The satellite manufacturer said the funding will support production scaling, a planned 100kW Giga-class satellite in 2028, and delivery of more than $1 billion in signed commercial and government contracts.
K2 Space said it raised $500 million in a Series D round valuing the company at $6.8 billion, with Kleiner Perkins and ICONIQ leading the financing and CapitalG, Lightspeed, Altimeter, Spark Capital, Sands Capital, ARK Invest, T. Rowe Price Associates, Inc.*, and other existing investors also participating. The company said the new capital will help it scale manufacturing as it aims to build up to 100 large satellites a year from its 180,000 sq ft factory in Torrance, California. The company said it has now raised more than $1 billion in total and secured more than $1 billion in signed commercial and government contracts. Those programs include SES's planned meoSphere network, for which K2 will provide an initial tranche of 30 satellites; the Golden Dome for America space-based interceptor missile defense program, where K2 will provide satellites to program partner Anduril; and the Space Force's Protected Tactical Satcom-Global program, where K2 said it will act as the bus provider (satellite core platform), marking its first selection for a Pentagon program of record. K2 said its Gravitas platform is already on orbit and operational, and that its next major platform will be a 100kW Giga-class satellite planned for the second half of 2028, which it described as a foundation for deploying large amounts of compute on orbit. Over the next 24 to 48 months, the company said it will prioritize delivering large constellation orders on schedule, while its next mission, Trinity, is set to launch multiple satellites in Q2 2027.