Which VCs are most active in space tech?

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Space technology has become the most compelling frontier for venture capital, with specialized funds and corporate venture arms investing $26 billion in 2024 alone.

The venture landscape spans from dedicated space VCs like Seraphim Space managing 601 deals annually to tech giants like Founders Fund leading $150 million Series B rounds. Understanding which investors consistently write checks, their investment patterns, and geographic focus areas gives entrepreneurs and investors critical intelligence for navigating this rapidly expanding market.

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Who are the top venture capital firms actively investing in space tech in 2024 and 2025?

Seraphim Space dominates the space VC landscape with 601 deals completed in 2024 and $8.6 billion in total transaction monitoring.

Space Capital deployed $26 billion across space technology companies in 2024, representing a 30% year-over-year growth in their investment activity. Their Q1 2025 Space IQ report tracks investments across 104 companies, demonstrating sustained momentum into the current year.

Founders Fund continues its pioneering role in space technology, having been SpaceX's first institutional investor and recently leading Impulse Space's $150 million Series B round. Their $4.6 billion growth fund closed in 2024 specifically targets deep tech and space applications.

DCVC focuses on dual-use technologies spanning climate and defense applications, participating in growth rounds for companies like Capella Space and Impulse Space. Their 2024 Q4 update highlighted significant deployment in Earth observation and in-space mobility sectors.

Lux Capital operates across biotech and deep tech intersections, leading Series A rounds like Chroma Medicine's $75 million raise for in vivo epigenetic editing platforms. RPM Ventures, based in Los Angeles, led Firefly Aerospace's $175 million Series D round, establishing their position in launch services.

Which specific space startups have these VCs backed recently, and what do those startups do?

Impulse Space secured $150 million in Series B funding led by Founders Fund for their in-space transportation platform using nitrous oxide and methane propulsion systems.

The Exploration Company raised $158 million in Series B co-led by Seraphim Space for developing reusable lunar capsules and microgravity research and development capabilities. Their technology enables cargo delivery to space stations and lunar surface missions.

Firefly Aerospace completed a $175 million Series D round led by RPM Ventures to scale production of their Alpha rocket for responsive launch services. The company provides dedicated small satellite launches with rapid deployment capabilities.

Capella Space received growth-stage investment from DCVC for their synthetic aperture radar satellite constellation providing all-weather Earth observation data. Their satellites deliver sub-meter resolution imaging regardless of cloud cover or darkness.

Chroma Medicine attracted $75 million in Series A funding with Lux Capital participation for their in vivo epigenetic editing platform, representing the intersection of biotechnology and space-based research applications.

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How much capital did each of these VCs invest in those companies?

Investment amounts vary significantly based on deal stage and company maturity, with Series B rounds averaging $100-150 million and growth rounds reaching $175-300 million.

Founders Fund led Impulse Space's $150 million Series B round, demonstrating their appetite for substantial growth-stage investments in proven space technologies. Later reports indicated Impulse Space secured an additional $300 million Series C round, though specific investor breakdowns remain undisclosed.

RPM Ventures led Firefly Aerospace's $175 million Series D round, marking one of the largest launch services investments in 2024. Seraphim Space co-led The Exploration Company's $158 million Series B, representing their largest single investment commitment.

Space Capital deployed approximately $300 million across 12 companies in emerging space industries including on-orbit servicing and lunar logistics during 2024. Individual investment amounts typically range from $10-50 million per company in their portfolio.

DCVC's growth-stage investments in companies like Capella Space remain undisclosed, though their typical check sizes range from $20-100 million for late-stage rounds. Lux Capital's participation in Chroma Medicine's $75 million Series A represents their standard early-growth investment approach.

What were the deal stages and terms—Seed, Series A, Series B or later, SAFEs, convertible notes?

Most space technology investments now occur through priced equity rounds rather than convertible instruments, with SAFEs and convertible notes primarily limited to accelerator and pre-seed stages.

TechStars and Y Combinator space programs typically invest $50,000-120,000 through SAFE agreements or convertible notes for pre-seed startups. These accelerator investments convert during subsequent priced rounds led by institutional investors.

Series A rounds in space technology typically range from $5-25 million, with companies like Chroma Medicine raising $75 million representing the higher end for specialized applications. Series B rounds commonly span $50-150 million, as demonstrated by Impulse Space's $150 million raise.

Growth-stage Series C and D rounds exceed $100 million, with Firefly Aerospace's $175 million Series D and Impulse Space's subsequent $300 million Series C establishing new benchmarks. These late-stage rounds almost exclusively use priced equity with liquidation preferences and anti-dilution provisions.

