2021年第二季度太空投资报告(英).ppt
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1、2021The most comprehensivemarket intelligencefrom the investors at theforefrontSpaceInvest mentQuarterlyQ2 2021Q2 2021Welcome to the Q2 2021 Edition ofthe Space Investment Quarterly.$199.8BCumulative EquityThis was the largest quarter on record for spaceAfter four consecutive quarters of declining d
2、ealInvestment Since 2012infrastructure investment,despite only two spacecompany SPACs closing in Q2.With$4.5B of new capital,the Infrastructure stack is now on pace to beat theprevious annual record year of$9.1B,set last year.JeffBezos stepped down as CEO of Amazon,departing therole to focus on his
3、space company,Blue Origin,whichhe has described as“the most important work he isdoing”.Bezos sold$6.7B of Amazon stock in Q2,of whichvolume,Q2 was the fourth largest quarter on record fortotal investment in the space economy.The majorityof investment dollars YTD have gone to Late Stagerounds,however
4、 123 early stage rounds account for53%of all rounds closed,representing nearly$1.0B ofinvestment and a healthy front of the funnel.The strongdeal activity were seeing in Seed and Series A is likelybolstered by“the great resignation”as the post-pandemicstartup craze produces more founders,including t
5、hosebuilding space businesses.Additionally,round sizes areincreasing,with Series A looking more like Series B,but1,553we estimate$1.0B was invested into his space ventureThere has been$37.7B of equity investment into spaceinfrastructure over the past 10 years,driven primarily by1.Unique Companiesinv
6、estments in Launch and Communications,with 64%of with milestones unchanged.In fact,the size of early-the total invested into U.S.companies.At Space Capital,we are watching closely to discover the new applicationsthat will be built to leverage this unprecedented newinfrastructure.Already were seeing
7、a trend of morecompanies leveraging Earth Observation data to pursueclimate-related opportunities.stage rounds doubled in Q2,including large Seed stagerounds in Pixxel,Albedo,and Muon.We continue to seelarger deal sizes at higher valuations and looser terms asVCs push to deploy the historical amount
8、s of capital theyraised in 2020.$9.9BAt the G7 Leaders Summit in April,delegates fromCanada,France,Germany,Italy,Japan,the USA,theUK,and the EU pledged to take action to tackle thegrowing hazard of space debris as Earths orbit becomesincreasingly crowded.In a joint statement they said,“We recognize
9、the importance of developing commonstandards,best practices and guidelines related tosustainable space operations alongside the need for acollaborative approach for space traffic management andcoordination.”A market leader in this effort is LeoLabs,Q2 InvestmentFourteen space company SPACs have been
10、 announcedto-date,three of which have successfully merged,andtwo of which were announced in the first week of Q3.Ten of these SPAC mergers have targeted Infrastructurecompanies focused on small launch,satellite hardware,and in-space manufacturing.The 11 pending SPACsare expected to add an additional
11、$8.3B to the targetcompanies balance sheets in the second half of 2021,including$5.9B of equity investment through PIPEs.It is138Q2 Number of CompaniesReceiving Investmentimportant to note that these companies vary significantly who was very active in Q2 having completed their Costin terms of qualit
12、y and risk;most are highly speculativefrom a public markets perspective,with many pre-revenue.But there are a few with strong fundamentalsto support their(multi)billion-dollar valuations.Wewelcome the access to additional capital that SPACsoffer,but are cautious that valuations and growth targetsmay
