Muon Space Soars Amid Surge in Customer Contracts

Muon Space has closed a $56.7 million Series B funding round led by venture capital firm Activate Capital. The round also saw participation from Acme Capital and existing investors, including Costanoa Ventures, Radical Ventures, and Congruent Ventures.

The newly raised capital will be used for the expansion of Muon Space’s Halo platform, a system designed for mission-tailored satellite constellations operating in low-earth orbit (LEO). Muon has also secured over $100 million in customer contracts this year, underscoring its growing influence in the space technology sector.

Muon Space designs, manufactures, and operates low-earth orbit satellite constellations used for climate monitoring, national security, and commercial radio frequency (RF) applications. A satellite constellation is a network of artificial satellites that work together as a coordinated system to provide global or near-global coverage. The company’s core Halo platform is designed to optimize every aspect of a mission, from rapid payload integration to deployment.

Muon, led by CEO Jonny Dyer and President Gregory Smirin, was founded in 2021 and is headquartered in Mountain View, California, near San Francisco.

A key component of Muon Space’s 2024 success has been its agreement with Sierra Nevada Corporation (SNC) to develop and deliver three next-generation satellites to further SNC’s Vindlér constellation, which is focused on RF collection and analytics. The first batch of Muon Space satellites under this agreement is scheduled for launch in 2025.

“SNC teamed up with Muon Space for an advance d radio frequency sensing satellite capability and end-to-end mission solution,” said Tim Owings, the executive vice president of SNC’s Mission Solutions and Technologies group. “Muon’s scalable design, instrument development, and operations support, coupled with our RF technology, diverse data sets, and analytic capabilities, will provide a new level of commercial possibilities starting in 2025.”

“Having an established industry leader like SNC select Muon Space for this mission really underlines our competitive edge,” said Mr. Smirin. “Our end-to-end solution offers a significant advantage, providing SNC with a seamless and integrated approach from design to deployment and operations.”

The space technology sector is poised for substantial growth in the coming years, with the global satellite market expected to reach $126 billion by 2030, according to Allied Market Research. This expansion is being driven by increasing demand for satellite-based services across industries, including telecommunications, defense, and environmental monitoring. Muon Space’s competitive environment includes several established players in the satellite industry, such as Planet Labs, Spire Global, Maxar Technologies, Iceye, and Capella Space.

“Muon Space’s cutting-edge technology, phenomenal track record of execution, and multi-billion dollar market potential make it a highly compelling investment opportunity,” said Raj Atluru, a managing partner at Activate Capital. “With the industry’s best team and technology built around a compelling vision and huge opportunity, we believe Muon Space is positioned to define the next era of space infrastructure.”

“This funding and our growing list of top-tier strategic partners, like SNC, position us to accelerate our mission and make space-based intelligence accessible and impactful across a variety of sectors,” said Mr. Dyer. “We are dedicated to pushing the boundaries of what is possible in space to unlock a safer and more resilient world.”

San Francisco-based Activate Capital was founded in 2017 by Raj Atluru and Andrew Tang. The firm focuses on investing in growth-stage companies that are working on sustainable solutions in sectors like energy, transportation, and infrastructure.