Open Cosmos Raises €300M for LEO Satellite Constellation

European satellite manufacturer Open Cosmos has successfully closed a substantial €300 million Series C funding round, propelling its ambitious plans to deploy a 192-satellite low Earth orbit (LEO) constellation named ConnectedCosmos. This significant capital infusion, which reportedly values the company at over $1 billion, positions Open Cosmos as a new European space unicorn and underscores strong investor confidence in its sovereign European technology offering for government, institutional, and commercial clients.

The ConnectedCosmos constellation is designed to provide robust broadband and Internet of Things (IoT) connectivity, while also serving as a vital transport layer for Open Cosmos' existing Earth observation capabilities. The company, headquartered in Harwell, UK, with operations spanning the UK, Spain, Portugal, and Greece, has demonstrated a remarkable production capacity, capable of manufacturing one satellite per day. To meet projected demand and further bolster its manufacturing prowess, Open Cosmos is exploring a federated European production model.

This latest funding round was led by Lightrock, with significant participation from ETF Partners, Institut Català de Finances, Entrepreneur First (which also incubated the company), and two major international pension funds. Additional backing came from Convex Group, the National Security Strategic Investment Fund, Phoenix Court, and Claret Capital Partners. This diverse investor base highlights the broad appeal and strategic importance of Open Cosmos' mission.

Rafel Jordà Siquier, founder and CEO of Open Cosmos, emphasized that the 192 satellites represent a foundational element, with ample capacity for expansion to meet escalating demand. He highlighted the constellation's inherent interoperability, suggesting that each new user and integrated system enhances the network's resilience and value. This scalable approach is crucial in the rapidly evolving LEO satellite market, which is projected to see significant growth driven by increasing demand for global connectivity and specialized data services.

The strategic deployment of ConnectedCosmos addresses growing concerns regarding the security and reliability of terrestrial and subsea communication infrastructure. Open Cosmos specifically pointed to the increasing risks of interference, jamming, and cyber-attacks on existing networks. The constellation's design incorporates optical intersatellite links (ISLs) to enhance security and resilience, offering a more secure alternative for critical data transmission, particularly for sensitive government and institutional applications.

The Series C funding will accelerate Open Cosmos' mission to establish a leading European presence in the global space economy. The company's focus on sovereign technology, coupled with its advanced manufacturing capabilities and a clear vision for a resilient, scalable constellation, positions it to capture a significant share of the market. The space sector, particularly LEO constellations for connectivity and Earth observation, is experiencing intense investment, with companies like Open Cosmos aiming to redefine global communication and data access.