New and Improved Space Navigation Guide: Second Edition by Watson Farley & Williams

Market Insight: Investment and merger activities have shown steady growth at the end of Q1 and into Q2, with a focus on strategic acquisitions in the Earth observation sector. This trend reflects a strong investor belief in the resilience of the satellite market despite market uncertainties.

Notable launches have continued to make waves in the industry, with Amazon marking its entry into the satellite space through Project Kuiper and China making strides in its AI space computing constellation with the launch of its first satellites for the Three Body Computing Constellation.

Technological advancements have not been overlooked, with companies like Space Forge securing investments for in-space manufacturing and Aetherflux advancing its space solar technology aimed at beaming energy to remote locations.

Merger and acquisition activities have also been prominent, with key deals unfolding in the industry:

In May 2025, Rocket Lab’s acquisition of Geost for US$275m is aimed at bolstering its defense capabilities with sensor payloads to target Pentagon satellite contracts. IonQ’s acquisition of Capella Space for approximately US$318m in an all-stock deal will enable the enhancement of its quantum networking capabilities. MDA Space increased its offer for SatixFy by 43% to US$356m following a competitive bid. Voyager Technologies, on the other hand, filed for an IPO to fund its ambitious project, the Starlab commercial space station.

April 2025 saw Spire Global closing the sale of its commercial maritime tracking business to Kpler for US$241m, resolving a legal dispute. D-Orbit also made a significant move by acquiring Planetek Group to combine their servicing and space data capabilities.

Finance-wise, the sector has witnessed major investments in various companies:

In May 2025, Northrop Grumman’s $50m investment in Firefly Aerospace supports the development of the Eclipse medium-lift launch vehicle. EnduroSat raised €43m to scale production of its Gen3 satellite platform. Space Forge secured US$30m for advancing its in-space manufacturing technology, and Lockheed Martin increased its investment in X-Bow Systems by US$35m.

True Anomaly raised US$260m in Series C funding in April 2025, while Apex raised US$200m to integrate its spacecraft bus production. Aetherflux secured US$50m in Series A funding for its space solar power project.

In March 2025, Intelsat and SES independently invested in Lynk Global, pooling efforts to enhance global connectivity. Viasat and Space42 are collaborating for a direct-to-device satellite prototype. Deep Blue Aerospace secured nearly US$68.9m to develop its reusable rockets, and iSpace secured Series D funding for its Hyperbola-3 rocket development.

February 2025 saw K2 Space, Urban Sky, ArkEdge Space, SES, and the UK government making significant investments in various space projects.

Launch activities have also been noteworthy, with China successfully deploying communication and satellite networks, Rocket Lab launching radar imaging satellites, Landspace deploying multiple satellites, and China further advancing its Three-Body Computing Constellation.