From Hype Cycle to Discipline
Cheap launch did not just lower the cost of reaching orbit — it lowered the cost of betting on space. Since 2009, investors have deployed more than $300 billion across roughly 1,900 companies (Space Capital), turning what was once a government-only domain into a venture category of its own. The peak came around 2021, when a wave of SPAC mergers took dozens of space startups public at rich valuations.
Many of those bets soured. Several SPAC-listed companies struggled once public, and 2022–2023 brought a sharp correction. What emerged is a more disciplined market that rewards proven models — launch, broadband and defence — over speculation. The standout remains SpaceX, which has raised well over $10 billion externally and is valued around $350 billion, alongside a handful of profitable or near-profitable players like Rocket Lab. The capital that flows in ultimately pays for the launches you can watch on our live schedule.
Cumulative and annual investment figures are from Space Capital's Space Investment Quarterly and BryceTech, covering equity investment into space companies, in current USD; methodologies differ on what counts as "space". Company funding totals are approximate, drawn from public reporting of disclosed rounds. Launch counts are live from Orbital Radar's launch database.