Torrance Satellite Maker K2 Space Raises $250 Million at $3-Billion Valuation

K2 Space, a Torrance-based developer of large, high-power satellite platforms, raised $250 million in a Series C round at a $3-billion valuation, accelerating delivery of a new generation of spacecraft built for the heavy-lift era. The financing follows $500 million in signed contracts across commercial and U.S. government customers and is led by Redpoint, with participation from accounts advised by T. Rowe Price Associates Inc. and participation from Hedosophia, Altimeter, Lightspeed and Alpine Space Ventures.

“Space is becoming one of the most strategically important technology sectors, and it’s attracting investment because the underlying demand is real and accelerating,” said Elliot Geidt, partner at Redpoint, in a statement. “What stands out about K2 is how much core hardware they’ve built themselves. They’re not assembling a satellite; they’re redefining the architecture needed for the next decade of missions.”

K2 was founded in 2022 to build a new class of satellites that could be launched on vehicles like Falcon 9, Starship and New Glenn. It envisions larger, higher-power vehicles that can be deployed at any orbit.

“K2 is rethinking satellite design from the ground up, and the result is a platform that can support entirely new classes of missions. That’s why we’re confident in the team and the trajectory,” said T. Rowe Price investment analyst Jason Leblang, in a statement.

Founded by former SpaceX engineers, K2 Space has raised more than $450 million from leading investors, including Altimeter Capital, Redpoint, accounts advised by T. Rowe Price Associates Inc., Lightspeed Venture Partners and Alpine Space Ventures.

Information for this article was sourced from K2 Space.