Axiom Space Raises $350 Million Funding To Build Next International Space Station
Key takeaways
- Axiom has raised $350 million in funding in its Series C funding round
- The money will go towards research and development, as Axiom develops a replacement ISS and new spacesuits
- Axiom has raised the second-largest amount of funding for a space company this year, bar SpaceX
Space pioneers Axiom have raised $350 million in funds from Saudi Arabia and South Korea to continue working on super cool things like space stations and new spacesuit designs. It’s a big step forward for the space start-up, which has contracts with NASA and SpaceX to help bring the space race into its next stage. Here’s the lowdown.
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What’s happening with Axiom Space?
Space exploration company Axiom has raised $350 million in its latest Series C funding round, led by Saudi-owned Aljazira Capital and Korean firm Boryung.
Axiom trains and flies astronauts on missions to the International Space Stations via launches with SpaceX and is developing new space tech, including a commercial space station in partnership with NASA and a new lunar spacesuit.
The company has confirmed that the funding round will help further its development efforts. It already has $2.2 billion in customer contracts and is working to launch the first space station module by 2026.
Axiom Space CEO and president Michael Suffredini said in a statement that the business was “building on the legacy of the International Space Station, leveraging the pillars that were constructed in low-Earth orbit more than two decades ago, to now support a burgeoning global space economy”.
What was the market reaction?
While Axiom isn’t publicly traded, the private space industry is booming. Axiom told Bloomberg that the company is now worth over $1 billion and was only second to SpaceX in raising the most money by a space company this year. The entire industry is currently estimated to be worth around $460 billion, with plenty of room to grow.
Given Axiom’s work in building and launching a new commercial space station, the company’s value could skyrocket. Apparently, NASA is considering Axiom’s space station to replace the ISS altogether by 2031.
Around half of the $2.2 billion it’s secured in contracts is one with NASA to develop the spacesuits astronauts wear for the space agency’s Artemis project. It does pin Axiom’s livelihood on NASA, but the contract could be worth a lot more should Axiom deliver.
The bottom line
Axiom’s latest funding round is a big bet on its capabilities to deliver vital parts of space infrastructure to herald the planet’s next stage of the space economy. The fact it’s working on delivering a new space station is particularly exciting for investors, should the company ever go public — but as it stands, space tech is still a largely private sector.
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