Lift off: Queensland space company cracks billion-dollar milestone
A Queensland space company saw its first rocket test flight crash shortly after lift off less than six months ago, now it has landed a significant new valuation.
Private rocket company Gilmour Space Technologies has secured $217 million in new funding to expand its launch capabilities, including money from the Australian government’s investment fund.
The new funding round, which included support from major venture capital firms like Blackbird and Main Sequence, gives the Gold Coast-based company a valuation above $1 billion.
Gilmour Space is building a sovereign space capability for Australia, and designs, manufactures, and tests rocket and satellite launches in Queensland.
The company conducted the first test flight of an Australian-developed orbital launch vehicle in July 2025, which had an airtime of 14 seconds before crashing back down.
Gilmour CEO Adam Gilmour said developing sovereign space capability at home will allow Australia to stop depending on overseas space-based services.
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“National Reconstruction Fund Corporation (NRFC) investment allows us to build on the technical and regulatory milestones we’ve already achieved and scale our manufacturing and launch capability to meet growing market demand,” he said.
“It reflects strong investor confidence in both the market opportunity and Australia’s ability to compete globally in space.”
NRFC’s funding will enable Gilmour Space to continue developing its Eris orbital rocket technology, scale its satellite and rocket manufacturing and expand its spaceport in Bowen, North Queensland.
The Bowen spaceport is the first and only Australian spaceport to have been licensed by the Australian Space Agency and other regulators to launch operations.
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NRFC CEO David Gall said Gilmour’s pioneering technology has the potential to be a cornerstone of the Australian space industry.
“Australia’s size and geographic location in the southern hemisphere provide natural advantages for accessing space, and Gilmour’s success will enable Australia to capitalise on the growing global demand for space launch services and satellites,” Gall said.
“By building sovereign space capability that underpins our everyday life – from Earth observation and communications to national security – Gilmour’s efforts will secure Australia’s access to essential space services, strengthen the country’s advanced manufacturing base, and create highly-skilled jobs and opportunities in the region.”
The news comes after Gilmour Space conducted the successful on-orbit operation of its 100-kilogram ElaraSat satellite bus, launched on a US ride share mission last year.
Senator Tim Ayres, Federal Minister for Industry and Innovation and Minister for Science, said Queensland had a bright future in space technology and advanced manufacturing.
“Public investment like this importantly crowds in private investment, including from superannuation funds,” Ayres said.
The funding round will be jointly led by Hostplus, investing another $75 million in preferred equity.
In total, Gilmour has raised $217 million as part of its Series E funding round, with other investors including Future Fund, HESTA, Blackbird, Main Sequence, QIC, Funds SA, NGS Super and Brighter Super.
Gilmour currently employs more than 220 people and relies on hundreds of Australian suppliers. NRFC funding was expected to support the ongoing growth of Australia’s space industry across aerospace engineering, manufacturing and skilled trades.
