Compare Companies
| Field | 🇺🇸 Terran Orbital | 🇺🇸 K2 Space | 🇺🇸 Apex Space |
|---|---|---|---|
| Type | private | private | private |
| Country | 🇺🇸 United States | 🇺🇸 United States | 🇺🇸 United States |
| Founded | 2013 | 2022 | 2022 |
| CEO | Peter Krauss | Karan Kunjur | Ian Cinnamon |
| Mkt Cap / Valuation | — | $3 billion | $2.3 billion |
| Employees | — | — | 350+ |
| Sector | Satellite manufacturing — smallsat buses | Satellite manufacturing — large, high-power satellite buses | Satellite manufacturing — productized satellite buses |
| Last raise / Last filing | — | $250M (2025-12) | $200M+ (2026-06-05) |
| Top risks | Merchant-supplier independence is a promise, not a structure — competitors of Lockheed Martin must now buy critical buses from a Lockheed subsidiary, and some will design Terran Orbital out regardless of the stated commitment.; Zero SEC reporting since November 2024 means no revenue, backlog or margin data exists for this entity — any financial claim about it independent of Lockheed Martin is unpublishable. | Single-article flight heritage — one Mega Class spacecraft on orbit, mid-demonstration, against a $3B valuation and $500M backlog that assumes the platform works.; The Giga Class roadmap and '10 satellites per launch' economics assume Starship and New Glenn reach routine, cheap, high-cadence service — a dependency K2 does not control. | Only one satellite (Aries SN1, 2024) has meaningful flight heritage; Nova and Comet are unflown while valuation rose from roughly $1B to $2.3B in nine months.; Project Shadow is a self-funded demonstration with no government contract behind it — a failure, especially of an interceptor firing, would be a costly and highly public setback with no cost recovery. |
| Next catalyst | SDA Tranche 3 Tracking Layer bus deliveries via Lockheed Martin (2026-2028) | GRAVITAS orbit-raise and 20 kW thruster demonstration results (2026) | Nova 1 / Project Shadow launch (2026 (targeted summer)) |
Maximum 4 companies. Pass slugs in the ids query parameter, comma-separated. Try SpaceX vs Blue Origin vs Rocket Lab vs Firefly.