Welcome to the newest episode of the Space Capital Podcast, where we will review the Q4 2025 Space IQ Report: our quarterly analysis of startup activity and investment trends in the space economy.

For the last decade, the space economy has been defined by promise. In the next decade, it will be defined by utility.

We close the books on 2025 tracking $17.0 billion invested across 135 rounds in Q4 alone, bringing the year to a record $55.3 billion. The data is unequivocal: The skepticism phase is over. We are no longer just building the rails—we're running the trains.

What This Quarter Reveals:

The latest Space IQ shows 2025 closing as a top-three investment year, with capital flowing decisively toward companies solving hard problems and defense-driven infrastructure.

Key insights:

• Q4 delivered $17.0 billion across 135 rounds, with high-conviction capital replacing easy money as markets rejected plays without robust unit economics
• Heavy-lift competition arrived as Blue Origin's New Glenn recovery ended the single-provider bottleneck; Europe's Project Bromo consolidation signaled the end of cost-plus
• Applications hit $30.2 billion driven by $24.7 billion in GEOINT, as space met AI at scale and "world models" became the new frontier
• Strategic competition established a permanent floor for investment, with maneuverability becoming the most valuable currency in orbit under Golden Dome

This report offers a closer look at how the market is evolving from access to integration—and what it means for the future of the Space Economy.