新战略高地——以太空投资驱动国家增长

Leveraging space investmentsto drive national growth Tableofcontent 01Foreword 02Defense spending lifts public spaceinvestment 03Private investments recover drivenby corporate and VC funding 04How are space investmentscontributing to national growth 05Measuring the success of spaceinvestments 06About KPMG Middle East 07References “The only way to discover thelimits of the possible is to gobeyond them into the impossible,”said Arthur C. Clarke, renownedscience fiction author and thefirst to propose geostationarysatellite communications in 1945,capturing a mindset that continues While engineering and technological innovationchart the course, it is a braided capital and fundingstack that enables progress, bridging the gapfrom concept to deployment and accelerating real-world impact. From sovereign space budgets and Arjun Sreekumar Associate DirectorDefense, Space and Aerospace In this paper, we set out to assess the global stateof affairs in space financing, where it is initiated Global government space spending surged to a record US$140billion in 2024, fueled by a resurgence of defense-oriented programs. The defense segment of institutional space budgets climbed fromunder 50 percent (around 44 percent in 2021) to over 54 percent by2024. Defense spending grew about 18 percent from 2022 to 2023,versus 7 percent growth in civil budgets, causing military space Originally funded solely by governments, thespace sector today draws on this diverse spectrumof capital, blending public and private investments.A closer analysis of these investments, and the European spending, by contrast, remainspredominantly civil (~85 percent civil in 2023), buteven Europe and Asia are ramping up defense-oriented projects amid regional conflicts and apush for sovereign space capabilities. The Middle After 2022, when the era of special purpose acquisition vehicles(SPACs) reached its peak, private capital in space shifted towarddual-use and defense-aligned infrastructure, reinforcing publicinvestment trends. The 2023–2025 period saw venture and By 2023–2025, the US captured 80–85 percent of total private spacecapital, reflecting both the maturity of US dual-use markets and thedominance of SpaceX-led launch and broadband infrastructure. Chinamaintained a stable but narrower share (~5 percent), with capitalflowing into reusable launch vehicles and mass-produced constellationhardware. Europe’s share fragmented, with Germany and the UK Applications integrating AI and geospatial intelligence (GEOINT) have becomedominant investment themes, growing from roughly US$1 billion in 2020 tomore than US$21 billion by Q3 2025. This reflects a strategic convergencebetween AI, space data, and defense analytics. Launch and satellite Meanwhile, applications underwent the strongestrevaluation. The rise of AI, GEOINT and physical AIplatforms (planetary-scale models, edge compute,and real-world data embeddings) drove explosivegrowth: from roughly US$1 billion in 2020 to Layer 1: Infrastructure funding From exuberant investment wave in 2021to a more disciplined cycle in 2025, spaceinfrastructure funding has evolved fromspeculative bets to focused, milestone-drivendeployment. Venture capital remains the coreengine of deal flow, but corporate, sovereign, andgovernment-backed capital now play a growingrole in scaling strategic programs and program- From 2021 to Q3 2025, the private space markettransitioned from a broad, hype-driven consumerera to a disciplined, milestone-based Investor composition shifted in three clear ways: •VC consolidation and larger round sizes.Early-stage rounds,especially Seed and Series A, have grown materially as investors backfewer but higher-confidence ventures with clearer government or Infrastructure evolved into a capital-intensivebackbone – fewer, larger rounds backing provenplayers such as SpaceX, Relativity, Rocket Lab,Astranis, Galactic Energy, Impulse, Varda, andMomentus. Investors prioritized execution,revenue visibility, and ties to procurement •Strategic and public capital integration.Governmentprocurement, sovereign funds, and corporate balance sheets •Founder-led and sovereign capital resurgence.Large foundersand national investors (e.g., the Bezos-funded Blue Origin, or Gulf-backed heavy-lift ventures) have become critical backers of capital- North America dominates with 76% of global infrastructure investment,led by Blue Origin, Maxar, AST SpaceMobile, and SpaceX – togetheraccounting for nearly 60 percent of the US total. China (10 percent)follows, driven by state funding for reusable launch and small-satellite Investment in space infrastructure has increasingly gravitatedtoward foundational capabilities – launch vehicles, in-orbitmanufacturing, satellite constellations, and orbital transport services. Europe’s 8 percent share is anchored by France and Germany, focusingon satellite production, in-orbit servicing, and defense-oriented R&Dsupported by ESA and private investors. Japan (2 perc