El Segundo, Calif. – In‑space manufacturing pioneer Varda Space has closed a $250 million Series D financing round, valuing the company at $1.6 billion. The funding, led by Lux Capital and Natural Capital, lifts Varda’s total capital raised since its 2021 founding to $598 million.
Varda, founded by former SpaceX engineer Will Bruey and Founders Fund partner Delian Asparouhov, builds uncrewed orbital capsules that serve as microgravity laboratories. Since 2023 the firm has flown six missions, with five successfully re‑entering Earth’s atmosphere. The company plans to debut a next‑generation capsule in 2030.
Upcoming dual‑capsule launch
On Thursday Varda will launch two capsules simultaneously on a SpaceX Falcon 9 rideshare. The payloads carry hypersonic research experiments for the Pentagon and commercial pharmaceutical contracts. Although SpaceX is winding down its Falcon rideshare program, Varda remains insulated, having booked 28 launches with multiple providers through 2029.
Pharmaceutical focus and future outlook
While about 70 % of Varda’s 2024 payload customers are government agencies, the firm expects the commercial pharmaceutical share to grow, aiming for a reversal by 2032. Bruey highlighted the ultimate goal: “The biggest milestone in the company’s history will be around the turn of the decade when we take a microgravity‑enabled formulation and inject it into a human in the clinic.”
In August, Varda added former Pfizer executive Mikael Dolsten to its board, and roughly 18 % of its 275‑person workforce now have pharmaceutical backgrounds.
Industry context
Varda competes with SpaceX’s Starfall program and startup Inversion Space, which are exploring orbital logistics for rapid military cargo delivery. The broader market for space manufacturing is expanding as the International Space Station approaches its 2030 retirement, prompting increased interest in orbital production of high‑purity pharmaceuticals, advanced materials, and other specialized goods.
Varda’s latest capsules, roughly the size of a dishwasher, can orbit for days before re‑entering at 25 times the speed of sound, providing additional hypersonic research capabilities for defense customers.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
