Welcome to the newest episode of the Space Capital Podcast, where we will review the Q2 2025 Space IQ review, our quarterly analysis of startup activity and investment trends in the space economy. Space Capital's Chad Anderson and Justus Kilian are going to walk through the results published in our Q2 2025 Space Investment Quarterly.

• Capital is flowing again – Q2 funding jumped to $7.8B across 113 rounds, despite the VIX flirting with pandemic‑era highs.
• Infrastructure roars back – Hardware wins the quarter with $3.2B raised, a five‑quarter high driven by satellite manufacturing and in‑space logistics.
• Defense is rewriting the map – Record $3.8B into GEOINT applications shows governments are voting with their wallets while budget cuts loom elsewhere.
• IPO window creaks open – Early pops look great on day one; history says most will retrace. We explain who could beat the odds and why.

The Q2 2025 Space IQ distills the noise into clear takeaways and actionable data for investors, operators, and policymakers.

 

• Download the Q2 2025 Space Investment Quarterly
• Buy The Space Economy wherever you buy books
• Watch the Space IQ playlist on YouTube