1、1Start-Up Space 2025Private Sector Space Investment Activity in 20242Executive SummaryInvestment TrendsInvestor Trends3Executive SummaryStart-up Space Investment in 2024Start-up Space in 2024$1.9B$4B365investment in Chinese companies(2023:$542M)investment in U.S.companies(2023:$5.3B)first-time inves

2、tors(2023:400)198220investment recipients(2023:212)deals(2023:242)Venture Capital188 Deals,92%of FundsDebt Financing22 Deals,4%of FundsPublic Offering4 Deals,4%of Funds$7.8BStart-up Space Investment(2024)Acquisition6 Deals,1%of Funds4050100150200250300$-$2$4$6$8$10$12$14$1620152016201720182019202020

3、21202220232024Number of Investment DealsTotal Investment(Billions)Executive SummaryStart-up Space Investment,2015 2024 Following surge in 2021,annual investment stabilized$8B.Venture capital remains primary funding source,inconsistent activity in other areas Private EquityAcquisitionPublic OfferingD

4、ebt FinancingVenture Capital5Executive SummaryGlobal Venture Investment Trends,2015 2024 Share of global VC investment in start-up space companies between 1%-3%since 2015;fluctuations in Start-up Space investment activity align with global VC investment trendsSource:CB Insights State of Venture 2024

5、 Report$134B$108B$162B$287B$254B$303B$652B$429B$256B$267B$2B$2B$2B$3B$6B$6B$11B$7B$7B$7B$B$2B$4B$6B$8B$10B$12B$B$100B$200B$300B$400B$500B$600B$700B2015201620172018201920202021202220232024Start-up Space VC InvestmentNon Start-up Space VC InvestmentGlobal VC InvestmentStart-up Space VC InvestmentGloba

6、l VC InvestmentStart-up Space VC Investment6Executive SummaryInvestment by Classification Venture remains predominant form of investment;private equity investors typically invest in start-up space companies in growth equity deals alongside VC firms,different from typical buyout approach$65.6BStart-u