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PLD Space achieves 120 million euros in funding

 23 April 2024.

The Spanish company PLD Space has attained 120 million euros in funding to date, thus ensuring it can meet its upcoming technological and corporate milestones, culminating in the launch of the MIURA 5 mission at the end of 2025.

The company, which made history in October 2023 with the successful flight of MIURA 1, has today received 78 million euros for investment from shareholders who have placed their trust in its proven technological programme and solid business model. In addition to this sum, there are 42 million euros from the PERTE backed by the Government of Spain for a Spanish space launcher, which it was awarded at the end of January 2024.

PLD Space's investor profile is industrial and qualified institutional, such as Aciturri or the Centre for the Development of Industrial Technology (CDTI) through its Innvierte programme, which provides both financing and strategic know-how. 

"The funding for our work has been one of the most difficult tasks in developing our MIURA family of rockets. Despite this, the successful launch of MIURA 1 has bolstered our position as leaders in the industry, an achievement acknowledged by investors and clients," says the CBDO and co-founder of PLD Space, Raúl Verdú. "PLD Space is a company that delivers what it promises, and we are working hard to achieve the first orbital launch of MIURA 5, which would not be possible without the trust of our shareholders, clients, team and suppliers."

Infrastructure and corporate expansion

The funds attained will mainly be earmarked to ensure the expansion of PLD Space's infrastructure, as well as its corporate structure. Specifically, the firm will be multiplying the size of its facilities by five, growing from 169,000 to 834,000 square metres.

Within this industrial expansion plan, the company intends to inaugurate the first serial space rocket factory in Spain in mid-2024. The facilities will also enable vertical integration of the launchers. The industrial site, whose building work is already underway, will house the factory for the first MIURA 5 units as well as the company's head offices. In total, PLD Space will be able to count on 18,400 square metres of industrial facilities in Elche (Alicante).

The Spanish company's plan for growth also includes the next phase to extend its test facilities, which will grow from 154,000 to 800,000 square metres. PLD Space is thus bolstering one of its competitive strengths by possessing its own facilities, thereby lending flexibility in carrying out its testing campaigns, as well as in cutting development times and improving cost effectiveness.

Also scheduled for 2024, construction work is to begin on the launch base at the European CSG spaceport in Kourou (French Guiana), which belongs to CNES. This site, covering over 15,700 square meters, will host MIURA 5’s first launches.

Together, these industrial facilities mean that PLD Space will own the largest private infrastructure in Europe for designing, manufacturing, testing and launching space rockets.

On the corporate side, the company plans to expand its workforce to 300 employees by the end of the year, a goal that is progressing at a good pace. Whereas 2024 began with 161 people in the team, today there are now 194 professionals. This growth has taken place most notably in the areas of production, the supply chain and quality. 

Throughout 2025, the focus will be on testing and launching the first MIURA 5 unit on its maiden flight. The company is expected to begin commercial activity in 2026 with the ultimate goal of exceeding 30 launches a year by 2030.