All the fundraising deals in the space economy (from Q2 2025 to Q2 2026)
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In our space economy deck, you will find everything you need to understand the market
Space economy startups announced 83 funding rounds worth $8.72 billion between Q2 2025 and Q2 2026.
Quarterly funding increased from $889 million in Q2 2025 to $2.83 billion in Q2 2026.
Launch companies received the most capital, but investors also funded satellites, orbital transport, connectivity, Earth observation, power and computing infrastructure.
And if you want to better understand this new industry, you can download our pitch covering the space economy.
This market map, featured in our space economy deck, highlights top companies and startups in the space economy
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 logistics or finance businesses that only use satellite navigation.
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 in $ | Quarter |
|---|---|---|---|
| Impulse Space | Builds spacecraft that transport commercial and government payloads between orbits. | $300M | Q2 2025 |
| True Anomaly | Builds autonomous spacecraft and software for orbital surveillance and security missions. | $260M | Q2 2025 |
| Apex Space | Mass-produces configurable satellite platforms for US commercial and defense customers. | $200M | Q2 2025 |
| Aetherflux | Develops satellites that collect solar power and beam energy to Earth. | $50M | Q2 2025 |
| EnduroSat | Manufactures modular satellites and operates shared constellation missions from Europe. | $49M | Q2 2025 |
| Northwood Space | Builds shared ground stations that connect satellite operators with their spacecraft. | $30M | Q2 2025 |
| Apex Space | Produces standardized satellite buses for government and commercial constellation missions. | $200M | Q3 2025 |
| Varda Space Industries | Manufactures medicines in orbit and returns finished materials to Earth. | $187M | Q3 2025 |
| Ursa Major | Manufactures rocket engines and solid motors for launch and defense systems. | $100M | Q3 2025 |
| Xona Space Systems | Develops a satellite constellation for resilient navigation, positioning and timing. | $92M | Q3 2025 |
| Hubble Network | Connects standard Bluetooth devices directly to satellites for global IoT coverage. | $70M | Q3 2025 |
| ReOrbit | Builds sovereign satellites and connected spacecraft systems for national operators. | $53M | Q3 2025 |
| Interstellar Technologies | Develops Japanese orbital rockets and supporting satellite infrastructure. | $45.1M | Q3 2025 |
| Orbital Operations | Develops high-thrust spacecraft for rapid orbital maneuvering and surveillance missions. | $8.8M | Q3 2025 |
| Icarus | Develops autonomous robots for maintenance and other operations in space. | $6.1M | Q3 2025 |
| Auriga Space | Develops compact launch vehicles for dedicated satellite missions in the US. | $6M | Q3 2025 |
| EDGX | Builds radiation-resistant edge-computing systems for satellites and orbital missions. | $2.7M | Q3 2025 |
| EON Space Labs | Builds lightweight telescopes and imaging hardware for Indian and international satellites. | $1.2M | Q3 2025 |
| Stoke Space | Develops a fully reusable medium-lift rocket for commercial and government missions. | $510M | Q4 2025 |
| Space Pioneer | Develops commercial launch vehicles and rocket engines for the Chinese market. | $350M | Q4 2025 |
| K2 Space | Builds large satellite platforms designed to use modern heavy-lift rockets. | $250M | Q4 2025 |
| ICEYE | Operates radar satellites that provide frequent imagery in any weather. | $173.4M | Q4 2025 |
| EnduroSat | Manufactures modular satellites and provides infrastructure for shared constellations. | $104M | Q4 2025 |
| HyImpulse | Develops hybrid-propulsion launch vehicles for European satellite missions. | $52.5M | Q4 2025 |
| Digantara | Tracks satellites, debris and orbital threats using ground and space sensors. | $50M | Q4 2025 |
| U-Space | Manufactures small satellites and mission platforms for European sovereign customers. | $28M | Q4 2025 |
