Apex, a leading satellite manufacturer, has secured $200 million in a new funding round, valuing the company at over $1 billion. This Series D round, led by Interlagos, a venture capital firm founded by former SpaceX employees, follows a previous $200 million Series C round just five months prior. The investment wasn't sought out; instead, investors actively approached Apex.
“We didn’t need the capital. We’re in a very strong position,” stated Ian Cinnamon, chief executive of Apex, in an interview. Interlagos, an existing investor, proposed increasing its stake to “supercharge” the development of commercial and defense satellite constellations, leveraging its financial resources and expertise. This compelling offer led to a swift agreement.
Achal Upadhyaya, founder and chief executive of Interlagos, highlighted Apex's pivotal role in the space industry's transformation: “Apex is accelerating one of the most important shifts in the space industry today by architecting a solution for customers building modern, proliferated constellations.” He emphasized the company’s focus on production rate and scale as vital for both national security and commercial applications.
The funding will be used to scale production of satellite bus lines, including leasing a new facility in Los Angeles to more than double its current space. This expansion will increase the production rate by 50%, from 12 to 18 buses per month, and accommodate mission integration and component manufacturing. Apex is prioritizing vertical integration, building more components in-house to address supply chain challenges.
As part of this strategy, Apex acquired Hall Effect thruster technology from Phase Four, a satellite propulsion manufacturer, encompassing both personnel and hardware. This acquisition brings critical technology in-house. The Golden Dome missile defense system represents a significant opportunity, alongside other commercial and government projects. Apex’s production capacity is currently sold out through 2027 and into 2028, demonstrating strong market demand.
Apex has already delivered several satellites to customers and continues to operate its first satellite, “Call to Adventure,” launched 18 months ago. This rapid growth and significant funding round solidify Apex's position as a major player in the satellite industry.