Synopsis
Here is a summary of the key points from the Space Investment Quarterly report for Q4 2023:
Overview
- $4.6B invested across 108 companies in Q4 2023, bringing total investment since 2014 to $298B across 1,832 companies
- Applications investment fell to decade low in 2023, while Infrastructure remained resilient accounting for 70% of 2023 investment
- Government demand and funding continues to drive Infrastructure growth
- Advancements in AI enhancing capabilities across the Space Economy
Investment Trends
- Early stage Infrastructure deals still strong, but growth stage increased share in 2023
- Logistics leads investment into Emerging Industries like space stations and services
- Distribution lagging at $0.78B, shift from hardware to software needed
- Applications dominated by GPS, but geospatial intelligence resilient
Exits & Valuations
- 14 exits in Q4 2023
- SpaceX top private company at $150B valuation
- Mobility leads private Applications companies, accounting for 87% of value
- Average step up at acquisition was 1.5x revenue in 2023
The report provides a comprehensive overview of investment activity and trends across the Space Economy, with insights on the Infrastructure, Distribution, and Applications technology layers as well as analysis of M&A and IPO dynamics. Key takeaways are increased government funding driving Infrastructure while Applications faces headwinds, and the growing role of AI across the industry.
