Sector Snapshot: Space Tech Startup Funding Orbits New Highs
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In a year that has featured SpaceX delivering the largest IPO in startup history, you might think venture investors would be particularly enthused about upside potential for the space tech sector.
Key facts
SpaceX set an initial valuation of nearly $1.8 trillion for its June IPO, the largest by far of any public offering to date, and raised over $80 billion in the process
So far this year, U.S. startups pulled in around $12.7 billion, more than 60% of global space tech funding
Another recent market entrant, Voyager Technologies, also made a significant acquisition, picking up Astrobotic Technology, a developer of lunar landers and rovers, for $300 million in June
Shanghai-based Yuanxin Satellite, also referred to as SpaceSail, which is developing a low-Earth orbit satellite internet constellation to rival Starlink, was another prodigious fundraiser, pulling
Summary
So far this year, a record $20.3 billion in global seed- through growth-stage funding has gone to companies in space- and satellite-related sectors, per Crunchbase data. It’s a global phenomenon as well, with the United States, China and Europe accounting for the overwhelming majority of funding. Funding looks robust, but, as usual, the larger rounds cluster at later stages. Shanghai-based Yuanxin Satellite, also referred to as SpaceSail, which is developing a low-Earth orbit satellite internet constellation to rival Starlink, was another prodigious fundraiser, pulling in a $1 billion round in August.