Space investment more than doubled to $23 billion in year to June, report says

Investors are funneling capital toward companies that can show operational proof rather than early-stage promise, with the space economy moving from "hype to commercial reality," according to the report covering Earth observation (EO), in-orbit manufacturing and satellite supply chains.

"EO is already an established category — the tech is well established, if still improving," said Andrew Bonwick, Relm's VP of Product Development.

"The real value is in the analytics. Customers buying these services don't think of them as space services — they're sold on what they actually want: where are my ships, when should I plant my crops, is that refinery switched on, where's at risk of wildfire."

Capital grew more selective toward Earth observation companies with visible revenue and experienced leadership, the report said.

Private investment in space companies globally climbed to $23 billion in the year through June, more than double the $9.7 billion raised a year earlier, according to a report by Relm Insurance and British investment firm Seraphim on Wednesday.

SpaceX's June IPO has reshaped the funding landscape for the sector, drawing in new investors as venture firms look for the next space company capable of a similar payoff.

In-orbit manufacturing is still in its early days, held back by limited ways to launch and bring products back to Earth, with some companies merging while others struggle to grow beyond small pilot projects.