2025年第三季度太空投资报告 Space Investment Quarterly

Q32025

SPACE

Space

InvestmentQuarterly

IQ

Acompleteviewofprivatemarketstartupactivityandinvestmenttrendsinthespaceeconomy–fromtheinvestorsattheforefront

AFrameworkforUnderstandingtheSpaceEconomy

Focusingsolelyonpure-play

Infrastructurecompanies

whileignoringtheDistributionandApplicationslayersrisks

missingcriticaldevelopments

andemergingcommercial

opportunities.Rapidlyevolvingspace-techplatforms,softwareapplications,andAIarenotonlyexpandingthespaceeconomybutalsorevolutionizingdailylife.

Wehopeourreportservesasavaluableguidetonavigatingtheseopportunities.

Traditionally,spacehasbeenviewedintermsofphysical

infrastructure—rockets,satellites,andotherorbitalassets.However,thisperspectiveoverlooksthebroaderimpact

ofspace-basedtechnology,whichhasbecomeaglobalplatformforinnovation.Entrepreneursandestablishedcompaniesarebuildingonthesetechnologiestocreatetheirownuniqueservicesandsolutions,drivinggrowthacrossmultiplesectors.

WebelievethehistoryofGPS—whichhasgenerated

trillionsofdollarsineconomicvalue—providesakey

frameworkforunderstandinghowlargeecosystems

formaroundspace-basedtechnologies,pavingthewayforsignificantinnovationandexpansion.Ourreport

organizesthisintothreecriticalcategories,ortechnologylayers:Infrastructure,Distribution,andApplications.

Infrastructure—likesatellitesonorbit—actsasthe

foundation.Ontopofthis,newhardwareandsoftware

servicesaredevelopedtodistributeandtransformdataforwidespreaduse.ThisDistributionthenfuelsthe

creationofthousandsofcommercialApplications,rangingfromdevicestomobileapps.

WhenwefirstintroducedourGPS-basedframework,itwasconsideredcontrarian.Today,itiswidelyacceptedbyfounders,investors,andestablishedcorporations.

McKinseyandtheWorldEconomicForumshareour

perspective,projectinga$1.8trillionglobalspaceeconomyby2035,drivenbyboth“backbone”and“reach”use

cases—thelatterbeingcompanieslikeUberthatrelyonspacetechnologytogeneraterevenue.

TheSpaceIQprovidesacomprehensiveframeworkforunderstandingthespaceeconomyandemergingopportunitiesforinvestors.

Infrastructure

Hardwareandsoftwaretobuild,launch,andoperatespace-basedassets,suchasrockets,satellites,propulsionsystems,roboticsystems,lunarlanders,andmore.

Thisreportbreaksdownprivateinvestmentinthespaceeconomyintothreekeycategories,providingaholisticviewofthecommercial

spaceecosystem.

Eachtechnologylayerreflectsdifferentfacetsoftheopportunity

setandhasitsowndistinctfeaturesandgrowthdrivers.For

thosefocusedonanarrowerdefinitionofthespaceeconomy,wedirectyourattentiontotheInfrastructuresection,whichincludes

companiescommonlyconsidered“core”spacefirms—suchasthoseinvolvedinbuildingrocketsandorbitalhardware.

Panet

Distribution

Hardwareandsoftwaretoconnect,process,andmanage

datafromspace-basedassets,suchasGPS-basednavigationservices,EarthObservationdatamanagementplatforms,

edgecomputingforsatellite-basedISPs,andmore.

LEARNMOREINOUR

CONVERSATIONWITHTHE

WORLDECONOMICFORUM

Applications

space-basedassets,suchasrideshareservices(GPS),

agriculturaldataanalytics(GEOINT),IoTsensormonitoring

(SatCom),parametricweatherinsurance(GEOINT),andmore.

uber恐ANDURIL学Arbol

12

TrustedbyInvestors,Institutions,andGovernments

SpaceIQismanuallycuratedfrom3,000+companiesandcitedbyMorganStanley,Citi,DoD,

NASA,andESAasthehighest-signalbenchmarkforthespaceeconomy.

PairwithPitchBookfordealtermsandEuroconsultformarketsizing.

