Investments in space startups more than halved to US$21.9 billion in 2022 as their venture-capital backers sought safer avenues in the face of a grim economic outlook, VC firm Space Capital said, adding that it expects more pain for the sector this year.
"As the economy recovered from the COVID pandemic, central banks unleashed the fastest rate hike cycle since 1988. Market momentum hit the brakes and asset prices fell across the board," Space Capital said in its quarterly report. "Companies that serve US government and defence needs are best positioned to maintain growth and profitability over the next year," Managing Partner Chad Anderson told Reuters.
Private companies in the segment have also benefited, attracting total investments of US$2.5 billion in the fourth quarter - nearly half the figure for the entire industry.
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