K2 Space, a Californian maker of large, high-power satellites, raised a $500m Series D at a $6.8bn post-money valuation, it announced on 30 July 2026. Kleiner Perkins and ICONIQ led the round.
CapitalG, Lightspeed Venture Partners, Altimeter, Spark Capital, Sands Capital, ARK Invest, accounts advised by T. Rowe Price Associates and other existing investors also took part, according to the company's press release. K2 said its total financing now exceeds $1bn.
Payload reported that the company previously raised a $250m Series C in December. Chief executive Karan Kunjur told the outlet the valuation is purely based on multiples of next 12-month revenue, which K2 has not disclosed.
The press release names Torrance, California, as the company's base. K2 did not give an employee count in the announcement, and Payload said revenue figures are not disclosed.
“This latest round validates that thesis and gives us the capital to accelerate scaling”Karan Kunjur, Co-Founder and CEO, K2 Space
What K2 Space builds
K2, based in Torrance, builds satellites with far more power than conventional designs, for commercial and government constellations. The company was founded in 2022 by brothers Karan Kunjur, chief executive, and Neel Kunjur, chief technology officer.
The press release says K2 has more than $1bn in signed commercial and government contracts. They include an initial tranche of 30 satellites for SES's meoSphere network, satellites supplied to Anduril for the Golden Dome space-based interceptor programme, and a role as bus provider for the Space Force's Protected Tactical Satcom-Global programme, which K2 describes as its first Pentagon programme of record.
Payload reported that K2 had disclosed more than $500m in contracts in December and has signed roughly another $500m since.
Scaling production
K2 operates a 180,000 square foot factory in Torrance that it says is designed to build up to 100 satellites a year. The company says its supply chain is 85% vertically integrated. Payload described 100 satellites a year as the maximum capacity of the current facility.
On the product side, K2 plans a 100kW satellite in the second half of 2028 and a mission called Trinity, which will launch several satellites in the second quarter of 2027. Neel Kunjur described the 100kW class as the foundation for deploying large amounts of compute in orbit.
Who invested
Lucas Oliveira, a principal at Kleiner Perkins, said every important mission in space comes back to power and mass. Tengbo Li, a general partner at ICONIQ, said vertical integration could take the company from one satellite to dozens to hundreds.
Karan Kunjur said the round validates K2's thesis and gives it the capital to accelerate scaling.
Kunjur told Payload that the numbers are big because K2 has big revenue numbers that are growing really fast.
What the money is for
The release names scaling production, delivering large constellation orders and research and development as the uses of the funds. Kunjur told Payload there is a large potential market for very high-power systems in orbital computing.
K2 did not disclose revenue or headcount in the coverage reviewed.
Company website: k2space.com