Space Capital：2025年第一季度太空投资报告（英文版）

It was a volatile quarter in the space capital markets amid geopolitical tensions, tariff uncertainties, and internal government instability. Changes in U.S.-Europe relations have sparked a reset in Europe’s reliance on U.S. military and technology systems. Growing concerns about missile threats and China’s advancing space capabilities are driving new defense priorities. SpaceX, once indomitable, now faces a slew of launch competitors at the same time that Starlink deals with growing