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The US space activities from their inception have been closely connected with the private sector. However, only in 2010s private space companies have come to play a prominent role not only on the global market of space services but in the field of international security as well. At the same time, this trend towards commercialization of outer space use and the growing role of the private space sector in ensuring national security is still understudied. This paper aims to partially fill this gap by assessing approaches to these issues adopted by the administration of D. Trump. In the first section the author notes that both conceptual and legal frameworks of private space activities lack clarity and proposes an operational definition of the phenomenon. The second section provides a brief overview of the key strategic policy documents of the Trump’s administration including those on commercial use of space in general and its implications for the US national security in particular. The third section identifies the trend towards the institutionalization of the US Space Forces as one of the priorities of the Trump’s administration military policy. The fourth section thoroughly examines key forms and areas of the public–private partnership in commercial use of space, including launch services, communication services, intelligence gathering, as well as production and maintenance of satellites. Finally, the fifth section assesses the prospects for private space activities given the current tightness of the space services market and growing competition. The author concludes that private space plays a subsidiary role within the US national security and is still heavily dependent on state support. Nevertheless, the scope of public–private cooperation is expanding and the models of interaction are changing. The Trump’s administration has contributed to the development of the industry through liberalization of regulations and involvement of private sector in the new large-scale projects, such as the Artemis program. The other important outcome of the space policy of the 45th President of the United States is anchoring of private space activities in the US national security strategy documents.