Q2

2020

The most comprehensive

market intelligence—
from the investors at the
forefront

Space
Investment
Quarterly
Q2 2020
 Q2 2020

$135.2B Cumulative Equity

Welcome to the Q2 2020 Edition of
the Space Investment Quarterly.
Investment Since 2004
The first half of 2020 was overshadowed by the
COVID-19 pandemic. With the first person testing
positive at the end of 2019, by January the city of
Wuhan, China was completely locked down. That
same month the WHO declared coronavirus a public
Applications layer of the stack as venture capital firms
rushed to invest in on-demand platforms, which
leverage GPS for services like food delivery. Another
$5.3B was invested in space Applications during the
quarter, of which $4.5B went to U.S. companies.

862
health emergency and in February, global stock
markets recorded their largest single-week declines
since the 2008 financial crisis. In March, India ordered
Unique Companies 1.3 billion people to stay at home and California and
New York began to shelter in place. According to
the National Bureau of Economic Research, the U.S.
entered a recession in February.
In this Q2 Space Investment Quarterly, we take a look
At the end of Q1, many industry commentators
predicted that venture capital funding in Space would
dry up. Despite these expectations, VC funding is
actually up 4% for the first six months of the year
vs. H1 2019. While YTD investment in Infrastructure
is down 33% Y/Y, that is more than offset by a 39%
investment increase in the much larger Application
layer. Total Q2 2020 investment is down 23% from
the record highs of Q2 2019, due to a decrease in

$5.5B
Q2 Investment
at how this pandemic affected investment activity in
Space globally. With the U.S. and China collectively
accounting for 74% of total investment in the Space
both Application and Infrastructure investment of
10% and 81%, respectively.

economy since 2004, our data tells a nuanced story of
sharp declines, early signs of recovery, and continued
momentum.
In Q2, investment in Infrastructure declined 85%
from Q1 to $234M, which was partially offset by U.S.
Despite the pandemic, momentum in the Space
economy continues. In Q2 we witnessed history as
venture-backed SpaceX launched NASA astronauts
in the final test flight of their Crew Dragon. As the
broader economy transitions to remote operations,
the most innovative companies are leveraging the

47
Q2 Number of Companies
government agencies that stepped in to accelerate
funding during the crisis. Investment in Chinese
Infrastructure companies, which had ground to a halt
space technology stack across GPS, Geospatial
Intelligence, and Communications to create a
competitive edge. We expect the Space economy to
in Q1, began to show some signs of recovery in Q2. play an increasingly important role in the post-COVID
Beyond the slowdown in Infrastructure investment, world.
Q2 also witnessed continued momentum in the
Front cover image courtesy of Nasa Johnson.

The SpaceX Crew Dragon (center right), the Japanese H-II Transfer Vehicle-9 resupply ship (center bottom) and Europe’s Columbus
laboratory module figure prominently in this photograph taken during a spacewalk conducted by astronauts Bob Behnken and Chris
Cassidy. All three are attached to the U.S. Harmony module with the International Docking Adapter on top.

© Space Capital 2020

3
 Rise of the Space Startups Year to Date
CUMULATIVE EQUITY INVESTMENT FROM 2004 TO PRESENT EQUITY INVESTMENTS

$12.1B
NUMBER OF ROUNDS EARLY-STAGE 2 INVESTMENT EARLY-STAGE ROUNDS

TOTAL INVESTMENT BY GEOGRAPHY

862 $135.2B $140 B
112 $303M 67
USA Indonesia
China India Number of Companies Equity Investment in
Receiving Investment Space Companies BY STAGE  •  INVESTMENT AMOUNT BY STAGE  •  ROUND SHARE
Singapore France
UK Other1 $120 B
TECH STACK $9 B
$9,000,000,000
1% 8%
2% Seed
$8 B
$8,000,000,000
5% Series A
17% $100 B $7 B 17%
4% $7,000,000,000 Series B
$6 B
$6,000,000,000 28% Series C
6%
3% 2% Late Stage
$5 B
$5,000,000,000
7% $80 B Other4
45% $4 B
$4,000,000,000
$3 B
$3,000,000,000 19%

