New player in the space industry market
Space startup Phantom Space has successfully completed a $37 million round of funding to expand its team ahead of the launch of its first rocket next year. The round was led by Balerion Space Ventures, joined by Reaser Family Office, KOLH Capital and other prominent investors.
Phantom Space was founded in 2019 by former SpaceX Vice President Jim Cantrell and Michael D'Angelo with the goal of simplifying the path to orbit by providing efficient and affordable space launches. The company uses the commercial market for spacecraft components to create its own systems, minimizing costs and increasing the economic efficiency of space missions.
Among Phantom Space's innovative products is the two-stage Daytona rocket, weighing 500 kg, using Hadley engines provided by the startup Ursa Major. The company is also developing its own cloud constellation, Phantom Cloud, which, once deployed, will provide cloud storage and computing power in orbit, and also manufacture satellites. The company's initial commercial launch portfolio represents $79 million, with NASA launch services orders worth up to $300 million.
Phantom Space is scheduled to launch its Daytona rocket for the first time in mid-2025. According to the forecasts of the company's founder, Jim Cantrell, this launch will require an additional $30 million in investments; work is currently underway to raise a Series B round.
Phantom Space has already received approval to launch from Vandenberg Space Center, and is also targeting approval for future launches at Cape Canaveral.