K2 Space, a California-based satellite company that recently set up an engineering hub in Seattle, has announced a $500 million funding round at a $6.8 billion valuation.
The Series D round was led by Kleiner Perkins and ICONIQ, with participation from CapitalG, Lightspeed, Altimeter, Spark Capital, Sands Capital, ARK Invest, T. Rowe Price Associates and other existing investors.
Since its founding in 2022, K2 Space has raised more than $1 billion in capital and secured an equivalent amount in contracts.
While many satellite companies focus on miniaturization, K2 Space is going big on satellite mass and power. K2 had its first “mega-class” satellite, dubbed Gravitas, launched into orbit on a SpaceX Falcon 9 rocket in March. The two-ton, 20-kilowatt satellite carried a dozen undisclosed payload modules for multiple customers, including the Department of Defense.