$60 B $2 B
$2,000,000,000
80% $1 B
$1,000,000,000
29% 28%
$-$0
Seed Series A Series B Late Stage3 Other4
$40 B
Application In Q2, investment continued to be concentrated in Late Stage Early-stage rounds continued at a steady pace with Seed rounds
Distribution
and Undisclosed deals, driven by Waymo’s $3.0B venture round, growing to 35% of the total. Both Infrastructure and Applications
Infrastructure
$20 B Samsara’s $700M Series F, and PNT Applications in food delivery: saw an increase in Series A rounds, bringing the share of total
Deliveroo $575M Series G and DoorDash $400M Series H. In investment to 25% YTD. Series B declined significantly to 17%, from
Infrastructure, SpaceX also raised an additional $125M in a second nearly a third of total rounds in Q1.
closing of their Series M.
000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
04

06

08
07

09

11

16
15

19
13

18
12
10

17
14

20
05

20

20

20

20
20

20
20
20

20
20
20

20

20
20

20

20
20

BY TECH STACK  •  INVESTMENT AMOUNT AND DEALS BY QUARTER

1978 2005 2009 2015 2018

NAVSTAR I Google Maps SpaceX first SpaceX lands China shows
Application
GPS launched launched successful orbital booster, QKD via
commercial ushers in satellite $7.5$7.50B
B Distribution
120
120
launch reusability Infrastructure
1984 $7.00B

First Commercial $6.5$6.50B

B Deal Count
GPS Receivers $6.00B
100
100

2012
SpaceX $5.5$5.50B
B
2001 2008 Dragon first 2017 $5.00B 8080 NUMBER OF DEALS IN Q2
Planet Labs

47
gpsOne supports iPhone 3G private space $4.50B
launch of GPS on equipped vehicle to berth images entire $4.5 B
$4.00B
mobile devices with GPS with ISS Earth daily 6060
$3.50B
$3.5$3.00B
B
$2.50B 4040
$2.5$2.00B
B The number of rounds closed declined 29% Q/Q and 53% from
$1.50B the high of Q3 2019. Applications had a strong quarter with $5.3B
2020
The U.S. and China lead global investment in the Space economy, accounting for 45% and 29% of total investment dollars since 2004, $1.5$1.00B
B invested, up 6% from the prior quarter. Infrastructure investment
respectively. With $5.5B invested into Space companies in Q2, total investment YTD has now reached $12.1B. Cumulatively, there has $0.50B fell 85% Q/Q, as COVID shut down the US. While we did see some
been $135.2B of equity investment into 862 unique companies in the Space economy since 2004. Infrastructure investment declined 85% $0
$0.00B 00 Chinese investments in Infrastructure, they have yet to fully rebound
2019Q2 2019Q3 2019Q4 2020Q1 2020Q2
Q/Q while $5.3B was invested into Applications, of which $4.5B went to U.S. companies. 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 from the pandemic.
Infrastructure Distribution Application Deal Count

1.Other consists of countries each representing less than 1% of funding.

2. Early Stage is compirised of Pre-Seed, Seed, and Series A deals. 3. Late Stage is comprise of Series D+ and Liquidity Rounds. 4. “Other” includes non-traditional investments and self-capitalization from Jeff
4 Bezos,Robert Bigelow, Richard Branson, and Elon Musk, who we have classified as individual investors providing large investments (hundreds of millions) in their own companies during unclassified rounds. 5
.
 TOTAL INVESTMENT SINCE 2009

Infrastructure $23.6B
ANNUAL INVESTMENT SOURCE CUMULATIVE INVESTMENT GEOGRAPHY BY STAGE  •  CUMULATIVE INVESTMENT AMOUNT BY STAGE  •  CUMULATIVE ROUND SHARE

1% 5%
$6 B
$6,000,000,000.00
5%
Angel/Individual $10 B
$10,000,000,000.00 Seed
United States
16% Series A
$5 B
$5,000,000,000.00 Venture Capital United Kingdom $9,000,000,000.00
6% Series B
Corporate France $8 B
$8,000,000,000.00
$4 B Other5 4% Series C
$4,000,000,000.00
China
$7,000,000,000.00
2% Late Stage
Japan
$3 B $6 B
$6,000,000,000.00 Other4
Other6 53%
$3,000,000,000.00

