2024年Q2空间投资报告（英）-20正式版.docx

Q22024SPACEIQSpaceInvestmentQuarter1.yPrivatemarketequityinvestmentactivityandstartuptrendsinthespaceeconomy-fromtheinvestorsattheforefront$291,3BCumu1.ativePrivateMarketEquityInvestmentsince20151,8301.UniqueCompanies$4.0BQ2Investment1.123Q2NumberofCompaniesReceivingInvestmentFrontcoverm»goAnirna9cUkanbyRussianc<Mmo11AutScrgcyKoceakovfrom0FT2s*stheBOan9StartinerspacecraftapproachingtheInwma1.ionaiSpaceStation.NM7.2024Photocredit.S«rgcyKorsakoviRoscosmosC>SpacoCapta1.2024Q22024SpaceIQSpaceInvestmentQuarter1.yVenturecapita1.continuestobetheIeacingsourceoffundingfor8paoecompaniesandatthecoreoftesbAK5ownisaIadCofIiquidity-PrPAMx1.ge»tsWithstrongmacroco11o11vcincaiorsatthestartof2024,weexpectedsverairawcutsE冬yeartospuraturnaround,victhaveyettom11tefi111.izc.Infact,!hcFednowexpectstocutintrcs1.ra1.esjustoncein2024amkjstubborninf1.ation.This,combinedw<hetectionuncertainty,isresu1.&nginapro1.ongedmarketcrec1.on.adifficttbndfsinge<wonment.andatepidexitenvironment.However,therearesignsthatinvestmentintespaceeconomysimprovingFo1.1.owing1.astyear'sdecade-1.owininvestmentactivity(asinvestorssicdWhyfromrevenue-stared1.BS),theSituationin2024ismafke>diffefent.TherewererroredafedoneinQ2thaninthepastnir>equarters.Andhn1.fwaythrough2024,investmentinsp;»ceAppticationshasa1.readysurpassedthefu1.yeartota1.for2023.indicatingtatwemaybethroughthetroughAddi¢oay,fo1.1.owingInstyear'srecord-highgrowthsUgcinvestmentsinInFfastfuc1.ure,tisquarterwasthef<jrt-hhe1.Incontrasttothbroaderventuremarket,thisyearisontracktok>gth©highestaOquisitkxiactivityofthepastdec;Kktwith36dc111.sYTD.HcwevecthisConsoWaUonisgenera1.1.ytheresu1.tofhardtxnsandtheva1.ueOftheseacquisitionsremainssubdued.A1.thoughtheIPOmarkethasye<toopen,weareseeingsignso(1.ife"hstronginitia1.demandforAetrcecates(TYO:186A)1.istingandtheexpectedSierraSPM8IPOWithstockmarketsdmbinghigherandimprovementsinPnVaIemarketva1.uations,wemayeUiseetheexenvironmentimpf(ebyyear-endAtourrecentS-QjtS1.11i.iwereisi1.edourpr2ctionsfor2024andbewEWVeremanedontargetdespitemacromarkethca(inds.Theseca1.ntystsarckeytourte<stafx1.ingteCOmiMgdgrowthoftespaceeconomyandb*wisasummaryofbewthesePred记VOnSarep1.ayingout:Prediction:A1.wi1.1.acce1.erateinnovationIntespaceeconomyandcnnUccompaniestoun1.ockthev111.ucofgeoat划data.After12yearsofinvestinginthespaceeconomy,it'ssurrea1.toseesomanyVCfirmsIea1.GingSpace4AJatthe<annua1.meengsthisyearAtorSummit,wehostedaconvectrononBig(Geos网皿)Df岫icexp<cedhowthePentagonismakinguseofA1.Wrthspysate1.1.itedata.MeanwtigP1.anet(NYSE:P1.>焰1.everang3yntbet)c(i：*:atoStmggsate1.1.iteimageryandnaWcustomerconversationsbeforeasate<Meiseven1.aunched.Tecompanyvi1.1.beamongthefirsttospace-quairfyandf1.yanWiDJAJetscnGPUonaSaw1.6toenaW«11te*gntimagingandfasterinsightsforcustomers.Prediction:GovernmentfundingwcomirxeIobeakey(JriverofgrowthIntheqxctforrevenue,morecompaniesarechasinggovernmentdo1.1.arsandmoreInvestorsarewi1.1.ingtofrdthem.Forfurtherrenting.t!'vejustju!>：-'：(IC.h力ontheinextricabte1.inkb9weendefensespendingandcommercia1.spacemtheUnitedStates.AtourSummit,wea1.soexptocedtheshiftingg1.oba1.PoWCrdynamicsandthegr.vhChinahas1.edYTDspaceInfrastruciurenstmet.accountingf<x37%ofgrowthtag8and63%OffurxS11g,bothsurpassingtheU.S.RisinggeooMica1.tensions,particu1.ar1.yvitChifta.tinetodriveincreasesinU.S.governmentfunding.Prcdictrcn:Afterrecord1.aunchactivityin2023,expectcomuedgrows2024drivenbySpce×.InthefirsthaKof2024,Spcc×hnscontinuedtopushthoboundariesoffattsPOSSa8with67Iaurxjhes.refiyngaboosterforarecord20thtime,andcompeci11gIbefirsteverContro1.tedsoft1.andingsofStafshipandSuperHeavy.WrththerapidadvancementofteStarsptestprogram,thespaceeconomyisonthevergeofama(ornewpas(Jevetopmen1.yetmanyareUrtpceparedk>ftheOOnW1.gchange.AtourSummitWeimaginedy,niarketc.portutsa_Sy>,ordAtthesametime.SpaceXsdominancewi1.1.beChaf1.Cngedbynear1.yadozennewvcidcsth11tarcexpectedtocom©on1.inethtsyear.Prediction:SpaceTrafficManagementwi1.1.continuetobenkeyfocusareainmeyearahead.Near1.y9.000sntc1.1.itGSareafrcndyinorbitandby2030thisMmberMf1.increasebyafactorof11x.TherapidgrowthofirMematKXia1.spaceinfrastructureisSigndicant1.yincreasingtheriskofCOnjUnCuOn5(potnUa1.cotsions)anddrivingstrongerdemandforspaceSituabona1.aafees(SSA)dataandspacetrafficmanagement(STM)soiutro11sWithspaceassetsDoWgrowingataratefnstcrthanMoore's1.aw,STMwi1.1.UndctJbtedIycontinuetobeakeyfocusarea.InanotherSunvnhconversation,wediscussedvatbeing：«yietoprotectthiscritica1.orbita1.Infrastnicture._蛇TOTA1.INVESTMENTBYGEOGRAPHYTOTA1.INVESTMENTBYINDUSTRYInvestmentintheSpaceEconomyCUMU1.ATIVEPRIVATEMARKETEQUITYINVESTMENTFROM2015TOPRESENTUSACi11a.SingaporeIndiaFrarxzeUKIndonesia28%【01A1.INVESTMENTBY1.AYER3%27%CanadaOthefS50BMOB197819842001Fre1.gpiOneCommercia1.supports