Space Forge’s record-breaking Series A.

Summary

T-Minus Space Daily: Space Forge’s Record-Breaking Series A
Hosted by N2K Networks
Release Date: May 14, 2025

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Introduction

In this episode of T-Minus Space Daily, hosted by Maria Varmazas, N2K Networks delves into significant developments within the global space industry. The focal point of today's discussion is Space Forge’s milestone achievement in securing a record-breaking Series A funding round. Additionally, the episode covers various other pivotal news stories, including contracts, technological advancements, and upcoming launches that are shaping the future of space exploration and technology.

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Space Forge Secures $29.8 Million in Series A Funding

At the heart of today's briefing is the impressive achievement by Space Forge, a British-Israeli company specializing in in-space manufacturing. On May 14, 2025, Space Forge announced the close of a £22.6 million (approximately $29.8 million USD) Series A funding round, led by the NATO Innovation Fund. This infusion of capital marks the largest Series A investment ever secured by a UK-based space technology company.

Joshua Western, CEO and co-founder of Space Forge, emphasized the company's mission in a press release:

“[00:50] 'We're accelerating our mission to make space a practical and accessible platform for industrial scale manufacturing. Our upcoming launches will prove that the future of materials innovation lies beyond Earth, helping us build a more secure, sustainable and technologically advanced world.'”

The funds raised will propel the development of Forgestar 2, Space Forge's next-generation returnable manufacturing satellite. Additionally, the investment will support the company's inaugural in-orbit demonstration mission, Forgestar 1, slated for launch in the summer of 2025.

During the Space Symposium held last month, Joshua Western elaborated on Space Forge’s terrestrial operations:

“[04:04] 'What we've been doing at Space Forge is we really focused in on the materials manufacturing. So one of the things I'm really pleased to update your listeners on is we now have a pilot line semiconductor capability in the UK, so we are already producing semiconductors for customers right here on Earth. What's really important is the people that we're working with today are buying them because they want to work with the ones that we bring back from space and that's really critical for us.'”

This dual focus on Earth-based and space-based manufacturing not only diversifies Space Forge’s portfolio but also ensures a steady revenue stream to fund further space missions.

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Industry Highlights

Beyond Space Forge’s noteworthy funding, several other significant events were highlighted in today's episode:

ISI’s €200 Million Contract with the Polish Armed Forces

ISI, a leader in synthetic aperture radar (SAR) technology, has entered into a €200 million agreement with the Polish Ministry of National Defense. Under this contract, ISI will deliver an initial batch of three ISAR satellites, with options to procure three additional satellites and enhanced ground segment capabilities within the next year. This partnership will bolster Poland's intelligence, surveillance, and reconnaissance (ISR) capabilities, providing near-real-time data analysis and tasking.

Ramonespace Collaborates with Eutelsat for OneWeb Expansion

Ramonespace has been selected by Eutelsat to supply onboard digital communication channelizers for the expansion of its OneWeb constellation. Initially, Ramonespace will provide 70 flight sets of its digital systems, upgrading the existing analog channelizers. These upgrades are anticipated to be integrated into satellites launching from the end of 2026, with provisions for additional systems to be added as needed.

BlackSky’s Gen3 Early Access Agreements

BlackSky has announced early access agreements for its Gen3 constellation with multiple international defense sector customers. This partnership allows these entities to incorporate high-resolution 35-centimeter imagery into their daily intelligence operations. As BlackSky scales its Gen3 capacity, these initial contracts are expected to expand in both size and volume, offering a broader range of mission solutions.

Varda Space’s Successful Return of the W3 Capsule

In a remarkable achievement, Varda Space Industries successfully returned its W3 capsule to Earth, landing at the Kunuba Test Range in South Australia. The W3 mission, launched just 15 days after the second mission's re-entry on February 27, carried an advanced navigation payload known as an Inertial Measurement Unit (IMU). Developed in collaboration with the US Air Force and Innovative Scientific Solutions Incorporated, the IMU was tested under extreme re-entry conditions, demonstrating its resilience and reliability. The W3 spacecraft was supported by Rocket Lab's Pioneer satellite and has been successfully recovered, marking another step forward in Varda Space’s ambitious projects.

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Upcoming Australian Space Activities

Alice Carruth, N2K's Senior Producer, provided insights into upcoming space activities originating from Australia:

Launch of ERIS Spacecraft

Gilmour Space is poised to launch their ERIS spacecraft from Australia, marking the first orbital launch from the continent in nearly half a century. The launch window opens on May 15, 2025, between 7:30 AM and 5:30 PM local time, weather permitting. This historic event underscores Australia's growing role in the global space sector.

Satellite Connectivity Tests by Intelsat and Qubic

Intelsat and Qubic are conducting pivotal satellite connectivity tests that may revolutionize future satellite communications. These tests aim to enhance connectivity capabilities, potentially leading to more robust and efficient communication networks in space.