Convertible instruments remain uncommon beyond early stages because space technology companies require substantial capital for hardware development and testing, making investors prefer the certainty and control mechanisms of priced equity rounds.

Are there certain VCs that consistently lead rounds versus those who follow?

Seraphim Space and Founders Fund consistently lead Series A and B rounds, while specialized funds like DCVC and Lux Capital more frequently participate as followers in syndicated deals.

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What are the main geographies these VCs focus on—US, Europe, Asia, emerging markets?

US-based investors dominate space technology funding, though European funds like Seraphim Space increasingly compete for global deals and emerging markets present growing opportunities.

American VCs including Founders Fund, DCVC, Lux Capital, RPM Ventures, and In-Q-Tel concentrate primarily on US West Coast and East Coast startups, though they occasionally invest internationally in exceptional companies. Silicon Valley and Los Angeles represent the highest concentration of space technology investment activity.

Seraphim Space operates from London but maintains global investment reach, participating in US deals like Impulse Space while supporting European space startups through their accelerator programs. TechStars runs dedicated space tracks in the US, UK, and Israel, creating international pipelines for early-stage companies.

Space Capital tracks Chinese space technology investments separately in their quarterly reports, noting significant government-backed funding that doesn't always appear in traditional VC databases. Asian markets including Singapore, Japan, and India attract growing attention from US-based funds seeking international expansion opportunities.

In-Q-Tel maintains global investment scope aligned with US intelligence community interests, participating in deals across allied nations including Australia, Canada, and European countries. Emerging markets like Africa and South America receive attention through specialized programs rather than mainstream VC investment flows.

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Which large corporations or industry giants are co-investing or running internal venture arms?

Aerospace giants including Airbus Ventures, Lockheed Martin Ventures, RTX Ventures, and Boeing HorizonX operate active corporate venture arms targeting strategic space technology investments.

Airbus Ventures participated in Impulse Space's Series B round alongside Founders Fund, demonstrating how traditional aerospace companies co-invest with financial VCs in breakthrough technologies. Their portfolio focuses on satellite systems, space logistics, and advanced propulsion technologies that complement their existing space business units.

Lockheed Martin Ventures led investment rounds in Agile Space for in-space thruster technologies, while RTX Ventures followed in Impulse Space's Series B round. These defense contractors specifically target dual-use technologies applicable to both commercial and government space missions.

Boeing HorizonX maintains strategic participation in satellite servicing startups, though their investment activity decreased following broader corporate financial challenges in commercial aviation. Amazon's venture activities through Alexa Fund occasionally extend to space-related companies, particularly those developing satellite communication technologies.

Apple's $1.7 billion strategic investment in Globalstar for 20% equity represents the largest corporate space investment in recent years, enabling iPhone satellite connectivity features. This deal demonstrates how consumer technology companies increasingly recognize space infrastructure as critical for future product capabilities.

What specific technologies or R&D breakthroughs in space tech are getting VC attention and funding?

In-space mobility platforms, reusable launch systems, synthetic aperture radar satellites, and space-based biotechnology represent the four primary technology categories attracting major VC investment.

Impulse Space's nitrous oxide and methane propulsion systems for satellite orbital transfers exemplify the in-space mobility trend, with their $150 million Series B and subsequent $300 million Series C validating market demand for "space tugs" that move satellites between orbits.

Firefly Aerospace's Alpha rocket development for responsive launch services demonstrates investor appetite for reliable, cost-effective launch capabilities. Their $175 million Series D funding supports production scaling for small satellite deployment missions requiring rapid turnaround times.

Synthetic aperture radar technology from companies like Capella Space and ICEYE attracts investment because these satellites provide all-weather, day-night Earth observation capabilities superior to traditional optical satellites. Government and commercial customers pay premium prices for radar data unavailable from other sources.

Space-based biotechnology represents an emerging category, with companies like Chroma Medicine developing in vivo epigenetic editing platforms designed for microgravity research applications. The unique conditions of space enable biological research impossible on Earth, creating new intellectual property and therapeutic development opportunities.

How much total venture capital funding went into space tech in 2024 and how much so far in 2025?

Space technology attracted $26 billion in total private investment during 2024, with $8.6 billion specifically tracked through venture capital deals according to Seraphim Space's transaction monitoring.

The $26 billion figure from Space Capital represents a 30% year-over-year increase compared to 2023 investment levels, demonstrating sustained growth despite broader venture capital market corrections. This total includes venture capital, private equity, corporate strategic investments, and government co-investment programs.

Q1 2025 data shows $4.3 billion invested across 104 space technology companies, suggesting an annual run rate potentially exceeding 2024 levels if momentum continues. The first quarter traditionally represents slower investment activity, making this figure particularly encouraging for full-year projections.

