<p>The rapid evolution of the NewSpace industry, characterized by increased private sector involvement and technological innovation, has prompted significant changes in how space-related activities are conducted. This paper explores the concept of vertical integration within NewSpace companies, focusing on their involvement across the upstream, midstream, and downstream sectors of the space economy. Using data from 67 NewSpace companies, we assess the extent to which these companies can sustain operations across the entire value chain. Our analysis reveals that while many NewSpace companies have diversified their operations, only a few have achieved full vertical integration, and even fewer possess sustainable business models, as indicated by positive EBITDA figures. The study highlights the potential advantages of vertical integration for reducing costs and improving service efficiency, as demonstrated by companies like SpaceX. However, the industry’s early developmental stage, combined with challenges in engaging the end-user market and maintaining financial transparency, suggests that further research is necessary. This paper also outlines areas for future development, including the role of emerging technologies, strategic partnerships, and evolving regulatory frameworks that will shape the future of the NewSpace sector.</p>