| AnySignal | Builds integrated radio hardware and software for spacecraft communications. | $24M | Q4 2025 |
| EtherealX | Develops fully reusable medium-lift rockets for Indian and international customers. | $21M | Q4 2025 |
| Bellatrix Aerospace | Manufactures electric satellite thrusters and orbital-transfer vehicles in India. | $20M | Q4 2025 |
| Morpheus Space | Produces scalable electric propulsion modules for small satellites. | $15M | Q4 2025 |
| Moonshot Space | Develops electromagnetic launch systems for orbital and hypersonic missions. | $12M | Q4 2025 |
| Fortastra | Builds maneuverable spacecraft that protect strategically important satellites. | $8M | Q4 2025 |
| EraDrive | Builds autonomous navigation and maneuvering systems for satellites. | $5.3M | Q4 2025 |
| Odin Space | Develops sensors that detect small and difficult-to-track pieces of orbital debris. | $3M | Q4 2025 |
| Sierra Space | Develops spaceplanes, satellites and commercial orbital habitats for US customers. | $550M | Q1 2026 |
| Stoke Space | Develops the reusable Nova rocket and supporting launch infrastructure. | $350M | Q1 2026 |
| Vast | Develops commercial space stations for astronauts, research and manufacturing. | $300M | Q1 2026 |
| CesiumAstro | Builds communications payloads, satellites and phased-array networking systems. | $270M | Q1 2026 |
| PLD Space | Develops Spain's MIURA launch vehicles for European satellite missions. | $194.4M | Q1 2026 |
| Tomorrow.io | Operates weather satellites and provides forecasting software to global customers. | $175M | Q1 2026 |
| Starcloud | Develops solar-powered satellites carrying AI and data-center computing hardware. | $170M | Q1 2026 |
| Northwood Space | Operates shared ground infrastructure for satellite and constellation operators. | $100M | Q1 2026 |
| Aalyria | Builds network software and laser links for satellite and airborne communications. | $100M | Q1 2026 |
| Interstellar Technologies | Develops Japanese rockets and supporting satellite infrastructure for Asia-Pacific missions. | $95.5M | Q1 2026 |
| Hydrosat | Operates thermal satellites for agriculture, water management, climate and defense. | $60M | Q1 2026 |
| D-Orbit | Transports satellites in orbit and provides deployment and computing services. | $53M | Q1 2026 |
| constellr | Operates thermal satellites that measure land temperature and water stress. | $40M | Q1 2026 |
| PAVE Space | Builds highly maneuverable spacecraft for fast transfers between orbits. | $40M | Q1 2026 |
| Array Labs | Develops radar-satellite networks that create detailed 3D models of Earth. | $20M | Q1 2026 |
| Bellatrix Aerospace | Manufactures satellite propulsion and orbital-transfer systems for global operators. | $20M | Q1 2026 |
| AstroX | Develops balloon-assisted satellite-launch systems for South Korea and Asia-Pacific. | $15M | Q1 2026 |
| SkyFi | Provides a marketplace where customers can order satellite imagery and analytics. | $12.7M | Q1 2026 |
| Samara Aerospace | Manufactures satellite platforms and precision-pointing systems for US customers. | $10M | Q1 2026 |
| Sophia Space | Develops orbital computing and thermal-management systems for space data centers. | $10M | Q1 2026 |
| Lux Aeterna | Builds reusable satellites designed to return to Earth and fly again. | $10M | Q1 2026 |
| Satlabs Space Systems | Develops communication protocols and IoT networking systems for satellite operators. | $5.3M | Q1 2026 |
| Arinna | Develops lightweight solar cells that provide power to spacecraft. | $4M | Q1 2026 |
| Aule Space | Develops autonomous docking spacecraft that extend the working lives of satellites. | $2M | Q1 2026 |
| ICEYE | Operates radar-imaging satellites for governments, defense users and commercial customers. | $520M | Q2 2026 |
| Impulse Space | Builds orbital-transfer spacecraft for commercial, defense and deep-space missions. | $500M | Q2 2026 |
| Isar Aerospace | Develops Spectrum launch vehicles for European sovereign and commercial missions. | $312M | Q2 2026 |
| Astranis | Builds compact geostationary satellites that provide broadband to underserved regions. | $300M | Q2 2026 |
