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1、Private market equity investment activity and startup trends in the Space Economy from the investors at the forefrontSpace Investment QuarterlyQ1 20232023Q1Front cover is an image of SpaceXs static-fire test of the Starship Super Heavy booster in February,the last technical milestone before an orbit

2、al launch attempt.Space Capital 2023With a total of just$2.2B invested in Q1 a 53%decrease from the prior quarter this was the lowest quarter for space investment since 2015.This significant contraction has left many companies vulnerable to funding gaps,particularly for deep tech and growth-stage bu

3、sinesses.The sudden failure of Silicon Valley Bank has exacerbated access to capital given that the bank was a leading provider of venture debt,which had enabled companies to extend runway and avoid pressured valuations in a difficult fundraising environment.We are seeing a sharp bifurcation between

4、 the winners and everyone else,as the market mania of the previous two years has fully subsided,tourist investors have left the market and VCs are increasingly reserving capital for companies built on strong fundamentals.This is particularly apparent in Launch.Of the 100+launch companies that collec

5、tively raised$27B over the last decade,there are currently only two that are operational:SpaceX and Rocket Lab.Several aspirational launch companies had setbacks in Q1,while some made progress.ABLs rocket experienced an anomaly and shut down prematurely,while Virgin Orbit also saw a launch attempt f

6、ail,which ultimately led to the company filing for bankruptcy.Relativitys rocket passed a key milestone,while Chinas Space Pioneer reached orbit on their respective first attempts.ULA,the incumbent Lockheed/Boeing joint venture,is reportedly up for sale.Meanwhile,SpaceX had another successful quarte