Space IQ Methodology
A Framework for Understanding the Space Economy
The Framework
Traditionally, space has been viewed in terms of physical infrastructure—rockets, satellites, and other orbital assets. However, this perspective overlooks the broader impact of space-based technology, which has become a global platform for innovation. Entrepreneurs and established companies are building on these technologies to create their own unique services and solutions, driving growth across multiple sectors.
The history of GPS makes the pattern legible. GPS has generated trillions of dollars in downstream economic value and enabled companies like Uber that rely on space technology to generate revenue but build no space hardware of their own. Entire markets form around space-based infrastructure, and the value compounds in the layers above it.
The Space IQ organizes the space economy into three technology layers: Infrastructure, Distribution, and Applications. Infrastructure, like satellites on orbit, acts as the foundation. New hardware and software then distribute and transform that data for widespread use, and the Distribution layer fuels thousands of commercial Applications, from devices to mobile apps. When we introduced this GPS-based framework, it was considered contrarian. Today it is widely accepted by founders, investors, and established corporations, and McKinsey and the World Economic Forum share our full-stack perspective on the space economy.
The Three Technology Layers
Infrastructure
Hardware and software to design, manufacture, launch, and operate space-based assets.
Rockets, satellites, propulsion systems, robotic systems, lunar landers.
Distribution
Hardware and software to connect, process, and utilize space-based assets.
GPS-based navigation services, Earth Observation data platforms, edge computing for satellite ISPs.
Applications
Hardware and software that benefits from space-based assets.
Rideshare (GPS), agricultural analytics (GEOINT), IoT monitoring (SatCom), parametric weather insurance (GEOINT).
Why the Full-Stack Figure Differs From Narrow Trackers
Most space economy frameworks are designed to answer a specific question. Many measure the annual revenue or economic contribution of a defined space industry, often centered on Infrastructure such as rockets, satellites, and other space-based assets. That is a defensible scope, but focusing solely on Infrastructure misses the commercial developments that space technology enables across the Distribution and Applications layers. Space IQ answers a different question: where private capital is being invested and how value is created across the full stack.
Space IQ therefore measures Infrastructure, Distribution, and Applications. It includes not only the companies that build and operate space-based assets, but also those that turn space-based data, navigation, and connectivity into revenue across global markets. Companies qualify when those capabilities are fundamental to the value they deliver, from Earth Observation data platforms and navigation services to IoT monitoring and real-world autonomy. This broader investment scope produces a larger figure, but one that is complementary to, rather than directly comparable with, annual industry-output measures.
Space IQ (full-stack) scope vs. infrastructure-only scope. Layer shares reflect the last decade of investment; industry categories are defined below.
Industries and Sectors
Our Methodology
The Space IQ: Space Investment Quarterly is based on data Space Capital has aggregated for over a decade. It was first made publicly available in 2017 and has become the source of record for private-market investment activity and startup trends in the space economy.
The data is gathered from sources across many categories, and no single piece of data is added to the database until confirmed by multiple sources. Space Capital portfolio company details are excluded until publicly disclosed. Reported data is subject to change over time as previously undisclosed deals are added.
Public Announcements
- Press Releases
- SEC Filings
- Events
- Commercial Partners
- Government Partners
Confidential Sources
- Diligence Process
- Company Management
- Co-Investors
News
- Bloomberg
- CNBC
- Fortune
- SpaceNews
- TechCrunch
Investment Databases
- PitchBook
- Crunchbase
- Mattermark
- CB Insights
Crowd Platforms
- AngelList
- SeedInvest
The Space IQ is manually curated from 3,000+ companies and cited by Morgan Stanley, Citi, the U.S. Department of Defense, NASA, and ESA as a benchmark for the space economy. Pair it with PitchBook for deal terms and Novaspace for market sizing.