Space Capital：2024年第三季度太空投資報(bào)告

Q32024

SPACE

Space

IQ

InvestmentQuarterly

Acompleteviewofprivatemarketstartupactivityandinvestmenttrendsinthespaceeconomy–fromtheinvestorsattheforefront

AFrameworkforUnderstandingtheSpaceEconomy

TheSpaceIQprovidesacomprehensiveframeworkforunderstandingthespaceeconomyandemergingopportunitiesforinvestors.

Traditionally,spacehasbeenviewedintermsofphysical

infrastructure—rockets,satellites,andotherorbitalassets.However,thisperspectiveoverlooksthebroaderimpact

ofspace-basedtechnology,whichhasbecomeaglobalplatformforinnovation.Entrepreneursandestablishedcompaniesarebuildingonthesetechnologiestocreatetheirownuniqueservicesandsolutions,drivinggrowthacrossmultiplesectors.

WebelievethehistoryofGPS—whichhasgenerated

trillionsofdollarsineconomicvalue—providesakey

frameworkforunderstandinghowlargeecosystems

formaroundspace-basedtechnologies,pavingtheway

forsignificantinnovationandexpansion.Ourreport

organizesthisintothreecriticalcategories,ortechnologylayers:Infrastructure,Distribution,andApplications.

Infrastructure—likesatellitesonorbit—actsasthe

foundation.Ontopofthis,newhardwareandsoftware

servicesaredevelopedtodistributeandtransformdataforwidespreaduse.ThisDistributionthenfuelsthe

creationofthousandsofcommercialApplications,rangingfromdevicestomobileapps.

WhenwefirstintroducedourGPS-basedframework,it

wasconsideredcontrarian.Today,itiswidelyaccepted

byfounders,investors,andestablishedcorporations.

McKinseyandtheWorldEconomicForum

shareour

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

cases—thelatterbeingcompanieslikeUberthatrelyonspacetechnologytogeneraterevenue.

WORLDECONOMICFORUM

LEARNMOREINOURRECENT

CONVERSATIONWITHTHE

1

Focusingsolelyonpure-play

Infrastructurecompanies

whileignoringtheDistributionandApplicationslayersrisks

missingcriticaldevelopments

andemergingcommercial

opportunities.Rapidlyevolvingspace-techplatforms,softwareapplications,andAIarenotonlyexpandingthespaceeconomybutalsorevolutionizingdailylife.

Thisreportbreaksdownprivateinvestmentinthespaceeconomyintothreekeycategories,providingaholisticviewofthecommercial

spaceecosystem.

Eachtechnologylayerreflectsdifferentfacetsoftheopportunity

setandhasitsowndistinctfeaturesandgrowthdrivers.For

thosefocusedonanarrowerdefinitionofthespaceeconomy,wedirectyourattentiontotheInfrastructuresection,whichincludes

companiescommonlyconsidered“core”spacefirms—suchasthoseinvolvedinbuildingrocketsandorbitalhardware.

Infrastructure

Wehopeourreportservesasavaluableguidetonavigatingtheseopportunities.

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

Distribution

Hardwareandsoftwaretoconnect,process,andmanage

datafromspace-basedassets,suchasGPS-basednavigationservices,EarthObservationdatamanagementplatforms,

edgecomputingforsatellite-basedISPs,andmore.

Applications

Specializedhardwareandsoftwarethatutilizesdatafrom

space-basedassets,suchasrideshareservices(GPS),

agriculturaldataanalytics(GEOINT),IoTsensormonitoring

(SatCom),parametricweatherinsurance(GEOINT),andmore.

uber學(xué)Arbol

2

3

Q32024

SPACE

IQ

Venturecapitalcontinuestobetheleading

source(51%)offundingforprivatelyheldspacecompanies,butalackofliquidity-producing

exitshasslowedtheflowofcapitaltostartups.Additionally,valuationsremainartificially

elevatedbytwomainfactors:1)outsizedAI

dealsand2)delayedfundraisingforcompaniesthatlastraisedduringpandemichighs.