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Space Nukes and Nuclear Electric Propulsion

A significant portion of today’s episode was dedicated to the innovative intersection of nuclear technology and space propulsion:

The U.S. Space Force is spearheading a new initiative titled Space Power and Propulsion for Agility, Responsiveness, and Resilience (SPAR Institute). Partnering with Space Nuclear Power Corporation, also known as Space Nukes, the initiative aims to develop a second-generation fission reactor for spacecraft. This reactor will be integrated with Electric Propulsion (EP) systems, resulting in a Nuclear Electric Propulsion (NEP) setup.

Maria Varmazas elaborated on the benefits and technical specifics:

“[10:35] 'This kind of setup is far more efficient than chemical rockets, as estimates say that it is up to 25 times more efficient. So that would make an NEP ideal propulsion both for deep space missions and for dodging threats in orbit without worrying about fuel limits.'”

Space Nukes brings substantial expertise to the table, being the only U.S. company in the past fifty years to design, build, and test a new reactor concept, evidenced by their Kilopower demonstration in 2018. The current collaboration with the University of Michigan focuses on increasing reactor and radiator temperatures, which facilitates the creation of lighter and more compact propulsion systems. This advancement translates to more agile spacecraft capable of rapid maneuvers—aptly adhering to the initiative’s motto, "Maneuver Without Regret."

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Conclusion

Today's episode of T-Minus Space Daily highlights a dynamic period of growth and innovation within the space industry. From Space Forge’s groundbreaking Series A funding to advancements in nuclear propulsion technology, the space sector continues to push the boundaries of what is possible. These developments not only signify technological progress but also underscore the increasing strategic importance of space in global defense and commercial endeavors.

For more detailed information on today's stories, listeners are encouraged to visit the N2K Networks website at space.n2k.com and explore the show notes for additional resources and original sources.

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Notable Quotes:

• Joshua Western, CEO of Space Forge:
  “[00:50] 'We're accelerating our mission to make space a practical and accessible platform for industrial scale manufacturing...'”

• Joshua Western on Semiconductor Production:
  “[04:04] 'What's really important is the people that we're working with today are buying them because they want to work with the ones that we bring back from space...'”

• Maria Varmazas on Nuclear Electric Propulsion:
  “[10:35] 'This kind of setup is far more efficient than chemical rockets, as estimates say that it is up to 25 times more efficient...'”

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Stay Connected:
If you found this episode insightful, please consider sharing a five-star rating on your favorite podcast platform. For feedback or inquiries, reach out via email at [e-mail] or complete the survey linked in the show notes.

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Produced by Liz Stokes, mixed by Elliot Peltzman and Trey Hester, with original music by Elliot Peltzman. Executive Producer: Jennifer Ibin. Published by Peter Kilpe.

Transcript

[Maria Varmazas]

You're listening to the N2K space network.

[Dave]

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[Maria Varmazas]

That's spycloud.com cyberwire today is May 14th, 2025. I'm Maria Varmazas and this is T/T/20 seconds. Barda's W3 capsule has returned to Earth, landing at the Cunuba test range in South 4. BlackSky has signed Gen 3 early access agreements with multiple international defense sector customers for space based monitoring capabilities. Ramon Space has been selected by Eutelsat to provide onboard digital communication channelizers for the expansion of its OneWeb constellation. ISI has signed a 200 million euro agreement to produce three SAR satellites for the Polish armed for Space forge has raised $29.8 million in a series A funding round led by the NATO Innovation Fund. Happy Wednesday everybody. We're going to be talking about space nukes and electric propulsion later in today's show, but first we're kicking off today's Intel Briefing with investment news from British Isam company Space Forge. They have raised 22.6 million pounds and that is about 29.8 million US dollars in a series A funding round led by the NATO Innovation Fund. We should add that this is the largest Series A secured by a UK space tech company. Space Forge is working to manufacture materials that are impossible to produce on Earth and they say their advancements have wide reaching applications in semiconductors, quantum computing, clean energy and defense technologies. The new capital will be used to accelerate the development of Space Forge's Forgestar 2, which is the company's next generation returnable manufacturing satellite, while supporting the company's first in orbit demonstration mission, ForGestar 1, which is set to launch this summer. Joshua Western, CEO and co founder of Space Forge, said in the press release that we're accelerating our mission to make space a practical and accessible platform for industrial scale manufacturing. Our upcoming launches will prove that the future of materials innovation lies beyond Earth, helping us build a more secure, sustainable and technologically advanced world. And we spoke to Josh at the Space symposium last month where he explained to us that the company has already positioned itself to produce semiconductors on Earth.

[Joshua Western]

What we've been doing at Space Forge is we really focused in on the materials manufacturing. So one of the things I'm really pleased to update your listeners on is we now have a pilot line semiconductor capability in the uk, so we are already producing semiconductors for customers right here on Earth. What's really important is the people that we're working with today are buying them because they want to work with the ones that we bring back from space and that's really critical for us. And that then allowed us to also keep the money coming in to start the development of our upcoming missions as well. So we were in the position where in a couple of years ago we had one mission launching. This year we've got three.

