Q2

2021

The most comprehensive

market intelligence—
from the investors at the
forefront

Space
Investment
Quarterly
Q2 2021
 Q2 2021

Welcome to the Q2 2021 Edition of

$199.8B Cumulative Equity
the Space Investment Quarterly.
This was the largest quarter on record for space After four consecutive quarters of declining deal
Investment Since 2012 infrastructure investment, despite only two space volume, Q2 was the fourth largest quarter on record for
company SPACs closing in Q2. With $4.5B of new capital, total investment in the space economy. The majority
the Infrastructure stack is now on pace to beat the of investment dollars YTD have gone to Late Stage
previous annual record year of $9.1B, set last year. Jeff rounds, however 123 early stage rounds account for
Bezos stepped down as CEO of Amazon, departing the 53% of all rounds closed, representing nearly $1.0B of
role to focus on his space company, Blue Origin, which investment and a healthy front of the funnel. The strong
he has described as “the most important work [he] is deal activity we’re seeing in Seed and Series A is likely

1,553
Unique Companies
doing”. Bezos sold $6.7B of Amazon stock in Q2, of which
we estimate $1.0B was invested into his space venture1.
There has been $37.7B of equity investment into space
bolstered by “the great resignation” as the post-pandemic
startup craze produces more founders, including those
building space businesses. Additionally, round sizes are
infrastructure over the past 10 years, driven primarily by increasing, with Series A looking more like Series B, but
investments in Launch and Communications, with 64% of with milestones unchanged. In fact, the size of early-
the total invested into U.S. companies. At Space Capital, stage rounds doubled in Q2, including large Seed stage
we are watching closely to discover the new applications rounds in Pixxel, Albedo, and Muon. We continue to see
that will be built to leverage this unprecedented new larger deal sizes at higher valuations and looser terms as
infrastructure. Already we’re seeing a trend of more VCs push to deploy the historical amounts of capital they

$9.9B
Q2 Investment
companies leveraging Earth Observation data to pursue
climate-related opportunities.
raised in 2020.

At the G7 Leaders’ Summit in April, delegates from

Fourteen space company SPACs have been announced Canada, France, Germany, Italy, Japan, the USA, the
to-date, three of which have successfully merged, and UK, and the EU pledged to take action to tackle the
two of which were announced in the first week of Q3. growing hazard of space debris as Earth’s orbit becomes
Ten of these SPAC mergers have targeted Infrastructure increasingly crowded. In a joint statement they said,
companies focused on small launch, satellite hardware, “We recognize the importance of developing common
and in-space manufacturing. The 11 pending SPACs standards, best practices and guidelines related to

138
are expected to add an additional $8.3B to the target sustainable space operations alongside the need for a
companies’ balance sheets in the second half of 2021, collaborative approach for space traffic management and
including $5.9B of equity investment through PIPEs. It is coordination.” A market leader in this effort is LeoLabs,
Q2 Number of Companies important to note that these companies vary significantly who was very active in Q2 having completed their Cost
Receiving Investment in terms of quality and risk; most are highly speculative Rica Space Radar, closed a $65M Series B financing, and
from a public markets perspective, with many pre- announced a new radar site in Portugal. ®

revenue. But there are a few with strong fundamentals

to support their (multi) billion-dollar valuations. We
Front cover image courtesy of Reuters.
welcome the access to additional capital that SPACs
This photograph shows the Costa Rica Space Radar, which is the most advanced commercial low-Earth orbit mapping and monitoring
offer, but are cautious that valuations and growth targets
device in the world and was built by LeoLabs in record time in Guanacaste. As of April 22, the two S-band radars in Costa Rica have started may be out of reach for companies that don’t have a
tracking objects in low Earth orbit and are now delivering data to customers. defensible data angle.

