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

26、 INVESTMENT SINCE 2012$37.7BInfrastructureANNUAL INVESTMENT SOURCECUMULATIVE INVESTMENT GEOGRAPHYBY STAGE CUMULATIVE INVESTMENT AMOUNTBY STAGE CUMULATIVE ROUND SHARE$10 B200150100501%Other62%4%$15.0 B4%United StatesUnited KingdomChinaFranceJapanSeedCorporate3%9%$8 B$6 B$4 B$2 B$0Series ASeries BSeri

27、es CLate Stage$12.5 B$10.0 B$7.5 B$5.0 B$2.5 B$0.0 B3%Venture CapitalAngel/IndividualNumber of Rounds8%9%4CanadaOther5Other717%58%64%17%0SeedSeries ASeries BSeries C Late Stage4Other5Another$4.5B was invested in the Infrastructure stack in Q2 drivenby mega-rounds in OneWeb($1B),Blue Origin($1B),and

28、RelativitySpace($650M),on pace to beat record set in 2020.Over the pastdecade,464 Infrastructure companies have raised$37.7B incumulative equity investment that has radically increased access toorbit,enabled distributed networks of small satellites,and laid thefoundation for ubiquitous global connec

29、tivity.U.S.companies lead global investment in space Infrastructureaccounting for 64%of the total capital since 2012.The U.K.has grownto 17%of total Infrastructure investment over the past 10 yearsprimarily due to investments in OneWeb.China has grown to 8%with capital primarily flowing to small lau

30、nch and communicationscompanies.In Q2,investments in Launch and Satellites continued to beconcentrated in late stage rounds,reflecting the capital intensityof those industries.Since 2012,68%of capital invested intoInfrastructure companies has gone to Late Stage and Otherrounds.Early stage companies

31、over that same period received just12%of capital.While Late Stage and Other rounds account for 68%of investmentdollars since 2012,early-stage rounds have accounted for 75%oftotal equity rounds.Early stage pipeline has begun to shift fromSmall Launch to Earth Observation and Communications Satellites

32、.BY SECTOR8 CUMULATIVE INVESTMENT AMOUNTBY SECTOR CUMULATIVE ROUND SHARETOP DEALS IN THE QUARTEREXITS BY SECTORSatellitesMedia&EducationLogisticsLaunchInfo&ResearchIndustrials$25 B$20 B$15 B$10 B$5 BCOMPANYROUNDSeries EAMOUNT$1,050 M$1,000 M$650 MOneWeb$14 B$12 B$10 B$8 B$6 B$4 B$2 B$0252015105Blue

33、OriginRelativity SpaceSpaceXSelf CapitalizationSeries ENumber of RoundsSeries O(2nd close)PIPE$314 M$306 M$281 M$200 M$75 MAST Space MobileAstranisSpaceport OperationsSatellites556 rounds3 roundsSeries CPIPELaunch300 roundsAstra$0Firefly AerospaceLeoLabsSeries ASeries BSeries M$65 MEastern Space$63

34、MAnother$2.5B was invested in Launch in Q2,bringing the cumulativeThe top 10 deals in Q2 accounted for$4.0B or 89%of totalInfrastructure investment for the quarter with$2.9B invested ineight U.S.companies,73%of the total value,$1.0B invested in a UKcompany,$62M invested in one Chinese company.The 11

35、 pendingInfrastructure SPACs are expected to add an additional$8.3B tothe target companies balance sheets in the second half of 2021,including$5.9B of equity investment through PIPEs.Investors liquidated$6.3B of value through six Infrastructure exitsin Q2.This included Aerojet Rocketdynes announceme

36、nt of beingacquired by Lockheed Martin with a total equity value of$5.0B,theclosing of Astras$300M SPAC and AST Space Mobiles$618M SPAC.Nearly all of the Infrastructure exits over the past decade have comein the form of acquisitions.However,eight more space InfrastructureSPACs are expected to close

37、in the second half of 2021.investment in the industry over the past decade to$22.4B with 72%Although Launch has received the most investment since 2012,invested in Heavy Launch,reflecting the capital intensity of the the Satellite industry has seen the most deal activity with 50%ofsector.Another$1.9

