Dawn Aerospace closes $25 million Series B at a $195 million valuation
Dawn Aerospace
Balerion Space Ventures led the round; Dawn says it is cash-flow positive with 200 thrusters flown on 50+ satellites.
what happened
Dawn Aerospace closed a US$25 million Series B led by Balerion Space Ventures, at a post-money valuation the company states as $195 million (SpaceNews reports $196 million). Per Dawn's release, the company has flown 200 thrusters on more than 50 satellites since its 2022 Series A, grew revenue from under $3 million in FY22 to over $15 million with more than 90% growth in the last 12 months, and is cash-flow positive; proceeds fund global rollout, Karman-line flights of its Aurora spaceplane targeted for 2027, and an in-orbit refueling demonstration.
why it matters
A propulsion supplier raising on revenue and positive cash flow, not promises, is still rare in space hardware. Dawn's nitrous-based thrusters are already widely flown, and the round prices a company straddling two growth markets: satellite propulsion for the smallsat boom and rapid-turnaround suborbital flight.
for who
Smallsat manufacturers sourcing propulsion, space investors
signal-to-noise
quick facts
- Companies
- Dawn Aerospace
- Category
- financial
- Impact
- notable
- SNR
- 4 / 5
- Event date
- 2026-06-16
- Published
- 2026-07-08 13:17 UTC