NewSpace Navigator – Third Edition11 September 2025

Strategic M&A continues to gain momentum, especially among satellite operators and Earth observation firms, as companies seek scale and vertical integration amid rising competition and geopolitical demand. Launch activity is also accelerating, with one example being Amazon’s Project Kuiper has deployed over 100 satellites, with 27 more launching this month aboard a ULA Atlas V.

China has begun deploying its Three-Body Computing Constellation, launching the first 12 of a planned 2,800-satellite AI network designed for in-orbit data processing – marking a major step forward in edge computing.

The recent UK and French government investments into Eutelsat continue to show the strategic nature of space and Europe’s focus on the sector.

M&A/Corporate

August 2025

• Firefly Aerospace listed on the Nasdaq and raised US$868m in the largest space IPO of 2025 so far;
• York Space Systems to acquire Atlas Space Operations and expand its space-to-ground capabilities;
• Rocket Lab’ completes US$275m acquisition of Geost; and
• Teledyne Technologies agrees to acquire TransponderTech a developer of next-gen maritime AIS designed for interoperability with LEO satellites.

July 2025

• SES completes acquisition of Intelsat creating a multi orbit heavyweight;
• iRocket, a launch start-up has announced plans to go public in a SPAC merger with BPGC;
• Lynk Global and Slam Corp settle dispute and abandon plans to go public via a SPAC merger;
• IonQ completes acquisition of Capella Space and will begin development of QKD network; and
• MDA Space completes acquisition of Satixfy.

June 2025

• Voyager Technologies raised US$383m with its IPO and will allocate proceeds toward growth via R&D, M&A and general working capital.

Financing / fundraising

August 2025

• Aerospacelab secures US$110m series B funding to complete its factory and become Europe’s largest satellite manufacturer;
• Spinlaunch raises US$30m investment for Meridian Space, its LEO broadband constellation;
• EDGX secures €2.3m in seed funding to develop Sterna, an AI on-board computer capable of processing smallsat data in orbit;
• AST SpaceMobile has all funding in place to reach 45-60 satellite level; and
• Pale Blue a start-up developing water-based propulsion systems for small sats – receives investment from Mitsubishi via its ME Innovation fund.

July 2025

• Eutelsat boosted by €163m investment from the UK Government, joining the France led €1.5bn capital raise;
• EarthDaily secures US$60m in equipment financing from Trinity Capital to accelerate constellation expansion;
• Space42 secures ECA-backed US$695.5m financing to fund construction of Yah4 and Yah5 satellites;
• Intersteller Technologies of Japan, secures US$61.8m series F funding to accelerate the development of orbital launch vehicle ZERO and R&D for satellite systems;
• Varda Space Industries raises US$187m series C funding to scale its business, including building in-space pharmaceutical labs; and
• Indra Group signs €385m finance agreement with the EIB, the Spanish company will boost R&D in defence and space technologies.

June 2025

• Muon Space raises US$89.5 series B funding to scale satellite production;
• Lux Aeterna raises US$4m pre-seed funding to build reusable satellite platforms;
• Quantum Space closes US$40m series A extension to accelerate development of its maneuver-first spacecraft platform;
• Impulse Space raises US$300m in series C funding to scale research and production of its space vehicles;
• Xona, a satellite navigation start-up raises US$92m series B funding;
• Logos Space Services raises US$50m in series A round and plans a LEO constellation for government and enterprise customers;
• Aethero, an autonomous spacecraft start-up raised US$8.4m in seed funding to advance development; and
• Isar Aerospace, a German launch vehicle start-up, raises €150m via a convertible bond.

Launch overview

August 2025

• Rocket Lab launched another SAR imaging satellite for iQPS, and five satellites for a confidential commercial customer;
• Blue Origin completed its fourteenth crewed flight on New Shepard;
• Arianespace Ariane 6 launched EUMETSAT’s MetOP-SG A1 weather satellite;
• Skyrora becomes the first British company to secure a launch licence from the CAA, but is exploring Australia as an option due to the UK’s lack of available launch facilities until 2026;
• China launched the latest batch Guowang broadband satellites;
• CAS Space delivered seven satellites for a Latin American client;
• Geespace launched 11 satellites to expand its Internet of Things constellation; and
• SpaceX launched seven Starlink missions, 24 satellites for Project Kuiper, a Crew Dragon spacecraft with three astronauts and a cosmonaut to the ISS, a USSF-36 mission, OHB Italia’s NAOS (various payloads), and Starship’s tenth flight test.

July 2025

• Arianespace Vega-C rocket launched Aribus’ four CO3D imaging satellites;
• Gilmour Space launched the inaugural flight of Eris Block 1, the delayed test flight failed to launch and crash-landed seconds after liftoff;
• China’s Guowang broadband project grows with two more batches of satellites; and
• SpaceX launched eight Starlink missions as well as an MTG-S1 spacecraft for EUMETSAT, a batch of 24 satellites for Project Kuiper, and O3b mPOWER satellites for SES.

June 2025

• United Launch Alliance Atlas 5 rocket launched the second batch of 27 Project Kuiper satellites for Amazon;
• Rocket Lab launched BlackSky’s Gen-3 satellites, an iQPS SAR-11 satellite, four satellites for HawkEye360, and one satellite for a confidential commercial customer;
• Blue Origin completed its thirteenth crewed New Shephard flight; and
• SpaceX conducted 12 Starlink missions and launched a Sirius Xm-10 satellite, a Transporter-14 Smallsat rideshare (various payloads) and Axiom Mission 4 – private astronaut to the ISS.