Space startup Loft Orbital raises $170 million to expand satellite fleet

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(Reuters) – Loft Orbital has raised $170 million in a late-stage funding round with investors such as Temasek, Tikehau Capital and Axial Partners, the space technology company said as it looks to expand its fleet of satellites in orbit.

San Francisco-based Loft acquires satellite buses, integrates customer payloads, manages satellites in orbit, and offers ‘virtual missions’ for clients to access satellite capabilities without owning or operating their own spacecraft.

This marks the largest fundraise by a space startup since Firefly Aerospace’s $175 million round in November, which was the largest deal in the fourth quarter, valuing the Texas-based rocket maker at over $2 billion.

Its services offer customers a quick, hassle-free, and cost-effective path to sending a satellite to orbit or operating on an existing satellite.

In 2025, the company plans to deploy several satellite constellations for Earth observation firm EarthDaily and the U.S. Space Development Agency.

Loft Orbital did not disclose its valuation but said that the company achieved more than $500 million in bookings on $160 million raised before the Series C round.

The company raised $130 million in a Series B round in 2021 and later sold over 30 satellites to customers such as NASA, Microsoft, and the U.S. Space Force.

(Reporting by Akash Sriram in Bengaluru; Editing by Tasim Zahid)