Space · Saturday, 19 September 2026
Three European space start-ups raised about $1bn in two weeks, and Impulse Space added $308m in the US
Open Cosmos, The Exploration Company and EnduroSat raised about $1bn between them, and Impulse Space's round grew to $808m. Investors put much of the rush down to SpaceX's $86bn share sale in June.
about $1bn
raised by three European space start-ups in about two weeks
Open Cosmos $346m, The Exploration Company $450m and EnduroSat $205m.
$16.5bn
put into space start-ups worldwide so far in 2026
PitchBook says that is roughly on track to nearly double last year's total.
$4.26bn to $5.6bn
Impulse Space's value, from June to September
Payload's account of the same source puts the new figure at $5.4bn.
The lead story — what happened
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Open Cosmos, a satellite maker with its headquarters in Britain, raised 300 million euros, about $346m, on Monday 14 September.
[1] -
Most of that money came from European backers, led by Lightrock, a London investment firm, and ETF Partners.
[1] -
Five days earlier The Exploration Company, a start-up building a cargo capsule called Nyx, raised $450m.
[2] The New York Times calls it one of the European space industry's biggest rounds ever.[1] -
EnduroSat, a Bulgarian company that builds small standard satellites, then raised $205m to open a new factory in the United States.
[3] -
Payload, a space business newsletter, counts EnduroSat's as the third round of more than $100m by a European space company in two weeks.
[3] The three add up to about $1bn. -
In the US, Impulse Space, which builds spacecraft that move satellites around after launch, added $308m on 16 September.
[5] That brings the round it opened in June to $808m.[6] -
Investors have put more than $16.5bn into space start-ups worldwide so far this year, according to PitchBook, a firm that tracks private deals.
[1] That is roughly on track to nearly double last year.[1] -
SpaceX sold its shares to the public in June, raising $86bn.
[5] Reuters says that sale made investors keener on space firms, and helped Impulse raise.[5] -
Impulse was valued at $4.26bn in June.
[6] A source told Reuters the new money values it at $5.6bn.[5] Payload's account of the same source puts it at $5.4bn.[6] -
The Exploration Company's two test flights both fell short. In 2024 the rocket's upper stage failed, so the capsule was never released.
[2] In 2025 the team lost contact with it minutes before splashdown.[2] -
It has still won more than $2bn in contracts, and it plans Nyx's first trip to the International Space Station in 2028.
[2] -
European government buyers have started giving large contracts to start-ups, not only to the big old aerospace firms, Payload reports from this month's Paris space meetings.
[4]
Who is involved
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Open Cosmos
a satellite maker with its headquarters in Britain; it raised 300 million euros to build more satellites and sell satellite data
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The Exploration Company
a European start-up founded in 2021 that is building the Nyx cargo capsule and a reusable rocket engine called Storm; it raised $450m
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EnduroSat
a satellite maker based in Sofia, Bulgaria; it raised $205m and will open a factory in the United States
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Impulse Space
a US company founded by Tom Mueller, SpaceX's first employee; it builds vehicles that move satellites after launch and grew its round to $808m
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SpaceX
Elon Musk's rocket company; it sold shares to the public in June, raising $86bn
How it unfolded
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June SpaceX raises $86bn selling shares to the public, and Impulse raises $500m at a $4.26bn value.
[5] [6] -
9 September The Exploration Company raises $450m.
[2] -
14 September Open Cosmos raises 300 million euros.
[1] -
16 September Impulse adds $308m, taking its round to $808m.
[5] -
This week EnduroSat raises $205m for a new US factory.
[3]
Where this points
The next test is whether the money becomes working hardware on the dates promised, starting with Nyx's first flight to the space station, planned for 2028.
What is pushing on the whole day
The bar and the word are our reading of how hard each one is pushing today. The arrow is where it is heading. The evidence is in the stories below.
Impulse Space added $308m to a round it had opened only three months earlier.
The European Space Agency picked ICEYE, a Finnish satellite firm, and Leonardo, an Italian defence group, to design the EU's own service for security pictures from space.
The US Space Force said it will give new navigation-satellite contracts to Astranis, L3Harris and Sierra Space.
NASA bought three more astronaut flights from SpaceX for $946m, without a competition.
The rest of the day
21 more stories on this beat.
Each with its own sources. None of these is a link to the story above.
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02
NASA buys three more SpaceX crew flights
NASA, the US space agency, is paying SpaceX $946m for three more astronaut flights to the International Space Station, Crew-15, Crew-16 and Crew-17.
