ThrustMe
Overview
Manufactures and sells iodine-fuelled electric propulsion systems at serial-production scale to smallsat and constellation operators for station-keeping and deorbit compliance, monetizing a proprietary fuel choice that simplifies rideshare safety approval versus xenon or krypton competitors.
Moat: The only company to have flown iodine-fuelled electric propulsion (world first, 2020). Iodine stores as an unpressurised solid, simplifying rideshare safety approvals and tankage, combined with genuine serial manufacturing scale rather than one-off builds.
Business
Primary customers
- Commercial: Smallsat and constellation operators
- Commercial: Reflex Aerospace / Marble Imaging (JPT150 in-orbit demo)
Sectors
space-propulsion · smallsat-subsystems · constellation-station-keeping
Key Products
- I2T5operational
Iodine electrothermal thruster, CubeSat class; flew the world-first iodine electric-propulsion in-space demonstration in November 2020.
First flight: 2020-11
- NPT30-I2operational
Gridded ion iodine thruster, ThrustMe's flagship product; bulk of over 150 units delivered and 100+ deployed to orbit.
- JPT150development
Low-power iodine Hall thruster in development; in-orbit demo on Marble Imaging's MIRI satellite with Reflex Aerospace, targeted 2026.
Near-term Catalysts
- 2026
JPT150 in-orbit demonstration on MIRI
Would be the world's first low-power iodine Hall thruster in space, opening the 100-500 kg satellite class where ThrustMe currently has no product.
- 2026
Production scale-up toward ~1 unit/day
The volume threshold needed to serve mega-constellation contracts.
Top Risks
- Customer conservatism about iodine's material compatibility and corrosion behavior versus established xenon and krypton propellant heritage.
- A crowded electric-propulsion field (Enpulsion, Exotrail, Phase Four, Busek, Morpheus Space, Benchmark Space Systems) driving price erosion.
- Vertical integration by constellation primes building propulsion in-house, removing the merchant market ThrustMe depends on.
Recent Milestones
- 2025-07-18
JPT150 in-orbit demonstration partnership announced
- 2025-06-24
100th propulsion system deployed to space, on Transporter-14
- 2025-02-05
North American market expansion announced, with 10 US/Canadian partners including Starfish Space
What investors should know
Q1What makes ThrustMe's propulsion different?⌄
Q2How many ThrustMe units have flown?⌄
Q3What is the JPT150?⌄
Q4Who leads ThrustMe?⌄
Q5How much has ThrustMe raised?⌄
Peers
Compare side-by-side →Sources & References
Press Release
- ThrustMe · 2026-07-25