© Space Capital 2021 1. Forbes article

3
Rise of the Space Startups Year to Date
CUMULATIVE EQUITY INVESTMENT FROM 2012 TO PRESENT EQUITY INVESTMENTS

1,553 $199.8B
$14.9B
NUMBER OF ROUNDS EARLY-STAGE INVESTMENT3 EARLY-STAGE ROUNDS

230 $941M 123

TOTAL INVESTMENT BY GEOGRAPHY
Number of Companies Equity Investment in
1% 1% USA
3% 7% Receiving Investment Space Companies
China
3% UK Over the last 10 years, there has been $199.8B of equity investment
Singapore across 1,553 unique companies in the space economy, led by BY STAGE  •  INVESTMENT AMOUNT BY STAGE  •  ROUND SHARE
5%
Indonesia investment in the U.S. and China, which collectively account for 75% of
5% $6 B
India the global total. After four quarters of declining deal volume, investors
49%
France deployed another $9.9B into space companies in Q2, which is the 11% Seed
Canada fourth largest quarter on record for total space investment. Despite $5 B Series A
Other 2 only two space company SPACs closing in Q2, this was the largest 9% Series B
26% quarter on record for space infrastructure investment. With another $4 B 33% Series C
$4.5B invested in the quarter, the stack is now on pace to beat the Late Stage4
previous annual record year of $9.1B, set last year. $3 B 9%
Other5

$2 B
TOTAL INVESTMENT BY STACK ANNUAL INVESTMENT BY STACK
17%
$1 B
$40 B 600 20%
3% Application
Distribution $0
19% Infrastructure Seed Series A Series B Series C Late Stage4 Other5
The majority of investment dollars YTD have gone to Late Stage
Number of Rounds 500
The trend towards larger, late-stage deals continued with $3.0B rounds, however 123 early stage rounds account for 53% of all
$30 B
invested in Late Stage/Other rounds in Q2. Overall, investment in the rounds closed, representing nearly $1.0B of investment and a
top 10 rounds accounted for $9.1B, or 61% of total space investment healthy front of the funnel. The strong deal activity we’re seeing in
400
YTD. Seed and Series A is likely bolstered by “the great resignation” as
$20 B the post-pandemic startup craze produces more founders, including
78% those building space businesses.
300

$155.4B Application $10 B BY TECH STACK  •  INVESTMENT AMOUNT AND DEALS BY QUARTER
200
$6.7B Distribution
$37.7B Infrastructure $10 B
Application
Distribution
Infrastructure
20

$8 B
21
17
R

14
12

16

19
18
13

15
IO

20

20
20

20

20
20

20
20
20

20
PR

Deal Count
100
2009
SpaceX first successful $6 B NUMBER OF ROUNDS IN Q2
commercial launch

141
2005 SpaceX
Google Maps lands orbital
launched booster, $4 B
2008 ushers in 50
iPhone 3G equipped reusability Planet Labs SpaceX
with GPS images launches After four consecutive quarters of declining deal volume, Q2 was the
entire crew $2 B
Earth daily mission, fourth largest quarter on record for total investment in the space
ushers in economy ($9.9B), and largest quarter on record for Infrastructure
1978 1984 2001 Uber reaches 1M commercial
NAVSTAR I GPS First Commercial gpsOne supports daily users and spaceflight $0 0 investment ($4.5B), putting 2021 on track to be the largest year in
launched GPS Receivers launch of GPS on expands to over 2020 Q2 2020 Q3 2020 Q4 2021 Q1 2021 Q2 recorded history.
mobile devices 250 cities

2. “Other” consists of countries each representing less than 1% of funding. 3. Early-stage consists of Pre-Seed, Seed, and Series A rounds.
4. Late-stage consists of Series D+ and Liquidity Rounds.
5. “Other” includes non-traditional investments and self-capitalization from Jeff Bezos, Elon Musk, Richard Branson, and Robert Bigelow who are classified as Individual investors providing
4 large investments (hundreds of millions) in their own companies through unclassified rounds. 5
 TOTAL EQUITY INVESTMENT SINCE 2012

Infrastructure $37.7B
ANNUAL INVESTMENT SOURCE CUMULATIVE INVESTMENT GEOGRAPHY BY STAGE  •  CUMULATIVE INVESTMENT AMOUNT BY STAGE  •  CUMULATIVE ROUND SHARE

$10 B 200
Other6 2% 1% $15.0 B
4% United States Seed
Corporate 3% 9%
$8 B 4% United Kingdom Series A
Venture Capital $12.5 B 3%
150 China
Angel/Individual 8% Series B
$6 B France Series C
Number of Rounds $10.0 B
Japan 9% Late Stage4
100
Canada Other5
$4 B $7.5 B
17% Other7
58%
50 64%
$2 B $5.0 B 17%