[9] The deal runs to 2030, and it brings SpaceX's total to 17 flights worth $5.92bn.[9] NASA added them to the old contract without a new competition.[9] Boeing's Starliner capsule, the other US crew ship, had problems on its 2024 test flight, and its two astronauts came home on a SpaceX Dragon.[10] The next SpaceX crew, Crew-13, is due to launch in early October.[29] $946m3 new crew flights$5.92bnAll 17 flightsWhat NASA pays SpaceX for the three new astronaut flights, beside the total for all 17 flights up to 2030. Why it matters — The price includes keeping each Dragon docked at the station as a lifeboat.
[9] Reuters reports that NASA still wants Boeing flying too, so one company's problem cannot stop US astronauts reaching the station.[10] -
03
SpaceX stops selling Falcon 9 rides
SpaceX has told several would-be customers in recent months that it is no longer taking new orders for commercial Falcon 9 launches, Ars Technica reports.
[8] Avio, the Italian company that builds the Vega-C rocket, says those customers are now calling it.[8] Avio's chief executive, Giulio Ranzo, said so on a call with investors on 10 September.[8] Some of them asked European institutions for money to cover the higher cost of a European launch.[8] Why it matters — A turned-away customer has to use a smaller or dearer rocket, and Ars estimates a Vega-C launch costs about $60m.
[8] It is part of why Europe's launch firms are finding customers now. -
04
Impulse Space's round grows to $808m
Impulse Space raised $308m more on 16 September, on top of $500m in June.
[5] [6] It builds Mira, a small spacecraft that moves satellites around in orbit, and Helios, a stage meant to carry them much higher, first launching in 2027.[6] The company has sold out its shared Helios flights for 2028.[6] It has more than 600 staff and says the money goes mainly on hiring and building.[5] June$500m16 September$308mThe two parts of Impulse Space's one funding round. Together they make $808m. Why it matters — Its value rose within three months, and Reuters links the easier fundraising directly to SpaceX's June share sale.
[5] Impulse also hired a new finance chief as it tries to turn its orders into income.[5] -
05
Space firms list through shell companies
Young defence and space companies are going onto the stock market through SPACs, Reuters reports. A SPAC is a shell company that raises money first and then merges with a private firm to take it public.
[7] Six defence and space firms have agreed SPAC mergers so far this year, about a tenth of all such deals.[7] Rocket-engine maker Ursa Major agreed one worth $2.3bn last month.[7] Why it matters — A SPAC lets a company agree its value in private before it lists.
[7] Firms that depend on government contracts use this to avoid waiting for a good week on the stock market.[7] -
06
ESA picks two teams to plan Europe's spy satellites
The European Space Agency, which runs Europe's joint space programmes, signed contracts with ICEYE and Leonardo at a Paris space meeting.
[11] ICEYE is a Finnish firm whose satellites take pictures with radar, and Leonardo is an Italian defence group.[4] [11] Each will lead a team that designs, in parallel, a European government service for security pictures from space.[11] The European Commission pays for the work, and the service itself is planned to begin in 2028.[11] Why it matters — The EU would own part of the system itself and buy the rest from companies.
[11] A start-up leading one of the two design teams shows Europe's governments now trust young firms with defence work.[4] -
07
Two operators plan a shared satellite network
Viasat, an American satellite company, and Space42, a satellite company from the United Arab Emirates, agreed on Monday to set up Equatys.
[12] It is one network of satellites that several phone companies would share, the way they share phone masts on the ground.[12] The two will each put in $400m once it is formed, and up to $1bn in all.[12] The first stage uses fewer than 200 satellites, with service aimed for the end of 2029.[12] $400mViasat puts in$400mSpace42 puts inEach company puts in the same amount to start Equatys, the shared satellite network. Up to $1bn could go in all. Why it matters — Phones that talk straight to satellites need a very expensive network, so splitting one spreads the cost across several phone companies. No phone company has been named as a customer yet.
[12] -
08
A $300m lease for computers in orbit
Sophia Space, a start-up that wants to put computers in orbit, and SLI, a company that leases space equipment, set terms for a $300m deal.
[13] SLI would pay to build ten of Sophia's satellites, own them once they work in orbit, and rent them to Sophia's customers.[13] It is a letter of support, not a contract.[13] It only goes ahead once Sophia raises its final funding round, and no customer has signed yet.[13] Why it matters — Sophia says it is borrowing the leasing tools that airlines and shipping firms already use.
