创业空间2025：2024年私营部门航天投资活动

Private Sector Space Investment Activity in 2024 Executive Summary Investment TrendsInvestor Trends Executive Summary Start-up Space Investment in 2024 Start-up Space in 2024$1.9B$4B365investment in Chinese companies(2023: $542M)investment in U.S. companies(2023: $5.3B)first-time investors (2023: 400)198220investment recipients (2023: 212)deals (2023: 242) Executive Summary Start-up Space Investment, 2015–2024 Following surge in 2021, annual investment stabilized ~$8B. Venture capital remains primary fundingsource, inconsistent activity in other areas Executive Summary Global Venture Investment Trends, 2015–2024 Share of global VC investment in start-up space companies between 1%-3% since 2015; fluctuationsin Start-up Space investment activity align with global VC investment trends Executive Summary Investment by Classification Venture remains predominant form of investment; private equity investors typically invest in start-upspace companies in growth equity deals alongside VC firms, different from typical buyout approach Executive Summary Geographic Distribution of Recipients and Investors, 2024 57 European based companies received funding in 2024, the most ever; record number of SouthKorean investors in 2024, responding to government-backed space industry growth initiatives Executive Summary Geographic Distribution, 2015–2024 Share of investment to Chinese companies reached 24% in 2024, driven by satellite manufacturersfor plannedmegaconstellationsand launch providers; U.S. investment share down from 2023 Executive Summary InvestmentTrends Investor Trends Start-Up Space2025 TheStart-Up Spaceseries examines space investment in the 21stcentury, focusing on companies thatbegan as angel and venture capital-backed startups Tracks publicly-reported seed, venture, and private equity investment in addition to debt financing,merger and acquisition (M&A) and initial public offering (IPO) activity where applicable Data sourced from trade press, company and investor press releases, financial newsletters, Pitchbook,Crunchbase, SEC filings Includes companies primarily serving the space value chain's upstream and midstream segments,including hardware development, launch services, and satellite operations. Direct users of satelliteimagery data are also included Reportreflects Bryce’s ongoing commitment to providing the space community with rigorous analyses ofindustry dynamics to aid good decision-making in industry, government, and academia Start-Up Space2025captures the evolution of private sector investment in the space industry,highlighting key investors, start-ups, and trends Investment Trends Start-up Space Investment in 2024 Start-up Space in 2024$1.9B$4B365investment in Chinese companies(2023: $542M)investment in U.S. companies(2023: $5.3B)first-time investors (2023: 400)198220investment recipients (2023: 212)deals (2023: 242) Investment Trends Geographic Distribution, 2015–2024 Share of investment to Chinese companies reached 24% in 2024, driven by satellite manufacturersfor plannedmegaconstellationsand launch providers; U.S. investment share down from 2023 Investment Trends Regional Deal Count by Stage, 2015–2024 European deals more focused on early-stage (pre-seed–series A) companies; generally, lessEuropean VC capacity for large, late-stage deals (not unique to space) Investment Trends Share of Investment to Top 10 InvestmentRecipients, 2015–2024 *Largest deals are smaller:* Growth of micro-VC and seed funds, more new investors making smallerdeals, shift away from high-value recipients in larger rounds Investment Trends Fundraising Consistency, 2015-2024 •61raisedjust1round•154raised between 2-5 rounds•36raised more than 5 rounds Median size of first deals in 2015-2019$2.2M, rose to $3.1M in2020-2024 In 2024, 30% of companies raising their firstroundwereU.S-based •France and the U.K. each had 9%•China, Japan, Germany, Korea, and Italyeach had ~5% Investment Trends Share of Deal Count by Stage, 2015–2024 Share of early-stage deals roughlyconsistent with VC standard ~80% •Early-stage (pre-seed–series A)investment comprises ~70% ofdeal count•Continued interest in internationalstart-ups Highest share of series B dealssince 2021 Investment Trends Start-up Space Investment, 2015–2024 Following surge in 2021, annual investment stabilized ~$8B. Venture capital remains primary fundingsource, inconsistent activity in other areas Investment Trends Investment by Classification Venture remains predominant form of investment; private equity investors typically invest in start-upspace companies in growth equity deals alongside VC firms, different from typical buyout approach Investment Trends Venture Capital Investment,2015–2024(Amount By Round) Large European, Chinese deals driving growth in series A and B investment over 2023; pre-seed/seed investment totals at lowest since 2020, allocations shifting to later-stage companies(typically quicker returns, lower ri