Funding round
Varda Space Industries Series C
Varda Space Industries, which works in orbital manufacturing infrastructure development in El Segundo, raised $187M in a Series C round announced on 10 Jul 2025, led by Natural Capital and Shrug Capital, at a $500M post-money valuation. 28 firms took part, with 1 individual investor. It is Varda Space Industries' fourth venture round on record; the one before was a Series B in Apr 2024.
$187M
Amount raised
$500M
Post-money valuation
$313M pre-money
28
Investors
2 leads
37%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Varda Space Industries at $500M after the new money. The $187M bought investors about 37% of the company. It came 15 months after Varda Space Industries' Series B. It is 35% of the $539M Varda Space Industries has raised in the venture rounds on record. Varda Space Industries raised again 14 months later: a Series D round of $251M in Sep 2026, at $1.60B post-money.
Varda Space Industries' funding rounds
Varda Space Industries has 5 venture rounds on record. This one is highlighted.
- Seed 8 Dec 2020, led by Founders Fund and Lux Capital $9.0M
- Series A 29 Jul 2021, led by Caffeinated and Khosla Ventures $2.3M
- Series B 5 Apr 2024, led by Caffeinated $90M
- Series C this round 10 Jul 2025, led by Natural Capital and Shrug Capital $187M$500M post-money
- Series D 30 Sep 2026, led by Lux Capital and Natural Capital $251M$1.60B post-money
Investors
Who put money in
Natural Capital and Shrug Capital led the round with 26 other firms.
Lead investors
- backs 5 venture-backed companies new investor
- Shrug Capital new investor
Also in the round
- Founders Fund backs 368 venture-backed companies new investor
- Khosla Ventures backs 396 venture-backed companies new investor
- Caffeinated backs 79 venture-backed companies new investor
- Lux Capital backs 194 venture-backed companies new investor
- backs 13 venture-backed companies new investor
- General Catalyst backs 574 venture-backed companies new investor
- Alumni Ventures new investor
- backs 8 venture-backed companies new investor
- Chestnut Street Ventures new investor
- backs 48 venture-backed companies new investor
- new investor
- Gaingels backs 364 venture-backed companies new investor
- backs 3 venture-backed companies new investor
- Hiddentao Ventures new investor
- new investor
- backs 7 venture-backed companies new investor
- backs 14 venture-backed companies new investor
- Lakestar backs 95 venture-backed companies new investor
- backs 13 venture-backed companies new investor
- Mac Equity new investor
- McNamara Investments new investor
- Octant Ventures new investor
- backs 2 venture-backed companies new investor
- Solari Capital new investor
- T2D3 Ventures new investor
- backs 3 venture-backed companies new investor
Individual investors: Peter Thiel.
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, scaling operations and working capital.
- Hiring
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
20 Series C rounds in Aerospace and Defence within a year either side disclosed an amount; the median was $244M, and this round was 77% of the median. The closest in time, other companies' Series C rounds in Aerospace and Defence:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Hadrian Aerospace and Defence | 17 Jul 2025 | $260M | not disclosed | Founders Fund and Lux Capital |
| Impulse Space Aerospace and Defence | 3 Jun 2025 | $300M | not disclosed | Linse Capital |
| CHAOS Industries Aerospace and Defence | 2 May 2025 | $275M | $2.00B | New Enterprise Associates and Accel |
| Aerospace and Defence | 24 Sep 2025 | $60M | not disclosed | 1789 Capital |
| True Anomaly Aerospace and Defence | 30 Apr 2025 | $260M | not disclosed | Accel |
| Apex Aerospace and Defence | 29 Apr 2025 | $200M | not disclosed | Point72 Ventures and 8VC |
| Forterra Aerospace and Defence | 12 Nov 2025 | $238M | $1.00B | Moore Strategic Ventures |
| Quantum Systems Aerospace and Defence | 27 Nov 2025 | $210M | $3.50B | Balderton Capital |
Sources
Where this comes from
Reported by 7 sources.
Questions
Frequently asked
How much did Varda Space Industries raise in its Series C round?
Varda Space Industries raised $187M in its Series C round, announced in Jul 2025.
Who led Varda Space Industries' Series C round?
Natural Capital and Shrug Capital led it, with Founders Fund, Khosla Ventures, Caffeinated, Lux Capital and Also Capital and 21 more.
What was Varda Space Industries' valuation at the Series C round?
$500M post-money ($313M pre-money).
How does it compare with other Series C rounds in Aerospace and Defence?
20 Series C rounds in Aerospace and Defence within a year either side disclosed an amount; the median was $244M, and this round was 77% of the median.
Did Varda Space Industries raise again after this round?
Yes: a Series D round in Sep 2026 of $251M at $1.60B post-money.