Space Capital

In 2012, we founded Space Capital on a simple conviction: space technologies would become the invisible backbone of the global economy. For over a decade, we've been investing at this inflection. Today we're announcing Space Capital IV. pulse.ly/vdjcngdpao

“We are in the early innings of a multi-decade infrastructure cycle. There are hundreds of billions of legacy systems on-orbit today that are being replaced and we're building out an entirely new layer. SpaceX is at the center of this and they own the rails.” @chadsonofchad joined Romaine Bostick and Isabelle Lee on @Bloomberg’s “The Close” to discuss what’s next for the space economy, from the SpaceX IPO conversation to the growing convergence of AI, orbital infrastructure, and global markets: bloom.bg/4tTz0Db

@alexandraandnyc The space economy is finally being priced for what it is – the next great infrastructure build out of our lifetimes.

To the moon!: Top 50 public space companies globally are worth $402 billion or up nearly 3.5x YoY In term of YTD performance, the average change in market capitalization for a space stock is +138% (median is +75%) vs. NASDAQ +15%; the best performer is up ~2,300% vs. worse down ~60% (DEUTSCHE BANK)

@NASA is being rebuilt around commercial capability, and the relationship with legacy contractors is being fundamentally renegotiated. Starliner reclassified as a Type A mishap. SLS sidelined. Gateway scrapped. Starship central. $20 billion committed to a lunar base over seven years. Space Capital portfolio companies are building what comes next; from the world's first commercial space station from @vast to lunar rovers launching alongside astronauts on Artemis IV from @LunarOutpostInc. The space economy is being restructured in real time. Get the full breakdown in the Q1 2026 Space IQ Report. Download it free here: spacecapital.com/space-iq

@blueorigin’s latest New Glenn mission sparked an important discussion around launch cadence, reusability, and reliability expectations in today’s market. In a recent feature from @seattletimes, @chadsonofchad shared perspective on how different launch philosophies are shaping the competitive landscape, while SC funded @KayhanSpace provided orbital tracking analysis: bit.ly/431aaGF

Portfolio company @LunarOutpostInc just got the NASA contract for the first human-rated lunar rover since Apollo. The roads don't exist yet — they're building the vehicle that will make them. 🌕 Congrats @StarlordCyrus @ForrestMeyen and the whole team!

LIVE: We're sharing the latest updates on @NASAMoonBase, our lunar habitat where astronauts will work and live. twitter.com/i/broadcasts/1…

@Google’s reported Project Suncatcher discussions with SpaceX are another signal that orbital compute is moving from theory toward infrastructure planning. The conversation is no longer if space-based compute happens; it’s who scales it first and how the economics evolve. More on Reuters: bit.ly/4dzdE7Y

The AI infrastructure race is rapidly moving beyond traditional hyperscale data centers. SC funded @armada_ai announced a $230M Series B last week and a manufacturing partnership with Johnson Controls to build a new 400,000 sq. ft. Arizona facility dedicated to modular AI infrastructure. As AI demand accelerates globally, the bottleneck is increasingly shifting toward power, deployment speed, and infrastructure access. Learn how Armada is defining the next phase of the market in the full announcement on @CNBC: bit.ly/4tMC0Bo

Capital isn't just flowing into the space economy. It's concentrating. Average round sizes have climbed across all stages for four consecutive years, with Series A doubling and Series C up 81% from 2024. Seed and Series B followed steadily, up 33% and 47% respectively. Infrastructure posted 9 mega-rounds in Q1 alone, on pace to set a new annual record. Get more insights in the Q1 2026 Space IQ Report: spacecapital.com/space-iq

@Ric_RTP It's hard to pin a comp on a company that will own the rails to space and also a full-stack infrastructure and AI platform.

