K2 Space raises $500M at $6.8B to build big satellites

K2 Space , the Torrance, California manufacturer of large, high-power satellites, has raised a $500 million Series D at a $6.8 billion valuation. With the round, K2 has cumulatively raised over $1 billion and says it has secured over $1 billion in signed commercial and government contracts.

Kleiner Perkins and ICONIQ led the round. CapitalG , Lightspeed , Altimeter , Spark Capital , Sands Capital , ARK Invest and T. Rowe Price also took part, alongside other existing investors.

K2 designs oversized satellites capable of carrying far more power and payload mass than the industry norm. Co-founder and CEO Karan Kunjur says the company's 180,000 sq ft Torrance factory is designed to produce up to 100 large satellites per year, enabled by a supply chain that is roughly 85% vertically integrated. Next up is a 100kW "Giga-class" satellite, slated for the second half of 2028 as a platform for deploying compute on orbit.

K2 has lined up marquee programs: an initial 30 satellites for SES 's planned "meoSphere" network; satellites for the Golden Dome for America space-based interceptor program via partner Anduril ; and bus provision for the US Space Force's Protected Tactical Satcom-Global program — K2's first selection for a Pentagon program of record. Its next mission, Trinity, will launch multiple satellites in Q2 2027.

The financing lands amid a surge of investment across the space industry. Backers are betting that cheaper launches and rising demand will keep pulling capital into the sector.

At $500 million, K2's round ranks in the top 1% of all US Series D rounds in space, out of more than 3,500 comparable deals. It's a marker of how much money investors are willing to commit to a market they expect to keep expanding.