15 High-Growth Space Companies & Startups
According to the World Economic Forum, the global space market size was valued at $630 billion in 2023. This figure is expected to grow to $1.8 trillion by 2035 at a 9.14% CAGR.
Increased funding in space startups is helping the industry reach unprecedented growth rates, as funding and private investment reached $6.5 billion in the first quarter of 2024.
McKinsey & Company highlights the increased demand for satellite connectivity, mobile phone navigation services, and AI and machine learning analytics as key industry growth drivers.
We’ve compiled some of the most notable space startups to keep an eye on in 2024.
1. Agnikul
Search growth status: Exploding
Year founded: 2017
Location: Chennai, India
Funding: $58.6M (Series B)
What they do: Agnikul is a private space startup aiming to become the "Uber for satellites.” Currently, they’re building rockets to carry micro and nanosatellites to low Earth orbit (up to 700 km). They’ve developed the Agnibaan, a two-stage launch rocket that can carry a payload of 220 pounds. In October 2023, Agnikul raised $26.7 million in Series B funding to begin commercial launches.
2. Muon Space
Search growth status: Regular
Year founded: 2021
Location: Mountain View, California
Funding: $35M (Series A)
What they do: Muon Space is an aerospace startup designing and building low-Earth orbit satellite constellations for Earth intelligence missions. Primarily, these satellite constellations are used to monitor Earth's climate and ecosystems using advanced remote sensing technology.
To optimize these missions and properly power LEO satellite constellations, the company created Muon Halo. The platform's infrastructure is built with various proprietary technologies, including MuSim, MuOS, MuCore, MuSat, and MuDash.
In April 2024, the startup announced it had won over $60 million in contracts to build and manage 10 satellites through 2026.
3. Astroscale
Search growth status: Exploding
Year founded: 2013
Location: Tokyo, Japan
Funding: $396.8M (Series G)
What they do: Astroscale is an orbital debris removal company for space satellites. They offer various services, including end-of-life, active debris, and life extension removal. The startup is also exploring other services and recently secured a $25.5 million contract with the United States Space Force to design and deliver a refueler satellite.
4. Orbex
Search growth status: Exploding
Year founded: 2015
Location: Forres, United Kingdom
Funding: $113.7M (Grant)
What they do: Orbex uses 3D printing to develop light launch vehicles and provide orbital launch services for small satellites. Their flagship product is the Prime micro launcher, a 19-meter-long, two-stage rocket that can carry small satellites up to 180 kg into low Earth orbit. Orbex is also building Sutherland Spaceport, the UK's first vertical launch spaceport built on mainland UK.
5. HALO Space
Search growth status: Regular
Year founded: 2021
Location: Madrid, Spain
Funding: $1.6M (Seed Round)
What they do: HALO Space is developing zero-emission commercial flights for space tourism. These flights can fly 20 miles above sea level, which is 3x higher than commercial flight altitude. The company's zero-emission capsule is a hydrogen-filled balloon that can fit up to eight passengers and a pilot.
To get above 99.5% of Earth's atmosphere, passengers will pay $164,000 for a ticket on the 4-5 hour journey. The startup has a lofty goal to provide flights to 10,000 passengers by 2030.
6. Gilmour Space
Search growth status: Exploding
Year founded: 2012
Location: Queensland, Australia
Funding: $168.2M (Series D)
What they do: Gilmour Space is a space tech company providing launch services that send small satellite rockets into low earth orbits. Eris is the company's three-stage orbital launch vehicle, which has its first test flight scheduled for 2024. In April 2024, Gilmour Space opened Bowen Orbital Spaceport and became one of only three launch service companies to have a dedicated launch site.
7. ClearSpace
Search growth status: Exploding
Year founded: 2018
Location: Renens, Switzerland
Funding: $24M (Series A)
What they do: ClearSpace is an in-orbit servicing and space debris removal startup. Purchased as a service by the European Space Agency, the startup's first planned mission (Clearspace-1) will remove space debris from orbit. That mission is scheduled for 2026. In January 2023, the startup raised $29 million in Series A funding to finance this upcoming launch project.
