Space Capital：2025年第四季度太空投资报告（英文版）

We close the books on 2025 agalnst a complex macroeconomicbackdrop. The year was bookended by the "Great Freeze", ahistoric 43-day U.S. federal government shutdown that beganin Q4. This bureaucratic paralysis furloughed hundreds ofthousands of federal employees, strained essential services,and ground the aviation sector to a halt. Yet, in a striking displayof decoupling, the commercial space economy did notjustsurvive the freeze, It accelerated through it.While the FAA was forced to