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Quarterly release · Q2 2026

SpaceNexus Most Active Space Investors

Which investors led the most disclosed space funding rounds in the quarter, and over the trailing twelve months.

Data as of 2026-06-30 · computed 2026-10-30 · live view

← Q1 2026 Q3 2026 →All editions

Live view

Live view: recomputed from current data, not the published edition. The published edition was frozen on 2026-10-08 and changes only through a dated correction.

Read the published edition

Corrections to this edition

2026-10-08 (first freeze of an edition published before editions were frozen): Published 2026-09-15 while the edition page recomputed from the live funding record. Two things moved it, and the counting rule is by far the larger. The edition as published counted every transaction recorded in the quarter: $75B of its $84.9B was one SpaceX row then recorded as an IPO, and the rest included tender offers, public offerings, debt, grants and companies doing no space work. From 2026-09-16 only private space rounds count, and every transaction the rule excludes is listed on this page with the reason (25 transactions carrying $118.6B in this edition). Separately, rounds dated in the quarter were added and corrected after publication: 69 transactions are now recorded for the quarter, against 39 when it was published (the dated corrections to the Q2 2026 funding edition are listed on /corrections). From 2026-10-08 an edition is frozen when it is published.Note revised 2026-10-08. As first published: Published 2026-09-15 while the edition page recomputed from the live funding record. Rounds dated in the quarter were added and corrected after publication (the dated corrections to the Q2 2026 funding edition are listed on this page), so the page moved. From 2026-10-08 an edition is frozen when it is published.As published: Rounds recorded 39; Disclosed capital $84.9B; Rounds naming a lead 27 of 39; Distinct lead investors 26Quoted as published; dashes are reformatted to house style.

Space rounds counted: 85
Disclosed capital: $4.09B
Rounds naming a lead: 60 of 85
Distinct lead investors: 85

Lead investors, Q2 2026

Investors ranked by the number of rounds they are recorded as leading inside the quarter.

Lead investors, Q2 2026. Investors ranked by the number of rounds they are recorded as leading inside the quarter. Showing the first 10 of 85 rows.
#	Investor	Rounds led	Disclosed total	Median round	Sectors backed

Methodology

Every figure is a count or a sum over the FundingRound table joined to the company profile. No estimate, model or projection is used anywhere in this release.
Only PRIVATE SPACE ROUNDS are counted. A transaction must be primary private capital into the company: IPOs, direct listings, SPAC mergers, PIPEs and registered directs are public-market offerings; tender offers and secondaries move shares that already exist; debt is borrowing and grants are not investment. It must also go to a company our records classify as doing space work, which for cross-domain sectors such as defence and aerospace requires the recorded subsector to name space. Every excluded transaction is published in the edition with the reason. The full rule travels in each edition’s coverage block.
A round is attributed to the quarter its announced date falls in, in UTC.
A round counts toward an investor only when that investor is recorded as the LEAD. Participation without a lead credit is ranked in a separate table, because we do not hold complete participant lists and a partial one would rank the wrong firms.

What this edition can and cannot see

Coverage limits travel with the numbers, here and in every export of them.

WHAT THE CAPITAL FIGURE COUNTS. A round reaches the disclosed-capital total only if it passes two tests, and both are read from fields the row already carries.
FIRST, THE INSTRUMENT. It must be primary private capital going into the company that a source says is equity: a priced round, a named series or an extension of one, including convertible notes or SAFEs that converted into a priced round whose amount is stated (they count inside that round). Excluded are convertible notes and SAFEs recorded on their own that have not converted, which are debt until they do; raises whose instrument no source states (no round type on record, a bare bridge or interim financing), which are held out until a source does; acquisitions, a buyer purchasing the company or its existing shares, which are a change of owner and not funding; IPOs, direct listings, SPAC mergers, PIPEs, registered directs and other public-market offerings; tender offers, secondaries and share sales, which move shares that already exist and put no new money into the company; debt, which is borrowing rather than investment; owner funding, an owner putting their own money into the company, which no outside investor priced; state capital, a round whose money comes wholly or mostly from governments or state-owned funds, which is not private funding; and grants, which are non-dilutive public money. The test is the round’s own recorded type and stage. One case needs the company too: a private placement into a listed company is a PIPE and is excluded, while the same label on a private company is an ordinary private round and counts. More generally, a raise by a listed company is a public-market deal unless the row names a private stage (Seed, Series A and so on), which only exists before listing. A company counts as listed from its first trading day on a stock exchange, or the close of its SPAC merger: a round dated before that day is the company’s private history and is classed like any private company’s round. Where we have not yet recorded a listed company’s listing date, its current listing status decides and the row is marked as such.

