The Zhitong Finance App learned that, according to a report released by global investment company Seraphim, space startups attracted a record amount of US$20.8 billion in financing in the third quarter, and investors poured into launch service providers, manufacturing and other infrastructure companies. This figure is close to three times the $7.4 billion investment amount in the second quarter, and more than double the previous peak. Even after excluding the $10 billion financing from Blue Origin, the investment amount still reached a record high of 10.8 billion US dollars. A record 216 transactions were completed during the quarter, up from 140 in the second quarter. There is a stark contrast between the hot financing in the primary market and the weak performance of space companies listed in the secondary market.
Tier 1 market: capital is flocking to infrastructure, and space computing power has become a new outlet
Seraphim said that although SpaceX is still the dominant force in the industry, recent financing has been supported by growing commercial orders and government-backed projects. “Capital is following evidence of commercial and institutional demand, not just residual IPO enthusiasm,” said Lucas Bishop, vice president of Seraphim Space.
Infrastructure-related companies account for the majority of financing activities. Launch and space access companies raised 16.4 billion US dollars through 120 transactions, and service companies such as satellite communications and Earth observation raised 4 billion US dollars. Major financings include Hadrian's $1.37 billion, Stoke Space's $1 billion, and K2 Space's $500 million. Bishop said that as governments prioritize the development of local space capabilities, defense and sovereignty requirements are increasingly supporting investment in launch, manufacturing, and orbital infrastructure.
The popularity of the primary market is still rising. Space Capital predicts that, driven by SpaceX's record IPOs, defense spending, and space infrastructure construction, investment in the global space economy is expected to exceed 100 billion US dollars for the first time in 2026, and the number of space companies that have reached the Unicorn valuation will also reach a record high. Space computing power has become a hot new direction. Global space startups invested $55.3 billion in 2025, reaching a record $36 billion in the first quarter of 2026 alone. Musk announced that SpaceX will build the world's first space AI data center cluster, with the goal of deploying 1 terawatt of AI computing power per year. In terms of geographical distribution, North America has accounted for about 70% of global financing since the beginning of the year; China recorded a quarterly high of 3.3 billion US dollars, with a total of 49 transactions.
Secondary market: The SpaceX siphon effect is showing, and listed space companies are under pressure
The popularity of the Tier 1 market is closely related to SpaceX's increased attention and exit expectations after SpaceX's launch; but at the same time, SpaceX's leading position also had a siphon effect where capital was concentrated at the head, putting pressure on small and medium-sized listed space companies.
On June 12, SpaceX landed on the NASDAQ, rising more than 19% on the first day, with a market capitalization of US$210 billion, making it the sixth-largest company in the US. However, on the first day of its listing, US aerospace concept stocks fell across the board. Virgin Galactic fell more than 25%, and Intuitive Machines, Rocket Lab, etc. all fell by more than 8%.
SpaceX is no longer just a rocket launch company. The business already covers the three major sectors of rocket launch, Starlink, and AI, and more than 80% of the world's orbital payload is done by it. This “siphon effect” has accelerated the concentration of capital in the primary market towards the head, while small and medium-sized listed space companies are under pressure to be taken away from their capital and attention. Bishop said that many listed space companies are still in a state of loss, and the scale and popularity of SpaceX may have drawn investors' attention from smaller listed peers.
The fundamentals of the industry are still being tested. SpaceX had a net loss of US$4.937 billion for the full year of 2025 and US$4.2 billion in the first quarter of 2026. Many leading domestic companies are also in a state of loss. Reusable rocket technology has yet to be verified, and low-cost batch production capacity needs to be improved urgently.
Financing will slow down but still higher than normal, and the “scissor gap” has become the core contradiction
Seraphim anticipates that financing will slow from the unusually high level in the third quarter, but will remain above the historical norm as more companies enter the growth and scaling phase. In the context of geopolitics driving sovereign satellite and missile defense spending and the accelerated integration of AI and space hardware, space infrastructure is moving from a concept to a strategic asset.
However, the “scissor gap” between the fiery narrative of the primary market and the valuation digestion of the secondary market may become the core contradiction of the industry for some time to come.