Withcashfrombridgefinancingsdwindling,

companiesarebeingforcedbackintoraising,pushingflatanddownroundstorecordhighs.However,theclimateforUSprivatemarkets

maynowbeatitsmostfavorablestatesincetheFederalReserve’srate-hikingcyclebeganinearly2022.TheFed’s50bpscutinSeptemberhadanimmediateimpactonpublicmarkets,sendingWallStreettoall-timehighs.While

theimpactwilltakelongertoflowthrough

toprivatemarkets,dealmakingisalready

beginningtorecoverfollowinganuninspiring2022and2023.

Here’swhatshapedthespacecapitalmarketsthisquarter:

Realitycheck

Therearecurrently47spaceunicorns(companiesvaluedatover$1billion)sittinginprivateportfolios,butmanyofthosevaluationshavenotyetresetfrompandemichighs.We’re

nowseeingrecord-highconsolidationascompaniesstruggletogrowintotheirloftyvaluationsandasincumbents

struggletocompetewithnewentrants.Throughthree

quarters,thespaceeconomyhasseenmoreacquisitionsthisyearthananyinthepasttwodecades,buttheaveragevalueofthosetransactionsisnearthelowestonrecord.

DespitesomepredictionsthattheIPOmarketwouldopenupthisyear,it’scontinuedtobesluggish.Somehavegoneout,suchasdebriscleanupcompanyAstroscale($186A),

butit’sbeenbarelyatrickle.IftheIPOmarketopensbeforetheendoftheyear,thelistofmostvaluablecompaniesinthePathtoExitsectionofthisreportmayprovidecluesastowhocouldbenext.

WhilefedratecutsarecertainlyasignificantfactorindrivinganincreaseinIPOactivity,whatismostlikelytosparkanIPOrevivalarebusinessesthatactuallyperformwell.Thepublicmarketsarewaryofcompanieswithflimsyfundamentals,

andrightlyso.Companieshavemuchtodotoregainthe

trustofinvestorsaftertheSPACfrenzy:Astra($ASTR)closedadealinQ3totakethecompanyprivateafterlosing99%ofitsvalueinthreeyears;Arqit($ARQQ)lost99%ofitsvalueinthesameperiodandpivoted;LockheedMartinagreed

tobuyTerranOrbital($LLAP)for$450million,whichwas

valuedat$1.8billionjusttwoyearsago.Severalotherspacecompaniesthatwentpublicin2021havegonebankrupt,

receiveddelistingnotices,orspookedinvestorsbywildly

missingrevenuetargets.Ourbestguess:IPOactivityislikelytobefairlyquiettherestoftheyear,withsomepossible

exceptions.

4

SpaceXsaves

InperhapsthebiggestnewsofQ3,SpaceXlauncheda

rescuemissiontoretrievetwoNASAastronautsstrandedontheInternationalSpaceStationafterBoeing’sStarlinerwasdeemedunsafeforhumantransport.ThiswasatriumphantmomentforSpaceX,whichhasgonefromunderdogtoapexplayerinthespanofadecade.

AlsoinQ3,SpaceXsuccessfullylaunchedfourastronauts

tothehighestorbitbyhumansinmorethan50years,

facilitatingthefirstcommercialspacewalk.Themission

wasashowcaseofSpaceX’snewspacesuits,aswellasthecompany’sStarlinksatellitenetworkforcommunicationin

space.BackonEarth,Starlinkhit4millionsubscribers,whilealsoinkingalandmarkdealwithUnitedAirlinesforin-flightWiFiservice.BusinessisboomingforSpaceX,whichhasnotraisedcapital

since2022

.Withnearly$10billionraisedto-date,they’veleftanimpressivegapintheinvestmentdatatobefilledbynewunderdogs.

Theyearofthedragon

Chinaaccountsfor25%ofglobalspaceeconomy

investment,secondonlytotheU.S.,andthe

country’s

spacecapabilities

havegrownatabreakneckspeed

overthepastfiveyears.Forexample,ShanghaiSpacecomSatelliteTechnologylaunchedthefirstsatellitesoftheir

G60/Qianfan/ThousandSailsconstellationtocompetewithStarlink.Soonafter,thelaunchvehiclebrokeupinorbit

releasingover700debrisfragments.WithGuowangand

otherprojectslikelyrampinguplaterthisyear,weexpecttoseequiteafewmoreChineselaunchesin2024includingGeeSpace,thespacesectorspinoffofautomotivegiant

GEELY,whichnowhas30satellitesinorbitproviding24-hourcoverageof90%oftheglobe.

