Space-tech is past the SPAC cycle and has matured into a properly mixed capital market. Falling launch costs and dual-use defence applications have brought infrastructure capital, defence-focused funds and sovereign investors into rounds that were previously venture-only. Operators with flight heritage, contracted backlog and a credible recurring revenue trajectory see meaningfully more capital available than three years ago, though the capital is selective rather than abundant.

Flow has direct relationships across the space specialists, dual-use and defence-focused investors, and deep-tech growth funds that lead at the relevant cheque size. That includes Space Capital, Seraphim and E2MC on the specialist side, Lux Capital, DCVC and Founders Fund in deep tech, and American Dynamism, Shield Capital, Lockheed Martin Ventures and In-Q-Tel on the defence and dual-use side. The narrative is built around backlog quality, the split between government and commercial revenue, spectrum or licensing position, and unit economics per launch or per orbit.

Flow has experience running VC fundraising processes for space-tech companies across launch and propulsion, satellite manufacturing and components, Earth observation and satellite data, satellite communications and constellations, and ground-segment and mission-operations software. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.