Kinda. "Space"/other dimension.
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https://en.wikipedia.org/wiki/It_(character)
- It originated in a void containing and surrounding the Universe—a place referred to in the novel as the "Macroverse" (a concept similar to the later established "Todash Darkness" of the Dark Tower novels).
- It's true form is not precisely what the children actually see. Instead, the natural form of It exists in an inter-dimensional realm referred to by It as the "deadlights". Bill Denbrough comes dangerously close to seeing the deadlights, but successfully defeats It before this happens. The deadlights are never seen, and their true form outside the physical realm is never revealed, only described as writhing, destroying orange lights. Coming face to face with the deadlights drives any living being instantly insane (a common Lovecraftian device).
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So... kinda. "From space" is both accurate and an extreme over-simplification.