Detailed examination of the impact of modern space launches on the Earth’s atmosphere is crucial, given booming investment in the space industry and an anticipated space tourism era. We develop air pollutant emissions inventories for rocket launches and re-entry of reusable components and debris in 2019 and for a speculative space tourism scenario based on the recent billionaire space race. This we include in the global GEOS-Chem model coupled to a radiative transfer model to determine the influence on stratospheric ozone (O₃) and climate. Due to recent surge in re-entering debris and reusable components, nitrogen oxides from ablation and chlorine from solid fuels contribute equally to all stratospheric O₃ depletion by contemporary rockets. Decline in global stratospheric O₃ is small (0.01%), but reaches 0.15% in the upper stratosphere (~5 hPa, 40 km) in spring at 60-90°N after a decade of sustained 5.6% a^-1 growth in 2019 launches and re-entries. This increases to 0.22% with a decade of emissions from space tourism rockets, undermining O₃ recovery achieved with the Montreal Protocol. Rocket emissions of black carbon (BC) produce substantial global mean warming of 8 mW m^-2 after just 3 years of routine space tourism launches. This is a much greater contribution to global radiative forcing (6%) than emissions (0.02%) of all other BC sources, as warming per unit mass emitted is ~500 times more than surface and aviation sources. The O₃ damage and warming we estimate should motivate regulation of an industry poised for rapid growth.