Seraphim Space Index Q4 2025 (Seraphim Space)

Summary

• Q4 2025 was a record quarter for SpaceTech investment, with $3.8bn deployed globally and total funding over the past twelve months at $12.4bn, surpassing the 2021 peak of $10.9bn.p.2
• Total investment in the TTM period to Q4 2025 rose by 48% year-on-year, reaching $12.4bn.p.4
• North America recorded 225 deals in the TTM to Q4 2025, while Asia ended the year with 217 deals, of which China accounted for 119, and Europe closed with 147 deals.p.5
• China accounted for approximately $2bn of the total $2.7bn invested in Asia.p.5
• The top 10 deals of Q4 2025 totalled $2.4bn, with Stoke Space securing the largest round through its $510m Series D+.p.6
• Planet Labs gained c.390% over the year, AST SpaceMobile c.245% and Rocket Lab c.175%.p.2
• SpaceX could be on the verge of one of the biggest IPOs in recent history, aiming to raise $30bn+ at a 1.5tn+ valuation.p.3

Key insights

1. Investment in China decreased by c.10%, down from its 2025 record level.p.2
2. Starlink is estimated to be 60%+ of SpaceX's revenue.p.3
3. Airbus, Leonardo and Thales signed a memorandum of understanding to combine their space businesses into a single new entity.p.3
4. An executive order called for returning astronauts to the Moon by 2028 and beginning construction of a permanent lunar base by 2030.p.3
5. Europe closed the year with 147 deals, an almost 15% decrease compared to 2024.p.5
6. North America reclaimed the quarterly lead in Q4 with 56 deals versus Asia's 52.p.5
7. ICEYE's $175m Series D+ round was the only European transaction in the top 10.p.6
8. Seraphim has a portfolio of more than 100 of the world's leading SpaceTech start-ups.p.8