All the fundraising deals in the space economy
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The space economy raised over $3 billion in disclosed funding between Q4 2024 and Q4 2025.
Q4 2025 alone accounted for nearly $1.2 billion across 11 deals, making it the most active quarter in this period.
Satellite manufacturing and launch providers captured the lion's share of investor attention.
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Insights
- Q4 2025 saw 11 space economy deals totaling $1.22 billion, more than double the deal count of any other quarter in this period, signaling a major acceleration in investor appetite for space infrastructure.
- Satellite manufacturing dominated funding with $864 million across five deals, showing that investors believe the bottleneck in the space economy is production capacity, not demand.
- Stoke Space raised $770 million across two rounds (Series C and D), representing about 25% of all disclosed space economy funding in this five-quarter span.
- Launch providers captured $782 million, but this funding was highly concentrated in just three companies, with Stoke Space taking the vast majority.
- Defense-related space startups are emerging as a distinct category, with companies like Fortastra (orbital defense) and HawkEye 360 (RF intelligence) raising significant rounds in Q4 2025.
- The average deal size across all quarters was $140 million, but this figure is skewed by mega-rounds. Excluding the top two deals per quarter reveals a more modest average.
- In-space transportation and logistics attracted $300 million through Impulse Space alone, showing investor confidence in the "space tug" business model.
- European space startups raised significant funding, with The Exploration Company ($160 million) and EnduroSat ($104 million) proving that space investment is not exclusively a US phenomenon.
- Funding concentration remained extreme throughout: in every quarter, the top 3 deals represented at least 78% of total disclosed funding.
- Space situational awareness is gaining traction, with Digantara raising $50 million to build surveillance satellites that track debris and other spacecraft.
In our space economy deck, we will give you useful market maps and grids
Summary table of the funding deals in the space economy (last 5 quarters)
We define the space economy as the set of activities that design, build, launch and operate space infrastructure and sell services directly based on space data, signals or connectivity.
We include manufacturers, launch providers, satellite and constellation operators, ground-segment and mission-operations providers, and companies whose primary products are satellite communications, Earth observation or navigation services.
We exclude generic consumer devices, broad media and telecom platforms, and downstream industries where space technology is only one of many inputs (such as ride-hailing, logistics or finance that merely rely on satellite navigation or timing).
You can also read our detailed analysis to understand how funding activity in the space economy has evolved over the last few years.
Also, you should know that we have a dedicated page, updated weekly, with all the latest fundraising deals in the space economy.
| Name | What they do | Amount ($) | Quarter | Source(s) |
|---|---|---|---|---|
| ALL.SPACE | Builds multi-orbit satellite terminals that connect across different constellations | $44M | Q4 2024 | Tech.eu |
| Firefly Aerospace | Builds and launches rockets and provides spacecraft orbital services | $175M | Q4 2024 | Reuters |
| The Exploration Company | Develops spacecraft and cargo vehicles to move payloads to and from orbit | $160M | Q4 2024 | TechCrunch |
| ICEYE | Operates a SAR Earth-observation satellite constellation for day/night imaging | $65M | Q4 2024 | SpaceNews |
| Loft Orbital | Integrates customer payloads onto satellites and operates them as a service | $170M | Q1 2025 | Payload |
| Stoke Space | Develops a fully reusable medium-lift rocket for high-cadence launches | $260M | Q1 2025 | TechCrunch |
| K2 Space | Builds large, high-power satellite buses for more capable missions | $110M | Q1 2025 | Payload |
| Apex | Manufactures satellite buses for quick delivery to constellation customers | $200M | Q2 2025 | Payload |
| Impulse Space | Builds space tugs to move payloads and satellites between orbits | $300M | Q2 2025 | Axios |
| Varda Space Industries | Manufactures pharmaceuticals in microgravity and returns capsules to Earth | $187M | Q3 2025 | Reuters |
| Apex | Manufactures satellite buses at scale for commercial and government customers | $200M | Q3 2025 | Payload |
| Stoke Space | Develops fully reusable Nova rocket for high-frequency launches | $510M | Q4 2025 | Stoke Space |
| EnduroSat | Manufactures satellites and scales to high-throughput production | $104M | Q4 2025 | Payload |
| Ursa Major | Builds rocket engines and propulsion systems for space and defense | $100M | Q4 2025 | Payload |
| Reditus Space | Builds a reusable reentry vehicle to return microgravity payloads | $7.1M | Q4 2025 | Payload |
| Moonshot Space | Develops an electromagnetic launch system for hypersonic testing and orbit | $12M | Q4 2025 | Payload |
| AnySignal | Builds satellite radio hardware to connect spacecraft with ground operations | $24M | Q4 2025 | Payload |
| K2 Space | Develops mega-class high-power satellite platforms for heavy-lift missions | $250M | Q4 2025 | Payload |
| Fortastra | Develops spacecraft to protect and defend other satellites in orbit | $8M | Q4 2025 | Payload |
| Digantara | Builds space surveillance satellites to track debris and other spacecraft | $50M | Q4 2025 | Payload |
| HawkEye 360 | Operates a space-based RF sensing constellation for geolocation data | $150M | Q4 2025 | Payload |
In our space economy deck, we cover the latest tech updates shaping the market
How has funding activity in the space economy changed over time?
