InfraOrbit Weekly / No. 1

Equity for the ground segment, federal debt for launch: the week in space finance

Northwood closes a US$375m Series C alongside an HSBC Innovation Banking facility; the Office of Strategic Capital commits US$150m to a second Stoke Space pad at Cape Canaveral.

Randeep Bubbra | Lawyer | Making space financeable

The week in one paragraph

A quieter week for new space financings, with two that show the split between equity and federal credit. On 2 November Northwood Space, which builds a shared multi-orbit network of ground stations, closed a US$375m Series C co-led by Andreessen Horowitz and DFJ Growth, less than nine months after its Series B. The company also has a separate multi-year credit facility from HSBC Innovation Banking for working capital and the network build-out; the amount was not disclosed (Northwood). On 26 October the Department of War's Office of Strategic Capital signed a US$150m conditional loan commitment with Stoke Space, alongside private capital, for a second launch pad at Stoke's complex at Cape Canaveral Space Force Station. The rate and tenor were not disclosed, and financial close depends on diligence (Department of War; Air & Space Forces Magazine).

Deal sheet

• 2 Nov · Northwood Space · US$375m Series C. Co-led by Andreessen Horowitz and DFJ Growth, with Alpine Space Ventures, Washington Harbour Partners, Stepstone Activate and In-Q-Tel; separate HSBC Innovation Banking credit facility (Northwood; Via Satellite).
• 26 Oct · Stoke Space · Office of Strategic Capital conditional loan of US$150m. For a second pad for Nova Block 2; conditional on diligence, so it is not counted in the register's funded totals (Department of War).

Also added to the register this week, from earlier in the year: Stoke Space's US$1bn Series E, The Exploration Company's US$450m Series C, K2 Space's US$500m Series D, and Astranis's US$300m Series E with its US$155m Trinity Capital delayed-draw facility. Each record links its source.

Contract awards

No new space contract awards above the feed's threshold were published this week in the US, European or Australian sources the awards feed reads.

On the radar

• 7 Dec: comments close on the US outbound investment proposed rule (tracker).
• 17 Jan 2028: the new EU foreign investment screening regulation applies (tracker).
• 30 Sep 2028: last date for licence applications covered by US government payment of excess launch claims (tracker).

From InfraOrbit

For a ground network financing or acquisition, the satellite licensing transfer checklist sets out which licences need consent to change hands, and from whom.

All issues

Information only, not legal or investment advice.