed imagery faced greater commercial challenges.
At the same time, access to capital became more selective, with investors prioritizing revenue visibility, operational consistency, and leadership capable of navigating difficult funding environments.
In-Orbit Manufacturing: Proof Over Promise
In-orbit manufacturing remained early-stage, with progress defined by demonstration rather than scale. The review highlights that commercial momentum depended heavily on reliable launch, in-orbit, and return infrastructure, which remained a major constraint on growth.
As the sector matured, companies that showed repeatable performance and realistic commercial pathways were better positioned, while others faced consolidation or strategic repositioning.
Supply Chains: Complexity and Resilience
Satellite supply chains became more fragmented and complex as production scaled. This increased the importance of operational and financial resilience, particularly in managing supplier dependencies, cost volatility, and security requirements.
The review also highlights a growing shift toward vertical integration, as companies sought greater control over cost, security, and performance across critical subsystems.
“Across the space economy, companies moved from concept toward execution,” said Alexander Holt, Managing Director of Seraphim Space Enterprise. “The last year showed how important consistent performance, access to capital, and real-world application have become for the next phase of the market.”
Implications for Risk and Insurance
As space companies moved into more operational phases, risk became more concentrated around execution, reliability, and supply chain dependencies.
The review notes that insurance adapted alongside these shifts, particularly in areas such as in-orbit manufacturing and early-stage supply chain activity, where traditional coverage structures may not align with smaller, experimental projects or new production models.
This created demand for coverage that reflects how companies are developing and deploying technology, rather than relying on structures designed for large, fully mature missions.
We’re deleting this if no notes from Alex by Sep 18.