Specializedhardwareandsoftwarethatutilizesdatafrom

34

Q32025

SPACE

IQ

Thepolicybackdrop:TheWhiteHousesignaleda

pivotawayfromcivilspacewhileleaninghardintodefense.NASAhasbeenoperatingunderpart-timeleadership,andtheFY26budgetvolleymadethat

stressexplicit:theadministrationfloateddeepcutsandreportedlytoldtheagencytoplanagainstthem.

Congresspushedback,withappropriatorsmovingtoholdNASAnear$25B.Shutdownbrinkmanshipunderscoredfragilityinschedulesandcenter

ops.Incontrast,defenseisexpanding:between

theproposed“OneBigBeautifulBill”andthe

administration’srequest,theSpaceForcecouldsee$40BinFY26(40%YoY),drivenbynationalsecurityprioritiesandappetiteforadvancedplatforms.

VCsdrivefunding

Q3saw$5.8Bacross115companies;2025YTDisalreadyaheadof2024andontracktorankamongthetopthreefunding

years,with$49Binvestedinthelast12months.VCsdrove

86%ofinvestmentactivity.Infrastructuredominated($4.4B,+12%QoQ),withsatellitemanufacturinganddefense-centriccapabilities—the“GoldenDome”stack—leadingdealflow.Thecenterofgravityhasshiftedfromspeculativenarrativesto

funded,dual-usecapability.

SpaceXresilience&resurgence

SpaceX,asusual,satatthenexusofcapabilityand

controversy.AfterPresidentTrumpthreatenedinJuneto

cancelfederalcontractstiedtoElonMusk,officialsaskedtheDefenseDepartment,NASA,andotheragenciesforpotentialalternatives.ThereviewsconcludedmostSpaceXagreementsaremission-criticalanddifficulttoreassignwithoutcost,

schedule,orcapabilityrisk—onereasontheadministration

hasn’tmovedtoterminatethem.Thismarket-leadingcapabilityiswhySpaceXremainsoneofthemostvaluableprivate

companiesintheworldat$400billion.

Onthetechnicalfront,Starshipturnedacorner.Integrated

FlightTest10executedafullflightprofilewithmultiplefirsts—boostersoftsplashdown,payloaddeployment,in-spaceRaptorrelight,andacontrolledupper-stagere-entry.It’saconcrete

winforSpaceX’s“failfast,learnfast”philosophyandresetsthenarrativeafterearliermishaps.Therearestillbiggatesahead—propellanttransferanddockingtests,andrealcommercial

payloadsdependonthe2026+Block-3vehicle—butthe

directionoftravelispositive.ConfidenceisbuildingtothepointthatItaly’sASIsignedonasthefirstcustomerforcommercial

flightstoMars.Skepticscanfairlyaskabouttimelinesand

economics;optimistscanpointtoacadenceofsolvedproblemsandexpandingcapability.

Strategically,SpaceXalsomovedtoreshapespectrumaccess.ThecompanyagreedtobuyEchoStar’sAWS-4(2.0/2.2GHz)

andPCSH-block(1.9/2.0GHz)holdingsforroughly$17Bin

cash/stockandfiledtotransferthelicenses.Theaimisto

superchargeStarlink’sdirect-to-cell(D2C)onstandardphones,withaninitialcommercialtie-inforEchoStar/BoostMobile

customers.TheFCChasacceptedthefilings;finalapprovalispending.Ifcleared,SpaceXgainslicensed,pairedspectrumitcancoordinateglobally—reducingrelianceonone-offcarrierpartnerships(e.g.,thePCSarrangementwithT-Mobile)andpositioningStarlinkasaspace-basedcelllayerratherthanabolt-on.That’sawedgeintomobilethatMNOswillhaveto

respect.

Bezosspaceambitionsawaken

Amazon’sProjectKuipercrossedfromdemotoearly

deploymentasULAlofted27moresatellites,bringingthein-orbitfleetto~129andputtinginitialU.S.service“within~sixmonths.”Inpracticalterms,StarlinkfinallyfacesaWestern

LEObroadbandcompetitorwithcapital,manufacturingscale,andlaunchslots.JetBlue’sselectionofKuiperforin-flightWi-Fiisasmallbuttellingproofpoint:airlinesnowhaveacrediblealternativetoStarlink,andlegacyGEOprovidersfacerenewedpressureinaeroconnectivity.Executionriskremains—phaseddeployment,terminalreadiness,andnetworkperformanceatscale—butthemarketdynamichasflippedtomultiplayer.

