SpaceX effect ignites Europe's space sector, Open Cosmos secures $346 million in funding

September 14 — SpaceX's continued expansion of the commercial space market is beginning to drive capital interest in European space startups. European satellite manufacturer Open Cosmos announced on Monday the completion of €300 million (approximately $346 million) in funding, one of a series of recent large financing deals in Europe's space sector. This follows European reusable rocket startup The Exploration Company's recent completion of $450 million in funding.

According to PitchBook data, global space tech startups have raised over $16.5 billion so far this year, and at the current pace, the full-year total could approach nearly double last year's figure; European space startups are seeing even faster funding growth. Founded in 2014, Open Cosmos has now raised over $390 million cumulatively, with a valuation of approximately $2 billion.

Open Cosmos plans to use the new funds to expand satellite manufacturing capacity and accelerate the buildout of its satellite data services. Last year, the company secured approximately $175 million in contracts from governments and enterprises, primarily providing Earth observation data for disasters such as floods and wildfires, and plans to use AI to process data on satellites, shortening information delivery times from hours to minutes.

As demand for satellite communications and space data processing heats up, investors are viewing space as the next generation of high-speed connectivity and data infrastructure. Open Cosmos is also currently building out an orbital connectivity business, competing more directly with SpaceX. However, the shortage of launch resources remains a major bottleneck for the industry, with satellite companies still highly dependent on commercial rocket companies such as SpaceX and Blue Origin, as well as government space agencies.