$2.5 B
$0 21 0
12

13

14

15

16

17

18

19

20

$0.0 B
20
20

20

20

20

20

20

20

20

20

Seed Series A Series B Series C Late Stage4 Other5

Another $4.5B was invested in the Infrastructure stack in Q2 driven U.S. companies lead global investment in space Infrastructure
by mega-rounds in OneWeb ($1B), Blue Origin ($1B), and Relativity accounting for 64% of the total capital since 2012. The U.K. has grown In Q2, investments in Launch and Satellites continued to be While Late Stage and Other rounds account for 68% of investment
Space ($650M), on pace to beat record set in 2020. Over the past to 17% of total Infrastructure investment over the past 10 years concentrated in late stage rounds, reflecting the capital intensity dollars since 2012, early-stage rounds have accounted for 75% of
decade, 464 Infrastructure companies have raised $37.7B in primarily due to investments in OneWeb. China has grown to 8% of those industries. Since 2012, 68% of capital invested into total equity rounds. Early stage pipeline has begun to shift from
cumulative equity investment that has radically increased access to with capital primarily flowing to small launch and communications Infrastructure companies has gone to Late Stage and Other Small Launch to Earth Observation and Communications Satellites.
orbit, enabled distributed networks of small satellites, and laid the companies.
rounds. Early stage companies over that same period received just
foundation for ubiquitous global connectivity.
12% of capital.

BY SECTOR8  •  CUMULATIVE INVESTMENT AMOUNT BY SECTOR  •  CUMULATIVE ROUND SHARE TOP DEALS IN THE QUARTER EXITS BY SECTOR
Inter

Satellites
Biospheres 20

Non Space 4 rounds

$25 B COMPANY ROUND AMOUNT
Inf

plane
or

Media & Education

Ind
ma

tary

&
tio

ust

OneWeb Series E $1,050 M

ou en ng
Logistics
n&

rial

6 r on uri
35 ro

$14 B 25
Re

nd ts
25 mp fact
$20 B
s4

rounds
se

Launch

s
3 ro

Co anu
ar

unds

Blue Origin Self Capitalization $1,000 M

ch

M
und

Lo
46

gis Info & Research

$12 B
ro

tic
s
u

s4
nd

$15 B 9r Relativity Space Series E $650 M Industrials

s

ou
nd
s
Number of Rounds 20
Media & $10 B
Educati
on 52 ro SpaceX Series O (2nd close) $314 M
unds
$10 B
Spaceport Operations AST Space Mobile PIPE $306 M $8 B
Satellites
3 rounds
556 rounds
15
$5 B La un ch Brokera
ge Astranis Series C $281 M $6 B
6 rounds Earth
ch 143 r Observat
Laun s Launch Astra PIPE $200 M
ium ound ion
Med 19 round 300 rounds s $4 B
$0 ch
aun s
10
vy L
Hea 8 roun
d Firefly Aerospace Series A $75 M
3
$2 B
s
ch