BlueOriginisscalingupitssuborbitalfleettomeetdemand,

whilethesecondlaunchofNewGlenn,thecompany’slarger

orbitalvehicle,slippedpastQ3—aschedulewobblethat

mattersforcertificationsandcustomerconfidence.Themarketneedsmoreheavy-liftcapacity,butuntilNewGlennisflying

regularly(andstickinglandings),Blue’sgrowthstoryremains

“promising”vs“proven.”Onlunar,momentumisclearer:a

Luxembourgpartnershipforresourcemappinganda$190M

NASAtaskordertodeliveralarge,water-huntingrover

extendedBlue’sfootprintbeyondlaunch.OurupdatedviewofBlue’scapitalization—basedonheadcount,productmaturation,andcontracting—suggests~$25Bincumulativefounder

investmentover23years,peakingaround$5Bin2024and

easingasnewleadershipdrivesefficiencyandinitialoperatingrevenuearrives.

AI+ubiquitousconnectivityunlockingnewApplications

ThenewfrontintheAIraceisthephysicalworld,withBigTechdeveloping“WorldModels”tounderstandandnavigatephysicalspace.Realizingthisambitiondependsonthepetabytesof

dailysatellite,aerial,andcameradatarequiredtotrainsuchmodels.Reflectingthistrend,GEOINTinvestmenthassurgedfrom$1Bin2020toarecord$21.6BasofQ32025.Google’slaunchofAlphaEarthFoundations(AEF)inthequarterwasthepivotalevent,creatingaplanetary-scalemodelfromthisdata.AEFacceleratestheindustry’sarchitecturalshiftfrom“pixelstoembeddings,”replacingbrittle,bespokemodelswitha

queryable,learnedrepresentationoftheEarth.Google’smovedoesnotsolveGeoAI;itvalidatesthecategory.Thiscreatesafoundationallayerthatstrengthensthethesisforcompaniesbuildingspecializedapplicationsandproprietarydatalayersontop.The

valuechainisnowre-formingaroundthese

intelligentrepresentations

,nottherawpixels.

Exitmarketselective,noteuphoric

Realizationswere$33.2Bacross29exits(26M&A,3IPOs).TheIPOwindowiscrackingopen,butit’snot2021:scalebeats

story.Fireflypriced~61.5xTTM,Axelspacearound~15.0x,

andVia~9.1x.M&Aremainstheprimarypath,withmedian

step-ups~2.1x—wellbelowthe2.8xseenatthepeak—while

“picks-and-shovels”acquisitionsquietlytightensupplychains

indigitalpayloads,routing,andopticalsystems.Publicequitiesbifurcatedonexecution:RocketLabpostedrecordrevenueandmarginexpansionasNeutronnearspadops;Planetdeliveredrecordrevenueandasizablebacklog.Firefly’spost-IPOrealitybit:lightrevenue,alargeloss,andaboostertestfailure

pressuredshares.Thetakeaway:themarketfundsrepeatableperformanceandde-riskedroadmaps;itdiscountsheroslidesandslippedmilestones.

Wheredoesthatleaveinvestors?Defensedemandisthe

near-termengine,anddual-useisthefastestroutetodurable

revenue.Infrastructureisinvestableagain—butitmusttie

toprogramsofrecord,spectrum,orothermoats.InLEO

broadband,expectrealcompetitionandpricinggamesas

KuiperscalesandStarlinkdeepensD2C.InApplications,

embeddingsunlocknewmodels;winnerswillstitchAIoutputsintoenterpriseworkflowsandmissionsystems,notjustproduceprettymaps.Exitswillskewtoconsolidation,selectiveIPOs,

andmultiplesthatrewardoperatingcadenceovernarratives.

Executionisthekeythatisopeningthecapitalgate.

