PiggyGPT

Private companiesCovered

Muon Space

San Jose, CA · Founded 2021

Muon Space designs, builds and operates satellite constellations under one contract, on its own spacecraft platforms and infrared and RF payloads. Its customers include Earth Fire Alliance’s FireSat wildfire constellation, SNC’s Vindlér RF constellation, the Space Force, the NRO and the Space Development Agency.

Profile

What it builds and who buys it

  • ·Muon Space sells what it calls a Mission Foundry: mission design, spacecraft, payloads, software, operations and data for a whole constellation under one contract.Muon Space (company release), Aug 20, 2026
  • ·Its CEO told Reuters in August 2026 that more of its backlog is commercial than government, and that he expects U.S. government and commercial business to be about half and half within a couple of years.Reuters (via WHBL), Aug 20, 2026
  • ·By August 2026 it had launched 11 satellites across six launches, seven of them in the first half of 2026.Muon Space (company release), Aug 20, 2026
  • ·It had more than 50 satellites in development for customers in August 2026, 13 of them manifested for launch within a year.Muon Space (company release), Aug 20, 2026
  • ·Its president told Payload in August 2026 that the company’s pipeline is quite a bit above $10 billion.Payload, Aug 20, 2026
  • ·It launched the Halo platform in April 2024 and announced $60 million in contracts to build and operate 10 spacecraft of 150 to 500 kilograms.Muon Space (company release), Apr 4, 2024
  • ·The 500-kilogram-class XL platform launched in August 2025, with Hubble Network as its first customer.Muon Space (company release), Aug 7, 2025
  • ·Condor-Ultra, unveiled in June 2026, is a 20 kW platform for communications, sensing and orbital compute, stackable on SpaceX’s Starship. Its first pathfinder is slated for delivery in 2028.Muon Space (company release), Jun 3, 2026
  • ·Its 130,000-square-foot San Jose factory opened in June 2026 and is designed to build up to 500 satellites a year in the 100 kg to 1,500+ kg class. The site meets UL 2050 security standards for defense programs.Muon Space (company release), Jun 22, 2026
  • ·It built FireSat for Earth Fire Alliance. The first three operational satellites launched on July 7, 2026 aboard SpaceX’s Transporter-17, after a protoflight launched in March 2025.Muon Space (company release), Jul 7, 2026
  • ·It built and operates SNC’s Vindlér 2.0 RF constellation, which detects and geolocates radio emissions from VHF to Ka-band. Three satellites launched in March 2026.Muon Space (company release), Mar 31, 2026
  • ·It launched VanZyl-2 for Hydrosat in June 2025, carrying Hydrosat’s thermal infrared and multispectral instruments.Muon Space (company release), Jun 24, 2025
  • ·Space Systems Command awarded it a $44.6 million SBIR Phase III other transaction agreement in October 2025 for a dual-use environmental monitoring constellation serving Defense Department weather needs and FireSat.Muon Space (company release), Oct 8, 2025
  • ·The NRO picked it in December 2023 as one of five companies to supply commercial electro-optical capabilities under its Electro-Optical Commercial Layer program.GovCon Wire, Aug 20, 2026
  • ·A Stage II NRO contract in May 2025 covers an end-to-end demonstration of its multispectral EO/IR capability.Muon Space (company release), May 16, 2025
  • ·The Space Development Agency selected it for the HALO program in October 2024.Muon Space (company release), Oct 23, 2024
  • ·The Space Development Agency awarded it a $1.9 million SBIR Direct to Phase II contract in December 2025 for an infrared missile-warning and tracking payload.Muon Space (company release), Dec 9, 2025
  • ·It announced selection in January 2026 to support SHIELD, a missile defense program the company puts at $151 billion.Muon Space (company release), Jan 20, 2026
  • ·It acquired the propulsion startup Starlight Engines in June 2025 for an undisclosed price.Payload, Jun 12, 2025
  • ·Its Starlight zinc-fueled Hall-effect thruster fired in space on July 1, 2026 aboard SERT-III, a test spacecraft Muon Space built.Muon Space (company release), Sep 10, 2026
  • ·The company says it more than doubled its headcount in 2025 and grew more than 100 percent year over year for a second year. It states no revenue figure.Muon Space (company blog), Feb 3, 2026
  • ·Christine Fox, Acting Deputy Secretary of Defense from 2013 to 2014, joined its board in August 2023.Muon Space (company release), Aug 8, 2023

Founders and leadership

  • Jonny DyerCo-founder and chief executive

    Principal engineer at Google Geo and chief engineer at Skybox Imaging before Muon Space.TechCrunch, Aug 9, 2022

  • Dan McCleeseCo-founder

    Chief scientist at Muon Space at its 2022 Series A. Earlier chief scientist at NASA’s Jet Propulsion Laboratory and a leader of NASA’s Mars exploration program.SatNews, Aug 9, 2022

  • Pascal StangCo-founder and chief technology officer

    Listed as chief technology officer and co-founder on the company’s leadership page, which names no earlier employer.Muon Space (company page)

  • Reuben RohrschneiderCo-founder and chief mission architect

    Listed as chief mission architect and co-founder on the company’s leadership page, which names no earlier employer.Muon Space (company page)

  • Paul DayCo-founder and vice president of production

    Vice president of spacecraft production when the company bought Starlight Engines in June 2025.SmallSat News, Jun 16, 2025