Sources and licences

The same credits are written into every CSV and JSON export of this data, so a downloaded file still names its sources.

UK Companies House: Company registration data from the UK Companies House register. Contains public sector information licensed under the Open Government Licence v3.0. Open Government Licence v3.0

Cite this edition

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Citation

SpaceNexus Most Active Space Investors, Q2 2026. SpaceNexus, data as of 2026-06-30. https://spacenexus.us/releases/most-active-investors/2026-Q2. https://spacenexus.us/releases/most-active-investors/2026-Q2 (retrieved 2026-10-30).

Free to cite and embed with attribution. Data updates continuously; the citation date pins your retrieval.

By SpaceNexus Data

Computed from SpaceNexus data - no model is involved in producing a release

Every figure here is arithmetic over our own rows (counts, sums, deltas and rankings), and the page and its export are built by the same code, so they cannot disagree. How this edition is computed

Computed over the 60 of 85 counted space rounds in the quarter that name a lead investor. A jointly-led round credits every co-lead with one round led, so the disclosed-total column sums to more than the quarter’s capital: it is a per-investor figure, not a share of the market.

Showing the first 10 of 85 rows. 75 more in this table, plus every column the display leaves out.

The complete row set and its CSV and JSON exports are part of a SpaceNexus Research seat. The figures above are computed from exactly the same rows, so the summary and the export can never disagree. What a Research seat covers.

Lead investors, trailing twelve months

The same ranking over the four quarters ending with this one: the stabler table, and the one to cite for "most active".

Lead investors, trailing twelve months. The same ranking over the four quarters ending with this one: the stabler table, and the one to cite for "most active". Showing the first 10 of 175 rows.
#	Investor	Rounds led	Disclosed total	Median round	Sectors backed
1	Washington Harbour Partners	4	$129.5M	$18.0M	analytics; ground-segment; infrastructure
2	Riot Ventures	2	$704.0M	$352.0M	defense; manufacturing
3	Natural Capital	2	$357.0M	$178.5M	manufacturing; satellite
4	Lux Capital	2	$194.0M	$97.0M	manufacturing; satellite
5	Shield Capital	2	$176.7M	$88.3M	infrastructure
6	National Reconstruction Fund Corporation	2	$163.3M	$81.7M	launch
7	Google Ventures	2	$134.0M	$67.0M	infrastructure; manufacturing
8	Andreessen Horowitz	2	$105.0M	$52.5M	ground-segment; infrastructure
9	Geodesic Capital	2	$62.0M	$31.0M	launch; satellite
10	Beyond Next Ventures	2	$39.7M	$39.7M	infrastructure

Computed over the 133 of 196 counted space rounds in the trailing twelve months that name a lead investor (250 transactions were recorded in the window before the rule was applied). Co-leads are credited individually.

Showing the first 10 of 175 rows. 165 more in this table, plus every column the display leaves out.

Investor participation, Q2 2026

Investors ranked by rounds they appear in at all, lead or otherwise. A different question from the lead table, and a weaker denominator.

