In this episode of Valley of Depth, we sit down with Mark Boggett, CEO of Seraphim Space, to break down one of the biggest questions in the industry right now: are we still early in the space economy, or has the easy money already been made?

Mark has built one of the first dedicated space-focused venture firms, before the category became institutional. We discuss how the market has evolved from uncertain capital availability to a more mature ecosystem where large-scale funding is now expected and why that shift is unlocking a new phase of growth.

We cover:

Why the space economy is still in its early innings of value creation
How capital availability has transformed space investing over the last decade
Seraphim’s strategy and why they avoid launch, space travel, and lunar markets
The rise of European defense demand and the emergence of “neo-primes”
How space companies are becoming real, profitable businesses
Where the market may be overbuilt vs. underinvested
Why vertically integrated constellations remain the core opportunity
What the next phase of the space economy looks like

• Chapters •

00:00 – Intro
00:38 – What current moment are we in in the space economy?
01:33 – Mark's history with the space industry and the changes he's seen
02:50 – What prompted Mark to start taking bets on the space industry?
07:52 – Early pushback in space investing
10:27 – How do you convince investors to invest in space companies if the biggest company (SpaceX) is still not public?
13:27 – Seraphim's strategy for their funds
21:23 – Seraphim's competitive moat
24:52 – Where does Seraphim go from a founder's focused approach to a more guided one?
30:31 – IC EYE
36:34 – Space investment trends that Mark sees in Europe
41:54 – US vs Europe future investments
45:50 – Understanding American vs European aerospace company valuations
47:56 – Where are we currently overbuilt?
54:34 – Why doesn't Seraphim invest in the Moon and Mars and will this change?
01:00:00 – What Mark does for fun

• Show notes •

Seraphim’s website — https://seraphim.vc/
Seraphim’s socials — https://x.com/seraphim_space
Mo's socials — https://x.com/itsmoislam
Payload’s socials — https://twitter.com/payloadspace / https://www.linkedin.com/company/payloadspace
Ignition’s socials — https://twitter.com/ignitionnuclear /
https://www.linkedin.com/company/ignition-nuclear/
Tectonic’s socials — https://twitter.com/tectonicdefense / https://www.linkedin.com/company/tectonicdefense/
Valley of Depth archive — Listen: https://pod.payloadspace.com/

• About us •

Valley of Depth is a podcast about the technologies that matter — and the people building them. Brought to you by Arkaea Media, the team behind Payload (space), Ignition (nuclear energy), and Tectonic (defense tech), this show goes beyond headlines and hype. We talk to founders, investors, government officials, and military leaders shaping the future of national security and deep tech. From breakthrough science to strategic policy, we dive into the high-stakes decisions behind the world’s hardest technologies.

Payload: www.payloadspace.com
Tectonic: www.tectonicdefense.com
Ignition: www.ignition-news.com

The Early Innings, with Mark Boggett (CEO of Seraphim)

Valley of Depth