K2 Space Corporation Raises $500M Series D to Scale Large Satellite Production

K2 Space has raised a $500 million Series D round at a $6.8 billion valuation, bringing the company's total funding to more than $1 billion as it accelerates production of large, high-power satellites for commercial and national security customers.

The round was led by Kleiner Perkins and ICONIQ, with participation from CapitalG, Lightspeed, Altimeter, Spark Capital, Sands Capital, ARK Investment Management LLC, T. Rowe Price Associates, and existing investors.

Founded in 2022, K2 Space is developing large satellite platforms designed to deliver significantly higher power and payload capacity than traditional spacecraft.

The company said it plans to scale production to as many as 100 satellites annually from its 180,000-square-foot manufacturing facility in Torrance, California, supported by an 85% vertically integrated supply chain.

Alongside the funding announcement, K2 revealed it has secured more than $1 billion in signed commercial and government contracts. These include supplying satellites for SES's planned meoSphere constellation, supporting Anduril's role in the Golden Dome missile defense program, and serving as the satellite bus provider for the U.S. Space Force's Protected Tactical Satcom-Global program, marking K2's first Pentagon program of record.

The company also outlined plans to introduce its next-generation 100-kilowatt "Giga" satellite platform in the second half of 2028, designed to enable compute-intensive orbital applications. Before then, K2's next mission, Trinity, is scheduled to launch multiple satellites in the second quarter of 2027.

CEO Karan Kunjur said the new capital will support manufacturing expansion, workforce growth, and continued investment in next-generation satellite technology as demand for larger, more capable spacecraft continues to accelerate.

Image Credits: K2 Space Corporation