The $350m raised in a Series C funding, led by Aljazira and Boryung round takes Axiom Space’s total funding to more than $505m.

Established in 2016, the Houston-based company offers human spaceflight and specialises in developing space infrastructure.

Healthcare investment company Boryung hopes to establish a space healthcare ecosystem and use the space conditions to develop new technologies. In April, Cedars-Sinai partnered with Axiom Space to grow stem cells in space, aiming to examine whether microgravity can make it easier to produce stem cells more efficiently.

Aljazira Capital CEO and managing director Naif AlMesned said: “In line with the Saudi Vision 2030’s transformative approach, we acknowledge the need for technology toward the advancement of human life. To that end, we are excited to support Axiom Space along its journey of building for beyond.”

According to GlobalData’s deal database, the rationale for the deal is to finance the Axiom Station, expected to be the first commercial space station in orbit, which will replace the International Space Station (ISS).

Delivery of the station’s first module is forecasted for 2026 with NASA intending to retire the ISS by 2031.

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By GlobalData

Axiom Space has a $1.2bn contract with NASA to supply spacesuits for the Moon and LEO missions.

The space economy is set to reach over $1tn by 2040, according to GlobalData’s 2023 TMT Predictions report. The rapidly growing space economy is creating an ecosystem of companies involved in a variety of business activities including payload transportation and infrastructure development, such as Axiom is involved in.

Thematic analyst William Tyson at GlobalData said: “Axiom Space is a disruptor in the space economy. Despite the current funding winter for space investment, Axiom had a successful Series C funding round. This follows several innovations in the space sector, which have seen Axiom rewarded by NASA with ongoing contracts. Notably, it was awarded a contract to produce a habitable commercial module to be attached to the ISS.

“Axiom Station will be ready to separate from the ISS and operate independently by 2031.  NASA also awarded Axiom an initial $5m to modify its Artemis III lunar spacesuit. NASA’s faith in Axiom Space and a supply of recent contracts has given Axiom’s investors confidence in future returns.”

Our signals coverage is powered by GlobalData’s Thematic Engine, which tags millions of data items across six alternative datasets — patents, jobs, deals, company filings, social media mentions and news — to themes, sectors and companies. These signals enhance our predictive capabilities, helping us to identify the most disruptive threats across each of the sectors we cover and the companies best placed to succeed.