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Global space investment hits record $3.5 billion as funding widens beyond SpaceX and OneWeb

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Global space investment soared to a record $3.5 billion in the third quarter, almost doubling last year’s figure, as money flowed into a broader range of startups and defense-related projects, according to a new report from Seraphim Space.

The data marks a shift in the fast-growing industry, with capital now spread across multiple players instead of being dominated by giants such as SpaceX and OneWeb. “We’re seeing a far more diverse set of investable companies, signaling that space has evolved into a broader, more mature market,” said Lucas Bishop, investment associate at Seraphim.

The surge was led by U.S. defense and aerospace firms like Hadrian, Apex, and Hermeus, which raised large rounds focused on advanced manufacturing and hypersonic technologies. In China, Galactic Energy took the top spot with a $336 million raise in September.

Governments are fueling the boom as they expand domestic space and defense initiatives, with the U.S., China, and Europe all channeling funds into satellite networks and orbital infrastructure. The report said this momentum would likely continue into 2026, supported by dual-use technologies bridging civilian and military applications, such as SpaceX’s Starshield and OneWeb’s network expansion.

Publicly traded space firms have also surged. Rocket Lab and Planet Labs have more than doubled their market value in recent months, while AST SpaceMobile has tripled after demonstrating satellite-to-phone broadband connectivity — a milestone for direct-to-device communication.

AI Startup Modular Raises $250 Million to Take On Nvidia’s Software Dominance

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AI startup Modular announced Wednesday it has raised $250 million in fresh funding, giving the company a valuation of $1.6 billion as it looks to loosen Nvidia’s grip on the AI computing ecosystem.

The round, which nearly tripled Modular’s valuation from two years ago, was led by the U.S. Innovative Technology Fund with participation from DFJ Growth and existing backers GV, General Catalyst, and Greylock.

Founded in 2022 by former Apple and Google engineers, Modular has built a platform that lets developers run AI applications across multiple types of chips without rewriting code for each one. Its clients include cloud providers such as Oracle and Amazon, as well as chipmakers Nvidia and AMD.

Nvidia’s dominance—holding more than 80% of the high-end AI chip market—is reinforced by its proprietary CUDA software, which locks in over 4 million developers worldwide. Modular positions itself as a neutral alternative, branding its approach the “Switzerland strategy.”

Co-founder and CEO Chris Lattner emphasized that Modular isn’t aiming to topple Nvidia directly. “What we’re focused on is not like pushing down Nvidia or crushing them. It’s more about enabling a level playing field so that other people can compete,” he said.

The company plans to sell its software directly to enterprises on a usage-based model and through revenue-sharing deals with cloud providers. Investors are betting that a multi-vendor AI hardware future is inevitable. DFJ Growth partner Sam Fort described Modular as “VMware for the AI era,” enabling workloads to move seamlessly across different chip vendors.

With around 130 employees, Modular plans to use the new capital to grow its engineering and sales teams and to expand beyond AI inference into the more demanding AI training market.

Greece Strikes Deal with OpenAI to Bring AI into Classrooms and Small Businesses

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Greece and OpenAI signed a memorandum of understanding (MoU) on Friday aimed at expanding access to artificial intelligence in schools and boosting innovation for small businesses. The agreement makes Greece one of the first countries to deploy ChatGPT Edu, a specialized version of ChatGPT tailored for academic institutions.

According to OpenAI, the deal will give Greek secondary schools direct access to advanced AI tools, while startups in healthcare, climate change, education, and the public sector will receive credits and support to build projects with OpenAI’s technology.

The MoU was signed by Prime Minister Kyriakos Mitsotakis, Onassis Foundation President Anthony S. Papadimitriou, and OpenAI’s Chief Global Affairs Officer Chris Lehane. In his remarks, Lehane tied the initiative to Greece’s intellectual heritage: “From Plato’s Academy to Aristotle’s Lyceum—Greece is the historical birthplace of western education. Today, with millions of Greeks using ChatGPT, the country is once again showing its dedication to learning and ideas.”

The deal comes just weeks after OpenAI released GPT-5, its latest model, which is powering the next phase of ChatGPT’s global adoption across education, business, and cultural applications.