Technology, Connected

China’s SpaceX Is Learning by Crashing Rockets


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This episode of Thinking on Paper examines the largest space technology funding rounds of 2026 and what they reveal about the direction of the commercial space economy.


Investment is moving beyond satellite launches and communications. Companies are now raising capital for orbital data centres, private space stations, reusable rockets, alternative navigation systems, weather intelligence, secure communications and national-security infrastructure.


We count down funding rounds involving:


  • Starcloud

  • Xona Space

  • Tomorrow.io

  • PLD Space

  • Stoke Space

  • Axiom Space

  • CesiumAstro

  • Vast

  • Sierra Space

  • China’s iSpace


The episode covers:


  • Why investors are backing space-based data centres

  • The business case for commercial space stations

  • How Xona Space and other companies are developing alternatives to GPS

  • Why reusable launch systems continue to attract capital

  • The growth of secure satellite communications

  • How space-based weather intelligence is becoming a commercial market

  • Whether microgravity research can support viable businesses

  • Why defence and national-security funding are becoming more important

  • How private investment is shaping competition between the United States, Europe and China

  • What the largest funding rounds suggest about the next phase of the space economy


The companies raising the most capital aren’t all pursuing the same market, but several themes recur: sovereign infrastructure, lower launch costs, persistent Earth observation, orbital computing and a shift from individual spacecraft towards complete space-based systems.


This conversation follows the money to understand which technologies investors believe can move from ambitious engineering projects to durable commercial infrastructure.


Please enjoy the show.


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Chapters

(00:00) Starcloud

(00:52) Xona Space

(03:27) Tomorrow IO

(06:01) PLD Space

(08:00) Stoke Space

(10:18) Axiom Space

(12:29) Cesium Astro

(14:50) VAST Space

(19:02) Sierra Space

(21:47) I-Space (Beijing Interstellar Glory Space Technology Ltd.)



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Technology, ConnectedBy Mark Fielding and Jeremy Gilbertson