38、B was invested in Satellites in Q2,bringing the total round share.The most active sectors include Manufacturingten year total to$13.4B with 66%invested in Communications as the&Components and Earth Observationaccount for 71%of Satellitebackbone of the internet converges with satellite technology.ind

39、ustry rounds over the past decade.Emerging industries includingin-space Industrials,Logistics,and Biospheres represent a combined17%of rounds and 5%of investment dollars since 2012.6.“Other”includes Foundations,Private Equity,Sovereign Wealth Funds,Mutual Funds,Crowd Platforms.7.“Other”consists of I

40、srael,Germany,Finland,Singapore,Australia,and other countries which each representless than 1%of funding.8.See industry segmentation chart.67TOTAL EQUITY INVESTMENT SINCE 2012Distribution$6.7BANNUAL INVESTMENT SOURCECUMULATIVE INVESTMENT GEOGRAPHYBY STAGE CUMULATIVE INVESTMENT AMOUNTBY STAGE CUMULAT

41、IVE ROUND SHARE1%Other6Number of Rounds3%3%$2.0 B$1.5 B$1.0 B$0.5 B$04%$2.5 B$2.0 B$1.5 B$1.0 B$0.5 B$0CorporateVenture CapitalAngel/IndividualUSAChinaUKSouth KoreaIsraelCanadaSeed10%40302010Series ASeries BSeries CLate Stage7%12%4%45%445%Other5Other914%33%20%U.S.and Chinese companies have attracted

42、 the majority of capitalwithin Distribution since 2012,accounting for 45%and 33%respectively.Investment in U.S.Distribution companies representsthe majority of capital for Comms.This includes Skylo Technologies,acompany using GEO satellites to provide ubiquitous IoT.Investment inChinese Distribution

43、 companies has largely been in PNT and includesQianxun SI,a leading high-precision positioning service provider.SeedSeries ASeries BSeries C Late Stage4Other5Another$0.3B was deployed across eight rounds in Q2 driven byventure capital investors.There has now been$6.7B invested inDistribution compani

44、es across 294 rounds over the last 10 years.Investment at this layer of the stack includes hardware and softwareto connect and process data for hundreds of terrestrial use cases.Since 2012,63%of capital in Distribution has been invested in LateStage and Other rounds.Early stage companies over that s

45、ameperiod received just 13%of capital.Investments at this layer of thestack are becoming more software and big data oriented.Early-stage rounds account for 65%of total equity roundsin Distribution since 2012.This may suggest a more nascentecosystem and higher experimentation as Communications andEar

46、th Observation slowly unbundle,similar to GPS.BY SECTOR CUMULATIVE INVESTMENT AMOUNTBY SECTOR CUMULATIVE ROUND SHARETOP DEALS IN THE QUARTEREXITS BY SECTOR2%1%Positioning,Navigation,TimingEarth ObservationCommunicationsCOMPANYROUNDSeries ESeries BSeries ASeries ASeries BSeries ASeedAMOUNT$202 M$17 M

47、$16 M$16 M$11 M$4 M$4 B$3 B$2 B$1 B$07%CommunicationsPositioning,Navigation,TimingEarth ObservationManufacturing&ComponentsProject44Number of Rounds105$4 B$3 B$2 B$1 B$0SkyWatchAnalytical SpaceKolmostar50%Habitats40%ContecWarpspaceRBC SignalsSofant Technologies$1 MSeries A$1 M0Since 2012,57%of inves

48、tment in Distribution has gone to PNT,Similar to investment dollars,Comms and PNT account for 90%offollowed by Communications with 40%.This is largely the result of all investment rounds in Distribution since 2012.Earth Observationlocation-based intelligence being added to end-user applications.repr

49、esents a larger percentage of rounds than capital(7%vs.2%),Amazon Location Services and Microsoft Azure Space could have indicating a nascent sector with more early-stage activity.This activitya meaningful impact on technology and growth at this layer of the includes SkyWatch,a company that provides

50、 a digital infrastructureThe top three deals in Q2 accounted for 91%of the total investmentin the quarter.Project44,developer of a logistics platform designedto digitize the shipment life-cycle,raised a$202M Series E whileSkyWatch,a satellite data intelligence platform making satellite andremote sen