Space Market, Inc.
4487・Growth Market・Information & Communication
Business
SPACEMARKET, Inc. was founded in 2014 and is listed on the Growth Market of the Tokyo Stock Exchange as a space-sharing platform company. Its core service, the "SPACEMARKET" marketplace, enables hourly rental and lending of a wide variety of spaces across all 47 prefectures in Japan, including meeting rooms, sports facilities, movie theaters, former school buildings, and temples. The company also provides "Spacepad," a public facility reservation management system for local governments, and offers a Rental Space Total Produce Service for real estate owners. In FY2025 (ending December 2025), total gross merchandise value across the company reached ¥7,396 million, with the number of spaces utilized reaching 131.3 thousand. Under the mission of "Making Space Sharing the Norm," the company aims to create value from idle real estate and realize diverse experiential consumption.
Business Model
In the Marketplace Service, guests pay the space fee plus a 5% guest fee, and the company deducts a base commission of 30% when making payments to hosts. This creates a structure in which fees totaling approximately 35% from both hosts and guests are recorded as revenue. In addition, the Rental Space Total Produce Service, which handles space planning, development, and operation on behalf of clients (sales of ¥678 million in FY2025 (ending December 2025), up 100.2% year on year), and "Spacepad," a SaaS offering for local governments, contribute to revenue diversification.
Company Strengths
The number of spaces utilized in FY2025 (ended December 2025) reached 131.3 thousand spaces (up 17.1 thousand spaces year-on-year), expanding for the fourth consecutive period. A positive feedback loop is functioning whereby an increase in the number of spaces leads to an increase in guests, which in turn attracts new host participation. As a result, GMV has expanded approximately twofold, from ¥3,237 million in FY2021 (ended December 2021) to ¥6,408 million in FY2025 (ended December 2025).
Sales of the Rental Space Total Produce Service, which handles space planning, development, and operation on behalf of clients, reached ¥678 million in FY2025 (ended December 2025), up 100.2% year-on-year. In April 2025, the company made Croutons, Emina, and Systeria subsidiaries, internalizing usage-development capabilities and operational functions within the group. In addition to organic growth, the company is capturing discontinuous growth through M&A.
Since launching its service in 2014, the company has participated in the joint founding of the industry body "Sharing Economy Association" and obtained the association's first-ever Sharing Economy Certification in 2017. It also holds ISMS certification (obtained in 2019), institutionally underpinning its credibility as a safe and secure platform. As a first mover in the space-sharing domain, the brand recognition and know-how it has accumulated form a barrier to competitive entry.
ENVALITH's Perspective
Performance Trend
Revenue over the past five fiscal periods expanded more than twofold, from ¥1,228 million (FY2021) to ¥2,568 million (FY2025), and operating profit became firmly positive (¥247 million in FY2025). In Q1 FY2026 (ending September 2026) (January–March 2026), revenue reached ¥718 million (up 34.4% year on year), continuing the accelerating trend. However, due to a sharp increase in cost of sales and SG&A expenses, operating profit declined to ¥62 million (down 22.4% year on year) and ordinary profit fell to ¥58 million (down 26.4% year on year), indicating deterioration on the profit side. As external factors, rising prices and labor costs are affecting the cost structure, while expansion of the sharing economy market continues to support demand. Due to a change in fiscal year-end (from December to September), the current period is an irregular 9-month period.
Growth Strategy
Growth strategy centered on maximizing company-wide total transaction value, driven by a three-pronged approach: marketplace expansion, in-house operation agency services, and public facility DX.
Promoting diversification of use cases including meetings, filming, lessons, and lodging, while strengthening network externalities through continued growth in the number of listed spaces. Aiming to expand awareness and usage through the January 2026 brand renewal ("New standard experiences, one after another").
Expanding operation agency services that involve capital expenditure, with tangible fixed assets increasing by ¥37 million compared to the previous fiscal year-end (from ¥113 million to ¥150 million). Against the backdrop of the spread of operational DX and unmanned operation models, strengthening differentiation through improved user experience and enhanced operational quality.
Promoting the adoption of Spacepad by local governments and public facilities, building a stable SaaS revenue source distinct from the private marketplace. Aiming to diversify and stabilize revenue by capturing DX demand for reservation management at public facilities.
Developing lodging operation support service "SpemaSTAY" and "Space M&A Brokerage," which supports the transfer and succession of rental spaces, strengthening group synergies by combining the operational know-how and use-case development capabilities of group companies.
Issued 1,300 units of stock acquisition rights (covering 130,000 shares, exercise price of ¥297 per share) dated April 3, 2026. Targeting directors, employees, and officers/employees of subsidiaries, with an exercise period from 2028 to 2036, aiming for medium- to long-term talent retention and incentive provision.
Last updated: July 17, 2026