K2 Space has raised $500 million in a Series D funding round at a valuation of $6.8 billion to expand production of large, high-power satellites. Kleiner Perkins and ICONIQ led the financing. CapitalG, Lightspeed, Altimeter, Spark Capital, Sands Capital, ARK Invest, accounts advised by T. Rowe Price Associates and other existing investors also participated.
The new round brings K2 Space’s cumulative capital raised to more than $1 billion. The company has also secured more than $1 billion in signed commercial and government contracts.
K2 is developing larger satellites designed to provide greater power, payload capacity and computing capabilities in orbit.
Its signed programs include an initial order for 30 satellites supporting SES’ planned meoSphere network. K2 is also providing satellites to Anduril for the Golden Dome for America space-based missile defense initiative.
The company was selected as the satellite bus provider for the U.S. Space Force’s Protected Tactical Satcom-Global program, its first selection for a formal Pentagon program of record.
K2 operates a 180,000-square-foot factory in Torrance, California, with capacity to manufacture as many as 100 satellites annually.
Approximately 85% of the company’s satellite platform is produced internally, giving K2 greater control over manufacturing costs, supply chains and delivery schedules.
K2 plans to introduce a 100-kilowatt Giga-class satellite during the second half of 2028. The platform is being designed to support large amounts of computing infrastructure in orbit.
Its next mission, Trinity, is scheduled to launch multiple satellites during the second quarter of 2027.
KEY QUOTES:
“When my brother Neel and I started K2 four years ago, we took a contrarian bet that building bigger would be the future for exploring and developing space. This latest round validates that thesis and gives us the capital to accelerate scaling as we prepare to build up to 100 large satellites per year.”
“We’ve carefully planned and positioned our infrastructure, supply chain and talent pipeline to meet the significant production demand from our customers.”
Karan Kunjur, Co-Founder and CEO of K2 Space
“Every important mission in space comes back to power and mass, and K2 recognized that before anyone else. Karan, Neel and the team spent four years solving the engineering challenges of a larger, more powerful platform, proved it in orbit and are now winning major commercial and national security programs.”
Lucas Oliveira, Principal at Kleiner Perkins
“K2 can deliver high-power, high-mass satellites at volume because they build more than 85% of their platform in-house. That vertical integration is what may take the company from one satellite to dozens to hundreds.”
Tengbo Li, General Partner at ICONIQ
“In addition to expanding our factory footprint and growing our accomplished workforce, we’ll also be scaling up the satellite itself. We’ll be introducing our 100-kilowatt Giga-class satellite in the second half of 2028, which will be the foundational platform for deploying massive amounts of compute on orbit.”
Neel Kunjur, Co-Founder and CTO of K2 Space