TOTALINVESTMENTAMOUNTANDROUNDSBYLAYER

$20B

$10B

$0

2024Q32024Q42025Q12025Q22025Q3

120

100

80

Applications

●Distribution

Infrastructure

NumberofRounds

Infrastructureinvestmentreachedafive-quarterhighof$4.4B,fueledbyabreakoutyearinU.S.SatelliteManufacturingandrecordactivityintheChineseLaunchindustry.Distributiontotaled$0.3B,withfundingconcentratedamongleadingplayersasAI-drivenadvancesindirect-to-deviceSatCom,resilientnetworks,andGEOINTcontinuetounlocknoveldownstreampotential.Applicationscooledto$1.1Bafterlastquarter’srecordhigh,whichwasdrivenbyunprecedentedGEOINTAIinvestmentattheforefrontofnationalsecurityandphysicalAI,whileGPSapplicationsshowedsignsofarebound.

ExecutiveSummary

EquityInvestmentTRAILING12MONTHSQ32025

$49.0B

$5.8B

TOTAL

115companies

402companies

INFRASTRUCTURE

$14.4B

216companies

$4.4B

69companies

DISTRIBUTION

$1.6B

41companies

$0.3B

8companies

$1.1B

38companies

APPLICATIONS

$33.0B

145companies

Exits

78

($38.8Bproceeds)

AQUISITIONS

26

($31.7Bproceeds)

2.1x

(median)

VALUATIONSTEP-UP

1.9x

(median)

11

($3.6Bproceeds)

IPOS

3

($1.4Bproceeds)

7.7x

(median)

REVENUEMULTIPLEATIPO

19.5x

(median)

CompaniesMOSTVALUABLELARGESTROUNDS

SpaceX

$400.0B

INFRASTRUCTURE

GalacticEnergy

$336M

SandboxAQ

$5.8B

DISTRIBUTION

Armada

$131M

Waymo

$45.0B

APPLICATIONS

Nuro

$203M

Thedatafromthisreportisavailableinaninteractiveformatonourwebsite.

5●

TheEntrepreneurialSpaceAge

CUMULATIVEPRIVATEMARKETEQUITYINVESTMENTFROM2009TOPRESENT

BYINDUSTRY

3%

13%

84%

Satellites$330.3B

Launch$52.4B

EmergingIndustries$10.3B

BYLAYER

3%

28%

69%

Applications$269.5BInfrastructure$110.4BDistribution$13.1B

BYGEOGRAPHY

1%2%

9%

3%3%

4%

56%

22%

USA●UK

●China●France

SingaporeIndonesia

IndiaOther1

2%

ANNUALINVESTMENTBYLAYER

800

$60B

Applications

Distribution

Infrastructure

600

NumberofRounds

$40B

400

$20B

200

0

PRIOR

2009

2010

2011

2012

2013

2014

2008

iPhone3GequippedwithGPS

1978

NAVSTARI

GPSlaunched

1984

FirstCommercialGPSReceivers

2009

SpaceXfirstsuccessfulcommerciallaunch

2014

Uberreaches1Mdailyusersand250+cities

》》

2001

gpsOnesupportslaunchofGPSonmobiledevices

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

SpaceXPolaris

Dawnfirstnon-government

spacewalk

SpaceX

landsorbitalbooster,

ushersinreusability

iPhone14

equippedwith

directtophone

SatComservice

SkyWatchandEsrilaunchContentStoreforArcGIS

2005

GoogleMapslaunched

SpaceXlaunchescrewmission,ushersin

commercialspaceflight

PlanetLabsimages

entire

Earthdaily

Starlinkavailablein100

countries/passes5Musers

1.“Other”consistsofcountrieseachrepresentinglessthan2%offunding.6

7

BYSECTOR4•CUMULATIVEROUNDSHARE

Since2009,theSatellitesindustryhasledInfrastructuredealactivity,accountingfor56%oftotalrounds.SatelliteManufacturing,SmallLaunch,andGEOINThavebeenthemostactivesectors,togethercontributing61%ofdeals.Notably,60%ofallSatelliteManufacturingroundshaveoccurredsince2021,witharecordyearin2024and2025ontracktosetanewhigh.EmergingIndustrieshavealsoexpandedrapidly,nowrepresenting22%oftotalrounds,ledbyLogistics.