Q4 2025 was the most active quarter with 11 deals totaling $1.22 billion, driven primarily by Stoke Space's massive $510 million Series D and several $100M+ rounds from satellite manufacturers.
Q2 2025 was the quietest quarter with only 2 disclosed deals, though those deals were both large (Apex and Impulse Space), keeping the total at $500 million.
Total funding in Q4 2025 was 175% higher than Q3 2025 ($1.22B vs $387M), and it was also 175% higher than Q4 2024 ($1.22B vs $444M), showing strong year-over-year growth in the space economy.
If you exclude the top 2 deals per quarter, funding activity looks more modest but still healthy. The space economy saw consistent mid-size rounds in the $50M to $200M range, suggesting broad investor interest beyond just the headline-grabbing mega-rounds.
| Quarter | Number of deals | Total raised ($) | Comment |
|---|---|---|---|
| Q4 2024 | 4 | $444M | Balanced quarter with launch, EO, and logistics deals; Firefly led at $175M |
| Q1 2025 | 3 | $540M | Fewer deals but larger average size; Stoke Space raised $260M for reusable rockets |
| Q2 2025 | 2 | $500M | Only two deals disclosed, but both were $200M+; Impulse Space led with $300M |
| Q3 2025 | 2 | $387M | Quiet quarter with Apex and Varda raising back-to-back $200M and $187M rounds |
| Q4 2025 | 11 | $1,220M | Record quarter for deal count; Stoke's $510M led a surge in satellite manufacturing funding |
| All quarters | 22 | $3,091M | Over $3 billion raised in 5 quarters across launch, manufacturing, and services |
In our space economy deck, we show you long-term trends so you can make better decisions
Which startups in the space economy raised the largest rounds over the last months?
These startups raised the most recently in the space economy:
- Stoke Space raised $510 million in Q4 2025 to scale manufacturing of its fully reusable Nova rocket, positioning the company as a leading challenger in the next-generation launch market.
- Impulse Space raised $300 million in Q2 2025 to build space tugs that move satellites between orbits, meeting growing demand for in-space mobility services from defense and commercial customers.
- Stoke Space raised $260 million in Q1 2025 to complete its Cape Canaveral launch site and accelerate development of its reusable rocket system.
- K2 Space raised $250 million in Q4 2025 to manufacture mega-class satellite platforms designed for the heavy-lift era, targeting both government and commercial customers.
- Apex raised $200 million in Q3 2025 to expand satellite bus production capacity in Los Angeles as customer demand outpaces current manufacturing throughput.
- Apex raised $200 million in Q2 2025 to vertically integrate faster and stock inventory, reducing delivery lead times for satellite buses.
- Varda Space Industries raised $187 million in Q3 2025 to scale its orbital labs and accelerate commercialization of microgravity pharmaceutical manufacturing.
- Firefly Aerospace raised $175 million in Q4 2024 to ramp production of its Alpha rocket and expand its Elytra spacecraft services.
- Loft Orbital raised $170 million in Q1 2025 to scale its mission-as-a-service offering, which integrates customer payloads onto standardized satellites.
- The Exploration Company raised $160 million in Q4 2024 to build Europe's first commercial space capsule for orbital cargo transport and return.
In our space economy deck, we identify repeatable patterns you can use if you’re building in this market
Is the space economy shifting toward smaller or bigger deals?
The average deal size in the space economy over these five quarters was $140 million, reflecting the capital-intensive nature of building rockets, satellites, and space infrastructure.
Breaking this down by quarter: Q4 2024 averaged $111M, Q1 2025 averaged $180M, Q2 2025 averaged $250M, Q3 2025 averaged $194M, and Q4 2025 averaged $111M. The high average in Q2 2025 comes from having only two deals, both above $200M.
If you exclude outliers like Stoke Space's $510M round, the average deal size in Q4 2025 drops closer to $70M, showing that many space economy startups are still raising rounds in the $50M to $150M range.
| Quarter | Number of deals | Average deal size ($) | Deals below $2M | Deals above $50M |
|---|---|---|---|---|
| Q4 2024 | 4 | $111M | 0 | 3 |
| Q1 2025 | 3 | $180M | 0 | 3 |
| Q2 2025 | 2 | $250M | 0 | 2 |
| Q3 2025 | 2 | $194M | 0 | 2 |
| Q4 2025 | 11 | $111M | 0 | 5 |
| All quarters | 22 | $140M | 0 | 15 |
In our space economy deck, we focus on making things as clear as possible
How concentrated was funding activity in the space economy?
