In the second quarter of 2025, investment activity in the US space industry reached one of the record levels. According to data from the Seraphim Space research group, the total volume of investments in space startups amounted to $ 3.1 billion — this is the second largest figure for all time of observation. The lion's share of this amount, $ 2.2 billion (or 70%), fell on companies from the United States. Since the beginning of the year, the total volume of private investment in American space technologies has already exceeded the result for the whole of 2024.
The increase is recorded against the background of lower government spending, including the NASA budget, as well as against the background of increasing instability caused by protectionist measures of the current administration. However, investor interest remains high, indicating continued structural strengthening of the sector.
One of the highlights of the quarter was the successful listing of Voyager Technologies, whose shares rose more than 80% on the day of its debut. Another highly anticipated player, rocket maker Firefly Aerospace, has applied for a Nasdaq listing under the ticker FLY. The company previously noted the successful landing of the Blue Ghost lander on the lunar surface.
SpaceX is also demonstrating its investment ambitions, evaluating the possibility of raising new capital through the sale of shares, which could bring its valuation to $ 400 billion. This may be the largest capitalization in the history of private companies in the United States. SpaceX also announced plans to invest $ 2 billion in xAI, the developer of the Grok chatbot, which, according to industry sources, is already used in the Starlink customer support infrastructure.
The focus of investors is noticeably shifting towards defense and dual technologies. Increased attention to the sphere is provided by the US plans to develop the Golden Dome missile system, the ReArm program in Europe, as well as the decision of NATO countries to increase defense spending to 5% of GDP by 2035. All of this makes space a key component of the global security and intelligence architecture.
Among the major deals of the quarter, analysts note $300 million raised by the American Impulse Space in the Series C round, $174 million for the German Isar Aerospace and $137 million invested in the Chinese company Qianxun Spatial Intelligence.
According to a Space Capital report, venture capital accounted for 77% of all space investments in 2025, well above the 2024 average of 54%. Investors are most interested in projects related to the creation of manned stations, maintenance of objects in orbit, and energy generation and storage.
In the second quarter, the industry completed 18 M & A deals. It is expected that by the end of 2025, their number will exceed 10 in the segment of high-value assets, and the total volume of such transactions will reach $ 35 billion.
Key events and launches:
- Israel launched the Dror 1 satellite into orbit on a Falcon 9 rocket.
- China's Landspace plans to launch a reusable Zhuque-3 rocket in the fourth quarter.
- Taiwan's TiSpace has suspended its first overseas launch in Japan.
- The European Space Agency has extended its agreement with France on access to a spaceport in French Guiana until 2035.
Upcoming SpaceX launches:
- July 20-Starlink launches from California
- July 21-Launch of the O3b mPower 9-10 mission from Florida
- July 22-Launch of NASA's TRACERS science Mission from California
The space sector shows a steady evolution: from the monopoly sphere of state agencies to the highly competitive arena of private capital. The balance of scientific objectives, commercial feasibility and strategic importance forms a new architecture of the global space market.
