Sierra Space and Vast detail their Series C investment rounds
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By
Ross Wilkers
National security space opportunities are a common thread between both companies as In-Q-Tel continues its involvement in one of them.
Sierra Space
This privately-held company has collected $550 million in Series C capital amid a pivot from its original civilian and commercial focus, dating back to its 2021 start as a spinout of Sierra Nevada Corp.
Sierra Space is now prioritizing national security programs in its strategy, while the newfound investment will go toward efforts at new product development and expansion of production capacity.
The completion of this round follows Sierra Space’s hire of new chief executive Dan Jablonsky, the former CEO of Ursa Major and Maxar Technologies.
Sierra Space’s federal portfolio includes a $450 million contract to build at least four satellites for an unnamed agency and a separate potential $740 million contract to build 18 satellites for the Space Development Agency.
SDA is integrating those satellites for the Tranche 2 Tracking Layer of its Proliferated Warfighter Space Architecture, a next-generation constellation for missile tracking and warning functions.
LuminArx Capital Management led the Series C round, which pushes Sierra Space’s touted valuation to around $8 billion. General Atlantic, Coatue, Moore Strategic Ventures and Andalusian Private Capital are also in the company’s network of investors.
Vast
This space station developer has fetched $500 million in new capital to move forward on its roadmap for developing habitats to operate in low-Earth orbit, as well as on the Moon and Mars.
Vast was founded in 2021 by board chairman Jed McCaleb is also eyeing opportunities in national defense for this new phase of its strategy. Max Haot was promoted to CEO in 2023 from his former role of president and joined Vast in 2023 upon its acquisition of Launcher, which he founded in 2017.
The company is positioning its Haven-1 as a successor to the International Space Station and received an order from NASA in February for a private astronaut mission to the ISS, targeted to launch no earlier than the summer of 2027. By 2030, Vast aims to support continuous crew operations in space and the larger LEO economy.
Balerion Space Ventures led the round, which includes $300 million in Series A equity and $200 million in new debt financing. In-Q-Tel, the intelligence community’s venture investment arm, is continuing its involvement after first backing Vast in the fall.
McCaleb also participated in the round alongside Qatar Investment Authority, Mitsui & Co., MUFG, Nikon, Stellar Ventures, Space Capital and Earthrise Ventures.
Advisor A.C. Charania, a former NASA chief technologist for NASA and adviser to Balerion, is joining the Vast board as part of the transaction.