With another $4.5B invested into 77 space companies in Q1, there has now been $186.7B of equity investment into 1,480 unique companies in the space economy over the past 10 years. Coming off a massive year of investment in the space economy, the trend towards larger late-stage deals continued in Q1, with the top 10 rounds accounting for 77% of total investment in the quarter. At the early-stage, we’re seeing larger deal sizes at higher valuations and looser terms as VCs push to deploy the historical amounts of capital they raised in 2020. Investors liquidated $6.8B of value in 14 space company exits in Q1, driven primarily by acquisitions and IPOs in the Applications stack. However, more exits are on the way with eight space company SPACs announced so far this year, representing an aggregate $16.0B of equity value. Expected to close in Q2, these transactions will add $2.9B of new cash to the target companies’ balance sheets. We welcome the access to additional capital that SPACs offer for Infrastructure companies, but are cautious that valuations and growth targets may be out of reach for companies that don't have a defensible data angle.