However,China’seconomicslowdownandacrackdownontechcompanieshas

throttledthecountry’sprivatesector

.The

numberofstartupsfoundedinChinahasdroppedastaggering50xsincethepeakin2018andisontracktobeevenlowerthisyear.We’llbewatchingcloselytoseehowtheoutflowofglobalinvestmentandthemassivedropinthevaluationofChinese

companiesimpactsthecountry’sspaceambitions.

AI&SpatialIntelligence

There’sbeenanexponentialincreaseindatafromorbitandmoresensorsarecomingonlineallthetime,suchasMaxar’sWorldViewLegionsatelliteswhichdeliveredtheirfirsthigh-resolutionimagesinQ3.But,we’vestruggledtoderiveusefulinsightsfromthatdatabecausethereissimplytoomuch

ofitforhumanstounderstand–

unlessitcanbepassed

throughanAIsystem

.Threemassivedevelopmentsin

Q3:1)Googleispartneringwithleadingwildfireauthorities

tolaunchFireSat

,anewglobalsatelliteconstellation

designedspecificallytodetectandtrackwildfiresthesizeofaclassroomwithin20minutes;2)

AnsysandRendered.

ai

havecombinedforcestobringfastersimulationof

largeenvironmentstoremotesensingprofessionalsusingcomputervisiontoanalyzeSyntheticApertureRadardata;

and3)FoundedbyAIpioneerFeiFeiLi,

WorldLabsemerged

fromstealth

with$230millioninfundingtodevelopspatiallyintelligentLargeWorldModels(LWMs)thatcanunderstand

andreasonaboutthe3Dworldfromimagesandother

modalities.Thisisahugeareaofopportunityforinvestors

andonethatwewillbemonitoringcloselygoingforward.?

TOTALINVESTMENTAMOUNTANDROUNDSBYLAYER

$6B

$4B

$2B

$0

120

100

80

2023Q32023Q42024Q12024Q22024Q3

Applications

●Distribution

Infrastructure

NumberofRounds

ApplicationscompaniessawaresurgenceinQ3with$2.5Binvested.However,manyearly-andgrowth-stagecompaniesarestrugglingtoraise,asreflectedbythecontinuedsuppressioninthenumberofrounds.Infrastructureinvestmentshaveconsistentlytopped$10Bannuallysince2020,though2024hasseenaslowdownduetotheabsenceofanySpaceXrounds.Distributionsaw$0.6BinvestedinQ3,outpacingthepreviousfivequartersandthetotalfor2023,drivenbysignificantinvestmentsinAI-basedGEOINTcompanies.

ExecutiveSummary

EquityInvestmentSINCE2009Q32024

$327.3B

2,116companies

$84.9B

693companies

$1.9B

50companies

$10.4B

215companies

$0.6B

12companies

$232.0B

1,207companies

$2.5B

36companies

$5.0B

98companies

INFRASTRUCTURE

APPLICATIONS

DISTRIBUTION

TOTAL

Exits

16

($3.5Bproceeds)

418

AQUISITIONS

($203.8Bproceeds)

VALUATIONSTEP-UP

2.1x

(median)

1.8x

(median)

IPOS

45

($32.0Bproceeds)

3

($0.1Bproceeds)

7.7x

(median)

14.6x

(median)

