Federal, provincial, and private investments strengthen Atlantic Canada's role in a global space economy expected to reach $2 trillion by 2040
August 27, 2026 · St. Lawrence, Newfoundland and Labrador · Atlantic Canada Opportunities Agency (ACOA)
Access to space is becoming increasingly important to Canada's security, sovereignty, and economic future. As countries around the world invest in their own launch capabilities, Canada is building the capacity to launch from Canadian soil and compete in the rapidly growing global race to space. Atlantic Canada is emerging as a key part of that effort.
Today, the Honourable Sean Fraser, Minister of Justice and Attorney General of Canada and Minister responsible for the Atlantic Canada Opportunities Agency, announced federal support for a $10 million investment to advance NordSpace's Atlantic Spaceport Complex (ASX) in St. Lawrence, Newfoundland and Labrador. ASX is expected to host Canada's first commercial space launch vehicles and help secure Canada's sovereign access to space.
The Government of Canada is investing $1 million in the project, building on the $8.3 million in federal support announced for NordSpace earlier this year. The Government of Newfoundland and Labrador is contributing $4 million, while NordSpace is investing $5 million of its own capital, bringing the total investment announced today to $10 million.
Together, this investment will help ASX:
- generate high-skilled jobs in rural Newfoundland and Labrador;
- create new opportunities for Canadian businesses and grow space and advanced-manufacturing supply chains; and,
- advance Canada's commercial space-launch capacity and ability to compete in the rapdily growing global space race.
With major space-launch projects advancing in Newfoundland and Labrador and Nova Scotia, Atlantic Canada is increasingly becoming a destination for investment in Canada's growing commercial space sector. These investments are helping Canada build greater control over its access to space, attract private investment from around the world, create highly skilled jobs, and ensure Canadian businesses can compete in an industry expected to reach $2 trillion by 2040.
