Our take on latest PitchBook’s 2026 SpaceTech Report.

PitchBook published its 2026 Vertical Snapshot on hashtag#SpaceTech.
A few numbers worth flagging.

1. 𝗛𝟭 𝟮𝟬𝟮𝟲 𝗮𝗹𝗿𝗲𝗮𝗱𝘆 𝗽𝗮𝘀𝘀𝗲𝗱 𝗮𝗹𝗹 𝗼𝗳 𝟮𝟬𝟮𝟱: $11.3B raised against $10.1B for the whole of last year. Median deal size nearly doubled, from $7M to $14.5M. Value is growing much faster than volume: H1 deal count (244) annualizes to roughly 490, a moderate bump from 2025 (433).

2. 𝗘𝘂𝗿𝗼𝗽𝗲 𝗵𝗮𝗱 𝗶𝘁𝘀 𝗯𝗲𝘀𝘁 𝗵𝗮𝗹𝗳 𝗲𝘃𝗲𝗿: $2.4B, 21.1% of global value, a series record. North America's share dropped from 65.9% to 56.1%.

3. The heatmap splits cleanly into three segments. 𝗧𝗲𝗿𝗿𝗲𝘀𝘁𝗿𝗶𝗮𝗹 𝗶𝘀 𝘁𝗵𝗲 𝗹𝗮𝗿𝗴𝗲𝘀𝘁 𝗯𝘆 𝘃𝗮𝗹𝘂𝗲, carried by commercial space launch ($3.6B, 85 deals, up 94.9% YoY) and geospatial intelligence ($2.5B, 60 deals, down 31.1% YoY, the only major line declining). 𝗢𝗿𝗯𝗶𝘁𝗮𝗹 𝗶𝘀 𝘁𝗵𝗲 𝗹𝗮𝗿𝗴𝗲𝘀𝘁 𝗯𝘆 𝗱𝗲𝗮𝗹 𝗰𝗼𝘂𝗻𝘁 and, inside it, satellites alone account for $4.3B and 184 deals, more than any other subsegment in the report.
Orbital's fastest-growing lines, space debris & tracking (+437.9%), in-space manufacturing (+275.9%), human spaceflight (+252.8%), are all still under $600M. Exploratory stayed under 5% of total value and is shrinking.

Taken together, the data supports a broader shift: space tech is increasingly treated as an industrial scale-up market, moving beyond technology validation and towards production, procurement and industrial capacity.
An interesting snapshot of where investment is heading as the space economy matures.