2021年第二季度太空投资报告（英）-8页_1mb

Space Investment Quarterly 2021 Summary

Core Content

The Space Investment Quarterly 2021 provides a comprehensive overview of the investment trends and activity in the space economy during the second quarter of 2021. It highlights the growing interest in space infrastructure, distribution, and applications, and discusses the implications of these trends for the future of the sector.

Main Points

Total Investment and Trends

• Cumulative Equity Investment Since 2012: $199.8B across 1,553 unique companies.
• Q2 2021 Investment: $9.9B, the fourth largest quarter on record.
• Infrastructure Investment: $4.5B in Q2, the largest quarter on record for this stack, putting 2021 on track to exceed the previous annual record of $9.1B.
• Early Stage Activity: 123 early stage rounds accounted for 53% of all rounds closed, with nearly $1.0B invested, showing a healthy pipeline.
• Late Stage Dominance: Despite early stage activity, the majority of investment YTD went to late stage rounds.

Key Investments and Companies

Top Deals in Q2

Notable Investments

• Jeff Bezos: Sold $6.7B of Amazon stock, with an estimated $1.0B going to Blue Origin.
• LeoLabs: Completed the Costa Rica Space Radar, launched a $65M Series B, and announced a new radar site in Portugal.
• OneWeb: Raised $1.05B in a Series E round.
• Blue Origin: Self-capitalized with $1.0B.
• Relativity Space: Raised $650M in a Series E round.

Investment by Stack

Infrastructure Stack

• Cumulative Investment: $37.7B over the past 10 years.
• Q2 Investment: $4.5B, driven by mega-rounds in OneWeb, Blue Origin, and Relativity Space.
• Geography: U.S. companies account for 64% of Infrastructure investment, followed by the U.K. at 17% and China at 8%.
• Sector Breakdown:
  • Launch: $22.4B cumulative investment, with 72% in Heavy Launch.
  • Satellites: $13.4B cumulative investment, with 66% in Communications.

Distribution Stack

• Cumulative Investment: $6.7B over the past 10 years.
• Q2 Investment: $0.3B, dominated by PNT (Positioning, Navigation, and Timing) investments.
• Geography: U.S. and China account for 45% and 33% respectively.
• Sector Breakdown:
  • PNT: 57% of Distribution investment.
  • Communications: 40% of Distribution investment.

Applications Stack

• Cumulative Investment: $155.4B over the past 10 years.
• Q2 Investment: $5.2B, with 60% coming from Venture Capital.
• Geography: U.S. leads with 46%, followed by China with 30%.
• Sector Breakdown:
  • PNT: 88% of Q2 investment in Applications.
  • Earth Observation (EO): 19% of rounds, but only 2% of investment.

Exits and Mergers

• Infrastructure Exits: $6.3B from six exits, including the acquisition of Aerojet Rocketdyne by Lockheed Martin ($5.0B).
• Distribution Exits: $0.9B from three exits, with most occurring in Comms and PNT sectors.
• Applications Exits: $13.4B from eight exits, with 27% of exits coming from IPOs.
• SPAC Mergers:
  • 14 SPACs announced to date.
  • 3 successfully merged.
  • 2 announced in Q3.
  • 11 pending SPACs expected to add $8.3B to target companies' balance sheets, including $5.9B through PIPEs.

Investment Outlook

• The Applications stack has seen a significant increase in investment due to the impact of COVID-19 on on-demand delivery and ride-hailing.
• Early stage rounds are increasing in size, with Seed and Series A rounds resembling Series B in terms of funding.
• Venture Capital continues to play a central role in deploying capital, especially in the Applications and Distribution stacks.
• The space economy is becoming more software and data-driven, with a growing emphasis on leveraging Earth Observation and Geospatial Intelligence for real-world applications.

Methodology and Data Sources

• Data is gathered from a variety of sources including:
  • Investment Databases
  • Crowd Platforms
  • Public Announcements
  • SEC Filings
  • Press Releases
  • Pitchbook, AngelList, Crunchbase, SeedInvest
  • Commercial Partners, Co-Investors, Events
• All charts and tables are available for download, and the report is licensed under Creative Commons Attribution-NoDerivatives 4.0 International License.

Additional Resources

• The report is based on The GPS Playbook, a joint report with Silicon Valley Bank, which highlights the economic value and venture outcomes generated by space-based technologies.
• It estimates that Space-based Communications and Geospatial Intelligence sectors could generate over $1 trillion in equity value over the next decade.

Conclusion

The Space Investment Quarterly 2021 illustrates a robust and growing space economy, with a focus on infrastructure development, distribution networks, and application innovation. While early-stage activity remains strong, the majority of investment is still concentrated in late-stage and established companies. The report also highlights the increasing role of private capital and the potential for future growth in sectors like Earth Observation and Geospatial Intelligence.