es

ls

ch
ite

ic

ar

ac
tio

ria
er

ar
un

LeoLabs Series B $65 M

st

et

Sp
ll

a
ph

st

Co 2 rou
se
gi
te
La

uc
lan

rou ch

11
du

mm nd
Lo

Re
n
os
Sa

nds
Ed

234 Laun
No
rp

In

5
Bi

$0
Positioni Timing
&

un s
Navigat
te

45 roun
a&

Eastern Space Series M $63 M

fo

ica
In

all
i

In
ed

tio
Sm

12

13

14

15

16

17

18

19

20

21
M

n
ion,

20

20

20

20

20

20

20

20

20

20
s
ds

ng,

Another $2.5B was invested in Launch in Q2, bringing the cumulative The top 10 deals in Q2 accounted for $4.0B or 89% of total Investors liquidated $6.3B of value through six Infrastructure exits
investment in the industry over the past decade to $22.4B with 72% Although Launch has received the most investment since 2012, Infrastructure investment for the quarter with $2.9B invested in in Q2. This included Aerojet Rocketdyne’s announcement of being
invested in Heavy Launch, reflecting the capital intensity of the the Satellite industry has seen the most deal activity with 50% of
eight U.S. companies, 73% of the total value, $1.0B invested in a UK acquired by Lockheed Martin with a total equity value of $5.0B, the
sector. Another $1.9B was invested in Satellites in Q2, bringing the total round share. The most active sectors include Manufacturing
company, $62M invested in one Chinese company. The 11 pending closing of Astra’s $300M SPAC and AST Space Mobile’s $618M SPAC.
ten year total to $13.4B with 66% invested in Communications as the & Components and Earth Observationaccount for 71% of Satellite
backbone of the internet converges with satellite technology. industry rounds over the past decade. Emerging industries including Infrastructure SPACs are expected to add an additional $8.3B to Nearly all of the Infrastructure exits over the past decade have come
in-space Industrials, Logistics, and Biospheres represent a combined the target companies’ balance sheets in the second half of 2021, in the form of acquisitions. However, eight more space Infrastructure
6. “Other” includes Foundations, Private Equity, Sovereign Wealth Funds, Mutual Funds, Crowd Platforms.
7. “Other” consists of Israel, Germany, Finland, Singapore, Australia, and other countries which each represent 17% of rounds and 5% of investment dollars since 2012. including $5.9B of equity investment through PIPEs. SPACs are expected to close in the second half of 2021.
less than 1% of funding.
8. See industry segmentation chart.

6 7
 TOTAL EQUITY INVESTMENT SINCE 2012

Distribution $6.7B
ANNUAL INVESTMENT SOURCE CUMULATIVE INVESTMENT GEOGRAPHY BY STAGE  •  CUMULATIVE INVESTMENT AMOUNT BY STAGE  •  CUMULATIVE ROUND SHARE

Other6 Number of Rounds 3% 1%

$2.0 B 4%
Corporate USA $2.5 B Seed
3% 10%
Venture Capital 40 China Series A
Angel/Individual UK 7% Series B
$1.5 B 12% $2.0 B
South Korea Series C
4%
30 45% Israel Late Stage4
$1.5 B 45%
$1.0 B Canada Other5
Other 9
14%
$1.0 B
20
$0.5 B
33%
$0.5 B
20%
$0 10
$0
12

13

14

15

16

17

18

19

20

21

U.S. and Chinese companies have attracted the majority of capital Seed Series A Series B Series C Late Stage4 Other5
20

20

20

20

20

20

20

20

20

20

within Distribution since 2012, accounting for 45% and 33%

Another $0.3B was deployed across eight rounds in Q2 driven by
respectively. Investment in U.S. Distribution companies represents Since 2012, 63% of capital in Distribution has been invested in Late Early-stage rounds account for 65% of total equity rounds
venture capital investors. There has now been $6.7B invested in
the majority of capital for Comms. This includes Skylo Technologies, a Stage and Other rounds. Early stage companies over that same in Distribution since 2012. This may suggest a more nascent
Distribution companies across 294 rounds over the last 10 years.
company using GEO satellites to provide ubiquitous IoT. Investment in period received just 13% of capital. Investments at this layer of the ecosystem and higher experimentation as Communications and
Investment at this layer of the stack includes hardware and software
Chinese Distribution companies has largely been in PNT and includes stack are becoming more software and big data oriented. Earth Observation slowly unbundle, similar to GPS.
to connect and process data for hundreds of terrestrial use cases.
Qianxun SI, a leading high-precision positioning service provider.

BY SECTOR  •  CUMULATIVE INVESTMENT AMOUNT BY SECTOR  •  CUMULATIVE ROUND SHARE TOP DEALS IN THE QUARTER EXITS BY SECTOR

2% 1% Positioning, Navigation, Timing

$4 B COMPANY ROUND AMOUNT
Earth Observation
7% Communications Project44 Series E $202 M Communications
Positioning, $4 B Number of Rounds 10
$3 B SkyWatch Series B $17 M
Navigation, Timing
Earth Observation
Manufacturing &
Analytical Space Series A $16 M
$2 B $3 B
50% Components
Kolmostar Series A $16 M
Habitats
40%
$1 B Contec Series B $11 M $2 B 5

