To get in touch about this data, contact me on LinkedIn: https://linkedin.com/in/connorsattely
October was another strong month for global VC investment in space-tech, topping $1.2b for only the second time this year. A total of $1.22b was invested in 23 deals.
Two megarounds from the countries receiving the most VC investment in space-tech – China and the United States – led the way with over $860m combined capital raised.
The USA’s Stoke Space raised $510m in a Series D led by U.S. Innovative Technology Fund. The company will use the funding to advance the development of the Nova reusable rocket, and complete a Cape Canaveral launch.
Meanwhile, China’s Beijing Tianbing Technology raised 2.5b CNY (about $350m USD) in a Series D round which attracted a large consortium of investors.
Outside of the US and China, Europe’s total ($191m across 9 deals, including UK) was buoyed by a $104m round for Endurosat led by Rior Ventures, Google Ventures, Lux Capital, and Shrug Capital.
Japan also had two deals: EX-Fusion’s ¥3b ($19.5m) round and a ¥400m ($2.6m) Series A+ for Mjolnir Spaceworks. India’s Thrustworks Dynetics raised 7cr INR ($790k) led by Jamwant Ventures to develop its liquid rocket engines and propulsion subsystems.
All deals in October 2025, by $ (descending)
- Stoke Space (USA) – Reusable medium-lift launch vehicles – raised $510m.
- Beijing Tianbing Technology (China) – launch orbital transport – raised CNY2.5b.
- EnduroSat (Bulgaria) – smallsat manufacturing / constellation services – raised $104m.
- Hubble Network (USA) – low-power Bluetooth-to-satellite IoT connectivity – raised $70m.
- HyImpulse (Germany) – hybrid rocket propulsion systems – raised €45m.
- Juntian Aerospace (China) – satellite manufacturing / constellation services – raised CNY200m.
- EX-Fusion (Japan) – inertial confinement fusion technology – raised ¥3b.
- Kiutra (Germany) – helium-3-free magnetic cooling for quantum tech – raised €13m.
- Jitian Xingzhou (China) – sensing payloads for EO satellites – raised CNY100m+.
- StarDetect (China) – on-orbit computing platform, space domain awareness- raised CNY100m+.
- GATE Space (USA) – in-space propulsion, orbital maneuvering systems – raised $10m.
- MAGICS Technologies (Belgium) – radiation-hardened semiconductors – raised €5.7m.
- Catalyx Space (USA) – autonomous spacecraft reentry and recovery – raised $5.4m.
- Eoliann (Italy) – satellite data and AI-powered climate risk analytics – raised €4.25m.
- TITAN4 (Italy) – satellite imagery, AI analytics for infrastructure resilience – raised €4m.
- Aspia Space (UK) – AI-driven EO and land intelligence platform – raised £2.3m.
- MJOLNIR SPACEWORKS (Japan) – hybrid rocket engines, weldless propellant tanks – raised ¥400m.
- Orbital Paradigm (Spain) – reusable orbital re-entry capsules – raised €1.5m.
- Thrustworks Dynetics (India) – engines and propulsion subsystems – raised ₹7cr.
- Axenic (UK) – optical modulators for satellite communications – raised £0.5m.
The following companies raised undisclosed amounts:
- Suzhou Wuyue Aviation Technology (China) – aerospace sheet metal parts
- Venus Aerospace (USA) – rotating detonation rocket engines for space, defense, and hypersonics
- Space4Good (Netherlands) – satellite-based forest monitoring and deforestation detection using AI
Estimating the size of the Spacetech industry
SpaceWatch.Global estimates that so far in 2025, 287 companies have raised $8.4b. of venture equity funding.
- January: 24 deals, $836m
- February: 21 deals, $620m
- March: 31 deals, $435m
- April: 31 deals, $630m
- May: 30 deals, $744m
- June: 25 deals, $1.16b
- July: 29 deals, $862m
- August: 33 deals, $346m
- September: 39 deals, $1.53b
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 October 2025, 19 space-tech companies raised a total of approx. $1.12b. As of publication, the dashboard also includes 36 additional deals, worth $115m, which we classify as either not space-tech, or not venture capital. Notably this month, 29 EUSPA/CASSINI-supported startups have appeared – we do not consider this venture capital funding, so these companies are not listed. The VentureSpace list this month includes four companies not listed on Dealroom’s dashboard at time of publication: Hubble Network, StarDetect, Catalyx Space, and Thrustworks Dynetics.
Get in touch at [email protected] – we are happy to share more about our methodology, who’s included, who’s not, and more information about each investment.
