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Funding & analysis

Company

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26

Total Raised

Round sizes
Mega-rounds ($500M+) dominate 2026: Stoke Space $860M, True Anomaly $650M, Impulse Space $500M, ICEYE $520M. Median round size has climbed from $65M (2021) to $300M+ in first-half 2026. Seed and Series A funding has collapsed—only two seed/early rounds in past 24 months versus twelve mid-stage and later rounds.
Stage mix
Late-stage capital is hyper-concentrated: Series D and beyond account for 68% of all 2025–2026 funding volume. Series C has absorbed 15%. Pre-Series B funding has dried to 8% of sector activity. Venture now flows exclusively to companies with prior $500M+ valuations; early founders face severe capital shortage.
Lead investors
Traditional VCs (Redpoint, Type One, Natural Capital) and growth-stage specialists (General Atlantic, Balerion Space Ventures, Eclipse Ventures) dominate new rounds. Family offices and wealth managers (T. Rowe Price, Franklin Templeton, Qatar Investment Authority) appear in Series D–F deals. Space-specialist angels and early-stage vehicles (Seven Seven Six, Space Angels) are absent from funded rounds since 2023.

Graveyard

Terran Orbital
Terran Orbital went public via a SPAC merger with Tailwind Two Acquisition Corp in 2022 but struggled with cash burn, debt and a depressed share price while leaning heavily on a single customer. In August 2024 Lockheed Martin, an early investor that had become its largest customer at about 71% of revenue, agreed to acquire the company for $0.25 per share in cash plus debt retirement, a deal valued at roughly $450 million. The acquisition closed on October 30, 2024, and Terran Orbital and its Tyvak International subsidiary were folded into Lockheed Martin as an in-house satellite-bus arm, ending Terran Orbital as an independent company.
Obituary
OneWeb
OneWeb filed for Chapter 11 bankruptcy on March 27, 2020 after SoftBank, which had led roughly $1.7 billion of prior investment, declined to fund the capital-intensive constellation further amid the COVID-19 downturn. It was rescued in late 2020 by the UK government and Bharti Global, each committing about $500 million, and later took strategic investment from Eutelsat, Hanwha, SoftBank and Hughes. In 2023 OneWeb completed an all-share merger with Eutelsat valued at around £2.8 billion, becoming the subsidiary Eutelsat OneWeb. The combination ended OneWeb as an independent company, with the UK government retaining special-share veto rights in the merged entity.
Obituary
Virgin Orbit
After its January 2023 'Start Me Up' mission, the first orbital launch attempt from British soil, failed to reach orbit due to a second-stage propulsion anomaly, Virgin Orbit was unable to raise new financing. It furloughed staff in mid-March 2023 and then laid off about 90% of its workforce on March 30, 2023. On April 4, 2023 the company filed for Chapter 11 bankruptcy in Delaware, listing roughly $243 million in assets against $153.5 million in debt despite more than $1 billion invested by Virgin Group and Mubadala. The estate was liquidated through a May 2023 auction, with assets sold for about $36 million to buyers including Rocket Lab, Stratolaunch and Launcher/Vast.
Obituary
Masten Space Systems
Masten filed for Chapter 11 bankruptcy in late July 2022 after a NASA Commercial Lunar Payload Services contract awarded in 2020 left the company badly over budget and unable to raise additional funds or pay its employees. A federal bankruptcy court in Delaware approved the results of a September 2022 auction in which Astrobotic submitted the winning bid of about $4.5 million for substantially all of Masten's assets, including lunar-night-survival, landing-pad, water-mining and lunar-infrastructure technologies built over roughly 18 years. Founder David Masten joined Astrobotic as chief engineer, and Masten Space Systems ceased to exist as an independent company.
Obituary
Bigelow Aerospace
On March 23, 2020 Bigelow Aerospace laid off its entire remaining workforce, having first let go about 20 employees and then the remaining roughly 68 staff. The company attributed the move to Nevada's COVID-19 'non-essential business' closure order, under which it said it faced fines and threats to its business license, but reporting indicated a 'perfect storm of problems' beyond the pandemic. Although a spokesperson suggested employees might be rehired after the emergency, this never happened. Bigelow remained dormant in the years that followed and is regarded as effectively defunct, having never deployed its planned B330 modules or commercial station.
Obituary