Artemis II and a potential SpaceX listing put space back on investors’ radar
The US-led Artemis programme is pushing human spaceflight back into the spotlight—and, according to investors and founders, could reshape how markets value the broader space technology sector. Artemis II, launched on April 1, is set to carry four astronauts around the Moon, a key step in NASA’s plan to return humans to the lunar surface for the first time since 1972.
Adam Niewinski, co-founding partner at OTB Ventures, said a successful lunar landing would be a “turning point” for perception of space tech and a tailwind for sustained innovation tied to a long-term lunar presence.
Big numbers, but venture capital remains small
The World Economic Forum projects the space economy could reach $1.8T by 2035, up from $630B in 2023. Yet venture funding remains modest: startups building lunar landers, transfer vehicles and utilities raised $1.9B across 114 deals in 2025, according to PitchBook—a fraction of the $243.9B that flowed into AI.
SpaceX IPO talk and dual-use demand
Momentum is also being driven by reports that SpaceX has filed for an IPO valuing the company at $1.75T, as reported by Bloomberg and CNBC. Frontier Space co-founder and CEO Aqeel Shamsul said a listing could deliver long-missing liquidity and benchmarks, potentially triggering a “second wave of capital” seeking the next breakout company.
Operators point to intensifying national security demand. Bauhinia Lee, market development lead at SenFish, said governments are accelerating support for dual-use space capabilities as NATO treats space as an operational domain.
Startups shift toward near-term, Earth-based applications
Investors are increasingly prioritising execution and contracts over distant visions, said Ali Javaheri, senior analyst at PitchBook. Capital is concentrating on defence-linked systems, geospatial intelligence, satellite communications and in-space services. Analysts also highlight the role of LEO networks and laser-linked satellite meshes—used by Starlink—as critical infrastructure for low-latency connectivity and emerging “physical AI” systems.
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