Investor participation, Q2 2026. Investors ranked by rounds they appear in at all, lead or otherwise. A different question from the lead table, and a weaker denominator. Showing the first 10 of 250 rows.
#	Investor	Rounds	Disclosed round value	Sectors
1	Cathay Capital	3	$0	components; infrastructure; launch
2	Accel	2	$603.3M	defense; ground-segment
3	Lux Capital	2	$590.0M	infrastructure; satellite
4	Island Green Capital	2	$402.5M	launch; satellite
5	BlackRock	2	$360.0M	launch; satellite
6	SAIC	2	$275.0M	ground-segment; infrastructure
7	Shield Capital	2	$176.7M	infrastructure
8	千乘资本	2	$73.5M	launch; satellite
9	Yunqi Partners	2	$0	components; satellite
10	国泰海通	2	$0	components; manufacturing

Only 61 of 85 counted space rounds in the quarter carry an investor list. Disclosed round value is the size of the rounds an investor appears in, NOT the amount that investor put in: we do not hold per-investor allocations and will not infer them.

Showing the first 10 of 250 rows. 240 more in this table, plus every column the display leaves out.

Leads new to the table

Investors who led a round this quarter and led none in the previous 4 quarters of our records.

Leads new to the table. Investors who led a round this quarter and led none in the previous 4 quarters of our records. Showing the first 10 of 69 rows.
Investor	Rounds led	Disclosed total	Companies
Shield Capital	2	$176.7M	Star Catcher Industries; Starfish Space
Geodesic Capital	2	$62.0M	Katalyst Space; Portal Space
Cathay Capital	2	$0	Spark Space; Stellar Power
Eclipse Ventures	1	$600.0M	True Anomaly
General Atlantic	1	$520.8M	ICEYE
137 Ventures	1	$500.0M	Impulse Space
Banner VC	1	$500.0M	Impulse Space
Franklin Templeton	1	$300.0M	Astranis
Snowpoint Ventures	1	$300.0M	Astranis
Nazca Capital	1	$130.0M	Xoople

Absence from the lookback window means we recorded no lead credit for that investor, not that the firm was inactive.

Showing the first 10 of 69 rows. 59 more in this table, plus every column the display leaves out.

Rounds behind these tables

Every round the rule counts, largest disclosed first, with its source. This is the row set the tables above are computed from. What the rule left out is in the next table, not missing.

Rounds behind these tables. Every round the rule counts, largest disclosed first, with its source. This is the row set the tables above are computed from. What the rule left out is in the next table, not missing. Showing the first 10 of 85 rows.
Date	Company	Sector	Stage	Amount	Lead	Source
2026-04-28	True Anomaly	defense	Series D	$600.0M	Eclipse Ventures; Riot Ventures	SpaceNews
2026-06-09	ICEYE	analytics	Series F	$520.8M	General Atlantic	ICEYE
2026-04-30	Adaspace	satellite	Pre-IPO	$520.4M	–	HKEX Application Proof of Adaspace Technology Co., Ltd. (company filing, sole sponsor Guotai Junan International)
2026-06-02	Impulse Space	infrastructure	Series D	$500.0M	137 Ventures; Banner VC	SpaceNews
2026-06-09	Isar Aerospace	launch	Series D	$312.5M	–	Isar Aerospace
2026-05-06	Astranis	satellite	Series E	$300.0M	Snowpoint Ventures; Franklin Templeton	Payload
2026-05-11	Cowboy Space Corp	infrastructure	Series B	$275.0M	Index Ventures	SpaceNews
2026-04-06	Xoople	analytics	Series B	$130.0M	Nazca Capital	TechCrunch Space
2026-04-07	Starfish Space	infrastructure	Series B	$111.7M	Point72 Ventures; Activate Capital; Shield Capital	SEC EDGAR Form D
2026-05-28	Observable Space	satellite	Series A	$90.0M	Lux Capital; Upfront Ventures; Detroit Venture Partners; Island Green Capital; RTX Ventures	Bloomberg

A blank amount means the round is real and its size was never disclosed. Nothing downstream infers one. The Lead column is the recorded string split into its co-leads; the string exactly as stored travels in the export as leadInvestorAsRecorded.

Showing the first 10 of 85 rows. 75 more in this table, plus every column the display leaves out.

Transactions the rule excludes

Every transaction recorded against a tracked company in the quarter that does NOT reach the capital figure, with the reason. Published so the headline can be checked rather than trusted.

