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Over the last 10 years, there has been $186.7B of equity investment across 1,480 unique companies in the space economy, led by investment in the U.S. and China, which collectively account for 75% of the global total. Investors deployed another $4.5B into space companies in Q1, which was the fourth consecutive quarter of declining investment after a record quarter in Q2 2020. However, the trend towards larger, late-stage deals continued in Q1 with the top 10 rounds accounting for $3.5B or (77%) of the total investment in the quarter.Early-stage activity remains healthy, accounting for 41% of rounds closed in Q1. Following a recording year of Infrastructure investment, the stack now accounts for 18% of total investment in the last 10 years.