GRADUATIONRATE

100%

Seed

651

SeriesA

315

SeriesB

171

SeriesC

SeriesD

SeriesE

15

2.3%

Atotalof651InfrastructurecompaniesraisedaSeedroundsince2009,only15havematuredtoraiseaSeriesE,markingthelowestgraduationrateacrossthetechlayersfeaturedinthisreport.ThejumpfromSeriesCtoDhasproventobethetoughesttest,withjust5%ofallcompaniesclosingaSeriesDround.Whileearly-stageactivityremainsrobust,thelowergraduationratesmaysuggestthatinvestorsareconsolidatingaroundaselectfewcompaniesearlierintheirlifecycle.

4.See

industrysegmentationchart

.

100%

50%

0%

Infrastructure

Hardwareandsoftwaretobuild,launch,andoperatespace-basedassetslikeSpaceX

QUARTERLYINVESTMENTSOURCE

NumberofRounds

Other2

Angel/Individual

Corporate

VentureCapital

80

$6B

70

60

50

$0B

40

Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32022202320242025

Q3Infrastructuredealstotaled$4.4B,up12%QoQ.Dealvolumehaspickedupsincemid-2024,withVCsaccountingfor87%ofQ3rounds—thethird-mostactivequartersince2022.Defenseremainsthedominantdriver,asfoundersandinvestorsalignaroundthearchitecturaldemandsofGoldenDome,centeredonsatellitetrackingandresilience.SatelliteManufacturinghasseensustainedmomentumincludingApex’s$200MSeriesD,making2025thesector’sstrongestyear.

INVESTMENTGEOGRAPHY

AfricaOceaniaAsia

SouthAmericaEuropeNorthAmerica

Q4

Q1Q2Q3Q4

Q1Q2Q3Q4

Q1Q2Q3

2022

2023

2024

2025

Overthepastthreeyears,NorthAmericahasledglobalInfrastructureinvestmentat76%,withBlueOrigin,Maxar,ASTSpaceMobile,andSpaceXaccountingfor59%ofU.S.contributions.Asiarankssecondat17%,withChinacontributing84%oftheregion’stotalamidacceleratinginvestment.OtherkeyAsianmarkets,includingIndia,Japan,andSouthKorea,haveexperiencedincreasedearly-stageactivity.Europeranksthirdat8%,ledbyGermanyasthefastest-growingmarketwith28%,followedbytheUK,France,andSpain.

$125M

$100M

$75M

$50M

$25M

$0M

TOTALEQUITYINVESTMENT(PAST36MONTHS)

$43.8B

Thispage

TOPDEALSTHISQUARTER

COMPANY

ROUND

AMOUNT

GalacticEnergy

SeriesD

$336M

Geespace

SeriesC

$281M

Castelion

SeriesB

$263M

Hadrian

SeriesC

$260M

Apex

SeriesD

$200M

CambridgeAerospace

Seed

$100M

Harmonic

SeriesB

$100M

ispace

SeriesD

$98M

HubbleNetwork

SeriesB

$70M

Aerospacelab

SeriesB

$65M

Thetop10dealstotaled$1.8B,withSatellitesaccountingfor55%andLaunch45%,ledbyfiveU.S.andthreeChinesecompanies,sixofwhichwereatthegrowthstage.GalacticEnergyraised$336M,thelargestpubliclydisclosedroundforaChineselaunchstartupasitadvancesreusablerocketdevelopment.InSatellites,Geespacesecured$281Mtoaccelerateitsconstellationbuildoutinsupportofconnectedvehiclesandmobilityservices.CambridgeAerospace,aUKstartupdevelopingIronDome–styledefenses,raised$100M—thelargestSeedroundinUKhistorywithinthislayer.

AVERAGEROUNDSIZE

Seed

SeriesA

SeriesB

SeriesC

2023

2024

2025

2023

2024

2025

2023

2024

2025

2023

2024

2025

Year

Averageroundsizeshaveclimbedacrossallstagescomparedto2023,withthesharpestuptickin2025.Seedroundsrose81%from$4.6Mto$8.3M,whileSeriesAandBgrew39%and48%,andSeriesCmoremodestlyat22%.DefenseandSatelliteManufacturinghavebeentheprevailingthemes,ledbycompaniesincludingImpulseSpace,Hadrian,Castelion,andAerospacelab.Afterstableaveragesin2023–2024,thisenduring2025surgelikelyreflectsincreasedcapitalconcentration—drivenbystandoutteamsandlargerventurefunds.

