Space startup SpinLaunch has raised $11.5 million out of a planned $25 million funding round, according to a recent filing with the U.S. Securities and Exchange Commission. While the company confirmed the funding, it did not disclose further details. This marks the first major funding since its $71 million Series B in 2022.
SpinLaunch’s kinetic launch system aims to revolutionize satellite deployment by using a vacuum chamber and high-speed rotation to hurl payloads into orbit, offering a cost-effective and high-frequency alternative to rockets. The company claims its system can launch up to 200 kg satellites for just $250,000, with up to 10 launches per day. SpinLaunch has already conducted 10 successful suborbital tests at Spaceport America in New Mexico.
The company has also explored ambitious plans to launch a 1,190-satellite constellation to deliver global broadband, filing an application with the FCC under its subsidiary SN Space Systems in late 2021. However, progress on the FCC approval and constellation plans remains unclear.
Amidst leadership changes earlier this year, David Wrenn succeeded founder Jonathan Yaney as CEO, while Dómhnal Slattery was appointed board chairman. SpinLaunch is advancing its commercialization phase, including a potential orbital accelerator site in Adak, Alaska, where it signed an MOU and received city council support.
While the startup had reportedly discussed raising $350 million at a $2 billion valuation earlier this year, Wrenn called those figures “highly inaccurate and misleading.” He emphasized that the new funding would “accelerate the commercialization of our disruptive space technologies.”
SpinLaunch’s vision for low-cost, sustainable space solutions is bold, but achieving its goals will hinge on successful funding and execution as it transitions from development to operations.
News Source:techcrunch，This article does not represent our position.
