WASHINGTON — K2 Space has raised $500 million in new funding, more than doubling its valuation in seven months as the satellite manufacturer prepares to move from orbital demonstrations to large commercial and military orders.
The Series D round values the Torrance, Calif., company at $6.8 billion, K2 said July 30. Kleiner Perkins and ICONIQ led the investment, with participation from CapitalG, Lightspeed, Altimeter, Spark Capital, Sands Capital, ARK Invest, T. Rowe Price Associates and existing investors.
K2 was valued at $3 billion in December, when it raised a $250 million Series C. At the time, the company said it had secured $500 million in signed government and commercial contracts. It now puts that figure at more than $1 billion and says it has raised over $1 billion in total capital.
The new financing gives K2 the resources to expand production as it works toward the capacity to build as many as 100 large satellites a year, co-founder and Chief Executive Karan Kunjur said in the company’s announcement.
That target marks a new phase for the four-year-old company. K2 has raised money quickly and demonstrated systems in orbit. It must now show that it can manufacture complex spacecraft repeatedly, control costs and meet delivery schedules for customers with multiyear programs.
