Abstract: The low-altitude economy represents a key frontier in future economic development, and patient capital plays an increasingly important role in advancing its modernization. Drawing on the perspectives of spatial spillovers and spatial distance decay, this study examines the mechanisms through which equity-based and debt-based patient capital affect the modernization of China’s low-altitude economy. Using a spatial econometric model, the study analyzes panel data from 30 provinces in China. The results show that: (1) both equity-based and debt-based patient capital exert positive spatial spillover effects on the modernization of the low-altitude economy; (2) the effect of equity-based patient capital is most significant over medium-distance ranges, whereas debt-based patient capital exhibits a positive impact at shorter distances, which gradually weakens with increasing distance and eventually becomes negative; (3) the threshold effect of equity-based patient capital strengthens with increasing capital input, while debt-based patient capital shows more pronounced effects at low and medium levels of investment. Based on these findings, this study proposes optimizing the allocation of patient capital and implementing differentiated regional development strategies to accelerate the modernization of the low-altitude economy across regions.