Axiom Space Raises $350M at Series-C Close with $2.2B+ in Customer Contracts
Aljazira Capital CEO Naif AlMesned and Axiom Space CEO Michael Suffredini
Axiom Space announced that it secured $350 million in its Series-C round of growth funding, lifting the total funds raised to over $505 million from investors and achieving more than $2.2 billion in customer contracts.
To date, Aljazira Capital and Boryung Co., Ltd., have anchored the round, paired with support from an array of diverse backers that include deep-tech venture capital funds and strategic brand partners, positioning Axiom Space as second to SpaceX for the most amount of money raised by a private space company in 2023, based on available pitchbook data.
“We are honored to team with investors like Aljazira Capital, Boryung and others, who are committed to realizing the Axiom Space vision,” said Axiom Space CEO and president Michael Suffredini. “Together, we are working to serve innovators in medicine, materials science, and on-orbit infrastructure who represent billions of dollars in demand over the coming decade. We are building on the legacy of the International Space Station, leveraging the pillars that were constructed in low-Earth orbit more than two decades ago, to now support a burgeoning global space economy.”
Aljazira Capital, one of the major financial powerhouses in Saudi Arabia, has been making significant strides in the world of investment, notably in innovative startup companies across various sectors. Naif AlMesned, CEO and managing director of Aljazira Capital, said, “We believe in the importance of innovation in various sectors and across various markets. In line with the Saudi Vision 2030’s transformative approach, we acknowledge the need for technology toward the advancement of human life. To that end, we are excited to support Axiom Space along its journey of building for beyond.” Aljazira Capital highlighted that it has a profound interest in advancing new technologies and fostering innovation in diverse markets. Its portfolio includes investments in a number of exciting technology-driven ventures, with a distinct focus on enabling businesses that make an impact on society.
Boryung, a healthcare investment company and multi-round lead investor in Axiom Space, strives to establish a space healthcare ecosystem that supports long-duration human space missions and utilizes the space environment to develop new technologies on Earth innovatively. According to Jay Kim, Boryung Chairman, Axiom Station is the preeminent platform for this type of development. “We recognize the depth of human spaceflight knowledge and the level of space station construction and management experience at Axiom Space, as well as the sophistication of the company’s sales and business strategy,” Kim said. “We have a shared vision and ethos and are excited to build opportunity together.”
Founded in 2016 by Michael Suffredini and Kam Ghaffarian, Executive Chairman, the company has built a track record of strong strategic partnerships and expanded their successful business operations, with the company not only winning NASA’s port award as the only space company with the privilege of attaching its first commercial space station module to the ISS, but also securing a long-term NASA contract worth $1.26 billion to provide Exploration Extravehicular Activity Services (xEVAS) spacesuits for the Moon and LEO. Guaranteed payments from these task orders total about $370 million, increasing with each new task order received.
Axiom Station’s first module is under construction and is scheduled to launch to the ISS by 2026. Additional modules will follow to build out Axiom Station, which will be ready to separate from the ISS and operate independently, in support of customers around the world, by 2031 when NASA plans to retire the ISS.