Space Investment Quarterly: Q4 2025

For the last decade, the space economy has been defined by promise. In the next decade, it will be defined by utility.

We close the books on 2025 tracking $17.0 billion invested across 135 rounds in Q4 alone, bringing the year to a record $55.3 billion. The data is unequivocal: The skepticism phase is over. We are no longer just building the rails—we're running the trains.

What This Quarter Reveals:

The latest Space IQ shows 2025 closing as a top-three investment year, with capital flowing decisively toward companies solving hard problems and defense-driven infrastructure.

Key insights:

• Q4 delivered $17.0 billion across 135 rounds, with high-conviction capital replacing easy money as markets rejected plays without robust unit economics
• Heavy-lift competition arrived as Blue Origin's New Glenn recovery ended the single-provider bottleneck; Europe's Project Bromo consolidation signaled the end of cost-plus
• Applications hit $30.2 billion driven by $24.7 billion in GEOINT, as space met AI at scale and "world models" became the new frontier
• Strategic competition established a permanent floor for investment, with maneuverability becoming the most valuable currency in orbit under Golden Dome

This report offers a closer look at how the market is evolving from access to integration—and what it means for the future of the Space Economy.