Space Capital：2025年第二季度太空投资报告（英文版）

As 2025 unfolds, the capital markets areevolving in unexpected ways. The VlX, a keymeasure ofstock market volatility, reachedlevels not seen since the 2020 pandemic.While Q1 optimism pointed to a rebound inliquidity and a revitalized lPO market, globa!tarifftensions reshaped the narrative, slowingIPO activity and economic growth across theglobe. However, signs oflife emerged in theIPO market to close out Q2, despite marketturbulence. U.s. public markets hit new all-timehighs as investors pile