Transactions the rule excludes. Every transaction recorded against a tracked company in the quarter that does NOT reach the capital figure, with the reason. Published so the headline can be checked rather than trusted. Showing the first 10 of 23 rows.
Date	Company	Stage	Amount	Instrument	Why it is excluded
2026-06-12	SpaceX	IPO	$86.25B	public-market	A public-market offering, not a private funding round.
2026-06-23	SpaceX	Senior notes	$25.00B	debt	Borrowing, not equity investment.
2026-05-13	Anduril Industries	Series H	$5.00B	venture	The company's recorded sector is "defense" and its subsector "autonomous-defense", and neither names space work.
2026-05-07	HawkEye 360	IPO	$478.4M	public-market	A public-market offering, not a private funding round.
2026-04-29	Orbcomm	Credit Facility	$460.0M	debt	Borrowing, not equity investment.
2026-05-21	ICEYE	Credit Facility	$348.0M	debt	Borrowing, not equity investment.
2026-05-06	Astranis	Credit facility	$155.0M	debt	Borrowing, not equity investment.
2026-06-30	BlackSky	ATM Issuance	$150.0M	public-market	A public-market offering, not a private funding round.
2026-05-19	HawkEye 360	Revolving credit facility	$125.0M	debt	Borrowing, not equity investment.
2026-04-09	Spire Global	Private Placement	$70.0M	public-market	A public-market offering, not a private funding round.

23 of 108 recorded transactions, $118.2B in disclosed value. Nothing here has been deleted or altered in the database: these rows are excluded from ONE figure, and they are printed so the exclusion is checkable.

Showing the first 10 of 23 rows. 13 more in this table, plus every column the display leaves out.

Investor strings this edition rewrote

Our sources record a jointly-led round as one free-text string. Every string this edition split or renamed is listed here with what it became, over the whole trailing-twelve-month window, so a wrong split is visible rather than buried in an aggregate.

Investor strings this edition rewrote. Our sources record a jointly-led round as one free-text string. Every string this edition split or renamed is listed here with what it became, over the whole trailing-twelve-month window, so a wrong split is visible rather than buried in an aggregate. Showing the first 10 of 195 rows.
As recorded	Read as	Rule applied	Rows
凯辉基金 (Cathay Capital)	Cathay Capital	renamed	4
a16z	Andreessen Horowitz	renamed	3
GV	Google Ventures	renamed	3
云启资本 (Yunqi Partners)	Yunqi Partners	renamed	3
Chengdu Major Industrialization Project Phase II Equity Investment Fund (Chengdu Advanced Capital)	Chengdu Major Industrialization Project Phase II Equity Investment Fund	renamed	2
Space Frontier Fund No. 2 (SPARX Asset Management)	SPARX Asset Management	renamed	2
Yuekai Capital (粤开资本)	Yuekai Capital	renamed	2
丹诚资本 (Dancheng Capital)	Dancheng Capital	renamed	2
啟赋资本 (Qifu Capital)	Qifu Capital	renamed	2
民银国际 (CMBC International)	CMBC International	renamed	2

Split on a slash with whitespace on both sides or a semicolon, outside brackets. A comma or "and" splits only where the source marks the string "(co-leads)" or the exact string is on our hand-checked list. Ampersands are left alone, because "Kongsberg Defence & Aerospace", "Mitsui & Co." and "ESA European Launcher Challenge (Germany, UK)" are single names, so an unlisted co-lead pair joined by an ampersand is under-credited rather than wrongly split. A fund vehicle is credited to the firm that manages it (since 2026-10-08). Strings that passed through unchanged are not listed.

Showing the first 10 of 195 rows. 185 more in this table, plus every column the display leaves out.

Jointly-led rounds are split. Our sources record co-leads as one string ("Eclipse / Riot Ventures"); we split on a slash with whitespace on both sides or a semicolon (a comma or "and" only where the source marks co-leads or the exact string is on a hand-checked list), because an ampersand or a comma can sit inside a real firm name, and credit each co-lead with one round led. Fund vehicles are credited to the firm that manages them. Each edition publishes every string it split or renamed.