58% 8%
24% $5,000,000,000.00
$2 B
$2,000,000,000.00

$4 B
$4,000,000,000.00

$1 B
$1,000,000,000.00 $3,000,000,000.00
17%
$2 B
$2,000,000,000.00
$0
$-
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
$1,000,000,000.00
09

10

11

12

13

14

15

16

17

18

19

20
20

20

20

20

20

20

20

20

20

20

20

20

$0
$-
Seed Series A Series B Series C Late Stage3 Other4
Infrastructure funding in Q2 added just $234M to the total $1.8B The U.S. leads global investment in Infrastructure with 58% of total
invested YTD as COVID slowed funding in this layer of the tech stack investment since 2009. In Q2, Infrastructure investment in U.S. Since 2009, the majority of capital invested into Infrastructure Early-stage rounds have accounted for 69% of total rounds since
dramatically. Investment was driven by venture capital investments companies dropped 91% Q/Q while two notable investments in has gone to ‘Late Stage’ and ‘Undisclosed/Other’ rounds, primarily 2009, while Series B and C deals together make up only 10%. Q2
in SpaceX ($125M) and Beijing-based Commsat ($38M). There China show signs that the country may be recovering from COVID. due to SpaceX’s large raises, Jeff Bezos’ self-capitalization of Blue deals followed that breakdown almost exactly, signalling robust
has now been a cumulative $23.6B of equity investment into 360 Origin, and SoftBank backed OneWeb. early-stage activity despite COVID headwinds.
Infrastructure companies since 2009.

BY SECTOR7  •  CUMULATIVE INVESTMENT AMOUNT BY SECTOR  •  CUMULATIVE ROUND SHARE TOP DEALS IN THE QUARTER CUMULATIVE EXITS (IPO & ACQUISITION)

&
$60 B

ou en ng
COMPANY ROUND AMOUNT
$60,000,000,000

8 r on uri
Interplanetary

$16 B

nd ts
Satellites

17 mp fact
$16,000,000,000

s
Co anu
Biosp

SpaceX Series M $125 M Launch

M
$50 B
$50,000,000,000
heres

$14,000,000,000

Industrials
Log

Inf Commsat Series B $38 M

isti
In

orm Information & Research

$12 B
cs
du

$12,000,000,000
ati
$40 B
st

on
ria

Myriota Series B $19 M

$40,000,000,000

&R
ls

ese
arc
h
$10,000,000,000

Space Pioneer $30 B

$30,000,000,000

Media &
$8 B $8,000,000,000
Educatio
n (Tianbing Series A $14 M
Medium Launch Technology)
$6,000,000,000
1 round $20 B
$20,000,000,000

Satellites
Operatio
ns 375 rounds Earth
Ob VestaSpace “Pre-seed” $10 M
a ce p o rt s 108 ro servation
$4 B $4,000,000,000 Sp 4 round unds
e $10 B
ro kerag Launch PD Aerospace Series A $6 M $10,000,000,000

ch B rounds
Laun 6 ch
241 rounds
aun s
vy L
$2,000,000,000

d
Hea 9 roun
3 $0 $-

$0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Media & Education Satellites Launch Industrials Interplanetary Biospheres Logistics Information & Research

$0

09

10

11

12

13

14

15

16

17

18

19

20
Launch Satellites Biospheres Logistics Interplanetary Industrials Information & Research Media & Education

20

20

20

20

20

20

20

20

20

20

20

20
Co ro
h

es

ics

ls

ch

n
re

ar
c

io

m un
ria

82
llit

ar
un

st

m ds
e

at
et
ph

st

se

un
gi
te
La

uc
lan

du

ica
Lo

Re
os
Sa

rou ch

Pos gation,
Ed

With US Infrastructure investment in the U.S. declining 91% from Q1, Since 2009, nearly all Infrastructure exits have come in the form
rp

