Torrance, California – February 13, 2025 – K2 Space has announced the successful closure of a $110 million Series B funding round, marking a significant milestone in the company’s mission to revolutionise satellite technology. The funding, co-led by Lightspeed Venture Partners and Altimeter Capital, will accelerate the mass production of K2’s high-power satellite platform, designed to provide enhanced functionality at a dramatically lower cost.

The announcement comes as K2 Space celebrates two major achievements: the opening of its new 180,000-square-foot production facility in Torrance, California, and the successful in-space demonstration of critical satellite components. Since its founding, the company has raised a total of $180 million in equity and secured over $50 million in government and commercial contracts, positioning itself as a disruptive force in the satellite industry.

Breaking the Cost-Performance Barrier in Satellite Technology

K2 Space’s satellite platform is engineered to address the increasing global demand for high-throughput, computationally powerful space applications. Traditionally, satellite operators have been forced to choose between high-performance systems—often prohibitively expensive—or lower-cost, low-power solutions. K2’s approach eliminates this trade-off by delivering a high-capability satellite bus at a fraction of the cost, making large-scale deployment across multiple orbits financially viable.

“Advanced space capabilities can’t be built on small, low-powered platforms,” said Karan Kunjur, CEO of K2 Space. “Yet, higher capability satellites have been too costly for most proliferated applications. K2 is filling this gap, offering powerful, scalable solutions that reduce the need for large constellations while delivering comprehensive global coverage.”

Gravitas Mission: A Leap in Multi-Orbit Operations

Building on its recent achievements, K2 Space has secured a government contract for its first official mission, “Gravitas”, which will demonstrate the satellite platform’s adaptability across multiple orbits. The Gravitas mission aims to test operations in Medium Earth Orbit (MEO)—a high-radiation environment—while also executing the first-ever Low Earth Orbit (LEO) to MEO electric propulsion orbit raise.

With its high-power generation and versatile payload capacity, Gravitas will carry both national security and commercial payloads, proving the platform’s capabilities for a wide range of applications, from defence to telecommunications and earth observation.

The Space Supercycle: A Market on the Brink of Transformation

The space industry is undergoing a fundamental shift, with reduced launch costs and new vehicle technologies creating unprecedented opportunities for mass-produced, multi-mission satellites.

“We are at the dawn of a Space Supercycle,” said Erik Kriessmann, Partner at Altimeter Capital. “With more affordable, reliable access to space, K2 Space is seizing this moment to deliver multi-orbit constellations with groundbreaking capabilities.”

Connor Love, Partner at Lightspeed Venture Partners, echoed this sentiment: “As the demands of space operations evolve, so too must the capabilities of satellite builders. K2 Space is leading this evolution, proving that powerful satellites don’t have to come with an excessive price tag.”

Expanding Capabilities and Market Reach

Following a remarkable 2024, K2 Space is scaling rapidly. The company grew from 25 to 90 full-time employees, completed full activation of all hardware in its first in-space mission, and significantly reduced technical risks in preparation for Gravitas.

CEO Karan Kunjur highlighted the enthusiastic market response: “Both commercial and national security customers have shown immense interest in our platform. As we continue to prove the technology and its affordability, the urgency for deployment has only increased. This Series B funding validates our approach and allows us to move even faster to meet market demand.”

About K2 Space

Founded by former SpaceX engineers, K2 Space is pioneering a new class of high-power, low-cost satellites designed for multi-orbit constellations. Its innovative satellite bus can accommodate up to ten satellites per launch, withstand extreme conditions in MEO and GEO, and features the most powerful electric propulsion system ever flown.

With backing from Lightspeed Venture Partners, Altimeter Capital, First Round Capital, and other key investors, K2 Space is set to redefine the economics and capabilities of space-based operations.