Space Protection of American Command and Enterprise Act or the SPACE Act This bill prohibits the purchase of certain telecommunications or aerospace equipment and services from China and requires reporting on investment by foreign entities in U.S. space companies. The National Space Council shall submit a specified report to Congress on space investment competition from China and Russia. No funds made available to the Department of Commerce or the National Aeronautics and Space Administration (NASA) may be used to purchase or lease telecommunications or aerospace goods or services from any telecommunications or aerospace corporation, subsidiary, or affiliate associated with China or the Communist Party of China. The bill requires foreign entities to submit certain reports to the Securities and Exchange Commission if they acquire more than 2% of shares in a U.S. space company. The Department of Defense, in coordination with Commerce and the Department of the Treasury, shall submit annual reports to Congress on investment by foreign entities in activities conducted in the United States or conducted by U.S. entities related to exploration, manufacturing, telecommunications, or national security activities involving space.