Elon Musk's biggest competitor is secretly paying him $1.25 BILLION per month. SpaceX just revealed its financials for the first time in 23 years of existence. And buried deep in the S-1 is a detail that changes how you should think about the entire AI race. Anthropic, the company building Claude, the company that positions itself as OpenAI's biggest threat, the company valued at over $100 billion, is paying SpaceX $1.25 billion EVERY SINGLE MONTH for compute capacity through May 2029. That is $15 billion a year flowing directly from Elon's top AI competitor into Elon's bank account. Think about what that means: Every time Anthropic trains a new model, improves Claude, or lands an enterprise customer, a massive chunk of that revenue goes straight to the guy who owns the competing AI product. Anthropic is literally funding the war against itself. And that's just the beginning of what this filing reveals... The entire SpaceX IPO is structured around a bet most people haven't figured out yet. In 2025, SpaceX spent $20 billion in capex. 60% of that, roughly $12 billion, went to AI infrastructure. Rockets and satellites got the leftovers. In Q1 2026 alone, $7.7 billion out of $10 billion in total capex went to AI. The "rocket company" is spending like an AI company. Meanwhile, xAI, the division that houses Grok, generated $3.2 billion in revenue for the full year of 2025. But its R&D costs TRIPLED to $5 billion. It's burning cash at a pace that would have destroyed it as a standalone company. Which is exactly why Elon merged it into SpaceX two months before filing the IPO. And Starlink is the engine that makes the whole thing work: $11.4 billion in revenue, $4.4 billion in operating profit, and 10.3 million subscribers across 164 countries. It's one of the most profitable subscription businesses on the planet right now. But the average revenue per user DROPPED from $99 per month in 2023 to $66 per month in March 2026. Subscribers quadrupled but each one is paying a third less. Starlink is growing by getting cheaper. SpaceX has lost $37 BILLION since it was founded. Net loss in 2025 was $4.9 billion. This is a company that has never turned an annual profit in 23 years of operation, and it is about to IPO at a $1.75 trillion valuation. And the total addressable market SpaceX claims in the filing is $28.5 trillion. That is a QUARTER of global GDP. So here is what investors are actually buying when this IPO prices: They are buying the most profitable satellite internet business in history, stapled to an AI lab that is burning cash, wrapped inside a Mars colonization pitch that requires building a permanent city on another planet, funded by monthly billion-dollar payments from a direct competitor who has no other option for compute at that scale. This is the kind of thing only Elon could pull off.

Read more about the S-1 filing at bit.ly/4dBNEZU

SpaceX's S-1 dropped yesterday and the market is starting to grapple with the fact that SpaceX no longer fits neatly into any traditional category. @chadsonofchad with @MorganLBrennan on @CNBCMorningCall this morning: bit.ly/4nHK7gZ

Orbital manufacturing is reaching a turning point. #SCfunded @VardaSpace is moving microgravity pharmaceutical production from government research into commercial application through a new collaboration with United Therapeutics. Lower launch costs + reusable rockets + decades of ISS research are converging into a new market. 🔗 Explore the full story on @Bloomberg: bit.ly/4uVOqb5 [Image credit: Varda Space Industries]

New Lunar Terrain Vehicle Unlocked 🔓 Introducing the Lunar Outpost Pegasus LTV — purpose-built to provide Astronauts with safe, highly achievable mobility to lay the foundation for a permanent Moon Base. Pegasus is named after the winged horse of Greek mythology, a symbol associated with reach, capability, and prosperity; it is the trusted steed that will enable Artemis missions to go farther, operate longer, and explore more boldly than ever before. Designed to operate for at least one year on the Moon and traverse over 900 kilometers—100x the distance the Apollo-era LRV covered across all missions—Pegasus is ready to drive Artemis toward a Moon Base. #TheNextLeap #LunarOutpost #DrivingArtemis #SpaceTech #Innovation

In 2019, SpaceX launched 26 times. Once every two weeks. In 2025, they launched more rockets than every other space agency and company in the world combined, averaging one launch nearly every two days. The Falcon 9 family has now flown nearly 700 times with a 99.5% success rate. Capital alone doesn't build great companies. Conviction, velocity, and a relentless focus on the mission do. The full breakdown is in the Q1 2026 Space IQ Report: spacecapital.com/space-iq

Space Capital family company @RocketLab announced plans to acquire @MotivSS, adding Mars-proven robotics and critical spacecraft manufacturing capabilities to its vertically integrated platform: bit.ly/4uC77QS

Space Capital Founder & CEO @chadsonofchad joined @Nasdaq TradeTalks live from MarketSite in Times Square alongside @aaraaz, Co-Founder & CTO of SC funded @KayhanSpace, to discuss where capital is flowing across the space economy and the emerging areas investors should be watching. Watch the full interview: bit.ly/4uN2B2g

Space Capital portfolio company @_Panthalassa has secured a $140 million Series B led by Peter Thiel, advancing a new approach to one of the defining challenges of the AI era: energy and compute infrastructure. As highlighted in our 2026 predictions and Q1 Space IQ Report, the race for infrastructure, energy, and deployment speed is intensifying as we experience a broader shift to alternative compute methods as the demands of AI escalate. Panthalassa’s ocean-based systems represent one example of how the next layer of global infrastructure may be built. Read the full announcement on @FinancialTimes: bit.ly/3Pkrray

National-Security Contractor HawkEye 360’s Shares Soar in IPO: wsj.com/business/natio…

Congratulations to Space Capital family company @hawkeye360 on its recent IPO!