REVENUEMULTIPLEATIPO

CompaniesMOSTVALUABLELARGESTROUNDS

SpaceX

$210.0B

INFRASTRUCTURE

BlueOrigin

DISTRIBUTION

$500M

project44

$2.7B

WorldLabs

$230M

Anduril

APPLICATIONS

Anduril,ScaleAI

$14.0B

$1,500M

5

TheEntrepreneurialSpaceAge

CUMULATIVEPRIVATEMARKETEQUITYINVESTMENTFROM2009TOPRESENT

BYINDUSTRY

2%

12%

86%

Satellites$281.6BLaunch$37.9B

EmergingIndustries$7.8B

BYLAYER

3%

26%

71%

Applications$232.0BDistribution$10.4B

Infrastructure$84.9B

BYGEOGRAPHY

1%3%

3%3%

4%

4%

49%

25%

USA

●China

SingaporeIndia

.UK

.France

Indonesia.Canada

Other1

7%

ANNUALINVESTMENTBYLAYER

Applications

$50B

Distribution

Infrastructure

NumberofRounds

$40B

600

$30B

400

$20B

200

$10B

0

PRIOR

2009

2010

2011

2012

2013

2014

2009

SpaceXfirstsuccessfulcommerciallaunch

2008

iPhone3GequippedwithGPS

2014

Uberreaches1Mdailyusersand250+cities

1978

NAVSTARIGPSlaunched

1984

FirstCommercialGPSReceivers

2001

gpsOnesupportslaunchofGPSonmobiledevices

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

SpaceXPolarisDawnfirstnon-government

spacewalk

PlanetLabsimages

entire

Earthdaily

SpaceX

landsorbitalbooster,

ushersinreusability

iPhone14equippedwithdirecttophoneSatComservice

2005

GoogleMapslaunched

SpaceX

launchescrewmission,ushersincommercialspaceflight

1.“Other”consistsofcountrieseachrepresentinglessthan1%offunding.

6

TOTALEQUITYINVESTMENT(PAST36MONTHS)

$39.1B

Thispage

Infrastructure

TOPDEALSTHISQUARTER

COMPANY

ROUND

AMOUNT

BlueOrigin

SelfCapitalization

$500M

IsarAerospace

SeriesC

$279M

OHB(ETR:OHB)

TakePrivate

$223M

ImpulseSpace

SeriesB

$150M

DeepBlueAerospace

SeriesB

$138M

ispace(china)(StarcraftGlory)

SeriesC

$96M

MuonSpace

SeriesB

$57M

AstroForge

SeriesA

$40M

HyperLight

SeriesB

$37M

Hitsat

SeriesB

$30M

Thetop10dealsinQ3totaled$1.6B,withtheLaunchindustrymakingup65%followedbySatellitesat21%.ChinahasseensteadyinvestmentinSmallLaunch,withfundingoverthepastthreeyearsrepresenting44%ofthetotalraised.TwoSpaceCapitalportfoliocompaniesmadethelist:ImpulseSpaceraiseda$150MSeriesBtoadvancespacetransportationwithtwoorbitaltransfervehicles,andMuonSpaceraiseda$57MSeriesBastheysecuredover$100MincontractsforitsHalosatellites.

AVERAGEROUNDSIZE

Africa

SouthAmerica

OceaniaEurope

Asia

NorthAmerica

$100M

100%

$75M

$50M

50%

$25M

$0M

0%

Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3

2021202220232024

Hardwareandsoftwaretobuild,launch,andoperatespace-basedassetslikeSpaceX

QUARTERLYINVESTMENTSOURCE

$6B$5B$4B$3B$2B$0

Other2

Corporate

VentureCapitalNumberofRounds

Angel/Individual

Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3

2021202220232024

80

60

40

With$1.9B,Q3Infrastructureinvestmentdecreased10%QoQandwas30%belowthethree-yearaverageof$2.7B.Whileonthelowerside,signsofstabilizationareevidentasfundinghasconsistentlyhoveredaround$2B.Thisisdrivenbythefactthattheurgentneedforinnovativeandresilientinfrastructurecontinuestoresonatewithinvestorsandgovernments.VCscontributed47%oftheQ3capita,surpassingtheaverageof39%.Angelinvestorsaccountedfor27%ofQ3,largelydrivenbyJeffBezos’ongoinginvestmentinBlueOrigin.

INVESTMENTGEOGRAPHY

Seed

SeriesA

SeriesB

SeriesC

2022

2023

2024

2022

2023

2024

2022

2023

2024

2022

2023

2024

Year

Inthepastthreeyears,NorthAmericahasdominatedglobalInfrastructureinvestment,capturing64%oftotalcapital,ledbySpaceXandBlueOrigin’scombinedinvestmentsthataccountedfor35%ofU.Sinthisperiod.Asiarankssecondwith17.4%,drivenlargelybyChina,83%oftheregion’stotal.OtherkeyAsianmarkets,includingIndia,Japan,andSouthKorea,haveallseenincreasingearly-stageactivity.Europecameinthird,concentratedinGermany(30%),France(18%),theUK(13%),andSpain(10%).

