Withthenewspaceeconomyoncourseto

growfrom$350billionto$1.1trillionby

2040,weseepotentialfora newApollo

effect.Theleadingedgeofthatgrowthis in

thetechindustrywithsatellitebroadband.

Inourlifetimes,we’llseesignificant

advancementsinspaceasa domainfor

exploration,commerceandscientificstudy

thatcannotonlyinspireourchildrenbut

alsoimprovetheirfutures.Asmy8-year-old

says,“Theonlythingbiggerthanthe

universeis ourimagination.”

THE LUNAR LANDING WAS 50 YEARS AGO.

WHAT’S OUR NEXT “GIANT LEAP”?

To watch Adam’s Morgan Stanley Minute on

“The New Space Economy,” go to morganstanley.com/space-economy

I AM ADAM JONAS

Global Head of Auto and Shared Mobility

Equity Research

These materials are not a research report. The information and opinions in these materials were prepared by the employees of Morgan Stanley & Co. LLC, including the

Morgan Stanley Research Department and its affiliates (collectively “Morgan Stanley”). These materials are solely for informational and discussion purposes.

Morgan Stanley does not undertake to update these materials, and the conclusions discussed may change without notice. For additional disclaimers and disclosures,

please visit: morganstanley.com/space-economy.

© 2019 Morgan Stanley & Co. LLC. Member SIPC. CRC 2611320 07/19