Cardiff-based space technology company Space Forge has achieved a significant financial milestone, successfully closing an investment round that secured £22.6 million. This funding round represents the largest Series A ever raised by a British space tech startup, underscoring growing investor confidence in the sector and Space Forge’s specific vision. The round was notably led by the NATO Innovation Fund, signaling strategic interest from defense and security alliances in the potential applications of space-based technologies. The capital injection is earmarked to accelerate the ongoing development of the company’s innovative returnable manufacturing satellite technology and to support its crucial first in-orbit demonstration mission, which is planned to take place later this year.
Founded in 2018, the Welsh firm has been dedicated to developing the technology necessary to utilize the unique environment of space as a platform for advanced manufacturing, particularly focusing on materials and semiconductors. The rationale behind this approach lies in the distinct conditions available in orbit—including prolonged microgravity, the presence of vacuums, and the ability to achieve extreme temperature differentials. These conditions are not easily or cost-effectively replicated on Earth and, with the right facilities, can enable the manufacturing of certain products with significantly greater efficiency or with properties unattainable through terrestrial methods.
Pioneering Returnable Satellites
Space Forge‘s core technological focus is on building satellites that are not only capable of hosting these advanced manufacturing processes in the harsh environment of space but are also designed with the critical ability to return safely from orbit. This return capability is essential for retrieving the valuable materials and products manufactured in space, making the entire process economically viable and practical for various industries.
Joshua Western, co-founder and chief executive of Space Forge, commented on the significance of the funding round, stating, “This funding marks a significant milestone—not just for Space Forge, but for the entire space economy.” He emphasized the forward-looking nature of the company’s work and its planned missions, adding, “Our upcoming launches will prove that the future of materials innovation lies beyond Earth, helping us build a more secure, sustainable, and technologically advanced world.” His remarks highlight both the commercial aspirations of the company and the broader potential impact of space-based manufacturing on global security and sustainability.
Diverse Investor Backing
The £22.6 million Series A round saw participation from a diverse group of investors, reflecting broad interest in Space Forge’s technology and market potential. In addition to the lead investment from the NATO Innovation Fund, Space Forge also received significant investment from the British Business Bank, a government-owned development bank focused on supporting UK businesses; the World Fund; and the National Security Strategic Investment Fund, another entity focused on investments with strategic importance for national security.
Chris O’Connor, a partner at the NATO Innovation Fund, expressed enthusiasm for the partnership, highlighting the strategic implications of Space Forge’s work. “We are excited to be supporting Space Forge—a company that is innovating material manufacturing while also advancing Europe’s access to space, supply chain independence, and long-term resiliency,” O’Connor said. He also looked forward to the collaboration’s potential impact on the alliance’s future security, stating, “We look forward to working with the Space Forge team to leverage their technological breakthroughs in order to secure the future of NATO nations.”
Context of British Space Tech Growth
The successful fundraise by Space Forge occurs within a positive context for the British space tech sector. The period at the start of 2025 was described as a record quarter for investment into the industry in the UK, indicating a broader trend of increasing capital flowing into domestic space-related ventures. This suggests that Space Forge’s achievement is part of a larger wave of growth and investment in the UK’s capabilities in space technology and its applications.
Industry Minister Sarah Jones commented on the news, framing it as a positive development for the national sector. “This is great news for the UK’s space industry and a vote of confidence in the cutting-edge advanced manufacturing technology Space Forge is pioneering in Wales,” said Minister Jones.
She also linked the investment to the government’s economic strategy, adding, “Our modern Industrial Strategy will drive growth in these sectors even further, giving businesses the confidence they need to commit to investing in the UK and ensuring we remain a partner of choice for space agencies around the world.” Her statement underscores the government’s view of the space sector, and advanced manufacturing within it, as key components of the UK’s industrial future and its international positioning. The successful funding round positions Space Forge to significantly advance its technology and demonstrate the viability of in-orbit manufacturing with its upcoming mission.