Warpspace Series A $4 M
$0 $1 B
RBC Signals Seed $1 M
m g,

ne ing

ts
ns

at th
Ti in

ita
rv r
tio
g

Ea

po r
s
n
n, on

m ctu
in

nt
io

b
ica

Ha
io iti

Sofant Technologies Series A $1 M

Co fa
at Pos

0
un

$0
& anu
se
m
m

Ob

M
Co

12

13

14

15

16

17

18

19

20

21
vig

20

20

20

20

20

20

20

20

20

20
Na

Since 2012, 57% of investment in Distribution has gone to PNT, Similar to investment dollars, Comms and PNT account for 90% of The top three deals in Q2 accounted for 91% of the total investment Investors liquidated $0.9B of value in three Distribution exits in
followed by Communications with 40%. This is largely the result of all investment rounds in Distribution since 2012. Earth Observation in the quarter. Project44, developer of a logistics platform designed Q2. Since 2012, 77% of Distribution exits have come in the form of
location-based intelligence being added to end-user applications. represents a larger percentage of rounds than capital (7% vs. 2%), to digitize the shipment life-cycle, raised a $202M Series E while acquisitions with nearly all exits (91%) occurring in the Comms and
Amazon Location Services and Microsoft Azure Space could have indicating a nascent sector with more early-stage activity. This activity SkyWatch, a satellite data intelligence platform making satellite and PNT sectors. PNT was particularly attractive to acquirers in 2014
a meaningful impact on technology and growth at this layer of the includes SkyWatch, a company that provides a digital infrastructure remote sensing datasets more accessible , raised a $17M Series B. and 2015 for its exposure to Location Based Services. Over the past
stack. for the distribution of Earth observation data. couple of years, Comms acquisitions have become more common as
investors seek exposure to IoT.
9. “Other” includes Germany, India, France, and other countries which each represent less than 1% of funding.

8 9
 TOTAL EQUITY INVESTMENT SINCE 2012

Applications $155.4B
ANNUAL INVESTMENT SOURCE CUMULATIVE INVESTMENT GEOGRAPHY BY STAGE  •  CUMULATIVE INVESTMENT AMOUNT BY STAGE  •  CUMULATIVE ROUND SHARE

Other6
1%
Corporate 2% $100 B
$40 B 400 8% United States Seed
9%
Venture Capital Series A
3% China
Angel/Individual 8% Series B
4% Singapore $80 B
Number of Rounds Series C
300 Indonesia
6% 5% Late Stage4
India
$20 B 46%
UK $60 B Other5
47%
200 Canada 11%
Other10 $40 B

30%
$0 100 20%
$20 B
12

13

14

15

16

17

18

19

20

21
20

20

20

20

20

20

20

20

20

20

Another $5.2B was invested across 76 rounds in the Applications

$0
stack in Q2, which was dominated by mega-rounds in PNT. There U.S. companies continue to attract the largest share of Applications Seed Series A Series B Series C Late Stage4 Other5
has now been $155.4B invested into 957 companies in Applications investment, accounting for 46% of the total since 2012. China closely
over the past 10 years, bringing location-based intelligence to the Investment in Applications continues to be concentrated in Late Early-stage rounds in Applications have represented 67% of the
follows the U.S. with 30% of total investment in the stack.
masses through ride-hailing, on-demand delivery, and micro- Stage deals (59%), as companies stay private longer and require total since 2012, suggesting relatively greater success acquiring
mobility. The majority of investment in the quarter (60%) came from larger amounts of capital to continue scaling operations. follow-on funding than Infrastructure and Distribution.
Venture Capital.

BY SECTOR  •  CUMULATIVE INVESTMENT AMOUNT BY SECTOR  •  CUMULATIVE ROUND SHARE TOP DEALS IN THE QUARTER EXITS BY SECTOR

COMPANY ROUND AMOUNT Positioning, Navigation, Timing

$125 B 2% 1%
Manufacturing & Components
Positioning, Waymo Series B $2,500 M
Navigation, Timing Earth Observation
$100 B Gojek Corporate $300 M Communications
Earth Observation
19% Number of Rounds
Communications Aurora Solar Series C $250 M $80 B 30

$75 B Other
Forto Series C $240 M
$60 B
Bird Rides Series E $208 M
$50 B 20
KeepTruckin Series E $190 M $40 B
$25 B BlaBlaCar Series F $115 M
79%
Climavision Series A $100 M $20 B 10
$0 B
Positioning, Communications Earth Manufacturing FarEye Series E $100 M
Navigation, Obvservation & Components $0
Timing Virtuo Series C $97 M