Funding in the space economy was highly concentrated across all quarters. In Q1 2025 and Q2 2025, the top 3 deals captured 100% of disclosed funding simply because there were only 2-3 deals announced.
Even in the busiest quarter (Q4 2025), the top 3 deals still represented 78.5% of total funding. This pattern suggests that while deal count is growing in the space economy, capital continues to flow disproportionately to a handful of breakout companies.
| Quarter | Number of deals | % by Top 1 | % by Top 3 | % by Top 10 |
|---|---|---|---|---|
| Q4 2024 | 4 | 39.4% | 90.1% | 100.0% |
| Q1 2025 | 3 | 48.1% | 100.0% | 100.0% |
| Q2 2025 | 2 | 60.0% | 100.0% | 100.0% |
| Q3 2025 | 2 | 51.7% | 100.0% | 100.0% |
| Q4 2025 | 11 | 41.8% | 78.5% | 100.0% |
| All quarters | 22 | 16.5% | 34.6% | 90.5% |
In our space economy deck, we track adoption trends and shifts in consumer behavior
Which categories in the space economy received the most funding?
Satellite manufacturing led all categories with $864 million across 5 deals, representing 28% of total disclosed funding. Investors are betting that the space economy's biggest bottleneck is the ability to build satellites fast enough to meet demand from governments and constellation operators.
Launch providers captured $782 million across 3 deals, representing 25% of total funding. However, this category is dominated by Stoke Space, which raised $770 million alone across two rounds, showing that investors are concentrating bets on a few credible reusable rocket programs.
In-space transportation collected $300 million from a single deal (Impulse Space), representing 10% of total funding. The "space tug" business model is gaining investor confidence as demand grows for moving satellites between orbits without using their own propellant.
| Category name | Number of deals | Total raised ($) | Startups and amount |
|---|---|---|---|
| Satellite manufacturing | 5 | $864M | Apex ($200M + $200M), EnduroSat ($104M), K2 Space ($110M + $250M) |
| Launch | 3 | $782M | Moonshot Space ($12M), Stoke Space ($260M + $510M) |
| In-space transport / tugs | 1 | $300M | Impulse Space ($300M) |
In our space economy deck, we review the challenges and risks you might face later
Who are the biggest investors in the space economy?
Lux Capital is the most active disclosed investor in the space economy with 4 deals, backing EnduroSat, Impulse Space, Varda Space Industries, and participating in other rounds. Lux Capital has a long track record of investing in frontier technology and is doubling down on space infrastructure.
Lightspeed Venture Partners and Altimeter Capital each participated in 2 deals, both backing K2 Space in its Series B and Series C rounds. These investors are betting on the next generation of high-power satellite platforms.
Alpine Space Ventures also participated in 2 deals, both for K2 Space. Alpine Space Ventures is a specialized space-focused fund that provides domain expertise alongside capital.
Founders Fund backed 2 companies (Impulse Space and Varda Space Industries), continuing its tradition of investing in ambitious space startups founded by SpaceX alumni.
Shrug Capital participated in 2 deals (EnduroSat and Varda Space Industries), showing a focus on space manufacturing and production capabilities.
Silicon Valley Bank provided financing to 2 companies (HawkEye 360 and Stoke Space), acting as a lender for growth-stage space companies with strong revenue visibility.
Upfront Ventures led 2 deals (AnySignal and Fortastra), focusing on enabling technologies like space radios and orbital defense satellites.
Disclaimer: this investor list may be incomplete; we focus on publicly disclosed lead and prominent recurring investors, so some frequent minority participants may be underrepresented.
| Investor | Number of deals | Total funded ($) | Startups |
|---|---|---|---|
| Lux Capital | 4 | $591M | EnduroSat, Impulse Space, Varda Space Industries |
| Lightspeed Venture Partners | 2 | $360M | K2 Space (Series B, Series C) |
| Altimeter Capital | 2 | $360M | K2 Space (Series B, Series C) |
| Alpine Space Ventures | 2 | $360M | K2 Space (Series B, Series C) |
| Founders Fund | 2 | $487M | Impulse Space, Varda Space Industries |
| Shrug Capital | 2 | $291M | EnduroSat, Varda Space Industries |
| Silicon Valley Bank | 2 | $660M | HawkEye 360, Stoke Space |
| Upfront Ventures | 2 | $32M | AnySignal, Fortastra |
In our space economy deck, we provide the data and the context to understand it
Related blog posts
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- What is the real market size of the space economy?