2.Otherincludesnon-traditionalinvestmentsliketake-privatetransactionsandself-capitalizationfromJeffBezos,ElonMusk,andRichardBransonwhoareclassifiedasIndividualinvestorsprovidinglargeinvestments(hundredsofmillions)intheirowncompaniesthroughunclassifiedrounds.

3.EstimatebasedonpublicstatementsbyBezos,companyworkforcedata,andconfidentialconversationswithcompanyrepresentatives.

TOTALEQUITYINVESTMENT(SINCE2009)

$110.4B

Thispage

BYSECTOR•CUMULATIVEINVESTMENTAMOUNT

Industrials125rounds

Lunar101rounds

NumberofRounds

500

$60B

Stations126rounds

Manufacturing&

Satellites

1,309

Launchrounds

512rounds

$50B

Components

727rounds

400

Logistics176rounds

$40B

LaunchBrokerage

300

1rounds

SpaceportOperations

2rounds

Mediu

$30B

200

$20B

EmergingIndustries

HeavyLaunch

Moreonpg9-10

72rounds

100

GEOINT

$10B

317rounds

SmallLaunch

399rounds

Industrials

GPS

45rounds

0

$0

Launch

Satellites

Stations

Logistics

Lunar

SatCom

220rounds

Launchtotaled$52.4Bsince2009,with70%inHeavyLaunch.Satellitesinvestmentsfollowwith$47.7B,centeredontheSatComsectorwith43%.Overthisperiod,morethanthreetimesasmanySatellitecompanieshavebeenfundedcomparedtoLaunch.In2025,SatellitefundingcontinuestooutpaceLaunchandhasresultedin3xtheroundsclosed.Thisreflectsasustainedtrendoffoundersfocusingonspacecraftdevelopmentandtalentgravitatingtowardadvancedsensingandconnectivity—agapthatwebelievewillkeepwidening.

84

36

EXITSBYINDUSTRY

$50B

$40B

$30B

$20B

$10B

$0B

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

StationsNumberofRounds

Satellites

●Lunar

Logistics●Launch

Industrials

40

30

20

10

0

Q3saw$24.2Binexitsacross14Infrastructuredeals,includingtwoIPOsandtwelveacquisitions.SynopsysacquiredAnsysfor$35B,bringingsimulationandmultiphysicsin-housetocreateaunified‘silicon-to-systems’platform.SESacquiredIntelsatfor$3.1Btobuildastrongermulti-orbitoperator.Thesetransactionshavehelpedmake2025thesecond-highestexityearonrecordforInfrastructureexitvalue,whilealsosettinganewrecordforexitcount.FireflyAerospacewentpublicata$6.3Bvaluation,brieflypeakingnear$9.8Binitsdebut.Since2009,acquisitionshaveaccountedfor85%ofInfrastructureexitvalueand77%ofrounds.

8

EmergingIndustries

SubsetofInfrastructure,excludingLaunchandSatellitesindustries,likeImpulseSpace

TOTALEQUITYINVESTMENT(PAST36MONTHS)