[13] A customer could then rent a satellite's computing without paying to build one first.[13] -
09
China launches four rockets in 44 hours
China launched four rockets between Tuesday 15 September and Thursday, from its Jiuquan and Hainan launch sites and from a ship in the East China Sea.
[14] They were LandSpace's Zhuque-2E, Orienspace's Gravity-1, a Long March 12 from China's state rocket makers and ExPace's Kuaizhou-11.[8] Three of the four came from companies separate from China's government rocket makers.[8] The Zhuque-2E carried satellites for Qianfan, a Chinese internet network in orbit.[14] Why it matters — Ars Technica reads it as a sign that China's satellite networks will no longer depend only on the Long March rockets built by China's state space industry.
[8] Its companies are moving quickly from test flights to paid missions.[8] -
10
The delayed secret Space Force launch flew
SpaceX launched USSF-259, a classified mission for the US Space Force, from California on the evening of 16 September.
[16] [15] It had been called off the night before for an issue nobody has explained.[16] It was SpaceX's third Space Force launch in a month under the same contract, after missions on 15 August and 10 September.[16] The Space Force has not said what any of them carried.[16] Why it matters — Public papers give the earlier two missions 23 satellites each, and another, R-3, is set for 27 September.
[16] It was SpaceX's 110th launch of 2026.[15] -
11
Navigation backup kept alive by Congress
The US Space Force says it will soon give new contracts to Astranis, L3Harris and Sierra Space to keep working on Resilient GPS.
[17] That is a plan for small navigation satellites that would work alongside the GPS fleet.[17] Congress had added $15m last year, and that money is keeping the work going.[17] The Space Force left the next phase out of its own 2027 budget request.[17] Why it matters — GPS now guides drones and other spacecraft as well as phones and planes, and the Space Force is designing its next GPS system.
[17] The new contracts cover the riskiest parts first, such as secure codes that can be changed in orbit.[17] -
12
A squadron for tracking moving targets
The US Space Force has set up the 77th Space Surveillance Squadron, its first unit for satellites that track moving targets, a general said on 16 September.
[18] The first satellites that follow aircraft are due to launch this month.[18] Satellites that follow vehicles on the ground, being built by Northrop Grumman, should follow within two years.[18] Why it matters — The National Reconnaissance Office, which runs US spy satellites, already helps with this work using more than 200 satellites.
[18] At least 13 companies, including SpaceX, Blue Origin and Rocket Lab, are in the group allowed to bid to build the aircraft-tracking satellites.[18] -
13
StarBurst gets a ride for 2028
NASA picked SpaceX to launch StarBurst, a small satellite that will look for short bursts of gamma rays, the most energetic kind of light.
[19] Those bursts come when two dead stars called neutron stars crash together.[19] StarBurst will share a Falcon 9 with other satellites from Florida no earlier than 2028.[19] Why it matters — StarBurst will watch almost all the sky that Earth does not block.
[19] Its readings can be matched with detectors on the ground that pick up ripples in space from the same crashes.[19] -
14
Hydrosat shows off heat-sensing satellites
Hydrosat, a company whose satellites photograph heat, unveiled a new group of satellites called Osiris in Paris.
[20] Each will carry five sensors, so it can see both sharper detail and a wider strip of ground than its two satellites in orbit now.[20] The first two are due to launch next year.[20] Hydrosat says about 40% of its income is from private companies.[20] 4 of 10
About 4 in 10 from companies
About 40% of Hydrosat's income comes from private companies. The filled coins show that share. Why it matters — Heat pictures work at night, so military customers already use Hydrosat's data to watch movement after dark.
[20] It has also agreed with Kazakhstan's government to put its sensor on a government satellite.[20] -
15
An X-ray telescope sees a dead star feeding
XRISM, an X-ray telescope in orbit run by Japan with NASA, watched gas from a giant star fall onto a pulsar, the spinning core of a dead star.
[21] The pair, BP Crucis, is 13,000 light-years away.[21] The giant is about 40 times the Sun's mass, and the gas was moving at about 540,000km an hour.[21] The results came out on Friday in the journal Science Advances.[21] Why it matters — Astronomers had never clearly seen a star's wind falling onto such an object before.
[21] The team says it can now test its ideas about how these pairs feed in much more detail.[21] -
16
Webb finds tiny failed stars
The James Webb Space Telescope searched IC 348, a young cluster of about 400 stars 1,000 light-years away.