Seedroundsizeshavehoveredaround$5Moverthepastthreeyears,whileSeriesAhasgraduallydecreasedby20%from2022to2024,reflectingstabilitybutacautiousapproachinearly-stageinvestments.Incontrast,SeriesBshowssustainedinvestorinterest,andSeriesCstandsoutwitha64%spikein2023comparedto2022,remainingelevatedin2024,signalingrenewedgrowthcapitalforInfrastructurecompanies.

7

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

BYSECTOR3?CUMULATIVEROUNDSHARE

Industrials94rounds

$40B

Lunar92rounds

Manufacturing&

Stations124rounds

HeavyLaunch

65rounds

Components

600rounds

SmallLaunch

358rounds

GPS

GEOINT

264rounds

Logistics143rounds

LaunchBrokerage

1rounds

SpaceportOperations

2rounds

Mediu

$30B

$20B

$10B

Satellites

1,104

Launchrounds

462rounds

43rounds

SatCom

197rounds

Since2009,theSatellitesindustryhasseenthemostdealactivityrepresenting46%oftheInfrastructureroundshare.Zoomingin,themostactivesectorshavebeenSatelliteManufacturing,SmallLaunch,andGEOINT,generating61%ofdeals.InQ3,thistrendcontinuedwiththeaforementionedsectorsrepresenting64%ofthetotalrounds.It’sworthnotingthatthenumberofdealsacrosstheEmergingIndustriesareontherise,beingdrivenbyLogisticswhichnowaccountsfor23%.

GRADUATIONRATE

Seed

100%

533

SeriesA

277

SeriesB

142

SeriesC

66

SeriesD

25

SeriesE

13

2.4%

Atotalof533InfrastructurecompaniesraisedaSeedroundsince2009,yetonly13havematuredtoraiseaSeriesE,markingthelowestgraduationrateacrossthetechlayersfeaturedinthisreport.ThejumpfromSeriesCtoDhasproventobethetoughesttest,withjust38%ofcompaniesclosingaSeriesDround.Whileearly-stageactivityremainsrobust,thelowergraduationratesmaysuggestthatinvestorsconsolidatearoundaselectfewcompaniesearlierintheirlifecycle.

3.See

industrysegmentationchart

.

TOTALEQUITYINVESTMENT(SINCE2009)

$84.9B

Thispage

BYSECTOR?CUMULATIVEINVESTMENTAMOUNT

400

300

200

100

$0

0

NumberofRounds

EmergingIndustries

Moreonpg9-10

Satellites

Launch

Stations

Logistics

Lunar

Industrials

Satellitesinvestmentsnowtotal$39.2Bsince2009.Launchtrailedcloselywith$37.9BofwhichHeavyLaunchaccountedfor65%.Overthesameperiod3xmoreSatellitescompanieshavesecuredinvestmentsrelativetoLaunch.Thisreflectsasustainedtrend,withmorefoundersfocusingonspacecraftdevelopmentandtalentgravitatingtowardadvancedsensingandconnectivity—agapthatwebelievewillkeepwidening.

EXITSBYINDUSTRY

$50B

$40B

$30B

$20B

$10B

$0

NumberofRounds

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

Stations

SatellitesLunar

LogisticsLaunch

Industrials

30

20

10

0

Q3saw$2.0BrealizedthroughsevenInfrastructureexits,withtwoSatellitescompaniesaccountingfor95%.CognizantstrengtheneditsfootholdintheAerospaceandDefense(A&D)industrybyacquiringBelcan,agloballeaderinengineeringandR&Dservices.Similarly,KBR’sacquisitionofLinQuest,aspecialistinnationalsecurityspacemissionsandadvanceddigitalintegration,deepeneditstechnologicaldepthacrossA&D.Since2009,acquisitionshaverepresented80%ofInfrastructureexitvalueand63%oftherounds.