8. True Anomaly
Search growth status: Regular
Year founded: 2022
Location: Centennial, Colorado
Funding: $158M (Series B)
What they do: True Anomaly is developing space security hardware and software systems. Currently, the startup offers Mosaic, an integrated space operations software platform, and Jackal, an autonomous orbital vehicle that uses optical and radar sensors for close-range video and imaging. Most recently in April 2024, the startup was granted a $30 million contract for the Space Force's Victus Haze project.
9. Umbra Space
Search growth status: Exploding
Year founded: 2015
Location: Santa Barbara, California
Funding: $49.1M (Grant)
What they do: Umbra Space provides remote sensing and high-quality Synthetic Aperture Radar (SAR) data and imagery to government and commercial customers. Their SAR microsatellites provide high-resolution imaging for activity monitoring, emergency response, and site monitoring. The startup also operates an open data program with more than $4 million worth of SAR data and imagery and 3,000+ SAR images from over 20 global locations.
10. Space Forge
Search growth status: Regular
Year founded: 2018
Location: Bristol, United Kingdom
Funding: $21M (Undisclosed)
What they do: Space Forge specializes in the development of reusable satellite platforms for manufacturing operations in low-Earth orbit. The company's in-space manufacturing platform, ForgeStar, can operate at an altitude of roughly 300 miles for 1-6 months. The startup's co-founder Andrew Bacon hopes to achieve 10-12 ForgeStar flights per year by 2025.
11. Sidus Space
Search growth status: Regular
Year founded: 2011
Location: Merritt Island, Florida
Funding: $10.6M (Post-IPO Equity)
What they do: Sidus Space is a satellite company offering commercial satellite design, global data collection, and an integrated AI-powered space platform. The startup's primary product, LizzieSat, is a multi-mission satellite that gathers Low Earth Orbit remote sensing data. The company recently reported $6.0 million in revenue with an 8% increase in gross margin for 2023.
12. Phase Four
Search growth status: Regular
Year founded: 2015
Location: El Segundo, California
Funding: $35.8M (Debt Financing)
What they do: Phase Four manufactures electric propulsion solutions for small space satellites. The Maxwell RF Thruster is Phase Four's flagship product - a plasma propulsion system that uses radio-frequency energy to generate thrust. Unlike other plasma propulsion systems, Phase Four doesn't use cathodes to optimize production runs and reduce lead times.
Most recently in April 2024, Phase Four won a $14.9M contract with the Defense Advanced Research Projects Agency (DARPA) for the agency's Otter program.
13. Pixxel
Search growth status: Regular
Year founded: 2019
Location: El Segundo, California
Funding: $71M (Series B)
What they do: Pixxel is a space tech company using hyperspectral imaging satellites to monitor emissions, pollution, and forest biodiversity 10 times faster than alternative satellites. The startup is also developing Aurora, an Earth observation and geospatial analytics platform. This platform allows users to generate analytical insights, access drag-and-drop model-building, collaborate with team members, and more. In May 2023, Pixxel raised $36 Million in Series B funding to further the platform's development.
14. Sierra Space
Search growth status: Exploding
Year founded: 2021
Location: Louisville, Colorado
Funding: $1.7B (Series B)
What they do: Sierra Space designs and builds space systems, aircraft, and other space tech solutions. Their primary development is the Dream Chaser spaceplane, which is a runway-capable spacecraft used by NASA for cargo resupply missions to the International Space Station. The first-ever Dream Chaser mission is scheduled for 2024. As of today, the company has provided more than 4,000 space systems and components for 500+ space missions.
15. Slingshot Aerospace
Search growth status: Regular
Year founded: 2017
Location: Austin, Texas
Funding: $118.9M (Debt Financing)
What they do: Slingshot Aerospace provides space simulation data and analytics services to commercial and government organizations. Their services include satellite tracking, space traffic coordination, AI-driven modeling, and astronautics training.
In 2023, the company announced that 90% of commercial low Earth orbit spacecraft used the Slingshot Beacon platform. Today, they work with notable customers including NASA, the UK Space Agency, and the U.S. Air Force.
Conclusion
That wraps up our list of notable space startups in 2024.
Primarily, companies in this sector are making their impact in satellite manufacturing, deployment, and tracking. Today, nearly every industry and business relies on satellites in some capacity for navigation, communication, emergency response, internet connectivity, etc.
