Civics: A nation with a government, not the other way around
The most revealing measure of U.S. competitive power isn’t found in military operations against Iran or a looming $1.5 trillion defense budget. It’s in our private economy.
SpaceX closed with a market cap larger than the gross domestic product of most nations on June 12, its first day of public trading. In the prior two weeks, Anthropic and OpenAI filed to go public, both chasing $1 trillion valuations.
These aren’t the closed deals of an insider class. SpaceX set aside nearly a third of its offering for retail buyers, and millions of Americans now own a sliver of it through index funds and 401(k)s. The spoils of the most dynamic companies on earth are spread among schoolteachers and retirees.
Nothing like this is happening in Europe or China. The U.S. drew about 64% of all venture capital worldwide in 2025, up from roughly 47% a few years earlier, and captured about 85% of global funding for AI.
Almost 80 countries run space programs, yet a single U.S. company, SpaceX, flies more than 10,000 satellites, about two-thirds of everything active in orbit. AI commands the ambition of governments on every continent, but the firms setting its pace are almost all American. In both arenas, the breakthroughs come not from a state ministry but from the inventiveness of private enterprise.
