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On the surface, spacetech looks like a reasonably stable area for startup funding.

Global investment has held steady at more than $6 billion annually for the past two years, with 2025 on track to deliver similar results. Funding recipients reliably include a mix of defense tech, satellite and rocket developers, and startups finding innovative use cases for geospatial data.

But while the numbers might not be shifting dramatically, investor priorities tell a different story.

Shifting priorities

administration tariffs and shifting international alignments, the rise of geospatial AI, and heightened public market volatility are all driving factors reshaping spacetech-related startup funding this year, per a new report from venture firm .

So far, current events haven鈥檛 demonstrably dampened enthusiasm around the space.

鈥淎necdotally, with over a decade of experience investing in this category, I can say with confidence that we have never seen stronger investor demand,鈥� said , Space Capital鈥檚 managing partner.

However, investors are changing some of the criteria they employ in funding decisions.

On the geopolitical front, Space Capital points to growing concerns around China鈥檚 advancing space capabilities and missile technology as a factor driving defense tech investment elsewhere. Fractured relations between the U.S. and long-time European allies also prompted Europe to respond with the plan, potentially putting up to $870 billion into more defense-related spending.

Investor attitudes are also shifting toward , once seen as indomitable but now facing a slew of launch competitors. At the same time, the company鈥檚 global deals are coming under pressure due to backlash against 鈥檚 political activities.

Where Q1 funding went

As we look back at the first quarter, meanwhile, it鈥檚 clear investor appetites for spacetech deals remain healthy, with at least four rounds exceeding $100 million.

The largest Q1 deal was a $260 million January Series C for Kent, Washington-based , a developer of reusable rockets. To date, the 6-year-old company has raised more than $436 million in venture funding.

Another big round went to , a San Francisco-based startup that leases space on its satellites. It raised a $170 million Series C in January led by and .聽 And Torrance, California-based was a successful fundraiser as well, securing $110 million in a February Series B to scale its satellite manufacturing.

Overall, Q1 was in the middle for total funding across the past five quarters, as charted below. Deal counts were down some, but also close to recent quarterly levels.

AI?

Going forward, per Space Capital, we can expect to see more investment at the intersection of spacetech and AI.

The firm points to 鈥檚 recent launch of the Niantic Spatial platform as an indicator of growing interest in blending spatial intelligence with immersive AR. Niantic sold its gaming business to earlier this year and put the remaining assets into a geospatial AI startup led by longtime CEO .

One of the more urgent use cases came in the form of a partnership between satellite startup and the to launch FireSat, a satellite constellation built to address global wildfire risks using AI. Muon successfully launched the first satellite in the constellation in March.

Earth imaging satellite operator also moved deeper into AI territory last month through a with . The agreement calls for using Anthropic鈥檚 Claude platform to analyze geospatial data.

Public market volatility

Venture investors’ enthusiasm, however, is also butting up against the unpleasant reality of falling stock prices. While markets rebounded some this week following reductions in planned tariffs, they鈥檙e still down from recent highs.

Spacetech has not been immune. After a runup late last year, shares of leading companies in the space have fallen sharply in recent weeks, as have major U.S. defense contractors like .

But while public markets remain jittery, it鈥檚 worth remembering that startup investment has always been an optimist’s game. And although exits may be tempered for now, well-funded startups still have time and capital to wait out the cycle.

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