Space startups raised a record $20.8 billion in the third quarter of 2026, according to Seraphim’s Space Index, nearly triple the $7.4 billion of the second quarter and more than double the previous peak. A record 216 deals closed in the quarter, up from 140.
Half the headline is one name: Blue Origin’s $10 billion financing accounts for just under half the total. The record survives its removal. Excluding it, investment was $10.8 billion, still an all-time high, which Seraphim attributed to a growing pipeline of commercial orders and government-backed programmes rather than listing enthusiasm.
Infrastructure took the bulk of the money. Launch and space access companies raised $16.4 billion across 120 deals, while satellite communications, Earth observation and other service companies raised about $4 billion. The quarter’s largest rounds included $1.37 billion for Hadrian, $1 billion for Stoke Space and $500 million for K2 Space.
Seraphim’s read is that defence and sovereign demand is increasingly underwriting launch, manufacturing and orbital infrastructure as governments prioritize domestic space capability. The contrast the report draws is with listed space companies, many still loss-making, whose shares have lagged while private rounds set records.