Spanish space transportation company PLD Space has raised €180 million in a Series C funding round aimed at accelerating its transition into commercial launch operations and expanding its industrial capabilities.
The round was led by Mitsubishi Electric Corporation, with additional investment from the Spanish Ministry of Science, Innovation and Universities through CDTI’s INNVIERTE fund, COFIDES via its FOCO investment fund, and Nazca Capital through the Nazca Aeroespacial y Defensa INNVIERTE I FCR Fund. The capital will support the scaling of the company’s launch infrastructure and manufacturing capacity as it prepares for regular commercial missions.
What The Company Does
Founded in 2011 by Raúl Torres and Raúl Verdú, PLD Space develops reusable rocket systems and space transportation technologies designed to support satellite deployment and future crewed missions. The company operates from Elche, Spain, and focuses on building vertically integrated launch systems covering engineering, manufacturing, testing, and operational capabilities.
Its main launch vehicle program, the MIURA rocket family, is designed to provide flexible access to orbit for small and medium-sized payloads. The upcoming MIURA 5 launcher is expected to become the company’s primary commercial rocket, capable of delivering satellites into orbit for government and commercial customers.
In addition to launch vehicles, PLD Space is developing the LINCE capsule, a crew-capable spacecraft intended for future human spaceflight missions. By combining launch systems with spacecraft development, the company aims to build an integrated European space transportation platform.
The company positions its technology as part of a broader effort to strengthen Europe’s independent access to space, an area traditionally dominated by large institutional launch providers.
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Market Context / Industry Background
Demand for satellite launches has grown significantly over the past decade, driven by the expansion of telecommunications networks, Earth observation systems, and data infrastructure in orbit. The increasing number of small satellite constellations has also created demand for launch services that can offer more flexible scheduling and lower costs.
Europe has been working to expand its commercial launch ecosystem as part of broader efforts to strengthen technological sovereignty in the space sector. While major launch systems have historically been operated by institutional programs, a new generation of private companies is developing smaller, more adaptable launch vehicles designed to support commercial satellite markets.
Reusable launch technology is also becoming a key factor in reducing launch costs and increasing operational frequency. Companies across the United States, Europe, and Asia are investing heavily in reusable systems that can support more frequent missions while improving economic efficiency.
PLD Space is part of this emerging group of private launch providers aiming to establish competitive alternatives within the European space industry.
Founder / Investor Commentary
Tomonori Sato, Executive Officer and Group President of Defense & Space Systems at Mitsubishi Electric, said the partnership reflects a strategic alignment between launch capabilities and satellite technologies.
“We are pleased to collaborate with PLD Space, a company taking on the challenge of satellite launch services with a view toward the global market,” Sato said. “By combining PLD Space’s launch capabilities with Mitsubishi Electric’s strengths in the satellite business, we aim to address evolving customer requirements, including those in the global market.”
PLD Space Executive President Ezequiel Sánchez described the funding as an important step in scaling the company’s operations and advancing its long-term roadmap.
“This financing reinforces our technological and industrial leadership in the launcher market, enabling us to execute the next phase of our strategic roadmap with the speed and scale required to compete globally,” Sánchez said.
He added that the company’s next-generation launcher was designed to address growing demand for launch capacity.
“MIURA 5 was designed to address a clear and growing capacity gap in the market, and this investment support strengthens our ability to transition into commercial operations,” Sánchez said. “It accelerates the build-out of the industrial and launch infrastructure required to deliver reliable access to space for an expanding pipeline of global customers.”
Growth Plans / Use Of Funds
The Series C funding will be used to expand PLD Space’s production and testing infrastructure as it prepares for full commercial launch operations. The company plans to increase manufacturing capacity for its rocket systems while also developing the facilities required to support regular launch campaigns.
A key milestone will be the first test flight of the MIURA 5 rocket, currently scheduled for 2026. The launcher is expected to become the backbone of the company’s commercial services, supporting satellite deployment missions for international customers.
Looking ahead, PLD Space aims to reach a launch cadence of more than 30 missions per year by 2030. Achieving this level of operational frequency will require expanded manufacturing capacity, upgraded launch infrastructure, and a larger engineering and operations workforce.
The company’s strategy is to establish itself as a reliable commercial launch provider capable of supporting both institutional and private space missions.
About PLD Space
PLD Space is a space transportation company focused on developing reusable launch technologies. Founded in 2011 and headquartered in Elche, Spain, the company designs and manufactures rocket systems and spacecraft for satellite deployment and future crewed missions. Its MIURA launch vehicles and LINCE capsule form the foundation of a vertically integrated platform aimed at providing flexible and reliable access to space for commercial, scientific, and government missions.
