Impulse Space announced a $500 million Series D funding round on Tuesday, bringing its total capital raised to more than $1 billion as investor appetite for post-launch space infrastructure grows.
The round values the Redondo Beach, California company at $4.26 billion, according to Reuters. It was co-led by 137 Ventures and BANNER VC, with additional participation from Founders Fund, Lux Capital, and Linse Capital, the company said.
At the helm of Impulse Space is Tom Mueller, a propulsion engineer who built his reputation at SpaceX as the driving force behind the engine technology that propelled Elon Musk's rocket company to the top of the launch industry, according to Reuters. Mueller, who serves as CEO, said the company is building infrastructure to enable movement across orbits and beyond Earth. "Launch has pretty much been solved. The challenge now is getting everywhere else beyond low Earth orbit," Mueller told Reuters.
The company develops spacecraft designed to move satellites and other payloads after they reach orbit — vehicles sometimes called space tugs. Two vehicles make up the company's current lineup: Mira, which has already flown three missions in orbit, and the larger Helios, a transfer vehicle that is not expected to make its debut flight until 2027. Impulse has also secured hundreds of millions of dollars in customer contracts, the company said.
President and COO Eric Romo said Helios is designed to dramatically reduce the time it takes commercial customers to reach high-energy orbits. "For Helios, commercial customers can launch on a Falcon 9 and take six, eight or 10 months to reach their final orbit. Our pitch is: 'Launch with Helios and we'll get you there the same day,'" Romo told Reuters.
Impulse will use the new capital to expand its workforce and manufacturing capacity, the company said. It has more than doubled its headcount over the past year and currently has over 200 open roles. The company operates facilities in Redondo Beach, Boulder, Colorado, Washington, D.C., and Mojave, California.
The broader space investment climate has shifted noticeably since SpaceX submitted paperwork last month for a public offering that analysts say could rank among the most valuable stock market debuts ever recorded, according to Reuters. Venture capital attention has since gravitated toward a new generation of companies whose founders and engineering talent cut their teeth at SpaceX before moving into satellite operations, spacecraft development, and the emerging orbital logistics market.