This article summarizes the Q1 2024 edition of the Space IQ report from Space Capital. The report provides an overview of private market equity investment activity and startup trends in the Space Economy.
Key highlights from the report include:
- In Q1 2024, $6.5B was invested across 103 space companies, bringing the total equity investment in the Space Economy since 2015 to $286B across 1,779 unique companies.
- The balance has shifted from launch capabilities to satellite infrastructure, with satellite investments overtaking launch for the first time. Geospatial intelligence (GEOINT) applications also overtook satellite communications (SatCom).
- SpaceX continued to make significant progress, including testing direct-to-cell Starlink satellites, gaining FCC approval, and conducting successful Starship test flights. Other notable Q1 events included the launch of new Earth observation satellites and Intuitive Machines’ near-successful lunar landing attempt.
- The top space infrastructure companies are valued at $212B compared to $133B for the top space applications companies. SpaceX remains the most valuable private space company at $180B.
- Exits in Q1 totaled $5.8B, largely driven by BAE Systems’ $5.6B acquisition of Ball Aerospace. Acquisitions accounted for the majority of exit value and volume.
The report segments the space economy into three layers (Infrastructure, Distribution, Applications) and six industries (Satellites, Launch, Stations, Logistics, Lunar, Industrials). It provides detailed investment data and trends for each segment.
Overall, the report shows continued strong investment and growth in the space economy, with a focus shifting towards satellite infrastructure and GEOINT applications. Government partnerships and acquisitions are playing an increasingly important role in driving investment and consolidation in the industry.
