ABL Space raises $170MM growth equity round led by T. Rowe Price funds

March 25, 2021

ABL Space Systems has closed a Series B investment round of $170 million at a valuation of $1.3 billion. The round was led by funds and accounts advised by T. Rowe Price Associates, Inc. Participation in the round included existing ABL investors and new investments by Fidelity Management & Research LLC and an unnamed third global investment management firm.

The new capital follows a year of significant growth for ABL, the emerging space launch company based in El Segundo, California developing the 1,000-kilogram class RS1 launch vehicle and GS0 deployable launch system. ABL has secured and executed on contracts with ten distinct customers: five commercial customers, four U.S. department of defense customers, and one national space agency customer. A first launch of RS1 is planned later in 2021, after less than four years of rapid development. With GS0, RS1 can be transported in shipping containers and launched from any suitable location in the world.

"We're excited about our partnership with ABL Space Systems. We think the global space economy has significant long-term growth potential," said Jason Adams, portfolio manager of T. Rowe Price's Global Industrials Fund. "We think ABL has a management team, technology set and product strategy that should enable long-term competitive advantages."