8

EmergingIndustries

SubsetofInfrastructureexcludingLaunchandSatellitesindustrieslikeImpulseSpace

TOTALEQUITYINVESTMENT(PAST36MONTHS)

of$39.1B

$5.8B

Thispage

QUARTERLYINVESTMENTSOURCE

$2B

$1B

$0

Other2

Corporate

VentureCapitalNumberofRounds

Angel/Individual

Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3

2021202220232024

20

10

Atotalof12EmergingIndustrycompaniesraised$0.3BinQ3,withVCscontributing87%ofinvestmentsYTD.Since2009,$7.8Bhasbeeninvestedacross165uniquecompanies.Aremarkable$5.8B,or74%ofthetotal,wasallocatedoverthepastthreeyears.Thisreflectssurginginterestandfundinginthecategory,highlightedbySpaceXdemonstratingwhat’spossible,inspiringboldvisions,whilegovernmentsareincreasinglywillingtopartnerwithcommercialplayerstopushthefrontiersofspace.

INVESTMENTGEOGRAPHY

Asia

NorthAmerica

OceaniaEurope

$200M

$150M

$100M

$50M

$0M

100%

50%

0%

Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3

2021202220232024

NorthAmericancompaniesleadEmergingIndustries,securing74%ofthecapitalraisedoverthepastthreeyears,drivenbyplayerslikeSierraSpace,AxiomSpace,ICON,Varda,TrueAnomaly,LeoLabs,andJedMcCaleb’sVast.Asia,ledbyJapan,hasbecomemoreactivesinceearly2023,withAstroscale,iSpace,andGITAI.CanadaandSingaporearealsoemergingwithQosmosysandNorthStarEarth&Space.InEurope,D-OrbitandTheExplorationCompanyledinvestmentsforItalyandGermany.

TOPDEALSTHISQUARTER

COMPANY

ROUND

AMOUNT

ImpulseSpace

SeriesB

$150M

AstroForge

SeriesA

$40M

Hitsat

SeriesB

$30M

StarCatcher

Seed

$12M

StarpathSpace

Seed

$12M

BreakthroughInitiatives

Seed

$10M

SanyuanAerospaceakaSustainSpace

SeriesA

$8M

ReflectOrbital

Seed

$7M

PowerLightTechnologies

Seed

$5M

SpaceNation

Seed

$1M

FiveIndustrialsInvestmentsledQ3indealnumbers,accountingfor28%ofcapitalonthelist.ThisincludesAstroForge’s$40MSeriesA,withtheirthirdmissionin2025todockwithanear-Earthasteroid,andStarCatcher’s$12MSeriesSeed,developingsolarenergybeamingtospacecraftinLEO.LogisticsandLunaralsosawincreasedactivitywithHitsat,aChineseon-orbitservicingcompanyandStarpathRobotics,aU.S.lunarresourcescompany.

AVERAGEROUNDSIZE

Seed

SeriesA

SeriesB

SeriesC

2022

2023

2024

2022

2023

2024

2022

2023

2024

2022

2023

2024

Year

EmergingindustriesshowamoreuneveninvestmentlandscapecomparedtoInfrastructure.AverageSeedroundsizeshaverisenover50%from2023to2024.Growthstagefundingsuggestsbreakthroughcompaniesattractingsignificantlylargerrounds.SeriesBgrewnearlysixfoldfrom2022to2023,withfurthergrowthin2024.SeriesCspikedin2023,drivenbyAxiomandD-Orbit,buttaperedoffin2024withnomajorroundsyet.

9

Seed

BYSECTOR4?CUMULATIVEROUNDSHARE

DeepSpaceSatellites

OnOrbitServicing

Construction

21rounds

$5B

$4B

$3B

$2B

$1B

$0

78rounds

26rounds

Transport

45rounds

Lunar

Mining&Minerals

SpaceSituational

92rounds

Logistics

22rounds

Awareness

53rounds

143rounds

EnergyGeneration

&Storage

27rounds

Industrials

DebrisMitigation

12rounds

94rounds

Manufacturing&

Stations

Assembly

45rounds

124rounds

Services

Habitats

56rounds

68rounds

TheLogisticsindustryhasseenthemostdealactivitysince2019.Thistrendcontinuedin2024,representing17of35rounds,withOn-OrbitServicingaccountingfor61%oftheYTDfunding.Logisticshasalsoseenthemostdealactivitysince2009,representing32%ofthetota,Stationswasthesecondmostactiveindustryoverthattimeperiodat27%.

