Space Investment Quarterly Q4 2022

The Space Economy saw a decline in private market investment in 2022, with a 58% drop from the record $47.4B invested in 2021. Late-stage and growth-stage companies were hit hardest by the market downturn, while early-stage investments were more resilient. Despite the market environment, SpaceX was able to raise $2.0B, making it the company's second-largest annual raise. The Space Economy in 2022 can be divided into two halves. In the first half of the year, commercial space companies displayed their growing capabilities, with SatCom enabling the Ukranians to stay connected during the Russian invasion and Earth observation companies providing accurate information to customers. The second half of the year saw a return to the moon with NASA's Artemis program and China's lunar ambitions driving growth in lunar activity. 2023 is expected to be a difficult year for startups, with capital markets shifting away from momentum investing and focusing more on fundamentals. Space technologies are playing a critical role in the global economy, and the authors believe that the next two years will be an attractive time for investment in space tech companies. The Space Investment Quarterly has been a source of record for private market equity investment activity and startup trends in the Space Economy since 2017, and the authors are now releasing a comprehensive guidebook to the Space Economy, "The Space Economy: Capitalize on the Greatest Business Opportunity of Our Lifetime."