[Maria Varmazas]

Moving on to our next story now. ICE I has signed a contract to produce three SAR satellites for the Polish Armed Forces. The Synthetic Aperture Radar Company signed the agreement with the Ministry of National Defense of the Republic of Poland to deliver an initial batch of three ISAR satellites with an option to purchase three more satellites and additional ground segment capabilities within the next 12 months. ISEI will also partner with local industry to provide the Polish armed forces with a mobile intelligence, surveillance and reconnaissance platform that provides near real time tasking, data downloads and analysis. The total value of the agreement is approximately 200 million euros. Ramonespace has been selected by Eutelsat to provide onboard digital communication channelizers for the expansion of its OneWeb constellation. Ramonespace will initially supply 70 flightsets of its digital communication channelizer systems over the coming months. These will upgrade Eutelsat OneWeb's existing analog channelizers, which are expected to be integrated into the satellites and launched starting at the end of 2026. The contract also provides the optionality for additional systems. Blacksky has signed Gen 3 early access agreements with multiple international defense sector customers for space based monitoring capabilities. Blacksky says the new customers will now be able to integrate very high resolution 35 centimeter imagery into daily intelligence operations, reducing the speed of analyses and opening a new expansive set of mission solutions. These initial contracts are designed to scale in size and volume as the company increases available Gen3 capacity over time. Varda Space Industries W3 capsule has returned to earth landing at the Kuniba Test Range in South Australia. W3 launched just 15 days after the re entry of the company's second mission, which also landed in Australia on February 27. The capsule carried an advanced navigation system payload called an inertial Measurement Unit and developed by the US Air Force and Innovative Scientific Solutions Incorporated. The payload was tested at re entry speeds. It was designed to withstand but has never encountered before. The W3 spacecraft was supported by a rocket lab developed Pioneer satellite and has already been recovered by Vard and speaking of Australia and 2K senior producer Alice Carruth has more on other space activities going on down under this week.

[Alice Carruth]

Alice yes, Maria Gilmour Space is due to launch their ERIS spacecraft from Australia this week. It'll be the first orbital launch from Australia in nearly 50 years. The launch window opens no earlier than May 15, subject to weather and other conditions. The window will be active between 7:30am and to 5:30pm local time.

[Maria Varmazas]

So that is quite soon then. Anything else that we're keeping an eye on?

[Alice Carruth]

Intelsat and Qubic have been conducting satellite connectivity tests that could bring some big implications on future satellite connectivity. You can read all about that along with the original sources on all the other stories mentioned throughout the show by following the links in the selected Reading section of our show Notes.

[Maria Varmazas]

And a reminder, those links can also be found on our website space.n2k.com hey t/ crew. If you find this podcast useful, please do us a favor and share a five star rating and your favorite podcast app. It'll help other space professionals like you to find the show and join the T minus crew. Thank you. We really appreciate it. We'll be right back.

[Dave]

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[Maria Varmazas]

Welcome back. Maneuver Without Regret Is that the promise of a clumsy surgeon? The motto of a slalom skier carrying a priceless Ming vase? Sorry to potentially disappoint, but the phrase maneuver without regret is actually the goal behind a new nuclear propulsion initiative backed by the U.S. space Force. The Space Power and Propulsion for Agility, Responsiveness and Resilience, or Spar Institute, is teaming up with Space Nuclear Power Corporation, AKA Space Nukes, to develop a second generation fission reactor for spacecraft. Their plan is to pair a compact nuclear reactor with electric propulsion to create a system known as Nuclear Electric Propulsion, or nep. And we've covered this now and then on the show before, but to refresh your memory, this kind of setup is far more efficient than chemical rockets, as estimates say that it is up to 25 times more efficient. So that would make an NEP ideal propulsion both for deep space missions and for dodging threats in orbit without worrying about fuel limits. As for the company itself, Space Nukes, well, they do bring serious cred to the table. They are the only US Company to have designed, built and tested a new reactor concept in the last half century with their Kilopower demo back in 2018. The new reactor that space nukes and the US Space Force are working on with the University of Michigan will quite literally crank up the heat. It's kind of how this thing generally works. Higher reactor and radiator temperatures mean lighter and more compact systems, which translates to more agile spacecraft that are harder to spot and hopefully easier to launch. And oh yeah, it will maneuver without regret, of course, meaning a nuclear powered space vehicle that can pivot on a dime and maybe even stay one step ahead of any incoming trouble. That's it for T minus for May 14, 2025, brought to you by N2K CyberWire. For additional resources from today's report, check out our show [e-mail] we'd love to know what you think of this podcast. You can email [e-mail] or submit the survey in the show Notes. Your feedback ensures we deliver the information that keeps you a step ahead in the rapidly changing space industry. N2K strategic workforce intelligence optimizes the value of your biggest investment your people. We make you smarter about your team while making your team smarter. N2K Senior Producer is Alice Carruth. Our producer is Liz Stokes. We're mixed by Elliot Peltzman and Trey Hester with original music by Elliot Peltzman. Our executive producer is Jennifer Ibin. Peter Kilpe is our publisher and I am your host, Maria Varmazes. Thanks for listening. We'll see you tomorrow.

[Joshua Western]

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