Seraphim Space Index Q2 2026 (Seraphim Space)

Summary

• Total SpaceTech capital deployed reached $7.5bn in Q2 2026, the second-largest quarter on record, behind Q1 2026 ($8.0bn), while trailing twelve-month investment reached an all-time high of $23bn.p.2
• M&A activity has accelerated significantly, with acquisitions increasing approximately 4x versus the prior trailing twelve-month period.p.2
• SpaceX completed its IPO, pricing 555.6 million shares at $135 per share and raising approximately $75bn, with gross proceeds rising to approximately $85.7bn after the overallotment option, making it the largest IPO in history.p.3
• Blue Origin reportedly launched its first external fundraising round, seeking approximately $10bn at a reported $130bn valuation.p.3
• Broader venture funding reached $205bn during the quarter, with OpenAI and Anthropic alone accounting for 43% of all startup funding in H1 2026.p.4
• North America recorded a record 250 deals worth $13.7bn in the TTM to Q2 2026, representing +126% investment growth year-on-year.p.5
• Asia reached 212 deals in the TTM (+15% YoY), significantly outpacing Europe's 136 deals.p.5

Key insights

1. SpaceX's market capitalization was briefly pushed above $2tn after the listing.p.3
2. North America captured 75.9% of global Q2 investment activity, accounting for $5.7bn of capital deployed.p.5
3. In Q2 2026, every top 10 round surpassed $250m, an unprecedented number of companies capable of raising mega-rounds.p.6
4. The US accounted for half of the top 10 financings, with Europe represented by rounds for ICEYE and Isar Aerospace.p.6
5. Anduril raised $5bn at a $61bn valuation, while Project Prometheus secured $12bn at a $41bn valuation, both excluded from the analysis.p.6
6. Consolidators such as Rocket Lab, York Space, Firefly and Intuitive Machines are increasingly pursuing platform-scale strategies through acquisition.p.2
7. Unlike general VC, where deal count is at a near-decade low, space investment is being driven by a widening set of companies.p.4