Partner London
The global space sector remains on a strong growth trajectory, with recent Novaspace and Space Capital report predicting the market could exceed US$1tn by 2034. Activity is being driven by sector maturation, increased financing and the continuing development of space infrastructure.
The growing importance of spectrum and having assets in orbit is highlighted by Amazon’s US$11.6bn acquisition of Globalstar, driven by Globalstar’s established satellite constellation, valuable spectrum rights and its long‑term offtake contract with Apple.
M&A and capital markets activity remain robust. SpaceX’s acquisition of xAI in a US$1.25tn deal completed in February 2026 positioning Musk to pursue ambitious plans for space-based data centres.
Launch activity continues to be strong, with SpaceX completing another large number of missions, while Arianespace, Rocket Lab, the Indian Space Research Organisation, AST SpaceMobile, United Alliance and other NewSpace companies continue to execute a number of satellite launches.
M&A/CORPORATE
February 2026:
- SpaceX acquired xAI to form the ‘most ambitious, vertically integrated innovation engine on (and off) Earth’.
January 2026:
- York Space raised US$629m notably to increase satellite production capacity;
- Space Asset Acquisition Corp closed a US$230m IPO, targeting opportunities in the global space economy;
- Anywaves and EmTroniX merged to form a unified industrial group, combining their expertise to deliver solutions for global space markets;
- Leonardo signed an agreement to acquire weather instrument and satellite receiving-station manufacturer Enterprise Electronics Corporation (EEC), expanding its U.S. operations;
- Parsons Corporation acquired Altamira Technologies Corporation for up to US$375m, accelerating its national security growth strategy; and
- AE Industrial Partners acquired a controlling stake in L3Harris’s space propulsion business in an US$845m transaction, continuing to operate under the Rocketdyne name.
December 2025:
- Sidus Space, a space and defence company, raised US$16.2m;
- CACI International agreed to acquire ARKA Group for US$2.6bn, expanding its space capabilities and enabling end‑to‑end multi‑intelligence solutions;
- HawkEye 360 acquired Innovative Signal Analysis and raised US$150m in new capital, further expanding its ability to detect radio‑frequency activity; and
- Cobham Satcom agreed to acquire Gatehouse Satcom and merge it with its Network Division, combining Cobham’s radio‑access and infrastructure expertise with Gatehouse’s LEO/MEO/GEO NTN capabilities.
FINANCE
February 2026:
- Seraphim Space closed its second early-stage venture fund above its US$100m target, expanding its focus towards next generation space technologies;
- The European Investment Bank is providing OQ Technology with €25m to accelerate the development and launch of a 20 plus satellite LEO constellation;
- Sophia Space raised US$10m to accelerate development of its orbital computing systems and proprietary thermal technology;
- Aalyria raised US$100m to develop its Spacetime network orchestration platform and Tightbeam optical communications system;
- SatVu raised £30m to advance its multi satellite thermal imaging constellation;
- Axiom Space raised US$350m to advance development of its commercial space station and NASA spacesuits;
- Eutelsat secured €975m to finance Airbus’ production of 440 OneWeb LEO satellites;
- Stoke Space raised US$860m to advance activation of Launch Complex 14 and scale production of its Nova launch vehicle;
- constellr raised €37m to advance its thermal intelligence technology;
- io raised US$175m to fund its next generation DeepSky weather monitoring constellation;
- Morpheus Space secured US$15m to scale mass production of its GO 2 electric propulsion systems; and
- CesiumAstro secured US$270m and a further US$200m in financing.
January 2026:
- Northwood Space secured US$100m and a further US$50m;
- D Orbit secured €110m from Azimut to accelerate its space logistics and on orbit transportation services;
- Swissto12 secured €73m from ESA to accelerate development of its HummingSat small Geostationary Orbit (GEO) programme;
- Gilmour Space raised US$146m to scale up Australia’s sovereign space capability;
- Interstellar Technologies raised US$130m to support expansion of its space transportation and infrastructure capabilities;
- Hydrosat, the water resource thermal imagery startup, raised US$60m;
- ThinkOrbital raised seed funding to develop X ray inspection and in space construction technology;
- SkyFi, an Earth observation data company, raised US$13m to accelerate development; and
- Array Labs raised US$20m by Catapult Ventures, bringing the satellite radar startup’s total funding to US$35m.
December 2025:
- 4iG Space and Defence invested US$100m in Axiom Space, supporting the U.S. company’s commercial space station ambitions;
- EraDrive raised US$5.3m to scale production of its autonomous, vision enabled, self-driving satellite modules;
- K2 Space raised US$250m to accelerate delivery of its large, high power satellite platforms;
- Rocket Lab received Canadian Space Agency funding to develop a new medium class reaction wheel designed for 500–1,000 kg satellites operating in LEO and beyond;
- Odin Space raised US$3m to advance its space debris detection and orbital mapping technology;
- ICEYE raised €150m and a further €50m; and
- Marble Imaging raised €5.3m to support the launch of its first high resolution multispectral satellite next year and its growth ambitions.
LAUNCH OVERVIEW
SpaceX completed 32 Starlink missions, launched a GPS III-9, NROL-105, Twighlight, Cosmo-Skymed 2nd gen and a NROL-77;
Arianespace launched 32 Amazon Leo (formerly Project Kuiper) broadband satellites from Europe’s Spaceport in French Guiana and launched two Galileo First Generation satellites for the ESA and the KOMPSAT-7 for the Government of the Republic of Korea;
Rocket Lab launched a Japanese technology demonstration Satellite for a SaTReC and two satellites for Open Cosmos, as well as launching a demonstration satellite for JAZA and a SAR satellite for iQPS;
The Indian Space Research Organisation launched a Polar satellite Launch Vehicle;
AST SpaceMobile launched BlueBird 6, the world’s largest commercial communications array ever deployed in LEO; and
United Alliance launched 27 Amazon Leo satellites.
Key contacts
Partner London
Senior Consultant Paris