Nav nds
nds
In

tio
Bi

191 Laun

7 ro
&
te

&

ition

ns
fo
In

i
ia

we see a number of international companies on the top investments of acquisitions. Note that many of the large incumbents had gone
u
In

ed

all

ing, iming
M

Sm

list. In particular, two notable investments in China show signs that public well before 2009. Additionally, low-interest rates have acted
T

the country may be recovering from COVID. as a tailwind for M&A activity. The Satellite industry has seen the
Since 2009, Heavy Launch has received the most investment Although Launch has received the most investment dollars, Satellites most exits, followed by Launch. There have now been $2.7B in
($10.3B), followed by Communications ($5.8B). Within New Markets, have seen the highest number of deals (375) since 2009. Within Infrastructure acquisitions YTD. The most notable Infrastructure IPO
Biospheres ($0.5B) and Logistics ($0.2B) have received the greatest Satellites, Manufacturing & Components (178) and EO (108) sectors is Virgin Galactic in October 2019.
amount of capital. have seen the most deal activity.

5. “Other includes Foundations, Private Equity, Sovereign Wealth Funds, Mutual Funds, Crowd Platforms, etc. 6. Other consists of Singapore, Canada, Finland, and countries which each represent less than 1% of funding.
7. See industry segmentation chart.

6 7
 TOTAL INVESTMENT SINCE 2004

Distribution $3.6B
ANNUAL INVESTMENT SOURCE CUMULATIVE INVESTMENT GEOGRAPHY BY STAGE  •  CUMULATIVE INVESTMENT AMOUNT BY STAGE  •  CUMULATIVE ROUND SHARE

$800 M $1.4 B
Angel/Individual 10% United States Seed
11%
Series A
$700 ,000,000.00
Venture Capital 5% China $1.2 B
$600 M
$600 ,000,000.00 Corporate Hong Kong 4% Series B
6%
Other5 South Korea $1 B 5% Series C
$500 ,000,000.00

India Late Stage

$400 M 7% 49% $.8 B Other4
Other8
$400 ,000,000.00

11% 50%
$300 ,000,000.00

$.6 B
$200 M
$200 ,000,000.00

$100 ,000,000.00
23% $.4 B
18%
$0$- 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
$.2 B
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20

$0
Seed Series A Series B Series C Late Stage3 Other4
Investment in the Distribution layer dropped 95% from Q1, with The U.S. and China constitute 72% of total capital in the Distribution
funding of just $7.3M in Q2. Investment in this stack is driven layer since 2004. Hong Kong, South Korea, and India have also
Since 2004, capital into the Distribution layer has gone primarily to Early-stage rounds have accounted for 68% of total Distribution
primarily by Venture Capital and Corporate investors, which attracted a meaningful share of investment, accounting for a
Undisclosed/Other rounds accounting for 39% of the total. rounds since 2004.
constitute 52% and 43% of investment since 2004, respectively. combined 18%.

BY SECTOR  •  CUMULATIVE INVESTMENT AMOUNT BY SECTOR  •  CUMULATIVE ROUND SHARE TOP DEALS OF THE QUARTER CUMULATIVE EXITS (IPO & ACQUISITION)

COMPANY ROUND AMOUNT $25 B Positioning, Navigation, Timing

$2 B
$25,000,000,000

4% Communications
7% Communications Infostellar Series B $4 M
Earth Observation
Positioning, $20 B
$20,000,000,000

$1.5 B Navigation, Timing Leaf Space Series A $3 M

Earth Observation
Manufacturing & $15 B
$15,000,000,000

25%
Components
$1 B
$10 B
$10,000,000,000

65%

$.5 B $5 B
$5,000,000,000

$0 $-
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

$0
Positioning, Navigation, Timing Communications Earth Obser vation

04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
Communications Positioning, Manufacturing Earth
Navigation, & Components Observation
Timing Q2 saw just two notable investments in the Distribution layer. Since 2004, there have been $23.7B of exits within the Distribution
Infostellar, a company providing cloud-based ground station stack, 91% of which have come in the form of acquisitions. The
Within the Distribution layer, Comms and PNT have attracted the Comms and PNT have also captured the largest share of rounds since
aggregation, held a first close on their series B in April. Leaf Space, majority of exits (78%) have occurred in the PNT sector, which has been
majority of capital since 2004. We expect activity in Earth Observation 2004. There could be a bottleneck emerging in the Earth Observation
an Italian company building a dedicated ground station network, particularly attractive to acquirers for its exposure to Location Based
to grow as the underlying infrastructure continues to mature and stack, with numerous deals getting done at the Infrastructure layer,
closed their series A in June. Services, Telematics, Agtech, and Telecommunications applications.
new downstream applications emerge. but with a lack of investment flowing into Distribution.

