2025-04-13-PitchBook-PitchBook年新兴技术研究-垂直快照_空间技术（英）_7页_10mb

Space tech industry is maturing into a disciplined, revenue-driven market focused on scalable models like satellite services and geospatial data.

Starship remains crucial for reducing launch costs, despite setbacks; SpaceX dominates launches, capturing 95% of US market, while VC investment increased in late-stage ventures and specific sectors like satellite comm and Earth monitoring.

Geopolitical shifts, such as US dominance via SpaceX and Europe's Eutelsat OneWeb, drive a multi-polar economy; capital flows to revenue-ready applications instead of pure infrastructure.

Exits favor acquisitions, with a revival expected; risks include technical delays for Starship, pressuring timely advancements. Low-Earth orbit (LEO) infrastructure presents significant growth opportunities amid NASA's commercial initiatives and rising demand for orbital logistics.

Capital deployment and industry dynamics indicate a strategic pivot toward sustainable, long-term growth in applications and data-centric plays.