| Cowboy Space | Develops rockets, satellites and computing infrastructure for orbital data centers. | $275M | Q2 2026 |
| Apex Space | Manufactures configurable satellite platforms at high volume for US customers. | $200M | Q2 2026 |
| Xoople | Develops satellites and sensors for detailed, frequently updated Earth mapping. | $130M | Q2 2026 |
| Starfish Space | Builds spacecraft that dock with, service and extend the lives of satellites. | $110M | Q2 2026 |
| Observable Space | Develops optical and laser hardware for spacecraft and government missions. | $90M | Q2 2026 |
| Star Catcher | Builds orbital power stations that beam energy to other spacecraft. | $65M | Q2 2026 |
| Skyroot Aerospace | Develops the Vikram rocket family for Indian and international satellite customers. | $60M | Q2 2026 |
| Portal Space Systems | Builds highly maneuverable spacecraft for rapid transfers between distant orbits. | $50M | Q2 2026 |
| ElevationSpace | Builds spacecraft that return research and manufacturing payloads from orbit. | $40M | Q2 2026 |
| UNIVITY | Develops very-low-orbit satellites for 5G and hybrid communications coverage. | $31.6M | Q2 2026 |
| ATMOS Space Cargo | Builds reentry capsules that return scientific and commercial payloads to Earth. | $30.2M | Q2 2026 |
| Antaris | Provides software for designing, integrating and operating software-defined satellites. | $28M | Q2 2026 |
| Dawn Aerospace | Develops spaceplanes, satellite propulsion and in-space refueling systems. | $25M | Q2 2026 |
| NewOrbit | Builds satellites designed to operate efficiently in very low Earth orbit. | $18.5M | Q2 2026 |
| BioOrbit | Develops orbital facilities for manufacturing pharmaceutical products in microgravity. | $13.4M | Q2 2026 |
| Katalyst Space | Builds robotic spacecraft that service large satellites in geostationary orbit. | $12M | Q2 2026 |
| AIRMO | Develops satellites that measure methane and other greenhouse-gas emissions. | $5.8M | Q2 2026 |
| Orbital | Develops artificial-intelligence data centers designed to operate in low Earth orbit. | $5M | Q2 2026 |
| QOSMIC | Builds optical communication systems for high-speed satellite data transfers. | $3.33M | Q2 2026 |
| SatLeo Labs | Develops Earth-observation satellites with thermal imaging and artificial-intelligence analytics. | $2.2M | Q2 2026 |
| Juno Propulsion | Develops rotating-detonation engines for spacecraft and defense propulsion systems. | $1.4M | Q2 2026 |
In our space economy deck, we identify pain points entrepreneurs should prioritize
How has funding activity in the space economy changed over time?
Q2 2026 was the most active quarter, with 25 deals raising $2.83 billion across several large rounds rather than one dominant transaction.
Q3 2025 was the least active quarter by funding, with $771.9 million raised across 12 deals and no round above $200 million.
Space economy funding increased by 8.5% from Q1 2026 to Q2 2026 and by 218.2% from Q2 2025 to Q2 2026.
The underlying trend also remained positive after removing the largest rounds. More startups raised meaningful capital, and funding became less dependent on a single company.
| Quarter | Number of deals | Total raised ($) | Comment |
|---|---|---|---|
| Q2 2025 | 6 | $889.0M | Three large rounds from Impulse Space, True Anomaly and Apex Space represented most funding. |
| Q3 2025 | 12 | $771.9M | Deal activity broadened, but the quarter had fewer very large space economy financings. |
| Q4 2025 | 16 | $1.63B | Stoke Space and Space Pioneer pushed funding higher while smaller infrastructure rounds also increased. |
| Q1 2026 | 24 | $2.61B | Funding spread across launch, stations, communications, Earth observation and orbital computing companies. |
| Q2 2026 | 25 | $2.83B | ICEYE and Impulse Space led a record quarter supported by 23 additional transactions. |
| All quarters | 83 | $8.72B | Space economy funding accelerated while the number of funded companies also increased. |
This chart, featured in our space economy deck, shows why SpaceX is leading in the space economy
Which startups in the space economy raised the largest rounds over the last months?
