In 2030, the United States plans to retire the International Space Station (ISS) and replace it with a new space station. Elon Musk has been hired to build a special spacecraft to push the ISS into Earth’s atmosphere, but America’s orbital endeavors will continue with new projects.

Four teams of companies are developing replacements for the ISS, including Orbital Reef led by Blue Origin and Starlab led by Voyager Technologies, with various partners involved in each project. Two smaller teams, Vast and Axiom Space, are also working on building space stations.

Axiom Space recently raised $350 million in new funding from private investors to complete construction of their proposed “Axiom Station” modules and continue development work. The first module is scheduled to launch in 2028 and attach to the ISS before becoming an independent space station with a habitation module in 2029.

Axiom’s space station project is in a space race with Vast and Starlab, with completion dates and launch plans influencing the outcome of the competition. Axiom’s IPO prospects remain uncertain, with the company’s private market valuation fluctuating over time.

Investors looking to invest in space exploration can consider the opportunities arising from the development of new space stations and related technologies. Stock Advisor provides insights on the best stocks to buy for investors interested in this sector, with a track record of market-beating returns.

Read more at Nasdaq: Axiom Space Raises $350 Million for Its New Private Space Station