Article analyzes the changes in the space economy, as well as the U.S. federal policy for preserving American domination in this area. The evolution of the space economy in the United States is briefly considered, including formation of venture businesses since late 1990s (due to the computer and Internet revolution and development of space technologies). Of particular importance is a so-called Astropreneurship – growth of startups, developing space launch systems and spacecrafts. Amid technological factors, the main driver for the rise of Astropreneurship was a suboptimal technological and market strategy of Boeing and Lockheed Martin duopoly. It created conditions for disruptive innovation development in the industry and transition to a new, more open model of innovation processes there. Although in the 1980–1990’s federal government enacted a business-friendly regulations for the commercial space sector and set measures to support it through public procurement, a new situation in the markets and in sectoral innovation system has become a challenge for national policy, enforced by budget constraints and other factors. Catastrophe of the Columbia space shuttle in 2003, which raised the issue of maintaining independent U.S. access to the International Space Station and, in the future, to other orbital operations after shuttles’ phase-out, triggered changes in federal policies for the industry. As a result, since 2006 NASA (with some DoD support) initiated several programs to develop new space launch and delivery systems. These programs were based on the public-private partnerships with active involvement of small and medium innovative enterprises, primarily startups. The results turned out to be more significant than originally intended: formation of a new model of federal industrial and technological policy in the space sector, almost similar to the DARPA principles. The new policy assumes the role of NASA and, more broadly, the federal government as an equal (rather than a dominant) participant in space industry innovative processes and as a more active organizer of the industry`s innovation system (considering changes in its nature). Despite all activities are mission-oriented, more attention is paid to the development of complex partnerships, ecosystems, etc.  –  with an emphasis both on satisfaction of government needs and on ensuring market leadership of the U.S. companies. However, this new model faces several problems: ambiguity of federal expenditures on space-related research and development; need to restructure NASA science and technology organization; efficiency of federal efforts in support of new partners and processes – taking into account specifics of available policy instruments. The future of federal efforts will be determined by the solution of these problems and by the need to extend new model and practices to the key (in terms of market size and technology advances) segments of space economy – satellite manufacturing and the use of space data.