These startups raised the most recently in the space economy:
- Sierra Space raised $550 million to finance Dream Chaser, orbital systems and government programs that require long development periods and major infrastructure.
- ICEYE raised $520 million to expand satellite production and deliver complete radar-imaging constellations to sovereign customers.
- Stoke Space raised $510 million to complete its reusable Nova rocket, prepare its launch site and begin commercial missions.
- Impulse Space raised $500 million to increase production of orbital-transfer spacecraft and support larger defense and deep-space missions.
- Space Pioneer raised approximately $350 million to accelerate reusable-rocket development and expand launch-vehicle manufacturing in China.
- Stoke Space raised a further $350 million to continue Nova testing and complete supporting launch infrastructure.
- Isar Aerospace raised approximately $312 million to manufacture more Spectrum rockets and establish recurring European launch operations.
- Vast raised $300 million to complete Haven-1, advance Haven-2 and prepare commercial space-station operations.
- Astranis raised $300 million to build and deploy more compact broadband satellites for governments and underserved markets.
- Impulse Space raised $300 million to develop Helios, increase Mira production and support more complex orbital missions.
And, yes, we do cover most of them in our our beautiful pitch about the space economy.
You may also want to check our ranking of the most funded startups in the space economy as well as our list of the most valued startups.
This chart, featured in our space economy deck, illustrates yearly funding for space economy startups
Is the space economy shifting toward smaller or bigger deals?
The average space economy funding round was approximately $105.1 million across the five quarters.
The quarterly average ranged from $64.3 million in Q3 2025 to $148.2 million in Q2 2025. The average changed because a few capital-intensive launch, satellite and orbital-infrastructure rounds strongly affected each quarter.
Without the largest outliers, the space economy still showed a rising funding trend because more companies completed mid-sized rounds above $20 million.
| Quarter | Number of deals | Average deal size | Deals below $2M | Deals above $50M |
|---|---|---|---|---|
| Q2 2025 | 6 | $148.2M | 0 | 3 |
| Q3 2025 | 12 | $64.3M | 1 | 6 |
| Q4 2025 | 16 | $101.6M | 0 | 6 |
| Q1 2026 | 24 | $108.6M | 0 | 10 |
| Q2 2026 | 25 | $113.1M | 1 | 10 |
| All quarters | 83 | $105.1M | 2 | 35 |
This chart, featured in our space economy deck, compares the main business model options for Earth observation satellite operators
How concentrated was funding activity in the space economy?
Space economy funding became less concentrated over time. The largest round represented 33.7% of funding in Q2 2025, compared with 18.4% in Q2 2026.
The market still depended on large rounds because the ten biggest deals represented around 88% of funding in both Q1 and Q2 2026.
| Quarter | Number of deals | Top 1 | Top 3 | Top 10 |
|---|---|---|---|---|
| Q2 2025 | 6 | 33.7% | 85.5% | 100.0% |
| Q3 2025 | 12 | 25.9% | 63.1% | 99.5% |
| Q4 2025 | 16 | 31.4% | 68.3% | 96.1% |
| Q1 2026 | 24 | 21.1% | 46.0% | 88.4% |
| Q2 2026 | 25 | 18.4% | 47.1% | 88.5% |
| All quarters | 83 | 6.3% | 18.1% | 45.8% |
This chart, featured in our space economy deck, shows revenue breakdown by customer segment in the space economy
Which categories in the space economy received the most funding?
Launch companies raised $2.05 billion, or 23.5% of all space economy funding. Rockets require large factories, testing programs, launch sites and several years of engineering work.
Earth observation companies raised $1.14 billion, or 13.1% of the total. Government intelligence demand and recurring commercial data services supported these rounds.