Seraphim Space's $8.6 billion tracking focuses specifically on venture capital deals rather than total private investment, indicating that traditional VC represents approximately one-third of total private capital flows into the sector. The remainder comes from corporate strategic investments, government programs, and private equity growth capital.

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What are the most significant exits or acquisitions in space tech over the past 18 months?

SpaceX's secondary share sale valued the company at $350 billion, Apple's $1.7 billion Globalstar investment, and Voyager Technologies' successful IPO represent the most significant space technology liquidity events in recent months.

SpaceX's $1.25 billion secondary share sale in Q4 2024 established a $350 billion valuation excluding employee stock options, creating substantial returns for early investors including Founders Fund. This transaction provides liquidity for employees and early investors while maintaining the company's private status.

Apple's strategic investment of $1.7 billion for a 20% stake in Globalstar enables satellite connectivity features for iPhone devices, demonstrating how consumer technology companies increasingly value space infrastructure assets. This deal provides Globalstar with capital for constellation expansion while securing Apple's satellite communication roadmap.

Voyager Technologies completed their NYSE IPO in June 2025, raising $402 million at $31 per share with first-day trading reaching $56.48, an 82% premium. This successful public debut signals renewed investor appetite for space technology public offerings after several years of challenging market conditions.

Radiant's $100 million Series C round for modular nuclear microreactors, led by DCVC Climate, represents significant growth capital rather than an exit but demonstrates investor confidence in space-applicable nuclear technologies. These microreactors could power lunar bases and deep space missions, creating substantial government and commercial markets.

What trends or technologies are expected to attract the most investment in 2026?

Lunar economy platforms, on-orbit manufacturing, space-based solar power, and satellite mega-constellations represent the four technology categories expected to dominate 2026 investment flows.

Lunar economy development receives increasing attention as NASA's Artemis program and private lunar missions create demand for surface infrastructure, cargo delivery, and resource extraction technologies. Companies developing lunar landers, rovers, and habitat systems will likely attract substantial growth capital as mission timelines accelerate.

On-orbit manufacturing presents compelling unit economics for specialized materials impossible to produce in Earth's gravity, including fiber optics, pharmaceuticals, and advanced alloys. Early-stage companies developing automated manufacturing platforms for space deployment could attract significant Series A and B investments.

Space-based solar power technology development accelerates as terrestrial renewable energy costs decrease and space launch costs continue falling. Demonstration missions planned for 2025-2026 will validate technical feasibility, potentially triggering major investment rounds for commercialization efforts.

Satellite mega-constellations beyond Starlink create opportunities for specialized applications including Earth observation, internet connectivity, and Internet of Things networks. Companies developing next-generation constellation technologies, ground systems, and satellite servicing capabilities will compete for growth capital from both financial and strategic investors.

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Are there any notable accelerator or incubator programs that consistently feed top-tier space tech startups into VC pipelines?

Seraphim Space Camp, TechStars Space Track, and SpaceFund Fellows operate the most successful space technology accelerator programs, consistently producing startups that secure institutional venture capital funding.

Seraphim Space Camp runs semi-annual three-month accelerator cohorts for pre-Series A space technology teams, providing $100,000-500,000 in initial funding plus mentorship from industry executives. Their London-based program maintains strong connections to European space agencies and commercial partners, creating strategic value beyond capital.

TechStars operates dedicated space tracks in multiple locations including Boulder, Colorado; London, UK; and Tel Aviv, Israel. Their global program network provides startups with $120,000 initial investment plus access to TechStars' extensive mentor network and demo day presentations to institutional investors.

SpaceFund Fellows combines seed capital investment with research publication and market intelligence, helping startups understand commercial opportunities while developing their technologies. Their New York-based program specifically targets companies addressing space economy infrastructure needs.

Y Combinator's space technology companies including ICEYE have achieved substantial follow-on funding success, though YC operates a general technology accelerator rather than space-specific programming. Their startup methodology and investor network prove effective for space companies capable of rapid iteration and scaling.

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Conclusion

Sources

1. Seraphim Space Index Q4 2024 Executive Summary
2. CNBC - Peter Thiel's Founders Fund Closes $4.6 Billion Growth Fund
3. CNBC - Impulse Space Raises $150 Million Led by Founders Fund
4. Impulse Space - Series B Funding Announcement
5. DCVC 2024 Deep Tech Opportunities Report
6. TechCrunch - In-Q-Tel Strategic Investments in Space Ventures
7. SpaceFund Official Website
8. FinSMEs - Firefly Aerospace $175M Series D Funding
9. Space Capital Podcast and Market Intelligence
10. Satellite Today - Space Capital Investment Tracking