8. Other includes Belgium, Canada, and France and other countries which each reppresent less than 1% of funding.

8 9
 TOTAL INVESTMENT SINCE 2004

Applications $98.1B
ANNUAL INVESTMENT SOURCE CUMULATIVE INVESTMENT GEOGRAPHY BY STAGE  •  CUMULATIVE INVESTMENT AMOUNT BY STAGE  •  CUMULATIVE ROUND SHARE

$80 B
$30 B
$30,000,000,000

8% 6% Seed
Angel/Individual United States
3%
$25 B
$25,000,000,000
Venture Capital 5% China 11% Series A
Corporate Singapore $60 B Series B
$20 B
$20,000,000,000
Other5 8% Indonesia Series C
8% 41%
42% India Late Stage
$15 B
$15,000,000,000
Other 9 Other4
$40 B
$10 B
$10,000,000,000 13%

$5 B
$5,000,000,000 35%
$20 B 22%
$0 $-
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20

$0
With another $5.3B invested in Q2, Application companies have With another $300M invested in China’s DiDi added to Q1, the Seed Series A Series B Series C Late Stage3 Other4
received the vast majority of equity investment in Space with a country now constitutes 35% of total Applications investment since
Investment capital in Applications continues to be concentrated in Early-stage rounds represent 63% of total Application rounds since
cumulative $98.1B into 421 companies since 2004. 2004, just behind the U.S. which accounts for 42% of the total. With
Late Stage deals (70%), as companies stay private longer and need 2004. This is lower than Infrastructure and Distribution, suggesting
China’s new sat nav system, the BeiDou Navigation Satellite System
larger amounts of capital to continue scaling operations (Waymo, greater success in follow-on funding for companies with lower R&D
(BDS), now complete, we expect to see accelerated growth in the
Uber, DiDi, Bird, DoorDash, etc.) / CapEx.
Applications layer within the country.

BY SECTOR  •  CUMULATIVE INVESTMENT AMOUNT BY SECTOR  •  CUMULATIVE ROUND SHARE TOP DEALS IN THE QUARTER CUMULATIVE EXITS (IPO & ACQUISITION)

$120 B
2% COMPANY ROUND AMOUNT
$60 B
$60,000,000,000
Positioning, Navigation, Timing
$100 B Positioning, Waymo Undisclosed $3,000 M Communications
21% Navigation, Timing $50 B Earth Observation
Samsara Series F $700 M
$50,000,000,000

Earth Observation
$80 B
Communications Deliveroo Series G $575 M $40 B
$40,000,000,000

DoorDash Series H $400 M

$60 B $30 B
$30,000,000,000

Instacart Series G $225 M

$40 B Lime Series E $170 M $20 B
$20,000,000,000

77% Bolt Series D $109 M $10 B

$10,000,000,000

$20 B

$0 $-
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Positioning, Navigation, Timing Communications Earth Obser vation Manufacturing & Components

$0

04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
20
Positioning, Earth Observation Communications
Navigation, Timing