Satellite manufacturing companies raised $1.11 billion, or 12.8% of the total. Customers increasingly want standardized satellite platforms that can be produced at constellation scale.
| Category | Number of deals | Total raised ($) | Startups and amount |
|---|---|---|---|
| Launch | 13 | $2.05B | Auriga Space ($6M); Interstellar Technologies ($45.1M and $95.5M); Stoke Space ($510M and $350M); Space Pioneer ($350M); HyImpulse ($52.5M); EtherealX ($21M); Moonshot Space ($12M); PLD Space ($194.4M); AstroX ($15M); Isar Aerospace ($312M); Skyroot Aerospace ($60M); Dawn Aerospace ($25M) |
| Earth observation | 12 | $1.14B | EON Space Labs ($1.2M); ICEYE ($173.4M and $520M); Tomorrow.io ($175M); Hydrosat ($60M); constellr ($40M); Array Labs ($20M); SkyFi ($12.7M); Xoople ($130M); AIRMO ($5.8M); SatLeo Labs ($2.2M) |
| Satellite manufacturing | 10 | $1.11B | Apex Space ($200M, $200M and $200M); EnduroSat ($49M and $104M); ReOrbit ($53M); K2 Space ($250M); U-Space ($28M); Samara Aerospace ($10M); NewOrbit ($18.5M) |
This chart, featured in our space economy deck, shows how satellite internet platform technology has evolved over time
Who are the biggest investors in the space economy?
Andreessen Horowitz and affiliated vehicles participated in five disclosed deals involving Aetherflux, Northwood Space, Astranis and Orbital, with two separate Northwood Space rounds.
Balerion Space Ventures participated in four deals involving Northwood Space, Samara Aerospace, Vast and Dawn Aerospace.
General Atlantic participated in three disclosed deals involving Sierra Space and two ICEYE rounds, representing $1.24 billion of aggregate round funding.
Founders Fund participated in three deals involving Impulse Space, Northwood Space and Varda Space Industries.
Alpine Space Ventures participated in three deals involving two Northwood Space rounds and K2 Space.
Expansion participated in three European space economy rounds involving U-Space, UNIVITY and ATMOS Space Cargo.
Qatar Investment Authority participated in major rounds for Vast and ICEYE, which together raised $820 million.
Bpifrance-linked vehicles participated in rounds for U-Space and UNIVITY, supporting French and European space infrastructure.
Definvest participated in rounds for U-Space and UNIVITY, both of which support European sovereign capabilities.
Upfront Ventures participated in rounds for AnySignal and Fortastra, two US space-security and communications companies.
Disclaimer: this investor list may be incomplete; we focus on publicly disclosed lead and prominent recurring investors, so some frequent minority participants may be underrepresented. “Total funded” does not represent the amount personally invested by an individual investor. Instead, it refers to the aggregate amount raised across all fundraising rounds in which the investor participated.
| Investor | Number of deals | Total funded ($) | Startups |
|---|---|---|---|
| Andreessen Horowitz and affiliated vehicles | 5 | $485M | Aetherflux, Northwood Space, Astranis, Orbital |
| Balerion Space Ventures | 4 | $435M | Northwood Space, Samara Aerospace, Vast, Dawn Aerospace |
| General Atlantic | 3 | $1.24B | Sierra Space, ICEYE |
| Founders Fund | 3 | $517M | Impulse Space, Northwood Space, Varda Space Industries |
| Alpine Space Ventures | 3 | $380M | Northwood Space, K2 Space |
| Expansion | 3 | $89.8M | U-Space, UNIVITY, ATMOS Space Cargo |
| Qatar Investment Authority | 2 | $820M | Vast, ICEYE |
| Bpifrance-linked vehicles | 2 | $59.6M | U-Space, UNIVITY |
| Definvest | 2 | $59.6M | U-Space, UNIVITY |
| Upfront Ventures | 2 | $32M | AnySignal, Fortastra |
This chart, featured in our space economy deck, shows how reusable rocketry has driven growth in the space economy over time
Related blog posts
- A full list of funding deals in the space economy
- The startups that have raised the most funding in the space economy
