Axiom Space, the Houston-based space and aerospace company, is working to build the world’s first commercial space station in low-Earth orbit (LEO). In August 2023, the company secured AED1.2 billion ($350 million) in its latest funding round.
This video footage simulates the assembly sequence of the Axiom Station – the first commercial space station – expected to replace NASA’s International Space Station.
With the latest investment round led by Riyadh-based AlJazira Capital and Seoul-headquartered Boryung and supported by backers that include deep-tech venture capital funds and strategic brand partners, Axiom Space has lifted its total funds from investors to more than AED1.85 billion ($505 million).
The latest funding injection makes Axiom Space second only to space industry competitor SpaceX for the most money raised by a private space company in 2023, based on available PitchBook data.
Michael Suffredini, CEO of Axiom Space, said: “We are building on the legacy of the International Space Station [ISS], leveraging the pillars constructed in low-Earth orbit more than two decades ago to support a burgeoning global space economy now.”
Axiom is the only space company authorised by NASA to attach its first in-house developed commercial space station module to the ISS.
The company’s first commercial space station 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 for the benefit of global customers by 2031 when NASA plans to retire the ISS permanently.
Axiom Space has also won a long-term NASA contract worth AED4.63 billion ($1.26 billion) to provide Exploration Extravehicular Activity Services spacesuits for the US space agency’s lunar and low-Earth Orbit missions.
As a leading provider of human spaceflight services and developer of human-rated space infrastructure, Axiom Space operates end-to-end missions to the ISS while developing its successor, Axiom Station – the world’s first commercial space station.