The largest deal of Q2 went to Waymo, an autonomous driving There have been $57B of exits in the Applications layer since
Capital has been concentrated in PNT, driven by investment into Although EO Applications represent only 1% of investment dollars,
subsidiary of Alphabet Inc., while Samsara, a leader in industrial IoT, 2004. Unlike Infrastructure and Distribution, Application has seen
Location Based Services (LBS). GPS and the rise of Mobile were the sector’s share of rounds is much larger (21%). This reflects a less
also raised a significant Series F. This past quarter also witnessed a a meaningful share (32%) of exits from IPOs. The most significant
catalysts for a Cambrian explosion of LBS activity and investment mature EO market made up of earlier stage startups that have not
number of large rounds in on-demand platforms that leverage GPS of these occurred in 2019, with the IPOs of Uber and Lyft. Within
that gave rise to companies like Uber, Snapchat, and Niantic. yet raised significant amounts of capital.
for services like ride-hailing and food delivery. Applications, 78% of exits have been in PNT, but Communications
Applications have also enjoyed considerable exit activity with 19%
of the total. As Infrastructure and Distribution layers mature for
Communications and EO, we expect to see more exit activity in these
9. Other includes the United Kingdom and other countries which each represent less than 1% of funding.
sectors.
10 11
Cumulatively, there has now been $135.2B of equity investment
into 862 unique companies in the Space economy since 2004.
Another $5.5B was invested into 47 Space companies in Q2,
bringing the YTD total to $12.1B invested. With the U.S. and China
collectively accounting for 74% of total investment in the Space
Our Methodology
Space Capital launched the Space Investment Quarterly in 2017 with the aim of uncovering insights about
investing in the space economy. To provide a holistic view of capital flows into the Space economy, in 2020 we
expanded the report beyond just space Infrastructure, to include technology layers that provide access through
Distribution and unlock specialized Applications. The data shown in this report is gathered from a number of

2,493
economy, across all technology stacks since 2004, our data tells
a pandemic story of steep decline followed by signs of recovery. sources across many categories, and no single piece of data can be added to our databases until confirmed by
Venture capital investment in Space is up 4% for the first six multiple sources. Our reported data is subject to change over time as previously undisclosed deals are added
months of the year vs. H1 2019. While YTD investment in the Companies Tracked to our database. Below is a select list of our data sources:
Infrastructure layer is down 33% Y/Y, that is more than offset by
a 39% investment increase in the much larger Application layer.
While the first half of 2020 was overwhelmed by the COVID-19 Investment Crowd Confidential Public News
Databases Platforms Sources Announcements
pandemic, the significant momentum in the Space economy
continues. • Pitchbook • AngelList • Diligence Process • Press Releases • Bloomberg

2,543 •
•
Crunchbase
Mattermark
•
•
SeedInvest
Kickstarter
•
•
Company Management
Co-Investors
•
•
SEC Filings
Events
•
•
CNBC
Fortune

Select Portfolio Milestones10 Rounds Catalogued • CB Insights • Indiegogo • Commercial Partners • SpaceNews
• Government Partners • TechCrunch

NASA Astronauts Launch from America in Historic Test Flight of SpaceX

Crew Dragon (SpaceX)

NASA awards Astrobotic with $200 million to send water-hunting rover to

the moon (CNBC) About
Made in Space acquired by Redwire (SpaceNews)

Planet completes SkySat constellation with 21 satellites in orbit (CNBC)

248
Exits Catalogued
Space Capital is an early-stage venture capital firm investing in the Space economy, specifically
focused on unlocking the value in Space technology stacks such as GPS, Geospatial Intelligence, and
Communications. We are actively investing out of our second fund and manage over $40 million in assets.
Space debris tracker LeoLabs unveiled its automated Collision Avoidance Our sector focus enables us to be a true partner to our portfolio companies and unlock significant value far in
alert service (CNBC)
excess of our investment capital.
NASA Selects SpaceX for Artemis Human Landers (NASA)

Assets Contact
Additional Resources
All charts and tables from this report are available for download. Media Inquiries

The framework for this report is based on The GPS Playbook, This work is licensed under the Creative Commons Attribution- media@spacecapital.com

a report co-authored by Space Capital and Silicon Valley Bank, NoDerivatives 4.0 International License, which means content
cannot be altered from its original form and must include Space Data and Investment Inquiries
which looks at how a space-based technology has generated
Capital attribution. Click here to view a copy of this license. research@spacecapital.com
trillions of dollars in economic value and some of the largest
venture outcomes in history. Using GPS as an analogy, we believe
that Space-based Communications and Geospatial Intelligence
segments have the potential to generate over $1 trillion in equity
value over the next decade.

10. Space Capital and Space Angels portfolio companies

12 © Space Capital 2020 13

Q2
2020