PLD Space
Overview
Spanish private orbital launch provider developing MIURA 5, a partially reusable two-stage small-lift rocket targeting up to 540 kg to LEO from Europe's Spaceport in Kourou, French Guiana. Revenue plan combines commercial smallsat launch contracts (Mitsubishi Electric strategic agreement for Asia/Japan) with €169M of anchor demand from ESA's European Launcher Challenge. MIURA 1 suborbital flight in October 2023 was the first successful private rocket launch from Spanish soil; MIURA 5 inaugural orbital flight remains targeted for late 2026.
Moat: First — and to date only — Spanish company to have successfully flown a privately developed rocket (MIURA 1, Oct 2023). In-house liquid-engine and stage-recovery IP, anchored by Spain's CDTI/SEPI industrial backing and ESA's €169M ELC commitment, gives sovereign-launch credibility that pure commercial rivals lack. Mitsubishi Electric's strategic equity + launch-services agreement opens the Asian smallsat market and validates MIURA 5 commercially before first flight.
Business
Primary customers
- Government: ESA / Spanish Government (ELC)
- Commercial: Mitsubishi Electric Corporation
- Commercial: Smallsat operators (Europe & Asia)
- Government: ZARM (German microgravity research)
Sectors
Small-Lift Launch · Reusable Launch Vehicles · Sounding Rockets
Last Funding Round
Key Products
- MIURA 1retired
Single-stage suborbital sounding rocket, ~100 kg payload to ~150 km; first Spanish private rocket to fly (apogee 46 km on demo, Oct 2023)
First flight: 2023-10-07
- MIURA 5development
Two-stage partially reusable small-lift launcher; up to 540 kg to LEO/SSO from Kourou; kerosene/LOX, first stage designed to be recovered
- MIURA NEXT familydevelopment
Conceptual heavy-lift family and LINCE crew capsule announced 2024 — long-horizon roadmap
Government Contracts
| Agency | Program | Amount | Year | Source |
|---|---|---|---|---|
| ESA / Spanish Government | European Launcher Challenge (ELC) — MIURA 5 launch services | €169M | 2025 | |
| European Space Agency (ESA) | HALCON Hybrid GNC — first GNC contract for reusable launch vehicles | €995,705 (co-financed 50/50) | 2025 |
Near-term Catalysts
- Late 2026
MIURA 5 inaugural orbital test flight from Kourou (CSG), French Guiana
Would make PLD Space Europe's second new-space company to reach orbit (after Isar) and unlock €169M ELC revenue plus Mitsubishi commercial flights
- 2026 H1–H2
Stage-1 hot-fire and full vehicle qualification campaign in Teruel (Spain)
Critical path to inaugural launch; validates engine cluster and recovery hardware
- 2026
Construction completion of MIURA 5 launchpad at CSG Kourou
Physical readiness gate — civil works and Ground Support Equipment installation already underway
Top Risks
- Pre-revenue, development-stage launcher — first orbital flight slip beyond 2026 would compress runway despite €380M raised
- Single-vehicle program; a launch-pad anomaly (as RFA suffered at SaxaVord in Aug 2024) could erase 12–24 months
- Direct competition with Isar Aerospace (already attempted orbit in Mar 2025), RFA and ArianeGroup's MaiaSpace for ELC follow-on contracts
- Reusability claim depends on first-stage recovery proving out — unproven for European new-space launchers
- Concentration of Spanish state and ESA funding leaves PLD exposed to European policy / budget cycles
Recent Milestones
- 2023-10-07
MIURA 1 successful suborbital maiden flight from El Arenosillo (Huelva, Spain) — apogee 46 km, first Spanish private rocket and first fully private European suborbital launch
- 2025
Selected for ESA's European Launcher Challenge with €169M in launch-service contracts committed by the Spanish government
- 2026-03-04
Closed €180M Series C led by Mitsubishi Electric (~€50M), with CDTI INNVIÈRTE, COFIDES and Nazca Capital — strategic launch-services partnership for Asia
- 2026-04-07
Signed €30M EIB venture debt loan (InvestEU-backed) — total 2026 fundraising reaches €210M; cumulative funding crosses €380M
- 2026 Q1–Q2
MIURA 5 launchpad civil works at CSG Kourou progressing; Ground Support Equipment manufactured in Spain ahead of integration
Recent News
- 2026-04-07
- 2026-03-04
- 2026-01-15
What investors should know
Q1What does PLD Space do?⌄
Q2What was the significance of the MIURA 1 launch in October 2023?⌄
Q3What is MIURA 5's path to orbit and when is the first launch?⌄
Q4How is PLD Space funded and who are the key investors?⌄
Q5What is the European launcher market opportunity?⌄
Q6What are the biggest risks for PLD Space?⌄
Q7How does PLD Space compare to Isar Aerospace and RFA?⌄
Peers
Sources & References
Press Release
- PLD Space — First GNC contract with ESA · 2025-09-01
Trade Press
- SatNews — PLD Space Secures €180M Series C Led by Mitsubishi Electric (Mar 2026) · 2026-03-04(archived)
- Aerotime — Spain's PLD Space raises €180M Series C round led by Mitsubishi Electric · 2026-03-04(archived)
- Spaceflight Now — PLD Space raises $209M to scale rocket production · 2026-03-05(archived)
- EU-Startups — PLD Space adds €30M EIB loan toward MIURA 5 test flight · 2026-04-07(archived)
- SpaceNews — PLD Space secures $35M EIB loan for MIURA 5 launcher · 2026-04-08(archived)
- Payload Space — PLD Space Outlines Plans for €169M in ELC Funds · 2025-11-20(archived)
- European Spaceflight — PLD Space Successfully Debuts Suborbital Miura 1 Rocket · 2023-10-07(archived)
- NASASpaceflight — PLD Space accelerates MIURA 5 toward 2026 debut · 2026-01-15(archived)