Private investment in global space companies reached $23 billion in the year through June, more than double the $9.7 billion raised a year earlier, according to a report from Relm Insurance and British investment firm Seraphim. SpaceX's June IPO reshaped the sector's funding landscape and encouraged investors to search for companies capable of producing similar returns. The report said funding is becoming more selective, favoring operational proof over early-stage promise as the space economy moves from hype toward commercial reality. Earth observation (the use of satellites to monitor Earth) attracted capital when companies could demonstrate revenue and experienced leadership. In-orbit manufacturing remains at an early stage because launch and return options are limited, while satellite supply chains are becoming more complex as production expands. The report also said traditional insurance policies often do not suit smaller experimental space projects, increasing demand for specialized coverage.