Space Capital

The Q2 2026 Space IQ Report is now live! The quarter opened with four astronauts returning from the Moon and closed with the largest IPO in history. In between, investors ran out of reasons to ignore the space economy. With $31.6 billion invested, 2026 has already surpassed 2025's full-year total. Key themes include: 🔹The SpaceX IPO and what it means to be priced as a full-stack AI and infrastructure company 🔹The rise of Launch+ and why standalone launch will atrophy over time 🔹The public-market bridge finally opening for the space economy at scale 🔹Infrastructure posting its largest quarter on record, driven by sovereign demand 🔹Capital concentrating into physical AI and defense autonomy at the Applications layer The space economy is no longer contrarian; it's consensus. And ownership is being decided right now. Download the Q2 2026 Space IQ Report: https://lnkd.in/gr8RsaRm

SC funded Muon Space has successfully deployed the first three operational satellites for Earth Fire Alliance's FireSat constellation, marking a major milestone in the future of space-based wildfire detection. Built on Muon's Condor-M platform, the satellites are designed to detect fires as small as five-by-five meters, even through smoke and clouds, providing dedicated wildfire monitoring across fire-prone regions worldwide. With these first operational satellites now in orbit, FireSat begins delivering at least twice-daily global coverage, laying the foundation for a constellation expected to provide hourly revisit by 2029. The result is earlier detection, faster response, and better protection for communities, ecosystems, and critical infrastructure. It's another powerful example of how the space economy is creating tangible impact here on Earth. Take a closer look at how FireSat is transforming wildfire detection from space: https://bit.ly/4wxhjer

GEO is becoming one of the most important markets in space. On Valley of Depth, Impulse President & COO Eric Romo shares why demand has grown faster than expected, what that means for commercial, civil, and government missions, and how Impulse is building to meet the moment. Watch the full conversation ⬇️  https://lnkd.in/d2aXvRZW  

Rocket Lab's $8 billion acquisition of Iridium confirms two patterns we've been tracking. Launch alone doesn't make a great business. Access to orbit does. Iridium's globally harmonized L-band spectrum, 2.5 million subscribers, and decades of government contracts give Rocket Lab an installed base in PNT and aviation, and a head start in direct-to-device as it goes commercial. We're formalizing this pattern in Space IQ Q2 as a new category: Launch+. And consolidation across the three layers is accelerating. This is Infrastructure buying Distribution. The companies that win will own the stack. Congratulations to Space Capital family company Rocket Lab. [Full announcement via Reuters in the comments]

The future of space stations extends far beyond exploration and human habitation. SC funded Vast continues to expand the ecosystem that will power the next generation of microgravity research and manufacturing, announcing new collaborations with leading organizations across biotechnology, regenerative medicine, and space science. From stem cell research and disease modeling to advanced bioprinting and orbital manufacturing, these collaborations demonstrate how commercial space stations can unlock scientific discoveries and manufacturing capabilities that aren't possible on Earth. As the International Space Station approaches retirement, commercial platforms like Haven will play an increasingly important role in enabling continuous research, accelerating innovation, and expanding the commercial space economy. Explore the full announcement and see how Vast is shaping the future of research and manufacturing in space: https://bit.ly/4wcRFLI

In a recent SpaceNews op-ed, Eddy Zervigon, CEO of SC funded Quantum XChange, explores why quantum computing is poised to become one of the most significant national security challenges facing satellite operators and space infrastructure. The threat isn't just about the arrival of cryptographically relevant quantum computers. It's already underway through "harvest now, decrypt later" strategies, where encrypted data is collected today with the expectation it can be decrypted in the future. As low Earth orbit becomes increasingly strategic, preparing for post-quantum security is no longer just a cybersecurity challenge; it's a mission assurance imperative. 🔗 Full article here: https://bit.ly/4vIVjxg

After coming out of stealth last week at the 13th Annual Space Capital Summit at the Nasdaq MarketSite in New York City, SC funded Eclipse Space has officially launched as the first company focused exclusively on making megaconstellation ownership accessible to nations and enterprises worldwide. Founded by the engineers who built and scaled Starlink, Eclipse is enabling sovereign and commercial customers to deploy and operate satellite communications infrastructure that was once only possible for the world's largest constellation programs. The company also announced a strategic AI acquisition designed to accelerate spacecraft engineering and constellation design, positioning Eclipse to deliver the next generation of communications infrastructure, and ultimately support future orbital data center architectures. We're excited to welcome Eclipse to the next era of the space economy and look forward to what's ahead. 🔗 Full announcement on SpaceNews: https://bit.ly/4v2eqRT Image credit: Eclipse Space

Congratulations to Space Capital family company York Space Systems on securing a new U.S. government contract supporting critical national security priorities. The mission will utilize York's largest and most capable M-CLASS platform and adds to the company's growing portfolio of defense and government programs. As demand for resilient, responsive space capabilities continues to accelerate, York is well positioned to support the next generation of national security space architectures. Read more about this latest milestone and York's expanding role in national security space: https://bit.ly/4oUG8yu

The age of rapid space infrastructure growth is here. SC funded #SpaceX has announced the naming of its planned orbital megaconstellation: Starmind. A vision for a future network of satellites designed to support large-scale computing from orbit. Beyond the name, the announcement points to something much bigger: the continued expansion of the space economy beyond launch and communications into entirely new categories of infrastructure. As space capabilities continue to evolve, ideas that once seemed futuristic are moving closer to reality. [Full article on Space.com in the comments]