13、 be out of reach for companies that dont have adefensible data angle.Rica Space Radar,closed a$65M Series B financing,andannounced a new radar site in Portugal.Front cover image courtesy of Reuters.This photograph shows the Costa Rica Space Radar,which is the most advanced commercial low-Earth orbit
14、 mapping and monitoringdevice in the world and was built by LeoLabs in record time in Guanacaste.As of April 22,the two S-band radars in Costa Rica have startedtracking objects in low Earth orbit and are now delivering data to customers.Space Capital 20211.Forbes article3Rise of the Space StartupsYe
15、ar to DateCUMULATIVE EQUITY INVESTMENT FROM 2012 TO PRESENTEQUITY INVESTMENTS$14.9B 2301,553$199.8BNUMBER OF ROUNDSEARLY-STAGE INVESTMENT3EARLY-STAGE ROUNDS$9 41M 123TOTAL INVESTMENT BY GEOGRAPHY1%Number of CompaniesReceiving InvestmentEquity Investment inSpace Companies1%USAChinaUKSingaporeIndonesi
16、aIndiaFranceCanada3%3%5%5%7%Over the last 10 years,there has been$199.8B of equity investmentacross 1,553 unique companies in the space economy,led byinvestment in the U.S.and China,which collectively account for 75%ofthe global total.After four quarters of declining deal volume,investorsdeployed an
17、other$9.9B into space companies in Q2,which is thefourth largest quarter on record for total space investment.Despiteonly two space company SPACs closing in Q2,this was the largestquarter on record for space infrastructure investment.With another$4.5B invested in the quarter,the stack is now on pace
18、 to beat theprevious annual record year of$9.1B,set last year.BY STAGE INVESTMENT AMOUNTBY STAGE ROUND SHARE$6 B$5 B$4 B$3 B$2 B$1 B$049%11%SeedSeries ASeries BSeries CLate Stage4Other29%26%33%9%Other5TOTAL INVESTMENT BY STACK3%ANNUAL INVESTMENT BY STACK17%20%$40 B$30 B$20 B$10 B600500400300200Appli
19、cationDistributionInfrastructureNumber of RoundsSeedSeries ASeries BSeries C Late Stage4Other519%The majority of investment dollars YTD have gone to Late StageThe trend towards larger,late-stage deals continued with$3.0B rounds,however 123 early stage rounds account for 53%of allinvested in Late Sta
20、ge/Other rounds in Q2.Overall,investment in the rounds closed,representing nearly$1.0B of investment and atop 10 rounds accounted for$9.1B,or 61%of total space investment healthy front of the funnel.The strong deal activity were seeing inYTD.Seed and Series A is likely bolstered by“the great resigna
21、tion”asthe post-pandemic startup craze produces more founders,includingthose building space businesses.78%$155.4B Application$6.7B Distribution$37.7B InfrastructureBY TECH STACK INVESTMENT AMOUNT AND DEALS BY QUARTER$10 BApplicationDistributionInfrastructureDeal Count$8 B$6 B$4 B$2 B$01002009SpaceX
22、first successfulNUMBER OF ROUNDS IN Q2commercial launch2005Google MapslaunchedSpaceXlands orbitalbooster,ushers inreusability1412008500iPhone 3G equippedwith GPSPlanet LabsimagesSpaceXlaunchescrewmission,ushers incommercialspaceflightAfter four consecutive quarters of declining deal volume,Q2 was th
23、efourth largest quarter on record for total investment in the spaceeconomy($9.9B),and largest quarter on record for Infrastructureinvestment($4.5B),putting 2021 on track to be the largest year inrecorded history.entireEarth daily1978NAVSTAR I GPSlaunched19842001gpsOne supportslaunch of GPS onmobile
24、devicesUber reaches 1MFirst Commercialdaily users andexpands to over250 citiesGPS Receivers2020 Q22020 Q32020 Q42021 Q12021 Q22.“Other”consists of countries each representing less than 1%of funding.3.Early-stage consists of Pre-Seed,Seed,and Series A rounds.4.Late-stage consists of Series D+and Liqu
25、idity Rounds.5.“Other”includes non-traditional investments and self-capitalization from Jeff Bezos,Elon Musk,Richard Branson,and Robert Bigelow who are classified as Individual investors providinglarge investments(hundreds of millions)in their own companies through unclassified rounds.45TOTAL EQUITY
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