1、1Start-Up Space 2026Private Sector Space Investment Activity in 20252Executive SummaryInvestment TrendsInvestor Trends3Executive SummaryStart-up Space Investment in 2025Start-up Space in 2025$1.3B$7.3B397investment from IPOs(2024:$281M)investment in U.S.companies(2024:$4B)first-time investors(2024:3

2、65)208235investment recipients(2024:198)deals(2024:220)Venture Capital214 Deals,79%of FundsDebt Financing12 Deals,6%of FundsPublic Offering4 Deals,12%of Funds$10.9BStart-up Space Investment(2025)Acquisition5 Deals,3%of Funds4Executive SummaryStart-up Space Investment,2016-2025050100150200250300$-$2$

3、4$6$8$10$12$14$162016201720182019202020212022202320242025Number of Start-up Space Investment DealsTotal Start-up Space Investment(Billions)Investment reached highest level since 2021,driven by$8.6B from venture capital,$1.3B from IPOsPrivate EquityAcquisitionPublic OfferingDebt FinancingVenture Capi

4、tal5Executive SummaryGlobal Venture Investment Trends,2016 2025$108B$162B$287B$254B$303B$652B$429B$256B$267B$460B$2B$2B$3B$6B$6B$11B$7B$7B$7B$9B$B$2B$4B$6B$8B$10B$12B$B$100B$200B$300B$400B$500B$600B$700B2016201720182019202020212022202320242025Start-up Space VC InvestmentNon Start-up Space VC Investm

5、entVC investment in space rose 18%from 2024-2025.By comparison,total VC investment rose 72%,primarily driven by artificial intelligenceSource:CB Insights State of Venture 2025 Report6Executive SummaryGeographic Distribution,2016 2025$0.9B$2.0B$2.8B$4.0B$5.2B$12.0B$5.9B$5.3B$4.0B$7.3B$1.9B$0.2B$0.3B$

6、1.8B$1.5B$2.1B$1.1B$0.7B$1.1B$1.4B$0.2B$0.3B$0.3B$0.8B$0.5B$0.5B$0.6B$2.0B$1.7B$0.1B$0.2B$0.1B$0.4B$0.2B$0.5B$0.3B$0.7B$0.7B$0.4B$0.1B$0.1B$0.1B$0.1B$0.4B$0.6B$0.2B$0.1B0501001502002503000%10%20%30%40%50%60%70%80%90%100%2016201720182019202020212022202320242025Number of Start-up Space Investment Deal