Sierra Space raises first $1.4B funding round to help develop space plane, habitat

LOUISVILLE — Louisville’s Sierra Space Corp., a spinoff from Sierra Nevada Corp., has closed its first fundraising campaign, a round that raised $1.4 billion. 

The round represents the largest aerospace and defense capital raise globally in 2021, second-largest private capital raise globally in the aerospace and defense sector ever, according to SSC. 

It was led by General Atlantic Co., Coatue Management LLC and Moore Strategic Ventures, with participation from funds and accounts managed by BlackRock Private Equity Partners, AE Industrial Partners, and various strategic family offices. 

SPONSORED CONTENT

Exploring & expressing grief

Support groups and events, as well as creative therapies and professional counseling, are all ways in which Pathways supports individuals dealing with grief and loss.

Funding will support the development of SSC’s two main aerospace projects: the Dream Chaser space plane, which is expected to be used to resupply the International Space Station starting next year; and the Large Integrated Flexible Environment (LIFE) Habitat, a modular, three-story commercial habitation, business and science platform. 

“We are building the next generation of space transportation systems and in-space infrastructures and destinations that will enable humanity to build and sustain thriving civilizations beyond Earth,” Sierra Space CEO Tom Vice said in a prepared statement. “Equally as important, Sierra Space is building the next platform for business. Space provides a unique environment that will enable new breakthroughs in critical areas such as pharmaceuticals, semiconductors, fiber optics and energy that will directly enhance our life on Earth.”

SSC, which has about 1,100 employees, spun off in April with $3 billion in contracts in the pipeline and anticipates revenues to exceed $4 billion within a decade.

Since then, the company has signed a joint agreement with Rhodium Scientific to test the viability of scientific research operations on a platform in orbit and a partnership with Kent, Washington-based Blue Origin to build Orbital Reef, a commercially developed, owned, and operated space station to be built in low Earth orbit. 

“We have worked hard for years to nurture the Sierra Space business from its genesis in 2008 to today, where it has significantly grown to hold a very unique and strategic position in the rapidly expanding commercial space sector,” SNC CEO Fatih Ozmen said in a prepared statement. “Sierra Space now has the right scale, and with its leading-edge technologies and turnkey capabilities is poised to significantly accelerate growth with this investment. Eren and I are excited to welcome this established and experienced team of investors as our new partners at this inflection point for Sierra Space. Together, we have a game-changing strategy and resources that position the company to lead the new space race and seize the growing market in the new space economy.”

© 2021 BizWest Media LLC