12

13

14

15

16

17

18

19

20

21
20

20

20

20

20

20

20

20

20

20
Capital continues to be heavily concentrated in the PNT sector, PNT also accounts for the vast majority (79%) of all investment
The top 10 deals in Q2 accounted for $4.1B or 78% Application
driven by investment in Location-Based Services, accounting for rounds in the Applications stack since 2012. Earth Observation (EO) Investors liquidated $13.4B of value in 8 Applications exits in Q2.
investment for the quarter with the largest round, a $2.5B round
88% of total Q2 investment at this layer of the stack. Applications represents a much larger percentage of rounds than capital (19% vs. Unlike Infrastructure and Distribution, Applications has seen a
going to Waymo, an autonomous taxi-service operating in Phoenix,
attracted significant investment globally during the past year in 2%), indicating a nascent sector with more early-stage activity. There meaningful share (27%) of exits from IPOs. The largest exits this
Arizona. Aurora Solar, the developer of a 3D modeling platform for
response to COVID-19, particularly in the on-demand delivery and are a number of notable early-stage companies actively working to quarter were the acquisition of Grubhub by Just Eat for $7.3B.
solar panel installation, raised a $250M Series C.
ride-hailing segments, a trend that continued in Q2. unlock the full potential of EO Applications.

10. “Other” includes Netherlands, France, Luxembourg, and other countries which each represent less than 1% of funding.

10 11
With another $9.9B invested into 138 space companies in Q2, there
has now been $199.8B of equity investment into 1,553 unique
Our Methodology
companies in the space economy over the past 10 years. VCs Space Capital launched the Space Investment Quarterly in 2017 with the aim of uncovering insights about
invested another $4.8B into 102 space companies in Q2, of which investing in the space economy. The data shown in this report is gathered from a number of sources across
$4.0B went to U.S. companies. Investors liquidated $20.6B of value many categories, and no single piece of data can be added to our databases until confirmed by multiple
in 17 space company exits in Q2, driven primarily by acquisitions sources. Our reported data is subject to change over time as previously undisclosed deals are added to our
and IPOs in the Applications stack. Fourteen space company SPACs
have been announced to-date, three of which have successfully
merged, including two in Q2, and two of which were announced
2,968
Companies Tracked
database. Below is a select list of our data sources:

in the first week of Q3. Ten of these SPAC mergers have targeted Investment Crowd Confidential Public News
space Infrastructure companies focused on small launch, satellite Databases Platforms Sources Announcements
hardware, and in-space manufacturing. The 11 pending SPACs
• Pitchbook • AngelList • Diligence Process • Press Releases • Bloomberg
are expected to add an additional $8.3B to the target companies’
• Crunchbase • SeedInvest • Company Management • SEC Filings • CNBC
balance sheets in the second half of 2021, including $5.9B of equity
• Mattermark • Kickstarter • Co-Investors • Events • Fortune

5,120
investment through PIPEs.
• CB Insights • Indiegogo • Commercial Partners • SpaceNews
• Government Partners • TechCrunch

Rounds Catalogued
Select Portfolio Milestones11
Space X | Transporter 2 Atlas Space Operations |
companies (8 portfolio Expanded operations ground About
companies were onboard) network with five new ground
Space Capital is a seed-stage venture capital firm investing in the Space economy, specifically
(Tracked by LeoLabs) stations (Atlas)
focused on unlocking the value in Space technology stacks such as GPS, Geospatial Intelligence, and
SpaceX | CREW-2 Mission
(SpaceX)
ICEYE | Introduces world’s
first wide area imaging for 412
Exits Catalogued
Communications. We are actively investing out of our third fund with $80 million under management. Our
space economy focus enables us to be a true partner to our portfolio companies and unlock significant value
far in excess of our investment capital.
persistent monitoring (ICEYE)
SpaceX| SN15, successfully
completed 5th high-altitude HawkEye360 | Successful
flight test (SpaceX) launch of next-gen RF satellites
(HawkEye360)

Assets Contact
All charts and tables from this report are available for download. Media Inquiries

This work is licensed under the Creative Commons Attribution- media@spacecapital.com

Additional Resources NoDerivatives 4.0 International License, which means content

cannot be altered from its original form and must include Space Data and Investment Inquiries
The framework for this report is based on The GPS Playbook, a Capital attribution. Click here to view a copy of this license. research@spacecapital.com
report co-authored by Space Capital and Silicon Valley Bank, which
looks at how a space-based technology has generated trillions
of dollars in economic value and some of the largest venture
outcomes in history. Using GPS as an analogy, we believe that
Space-based Communications and Geospatial Intelligence sectors
have the potential to generate over $1 trillion in equity value over
the next decade.

11. Space Capital and Space Angels portfolio companies.

12 © Space Capital 2021 13

Q2
2021