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February 2025 saw 21 venture capital deals in spacetech, totaling $620m in investment.
American startups once again led the way this month, with 11 deals raising at least $4m, including a Series C for X-Energy ($200m), a Series B for K2 Space ($110m), and the first close of Lynk Global’s Series B round (at least $85m).
Estonia hops off the page this month, too, with its two deals in Feb 2025 matching its yearly total from 2024 – Gridraven’s power grid efficiency software brought in €4m while GaltTec’s micro-tubular solid oxide fuel cells brought in €1.3m in VC investment.
It’s a significant drop compared to February 2024 ($1.7b), but the data is somewhat skewed by two megarounds last year – a $1b mega-round from China’s Shanghai Shanghai Spacecom Satellite Technology (SSST) and a $355m round for USA’s Rocket Lab.
All deals in February 2025, by $ (descending)
- X-energy (USA) – advanced nuclear energy – raised $200m.
- K2 Space (USA) – satellite manufacturing – raised $110m.
- Lynk Global (USA) – direct-to-smartphone satellite network – raised $85m.
- ICON Technology (USA) – 3d printed construction – raised $56m.
- Ark Edge Space (Japan) – microsatellite constellations – raised ¥8b.
- Skylo (USA) – direct-to-devvice satellite connectivity – raised $30m.
- Karman+ (USA) – autonomous asteroid mining vessels – raised $20m.
- Beijing Jiutianxingge Aerospace Technology (China) – components for launch vehicles – raised RMB100m.
- Magdrive (USA) – next-gen spacecraft propulsion – raised $10.5.
- Starcloud (USA) – data centers in orbit – raised $10m.
- Floodbase (USA) – platform for flood risk insurance – raised $5m.
- Kapta Space (USA) – electronically-steered satellites for EO – raised $5m.
- Gridraven (Estonia) – power grid efficiency software – raised €4m.
- AscendArc (USA) – small GEO communication satellites – raised $4m.
- CubeSpace (South Africa) – ADCS systems – raised $3m.
- DPhi Space (Switzerland) – shared satellites for hosted payloads – raised CHF2.1m.
- BiOceanOr (France) – water quality observation – raised €2m.
- MESPAC (Italy) – integration of satellite and in-situ data – raised €1.5m.
- GaltTec (Estonia) – micro-tubular solid oxide fuel cells (mSOFCs) – raised €1.3m.
- Astrogate Labs (India) – data downlink for small satellite constellations – raised $1.3m.
- Aiko (Italy) – AI in-orbit asset management – raised €520k.
Estimating the size of the Spacetech industry
SpaceWatch.Global estimates that so far in 2025, 45 companies have raised $1.45b=b of venture equity funding.
- January: 24 deals, $836m
- February: 21 deals, $620m
Benchmarking our estimate
The Dealroom/ESA Space Tech Dashboard is a great way to benchmark our estimate. Generally, the dashboard has a more expansive definition of spacetech (including, for example, terrestrial drones, ground sensors, or eVTOL vehicles).
Dealroom estimates that in February 2025, 17 space-tech companies raised a total of approx. $523.98 USD. As of publication, the dashboard also includes 10 additional deals, worth $4.37m, which we classify as either not space-tech, or not venture capital. The VentureSpace list includes four companies not listed on Dealroom’s dashboard at time of publication: Lynk Global, Kapta Space, AscendArc, and MESPAC.
Get in touch at [email protected] and we are happy to share more about our methodology, who’s included, who’s not, and more information about each investment.
