2023年商业航天领域创业投资动态报告

Update on Investmentin Commercial Space Contents Executive Summary..........................................................................................................iiIntroduction.......................................................................................................................1Purpose and Background.............................................................................................1Methodology.................................................................................................................1Space Investors by the Numbers.....................................................................................4Overall..........................................................................................................................4Investors by Type.........................................................................................................6Investor Types............................................................................................................16Space Investment by the Numbers................................................................................17Overall........................................................................................................................17Investment by Type....................................................................................................19Conclusion..................................................................................................................25 Executive Summary Start-up space ventures attracted approximately $8 billion in total financing in 2022.This investment was in the form of 154 deals, involving more than 400 investors, in 123companies based in 20+ countries. For eight of these companies, 2022 saw their firstpublicly announced funding. The average deal size in 2022 was $53 million, and sevendeals were over $100M. The biggest deals in 2022 were driven by SpaceX, accounting Four key insights shaped the start-up space environment in 2022. Monetary policy tightening affected global venture capital investment across all industries, which fell from a record high of $681 billion in 2021 to $445 billion in 2022.Total investment in space startups declined 46% from $15 billion in 2021 to $8 billion Start-up space investment was 6% higher than in 2020. The five-year averageannual investment level as of the end of 2022 was $8.2 billion, an increase from the2021 five-year average figure of $7.1 billion. There was an 82% increase in start-up 3 While venture capital investment and public offering activity declined in 2022, other types of investment continue to see consistent or even increased activity.Debt financing increased from $11 million to $312 million in 2022. Six acquisitionsaccounted for $588 million in value, a $228 million increase from 2021. In 2022,Terran Orbital received the two largest debt financing deals, raising a combined$275 million. AE Industrial Partners’ majority stake investment in York Space In 2022, 3 space companies went public via special purpose acquisition company (SPAC), raising over $250 million (a decline of 94%). In 2022, SPAC investmentdropped across all industries, including start-up space. 2021 saw a peak in spaceSPACs; public offering investment rose 823% in 2021 to account for 28% of totalstart-up space investment. This was primarily enabled by using SPACs as an The availability of investment capital, business case outcomes for large LEOconstellations, and government support of commercial space activities, particularlyin national security, will shape the start-up space ecosystem in the next few years. Inaddition, consolidation is a growing trend; at the halfway mark, 2023 has seen importantdevelopments, such as potential M&A activity around ULA, the ongoing OneWeb/ Introduction TheStart-Up Spacereport series examines space investment in the 21stcentury and analyzes investment trends, focusing on new companies attracting private financing. Start-up space ventures are defined as space companies that began as angel andventure capital-backed start-ups. This definition differentiates start-up space venturesfrom aerospace and defense government contractors and large, publicly traded space The report tracks seed, venture, and private equity investment in space start-ups as theygrow and mature from 2000 through the end of 2022. The report includes debt financingfor these companies where applicable to provide a complete picture of the capital Purpose and Background BryceTech conducted the Start-Up Space study and produced this report,Start-Up This report informs investors, the aerospace industry, and the public about activity in thisemerging space ecosystem. It reflects BryceTech’s ongoing commitment to providingthe space community with rigorous analyses of industry dynamics to support sound Methodology Our dataset includes a combination of (a) publicly reported investment transactions instart-up space c