GRADUATIONRATE

100%

131

SeriesA

49

SeriesB

20

SeriesC

9

SeriesD

3

SeriesE

2

1.5%

TheEmergingIndustriesshowalowergraduationratethanthebroaderInfrastructurelayer.Thisislargelyduetothecategory’snascency,with67%ofearly-stagefundingoccurringinthepastthreeyears.However,SatelliteandLaunchcompanieshaveproventhatitispossibleforstartupstoraisesignificantamountsofequityfinancingevenwithlargerupfrontcapitalrequirements,unproventechnologies,andnewbusinessmodels.

TOTALEQUITYINVESTMENT(SINCE2009)

$7.8Bof$84.9B

Thispage

50

40

BYSECTOR?CUMULATIVEINVESTMENTAMOUNT

NumberofRounds

StationsLogisticsLunarIndustrials

Since2009,Stationssecuredthemostfundingat$4.0B,followedbyLogisticsat$2.0B,Lunarat$1.1B,andIndustrialsat$0.7B.Zoomingin,theleadingsectorsincludeHabitats($3.6B),On-OrbitServicing($1.3B),Transport($0.5B),andManufacturingandAssembly($0.3B).NotablecompaniesincludeAxiomSpaceandSierraSpaceinStations,AstroscaleandD-OrbitinLogistics,ICONandiSpaceinLunar,VardaSpaceandRedwire(NYS:RDW)inIndustrials.

EXITSBYINDUSTRY

$2B

$1B

$0

NumberofRounds

StationsLunar

LogisticsIndustrials

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

4

3

2

1

TheEmergingIndustrieshaverecordeditshighestexitvaluetodate,fueledbyIngersollRand’s$2.3BacquisitionofspacesuitcompanyILCDoverinQ2.Thenumberofexitsisexpectedtoreacharecordhigh,withSpaceCapitalportfoliocompanySolarFoods(HEL:SFOODS)beingthelatesttogopubliconNasdaqFirstNorthGrowthMarketthisquarter.KnownforitsinnovativeSoleinprotein,madefromair,electricity,andmicrobes,SolarFoodsisquicklyscalingupproductiontomeetglobaldemand.

4.See

UnpackingtheEmergingIndustries

blogpost10

TOTALEQUITYINVESTMENT(PAST36MONTHS)

$4.0B

Thispage

Distribution

TOPDEALSTHISQUARTER

COMPANY

ROUND

AMOUNT

WorldLabs

SeriesA

$230M

QianxunSI

SeriesB

$200M

Placer.ai

SeriesD

$75M

Armada

SeriesA

$40M

ATLASSpaceOperations

SeriesC

$15M

CodeMetal

Seed

$13M

OverlandAI

Seed

$10M

ExynTechnologies

SeriesB

$5M

SpaceIntelligence

SeriesA

$4M

RenderedAI

Seed

$4M

WorldLabs,foundedbyformerGoogleCloudAIheadFei-FeiLi,raiseda$230MSeriesAtodevelop“l(fā)argeworldmodels”(LWMs).TheseAIsystemsaredesignedtounderstand,interactwith,andgenerate3Denvironments,mimickinghumanspatialintelligence.Similarly,Armada,aSpaceCapitalportfoliocompany,secured$40MinaSeriesAledbyM12.ArmadaaimstounlocknewedgecomputingcapabilitiesbyleveragingSpaceXStarlinktodriveadvancedAIusecases.

AVERAGEROUNDSIZE

OceaniaEurope

Asia

NorthAmerica

$125M

$100M

$75M

$50M

$25M

100%

50%

0M

0%

Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3

2021202220232024

Hardwareandsoftwaretoconnect,process,andmanagedatafromspace-basedassetslikeTrimble

QUARTERLYINVESTMENTSOURCE

$1.0B

$0.5B

$0

NumberofRounds

Other2

Corporate

VentureCapitalAngel/Individual

Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3

2021202220232024

15

10

With$0.6Braisedacross12rounds,DistributioninvestmentinQ3reachedasevenquarterhigh.Althoughtotalfundingremainsmuchlowerthantheothertechlayers,criticalinnovationswithinDistributionare