$5.3Bof$43.8B

Thispage

TOPDEALSTHISQUARTER5

COMPANY

ROUND

AMOUNT

OrbitalOperations

Seed

$9M

Spaceflux

Seed

$7M

CascadeSpace

Seed

$6M

CosmoserveSpace

Preseed

$3M

RendezvousRobotics

Preseed

$3M

CislunarIndustries

Seed

$3M

TransAstra

Seed

$3M

OrbitalParadigm

Seed

$2M

SpaceDOTS

Seed

$2M

Akashalabdhi

Preseed

$1M

QUARTERLYINVESTMENTSOURCE

$1.0B

$0.5B

$0B

Other2CorporateNumberofRounds

Angel/IndividualVentureCapital

Q42022

Q1Q2Q3Q4

2023

Q1Q2Q3Q4

2024

Q1Q2Q3

2025

20

15

10

TheU.S.ledQ3withfiveofthetopdeals,followedbytwoeachfromtheU.K.andIndia,andonefromSpain,withallactivityconcentratedattheearlystage.Logisticsaccountedfor61%ofthetotal,followedbyIndustrials.OrbitalOperationsraised$8.8Mtodevelopalong-duration,high-thrustorbitalvehiclefornationalsecuritymissions.ThesoleLunarcompanyonthelistwasCascadeSpace,whichraised$5.9Mtobuildaplatformforspacecraftcommunicationsystemdesigntosupportlunaranddeepspacemissions.

Q3saw17companiesraise$0.2B,with96%ofcapitalfromVCs.Since2009,theseindustrieshaveattracted$10.3B,84%ofwhichhascomeinthepastfiveyears.While87%ofcompaniesremainattheearlystage,stronggrowth-stageactivityhaspushedsectorfundingnearrecordlevels.Logisticsispoisedtosetanewannualinvestmenthighs,whileIndustrialssetafreshrecordindealcount.Unlockingfurthermarketdemandandgrowthcapitalwilllikelyhingeonprovingthereliabilityofasuper-heavylaunchvehicle.

TOTALEQUITYINVESTMENT(SINCE2009)

$10.3Bof$110.4B

Thispage

BYSECTOR6•CUMULATIVEROUNDSHARE

BYSECTOR•CUMULATIVEINVESTMENTAMOUNT

DeepSpaceSatellites

Mining&Minerals

24rounds

EnergyGeneration

&Storage

42rounds

SpaceSituational

Awareness

67rounds

Manufacturing&

Assembly

59rounds

OnOrbitServicing

92rounds

Construction

23rounds

31rounds

Services

71rounds

Transport

47rounds

DebrisMitigation

17rounds

$5B

$4B

$3B

$2B

$1B

$0B

50

Lunar

101rounds

Logistics

176rounds

40

Industrials

125rounds

Stations

126rounds

30

NumberofRounds

Habitats

55rounds

StationsLogisticsIndustrialsLunar

Stationshassecuredthemosttotalfundingat$5.0Bsince2009,followedbyLogisticsat$2.8B,Industrialsat$1.3B,andLunarat$1.2B.TheleadingsectorswithintheseindustriesincludeHabitats($4.6B),On-OrbitServicing($1.7B),ManufacturingandAssembly($0.6B),andTransport($0.6B).TopfundedcompaniesincludeSierraSpaceandVastinStations,ImpulseSpaceandTrueAnomalyinLogistics,VardaandZenoPowerinIndustrials,ICONandispaceinLunar.

Logisticshasbeenthemostactiveemergingindustrysince2019.Overthisperiod,55Logisticscompaniesreceivedfunding(147rounds),comparedto30companieswithinStations(72rounds).Asaresult,Logisticsnowsetsthehighwatermarkrepresenting33%ofroundssince2009.Industrialshasalsoexpandedrapidlysincemid-2024,withmorecompanieslookingtotackleenergyconstraintsfordeep-spacesystems,andisontracktoovertakeStationsbyyear-end.ThemostactivesectorsintermsofroundsincludeOrbitalServicing,SpaceSituationalAwareness,andHabitats.

INVESTMENTGEOGRAPHY

OceaniaEurope

Asia

NorthAmerica

$0.3B

100%

$0.2B

50%

$0.1B

$0.0B

0%

Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q32022202320242025

NorthAmericancompaniesdominatetheEmergingIndustrieswith81%ofthetotalcapitalraisedoverthepastthreeyears.JedMcCaleb’sVast,ImpulseSpace,AxiomSpace,TrueAnomaly,SierraSpace,Varda,IntuitiveMachines,andVoyageraccountfor70%oftheU.S.total.Asia,ledbyJapanwith57%,hasgainedmomentumsinceearly2023,drivenbyAstroscaleandGITAI.InEurope,GermanyleadswithTheExplorationCompany,followedbyItaly’sD-Orbit,andFrance’sLookup,representingthecontinent’slargestinvestments.

95.Unannouncedtransactionsareexcludedfromthislist.

AVERAGEROUNDS