[22] [23] It found brown dwarfs, objects too small to burn like stars, weighing only about twice as much as Jupiter.[23] Their light shows a carbon compound nobody predicted, and the team proposes a new class for them, called H.[23] Two of the new ones have discs of material around them.[23] Why it matters — Finding how small a brown dwarf can be shows where star-making stops.
[23] A disc means one of these tiny objects could have planets of its own.[23] -
17
Strange pits on Mars
NASA's Curiosity rover, driving on Mars for 14 years, has found broad, shallow pits in the rock of Mount Sharp.
[24] Its team says they are unlike anything seen before on Mars.[24] Unlike earlier small pits, nothing seems to have sat inside them.[24] The material in them looks chemically different from the rock around it.[24] Why it matters — Nobody yet knows how the pits formed or how old they are.
[24] Curiosity is the older of NASA's two working rovers, and it keeps finding new things after 14 years.[24] -
18
Nearly 50 faint galaxies found
Astronomers using the VLT Survey Telescope found 47 very faint small galaxies around three bigger galaxies, up to 100 million light-years away.
[25] Only four had been seen before.[25] The team found them by checking the pictures by eye instead of with software.[25] The results were published on 11 September.[25] Why it matters — Theories of how galaxies grow predict how many small ones should circle a big one, and counts have come out both too low and too high.
[25] Europe's Euclid telescope will now look again to confirm them.[25] -
19
Europe's first astronaut suit tried in orbit
Sophie Adenot, a French astronaut for the European Space Agency, tried on EuroSuit on the space station.
[26] It is a European suit for launch and landing, not for spacewalks, meant to go on in under two minutes.[26] She said it still needs a lot of work.[26] Adenot and her three crewmates, there since February, are preparing to come home.[27] Why it matters — France's space agency says the suit is part of Europe building its own human spaceflight.
[26] Their return depends on Crew-13, now due in early October.[29] -
20
Making rocket fuel from Mars air
Researchers led from the University of Mississippi report a way to turn carbon dioxide, which makes up most of Mars' air, into methane pure enough to burn as rocket fuel.
[28] The method uses electricity to split water and join its parts to the carbon dioxide.[28] It is a study, not a machine working on Mars.[28] Why it matters — Every kilogram carried from Earth costs a lot to launch.
[28] A crew that could make its own fuel on Mars would need to bring much less for the trip home.[28] -
21
A Chinese engine that looks like SpaceX's
Space Pioneer, a Chinese rocket start-up that has raised nearly $1bn, showed a design for its Tianhuo-21 engine this week.
[8] It burns methane, looks strikingly like SpaceX's newest Raptor 3 engine, and has almost the same thrust.[8] SpaceX's owner, Elon Musk, said the inside is very hard to make and advised new companies against trying.[8] Why it matters — Its thrust, 2,450 kilonewtons at sea level, is almost the same as Raptor 3's.
[8] What was shown is a design, not an engine firing.[8] -
22
A French start-up fires its engine
Sirius Space Services, a French rocket start-up, test-fired a complete prototype of its STAR-1 engine for the first time, at a test site in southern England.
[8] The tests ran all the engine's main parts together, including its pumps and control software.[8] Nine of these engines would power the core of each of its planned rockets.[8] Why it matters — The engine burns liquid oxygen and methane and is meant to push with 55 kilonewtons.
[8] It is one more European launch start-up moving towards a first flight.[8]
Why one big company selling its shares lifts the value of every company like it
Nobody can see what a young space company is worth, so investors compare it with a similar company whose shares are bought and sold every day.
The twist
Nobody can measure what a young rocket or satellite company is worth. So investors measure it against space companies whose shares trade every day, and since June the biggest of those is SpaceX.
The picture
How it works
- SpaceX sells its shares to the public, so its value can be seen every day
- A young space company has no public value of its own
- Investors judge it by comparing it with the nearest company that has one
- When SpaceX is valued high, companies like it are valued higher too
- So rounds get bigger and come faster, like Impulse's two in three months
The same force, elsewhere today
Where this chain is also running, in today's other stories.
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Impulse Space's round grows to $808m
Investors valued it a quarter to a third higher in September than in June, and Reuters says SpaceX's share sale made investors keener on firms like it.
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Space firms list through shell companies
Big share sales this year drew smaller space firms towards the stock market, and a SPAC lets them fix their value in private first.
