The Space Economy: Are We Entering a New Space Race?

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From blueprints to business models Growing up on science fiction, I was captivated by technology’s potential to solve humanity’s biggest challenges. Pursuing this passion with an engineering degree became an unexpectedly global education. I found myself taking architecture classes at The University of Texas at Austin, then working alongside founders at a product design consultancy in Brisbane. Each stop taught me something different about turning ambitious ideas into reality. In Australia, participating in the daily challenges of startup life – from customer demands to cash flow pressures to whose turn it was to make the sandwiches – gave me an appreciation for the group effort needed to maintain an innovative culture while building sustainable operations. Better, not just bigger Much like we had to optimize our designs for both form and function while considering cost and manufacturing constraints, successful businesses also think in terms of whole systems. They see not just individual problems but interconnected challenges, finding ways for product innovations to unlock new business models. When these dynamics complement rather than compromise each other at scale, companies have an enviable opportunity to expand their scope and get better, not just bigger, over time. The expanding toolkit I’ve spent the past decade applying this approach within Baillie Gifford’s Discovery Team, focusing on emerging technologies and the high-growth companies pioneering them in public and private markets. From SpaceX’s reusable rockets unlocking operating leverage and a global communications network, to Axon’s hardware integration, enabling subscription models and software opportunities, to PsiQuantum’s photonics platform opening the door to commercial quantum computing – new capabilities make it easier for entrepreneurs to build scalable systems and have an outsized impact. Practical optimism Having had a front-row seat to many such businesses and witnessed how they have evolved, I find it hard not to be optimistic about the future, even in areas we might not typically associate with rapid transformation today. Our job as investors is to remain open to these possibilities, but discerning about what’s practical and profitable. We’re trying to identify this potential in advance – to find a collection of endeavours where our clients can contribute to positive outcomes and benefit from the long-term value that this creates.

Emma Norchet is the lead private technology investor on the Centralized Private Equity Team in the U.S. Equity Division. She is a vice president of T. Rowe Price Investment Management, Inc. Emma’s investment experience began in 2014, and she has been with T. Rowe Price since 2024, beginning in the U.S. Equity Division. Prior to this, Emma was employed by the Ontario Teachers’ Pension Plan in San Francisco, where she was a member of the technology investment team focused on late-stage companies in the software, security, and infrastructure sectors. Emma also was employed at a multifamily office, and early-stage venture capital fund in Hong Kong and Singapore. Emma earned a master’s degree in finance from City University of Hong Kong and a Bachelor of Laws degree from the University of Montreal.