**[The SpaceX Effect Boosts Europe's Space Industry, Open Cosmos Secures $346 Million in Funding]** BlockBeats News, September 14: SpaceX's ongoing expansion of the commercial space market has begun to drive European space startups to attract significant capital. European satellite manufacturer Open Cosmos announced on Monday that it has completed a €300 million (approximately $346 million) funding round, marking one of the recent large-scale financing deals in Europe's space sector. Previously, European reusable rocket startup The Exploration Company had just raised $450 million. According to PitchBook data, global space tech startups have secured over $16.5 billion in funding so far this year, and at the current pace, the annual total could nearly double last year's figure. European space startups are growing their funding even faster. Founded in 2014, Open Cosmos has now raised over $390 million in total, with a valuation of approximately $2 billion. Open Cosmos plans to use the new funds to expand its satellite manufacturing capabilities and accelerate its satellite data services. Last year, the company secured approximately $175 million in contracts from governments and enterprises, primarily providing Earth observation data for disasters such as floods and wildfires. It also plans to leverage AI to process data directly on satellites, reducing information delivery times from hours to just minutes. As demand for satellite communications and space data processing heats up, investors are increasingly viewing the space sector as the next generation of high-speed connectivity and data infrastructure. Open Cosmos is also venturing into orbital connectivity services, positioning itself as a more direct competitor to SpaceX. However, a shortage of launch resources remains a major bottleneck for the industry, with satellite companies still heavily reliant on commercial rocket companies like SpaceX and Blue Origin, as well as government space agencies. [Original Link]