Gilmour Space Technologies has increased its Series E funding by $14.2 million, backed by Australian Retirement Trust through Queensland Investment Corporation. This latest injection raises the overall Series E round to $231.2 million, building on an original target that was quickly surpassed.
The additional capital comes amid heightened investor enthusiasm, spurred in part by the approaching IPO of SpaceX, which Gilmour Space’s co-founder, Adam Gilmour, says has created a favorable market for space technology ventures. He indicated plans for a follow-up rocket launch targeted in the third quarter, contingent on approval from the Australian Space Agency.
Gilmour Space Technologies made its first rocket launch attempt with the Eris rocket, achieving a brief 14-second flight. The company aims to reach orbit within its third or fourth launch, mirroring patterns seen in the industry, including SpaceX’s early efforts. With funding secured for the next four years, Gilmour stressed a careful, measured approach to progress.
The rapid oversubscription of the Series E round, initially set at $150 million and then lifted to $260 million, reflects strong institutional interest. This round was led by the National Reconstruction Fund and Hostplus, with other superannuation funds such as Future Fund, Funds SA, Hesta, NGS Super, and Brighter Super also participating.
According to Elizabeth Kumaru, general manager of growth assets at Australian Retirement Trust, the investment aligns with the fund’s goal of delivering long-term returns while supporting an Australian company developing domestic space capabilities. The backing from multiple superannuation funds highlights confidence in the startup’s potential to advance local aerospace technology and its ambitions to deploy satellites using its own launch vehicles.