The Space Race, launched more than 60 years ago, kickstarted an unprecedented boom in travel and communications beyond our planet.

But it was a realm only available to national governments with multibillion-dollar budgets. Private industry has now taken over the sector, making personal satellite ownership a fast-approaching reality for consumers.

Space Exploration Technologies and Foxconn Technology Group are working with lesser-known startups like Neumann Space and Exolaunch to drastically reduce the cost of building, launching and operating satellites.