Rounds with an undisclosed amount are counted in the round count and contribute $0 to totals. Totals are therefore a floor, never an estimate.

Ranking is by rounds led, descending; ties break on disclosed total, then on investor name (A–Z), so the table is reproducible.

"New to the table" means the investor led no counted round in the previous four quarters. It is a statement about our records, not about the firm.

SECOND, THE RECIPIENT. The company’s own recorded sector must describe space work. Sectors such as defense, defence, aerospace, government and military span more than one domain, so for those, and only those, we additionally require the recorded subsector to name space, orbit, satellite, launch, lunar or spacecraft work. A company with no recorded sector is excluded. Marketing tags are deliberately not consulted: several defence companies tag themselves “defense-space” while building no space hardware. One curated classification is read: a company our records mark as a diversified aerospace group, whose space business is one line among many, is treated like a cross-domain sector, and its round counts only if its subsector names space work and that space line is cited from the company’s own report at $100M or more of revenue.

This makes the figure a conservative floor. A genuine space round misfiled under a cross-domain sector will be missing from it, and that is the direction we choose to be wrong in. Every excluded round is published in the exclusions table on this page with the rule that excluded it: nothing is deleted to make the number look better.

APPLIED TO THIS QUARTER. 108 transactions are recorded against tracked companies, 85 of them pass the rule and 23 do not. The 23 excluded carry $118.2B of disclosed value, and every one of them is printed in the exclusions table above with the reason it was refused.

Of the 85 counted rounds, 49 disclosed an amount. Totals are a floor, not an estimate.

60 of 85 counted rounds name a lead investor (70.6%). Every lead ranking on this page is computed over that subset only.

61 of 85 counted rounds carry a wider investor list. The participation table is computed over that subset, and it is the weaker of the two attributions.

HOW CO-LED ROUNDS ARE READ. Our sources record a jointly-led round as one free-text string, such as "Eclipse / Riot Ventures". We split those on a slash with whitespace on both sides or a semicolon; a comma or "and" splits only where the source marks the string as co-leads or the exact string is on a hand-checked list, because an ampersand or a comma can sit inside a real firm name. Each co-lead is then credited with one round led. A list of variant spellings that both appear in our own data is merged to one name, and a fund vehicle is credited to the firm that manages it. Every string that was split or renamed is listed in the normalisation table above. One consequence to keep in mind: a round led by two firms appears in full under both, so the disclosed-total column of a ranking sums to more than the quarter did.

Our round coverage is built from regulatory filings, company announcements and cited press coverage. It is not a census of the market, and an investor absent from a table may simply be absent from our records for that quarter.

Sector is taken from the company profile as it stands today, so a company that changed sector is reported under its current one in every quarter. The space test above is therefore applied using the classification as it stands today.

Every figure on this page is a count, a sum, a median or a ratio over our own rows. Nothing is model-generated, estimated or projected.

1	Washington Harbour Partners	3	$29.5M	$14.7M	analytics; infrastructure	Citra Space; Scout Space; Turion Space
2	Shield Capital	2	$176.7M	$88.3M	infrastructure	Star Catcher Industries; Starfish Space
3	Geodesic Capital	2	$62.0M	$31.0M	launch; satellite	Katalyst Space; Portal Space
4	Cathay Capital	2	$0	–	components; launch	Spark Space; Stellar Power
5	Eclipse Ventures	1	$600.0M	$600.0M	defense	True Anomaly
6	Riot Ventures	1	$600.0M	$600.0M	defense	True Anomaly
7	General Atlantic	1	$520.8M	$520.8M	analytics	ICEYE
8	137 Ventures	1	$500.0M	$500.0M	infrastructure	Impulse Space
9	Banner VC	1	$500.0M	$500.0M	infrastructure	Impulse Space
10	Franklin Templeton	1	$300.0M	$300.0M	satellite	Astranis

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