This was the largest quarter on record for spaceinfrastructure investment, despite only two spacecompany SPACs closing in Q2. With $4.5B of new capital,the Infrastructure stack is now on pace to beat theprevious annual record year of $9.1B, set last year. JeffBezos stepped down as CEO of Amazon, departing therole to focus on his space company, Blue Origin, whichhe has described as “the most important work [he] isdoing”. Bezos sold $6.7B of Amazon stock in Q2, of whichwe estimate $1.0B was invested into his space venture1.There has been $37.7B of equity investment into spaceinfrastructure over the past 10 years, driven primarily byinvestments in Launch and Communications, with 64% ofthe total invested into U.S. companies. At Space Capital,we are watching closely to discover the new applicationsthat will be built to leverage this unprecedented newinfrastructure. Already we’re seeing a trend of morecompanies leveraging Earth Observation data to pursueclimate-related opportunities.