Space industry companies have reportedly made a plea to Congress, seeking to safeguard the funding for the Office of Space Commerce (OSC).
What Happened: Over 450 U.S. space, satellite, and defense companies have petitioned the Subcommittee on Commerce, Justice, and Science to uphold the OSC’s funding at the Fiscal Year 2025 level of $65 million in the Fiscal Year 2026 appropriations bill. The letters also advocated for the continuation of funds allocated to the OSC in Fiscal Year 2025, reported The Hill on Monday.
The Office of Space Commerce (OSC), part of the Department of Commerce, is tasked with developing space commerce policy and promoting the economic growth and technological progress of the U.S. commercial space sector.
The letters, sent to Senators Jerry Moran (R-Kan.) and Chris Van Hollen (D-Md.), along with Representatives Hal Rogers (R-Ky.) and Grace Meng (D-N.Y.), highlighted the critical role of the OSC in providing space traffic coordination support to U.S. satellite operators--paralleling the Federal Aviation Administration's responsibilities in managing air traffic for the nation’s airline industry.
The letters stressed that helping the U.S. space industry operate safely amid an increasingly crowded space environment is essential to maintaining access to space-based services such as broadband internet and weather forecasting for the American public.
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Why It Matters: The appeal from the space industry comes at a crucial time when the U.S. government is making significant decisions regarding space-related funding and policies.
Earlier this year, the OSC faced layoffs due to budget constraints, raising concerns about the future of the office. However, the recent appeal from industry leaders suggests a strong push to secure the necessary funding for the OSC’s continued operations, reported SpaceNews.
Meanwhile, the U.S. government has been showing a growing interest in space exploration and commercialization. In May, President Donald Trump proposed a budget of over $1 billion for Mars initiatives, aiming to involve private companies in the exploration of the red planet. This move could potentially open up new opportunities for the U.S. commercial space industry, further highlighting the significance of the OSC’s role in shaping space commerce policies.
However, amid Trump’s rift with SpaceX CEO Elon Musk, shares of Rocket Lab Corp (NASDAQ:RKLB) have been on the rise. Over the past month, it surged 30.7%. The stock has also been added to the Russell 1000 index recently, while it made major progress with its successful Electron launches in June.
- READ MORE: Shooting Stars: Rocket Lab Breaks Records (And Stock Up 640% In Past Year), AST SpaceMobile Impresses Defense, Kuiper Grows
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
