Those seeking to drum up public support for the space industry frequently cite its potential for generating valuable spillovers to other industries. However, existing research on spillover effects overlooks differences in business models among commercial actors, instead focusing on individual projects or specific space agencies. We analyze how evolving business models influence spillover pathways and intensity by comparing the dynamic capabilities of traditional aerospace conglomerates to those of new space firms. Using a unique dataset of 35,608 space-related patent applications, we find that, alongside aeronautics and other core space industries, sectors such as manufacturing and communication technology also benefit from space activities. At the firm level, we observe that new space business models generate more spillovers than traditional aerospace conglomerates. New space firms occupy more peripheral positions in the space innovation network, providing quantitative support for earlier qualitative accounts of an agency- and conglomerate-centered industry structure.