TAMPA, Fla. — PLD Space has raised 180 million euros ($209 million) to ramp up production of the Spanish startup’s Miura 5 launch vehicle, marking the largest funding round for a European space business announced this year.

The company said March 4 it had raised the funds in a Series C round led by Japanese satellite maker Mitsubishi Electric, which has partnered to secure priority access to the rocket as part of plans to support missions in the Asian market.

The funding brings PLD Space’s total financing raised to more than 350 million euros since it was established in 2011.

Miura 5 is slated to fly for the first time this year in PLD Space’s first attempt to reach orbit, following the suborbital launch of its Miura 1 technology demonstrator in 2023, with commercial services planned for 2027.

A PLD Space spokesperson said recently announced plans to deploy two direct-to-device satellites in 2027 for Sateliot, also based in Spain, represent its first fully dedicated Miura 5 launch contract.

Credit: PLD Space

While the 35.7-meter, two-stage rocket’s maiden flight is slated to lift off from a dedicated launch complex at the Guiana Space Centre in French Guiana, PLD Space also plans to conduct missions from a developing spaceport in Oman.

According to the company, it now employs more than 400 people and operates over 188,000 square meters of facilities across Spain, French Guiana and Oman.

Ezequiel Sánchez, PLD Space’s executive president, said the latest funding round will support its shift to serial production as it targets more than 30 launches per year by 2030.

“This level of financing strengthens our long‑term strategy to provide global access to space through strategic locations in Spain, French Guiana, Oman and Japan, and supports the industrial scaling and commercialization of our MIURA 5 launch service,” he said via email.

European policy tailwinds

PLD Space was one of five startups selected by the European Space Agency last year to advance in the European Launcher Challenge, which offers up to 169 million euros in contracts for institutional launches and vehicle upgrades.

In November, ESA Member States also agreed to provide more than 22 billion euros for the space agency’s programs over the next three years, representing a 32% increase on the last budget, or 17% when factoring in inflation.

For the first time in its history, Spain became ESA’s fourth-largest contributor, behind Germany, France and Italy.

Spain’s Center for the Development of Technology and Innovation (CDTI), a government agency that funds industrial R&D, participated in PLD Space’s Series C round, alongside state-backed development finance institution COFIDES.

Diana Morant, Spain’s Minister of Science, Innovation and Universities, said the closing of the funding round “consolidates a strategic project with global impact born in our country, reinforcing Spain’s key position within the space economy.”

She added: “The Spanish Government has backed PLD Space’s growth plans, because investing in space means investing in technological sovereignty, strategic autonomy and qualified employment generation.”

Credit: PLD Space

It is Europe’s largest space funding round so far this year amid a busy start to 2026 for the sector, though the biggest globally has gone to U.S. launch startup Stoke Space, which added $350 million last month to its Series D.

Strategic launch access

Finer details underpinning PLD Space’s strategic partnership with Mitsubishi Electric were not disclosed.

Mitsubishi Electric said its investment would help secure launch capacity as it develops satellite data services and prepares for the deployment of future constellations, including applications focused on national security and disaster response.

The Japanese conglomerate has previously invested in space ventures including Japanese water-propulsion startup Pale Blue and Tokyo-based debris removal company Astroscale.

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