When the Center of Gravity Moves Above Our Heads (LIFTT)

Summary

• Space now functions as a utility layer, with most value captured downstream in software, analytics and workflow integration rather than in rockets or spacecraft.p.2
• Reuters reported SpaceX generated about $8 billion in profit last year ahead of an expected IPO.p.4
• Between 2021 and 2024, several space companies including Rocket Lab, Planet Labs and AST SpaceMobile accessed public markets mainly via SPAC mergers.p.4
• In early 2026, York Space Systems completed a public listing.p.4
• In space solar power and power beaming, Aetherflux closed a $50 million Series A.p.5
• Diffraqtion raised a $4.2 million pre seed to build a quantum camera aimed at SSA and Earth observation.p.5
• LIFTT is an Italian venture capital firm that has completed 58 investments in innovative start-ups.p.7

Key insights

1. Connectivity and Earth observation together form a single infrastructure layer underpinning economic continuity, national security and climate resilience.p.2
2. Capital is following the shift, with value moving downstream toward software, orchestration, security and integration.p.4
3. Public markets and M&A point to consolidation, with sustained acquisitions between 2020 and 2025 by BAE Systems, Lockheed Martin, L3Harris, Thales and others.p.4
4. Starcloud is reported to have raised a $10 million seed linked to NVIDIA Inception, and Sophia Space a $3.5 million pre seed, to build orbital compute.p.5
5. Reflect Orbital closed $20 million, alongside Aetherflux's $50 million Series A, in space solar power and power beaming.p.5
6. Artemis II is planned between 7 and 11 March, one of several execution milestones that will test cadence and reliability across the stack.p.6
7. Industrial capacity remains a gating factor, with manufacturing scale ups sitting behind any meaningful increase in launch cadence.p.6