Reusable Spaceplane Developer Closes $25 Million Series B
New Zealand-Dutch Firm Targets Twice-Daily Flights to Edge of Space by 2027
Dawn Aerospace has closed a $25 million Series B funding round at a $195 million post-money valuation, with plans to accelerate development of a reusable spaceplane capable of reaching the edge of space twice a day and an in-orbit refueling network.
“As a cash-flow positive company, raising capital is about accelerating the growth of programs we have extremely high conviction in, and that our customers are desperate for.”
Stefan Powell, Dawn Aerospace.
The round was led by U.S.-based venture capital firm Balerion Space Ventures, with participation from a global syndicate including Mana Ventures, ANA Future Frontier Fund, Green Eight Capital, Seven Peak Ventures, NZVC, Alpha Funds, Gaingels, and Crosscourt. Individual investors include Tim Ferriss, Yishan Wong, and others, alongside existing backers Icehouse Ventures, Aera Climate and Frontier Fund, GD1, and Shasta Ventures.
The funding comes as the New Zealand-Dutch company reports revenue of more than $15 million — up from less than $3 million in fiscal year 2022 — with growth exceeding 90% over the past 12 months and cash-flow positive operations.
“As a cash-flow positive company, raising capital is about accelerating the growth of programs we have extremely high conviction in, and that our customers are desperate for,” said Stefan Powell, CEO of Dawn Aerospace.
Founded in 2017, the company has become the leading provider of non-toxic chemical propulsion systems for satellites, with 200 thrusters operating in space aboard more than 50 spacecraft. Its Aurora suborbital spaceplane has already flown supersonic, making it the first privately developed aircraft to do so since the Concorde and one of only two supersonic unmanned aerial vehicles operating globally today.
Within the next 12 months, Aurora is expected to become the first vehicle to cross the Kármán line — the internationally recognized boundary of space at approximately 62 miles altitude — twice in a single day. The Mach 3.7-capable spaceplane will support operations in Oklahoma beginning in 2027 under a $17 million partnership signed last year with the state.
“Dawn is doing what few in this category have: building real commercial revenue and a spiral path from in-space propulsion and refueling, to a hypersonic spaceplane, to aircraft-like payload delivery to orbit, all with extraordinary capital efficiency,” said Dan Wallman, partner at Balerion Space Ventures and incoming Series B board member. “As the U.S. and its closest allies build joint capability in space and hypersonics, the West needs partners who can deliver reusable, responsive access across the air and space domain. Dawn is one of them.”
Looking ahead, Dawn plans to demonstrate in-orbit refueling of its satellite propulsion systems in 2028 through a service called Loop. The refueling network already has backing from multiple customers, with Dawn refueling ports aboard Royal Netherlands Air Force satellites. The company’s technologies currently support more than two dozen missions for U.S., European, and Japanese customers, including commercial Earth observation providers and government clients such as the Royal Netherlands Air Force, the U.S. Air Force Research Lab, and the Royal New Zealand Navy.
The Series B proceeds will fund global expansion, scaling commercial and operational teams in the U.S. and Europe to support a growing international customer base.
“We’ve built a highly capital-efficient company by focusing on delivering real hardware and generating revenue, rather than burning capital on hype,” Powell said. “That discipline comes entirely from the relentless hard work of our team and a ruthless focus on execution.”