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A $300m lease for computers in orbit
A lender is using the lease that airlines use for planes, because it already knows how to judge that kind of deal.
Where you've seen this
Selling a house
an agent sets the asking price from what similar houses on the street sold for
Football transfers
one record fee raises what clubs ask for every player like him
Trading cards
one rare card sold at auction changes what collectors ask for the rest
The catch
The comparison works in both directions. If SpaceX's shares fall, the companies measured against it lose value too, even if nothing about them has changed.
And the whole of it
Founders, investors and the pension funds that put money into rounds like Open Cosmos's are all watching one number. None of them sets SpaceX's share price, and most cannot tell how much of their own value rests on it.
What is really going on
Investors put about $1bn into three European space start-ups in two weeks, and $308m more into Impulse Space in the US.
Why it works on us — A round of hundreds of millions reads like proof that a product works, but The Exploration Company raised $450m after two test flights that both fell short.
Who gains
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Avio, the Italian company that builds Vega-C
— Customers that SpaceX will no longer fly on Falcon 9 are coming to it instead, its chief executive says.
[8] -
SpaceX
— NASA added three crew flights worth $946m to its contract without a new competition, taking the total to $5.92bn.
[9] -
ICEYE, the Finnish radar-satellite firm
— It now leads one of two teams designing the EU's security picture service, a service the EU plans to begin in 2028.
[11] [4] -
Astranis, L3Harris and Sierra Space
— Their navigation-satellite work goes on, paid for by $15m that Congress added, even though the Space Force left the next phase out of its own budget request.
[17] -
Investors who backed Impulse Space in June
— The company's value rose from $4.26bn to between $5.4bn and $5.6bn in three months.
[6] [5]
Who pays
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Satellite companies turned away from Falcon 9
— They must book a smaller or dearer rocket, and Ars estimates a Vega-C flight at about $60m.
[8] -
NASA's budget
— It pays $946m for three flights bought from its main crew provider, with no rival bid to compare.
[9] [10] -
Boeing
— Its Starliner capsule is not part of this purchase, after the 2024 test flight on which its two astronauts had to come home on a SpaceX Dragon.
[10] -
Sophia Space
— Under the lease plan it must still find the customers itself before any satellite is built.
[13] -
The Exploration Company's new investors
— They carry the risk of a capsule that has not yet finished a full test flight.
[2]
What nobody knows yet
Open questions from across today’s stories — ours included.
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01
What Impulse Space is really worth after its new round.
Reuters says a source puts it at $5.6bn, while Payload reports the same source at $5.4bn, and the company has not published a figure.
[5] [6] -
02
How much of the rush SpaceX's share sale actually caused.
The New York Times says only that some investors see a SpaceX effect, and European worries about falling behind began before the sale.
[1] Nobody has separated the two. -
03
Which customers SpaceX turned away from Falcon 9, and why.
The claim comes from Avio's chief executive, who gains from it, and no statement from SpaceX is in the reporting.
[8] -
04
Whether any European body will pay the extra cost of launching on a European rocket.
Turned-away customers lobbied for it at the Paris meetings, and no decision has been reported.
[8] -
05
Whether The Exploration Company's Nyx capsule will fly to the space station in 2028.
Neither of its two test flights ended with the capsule safely recovered.
[2] -
06
What USSF-259 and the two missions before it put into orbit.
The Space Force has declined to confirm any details, and public papers give only code names.
[16] -
07
Whether Sophia Space's $300m lease happens at all.
It is a non-binding letter, it depends on a funding round Sophia has not closed, and no customer has signed.
[13] -
08
When Crew-12 comes home.
NASA has given no return date, and the next crew, Crew-13, has slipped to early October.
[29] [27] -
09
How the new pits on Mars formed.
Curiosity's team says the pits are unlike anything seen before, and it does not yet know how old they are.
[24] -
10
Whether all 47 faint galaxies are real.
The team says it needs more observations, and plans to check them with Europe's Euclid telescope.
[25]
NASA's Curiosity rover has been driving on Mars for 14 years. This week its team reported broad, shallow pits in the rock of Mount Sharp, unlike anything they have seen there before.
Also true today
- The James Webb Space Telescope found brown dwarfs only about twice as heavy as Jupiter in IC 348, a young star cluster. Two of the new ones have discs of material around them, the raw stuff planets are made from.
- For the first time, astronomers clearly watched gas from a giant star falling onto a pulsar, 13,000 light-years away, using XRISM, a Japanese-led X-ray telescope.
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