United Launch Alliance's second Vulcan rocket undergoes a countdown dress rehearsal in 2024. Pretty much every rocket company in the United States, save one, has embraced reusability and diversification. SpaceX branched out from reusable rockets to dominate cargo delivery, human spaceflight, satellite production, broadband, and more. Blue Origin is evolving into a satellite manufacturer and potential competitor for SpaceX's Starlink. Rocket Lab diversified after its Electron launch vehicle, relocated headquarters from New Zealand to Southern California, and acquired companies to expand into satellite communications. Firefly Aerospace now builds Moon landers and space tugs. Relativity Space is looking beyond rockets before ever reaching orbit. They all realize launch is a low-margin business.

SpaceX's financials show just 8 percent of $12.5 billion in first-half revenue came from launch services. Another 5 percent came from launch and development. The rest came from Starlink and AI, driving a post-IPO valuation of approximately $1.8 billion. Rocket Lab reported $434 million in first-half 2026 revenue, with a quarter from launch services.

United Launch Alliance, founded in 2006, was born when the US government dominated the launch market. Boeing and Lockheed Martin merged their Delta and Atlas programs into a 50-50 joint venture, erasing competition. SpaceX sued the US Air Force in 2014, won eligibility in 2015, and won its first high-priority military launch contract in 2016. This began ULA's long slide from dominance.