Prospects, after the August 2026 Series C

Prepared by PiggyGPT, as of Oct 12, 2026

  • ·Government work is the smaller share of the backlog today. Dyer told Reuters more of the backlog is commercial than government, and that he expects the two to be about half and half within a couple of years.Reuters (via WHBL), Aug 20, 2026
  • ·The defense contracts on file are development awards: a $44.6 million Space Force SBIR Phase III, a $1.9 million SDA missile-warning SBIR, two NRO commercial imagery stages with no amount stated, and selections for SDA’s HALO and the SHIELD missile defense program with no amount stated.
  • ·The largest customer programs on file are civil and commercial: FireSat for the nonprofit Earth Fire Alliance and Vindlér for SNC. Vindlér serves national security and commercial RF demand.Muon Space (company release), Mar 31, 2026
  • ·No revenue figure is on file. The 2022 Form D declined to disclose revenue, and the company states growth rates without figures.SEC EDGAR (Form D), Jun 8, 2022
  • ·Reuters reported a $1.5 billion valuation at the $250 million Series C, from an unnamed source. The company says total equity funding exceeds $386 million.Reuters (via WHBL), Aug 20, 2026
  • ·For the acquisition read, the ties on file are a customer, SNC, and an investor, Google, whose Google.org backs FireSat. Neither has reported interest in a deal, and Reuters reports the company is weighing a listing instead. The posture is watch.

A summary of what the figures on this page add up to, prepared by PiggyGPT from the record on file and its cited sources. Not the Street's view, and not advice.

Funding

Last valuation

$1.5B

Post-money, Series C, reportedReuters (via WHBL), Aug 20, 2026

Last round or tender

$250Mraised

Series CMuon Space (company release), Aug 20, 2026

Led by Eclipse Capital, with Galvanize, Google, Salesforce Ventures, Wellington Management, I Squared Capital and Woven Capital, and existing investors. The company says it brings total equity funding to more than $386 million. The company stated no valuation. Reuters reported $1.5 billion, citing a source familiar with the matter.

Latest revenue figure

—

Valuation to revenue

—

Post-money valuation by round

Fewer than two dated figures on file to plot; the table carries what there is.

DateRoundRaisedPost-money
Aug 20, 2026Series CLed by Eclipse Capital, with Galvanize, Google, Salesforce Ventures, Wellington Management, I Squared Capital and Woven Capital, and existing investors. The company says it brings total equity funding to more than $386 million. The company stated no valuation. Reuters reported $1.5 billion, citing a source familiar with the matter.$250M$1.50Breported
Jun 12, 2025Series B1Led by Congruent Ventures, with Activate Capital, Acme Capital, Costanoa Ventures, Radical Ventures and new investor ArcTern Ventures. The $89.5 million announced is $44.5 million of equity, the amount recorded here, and a $45 million credit facility. The company calls its Series B $146 million in total. Payload put equity raised since founding at $135 million after it.$45M—
Aug 5, 2024Series BLed by Activate Capital, with Acme Capital and existing investors. TechCrunch put total capital raised at over $91 million after it.$57M—
Aug 9, 2022Series AAnnounced on August 9, 2022 as $25 million, led by Radical Ventures with Costanoa Ventures, Congruent Ventures, Space Capital and Ubiquity Ventures. The Form D records $24,999,978 of equity sold to 12 investors from May 24, 2022.$25M—
Oct 6, 2021SeedLed by Costanoa Ventures, with Space Capital, Congruent VC, Ubiquity Ventures, South Park Commons and Climactic VC. No valuation was reported.$10M—

Primary capital across the rounds on file: $386M

Revenue

No citable revenue figure on file.

Secondary venues

  • Clarity (formerly Hiive)public page seen Oct 12, 2026

    Clarity Price $2.61, as of Oct 12, 2026

    Clarity calls the figure a model-derived indicative estimate calculated daily. The page dates it no further than a "last updated" line reading August 28, 2026.

  • Nasdaq Private Marketpublic page seen Oct 12, 2026

    No price on the public page.

    The page shows no figure in its text or its title.

  • Caplightpublic page seen Oct 12, 2026

    No price on the public page.

    No public MarketPrice. Historical pricing is behind a login, and the page shows only Caplight’s last-round figures.

A venue is listed when its public page named the company on the date shown. A price is the figure that page showed, under the venue’s own name for it and dated as the venue dated it; it is a level the venue publishes, not a trade. Nothing is recorded from behind a login.

Reads

Acquisition: Watch

A cited tie to a plausible buyer: a strategic partner, an investor stake, a tender offer, a stated appetite. Nothing reported.

Prepared by PiggyGPT, as of Oct 12, 2026

Signals

  • Aug 5, 2024Muon Space signed a deal with Sierra Nevada Corporation to build three satellites for SNC’s Vindlér RF sensing constellation. TechCrunch called SNC a defense giant.TechCrunch, Aug 5, 2024
  • Oct 21, 2025Muon Space partnered with SpaceX to integrate Starlink’s mini optical inter-satellite link terminals into its Halo platform.Muon Space (company release), Oct 21, 2025
  • Mar 31, 2026The first three Vindlér 2.0 satellites built by Muon Space for SNC reached orbit. SNC plans to expand the constellation to more than 20 satellites over several years.Muon Space (company release), Mar 31, 2026
  • Aug 20, 2026Google invested in Muon Space’s $250 million Series C, led by Eclipse Capital. The company describes FireSat as developed with Earth Fire Alliance and Google.org.Muon Space (company release), Aug 20, 2026
  • Aug 20, 2026Reuters reported that Muon Space is weighing a public listing as early as next year. Chief executive Jonny Dyer said he did not expect an IPO in 2027, because the company needs greater revenue visibility before going public.Reuters (via WHBL), Aug 20, 2026

Named counterparties

  • Sierra Nevada CorporationCustomer for its Vindlér 2.0 constellation, built and operated by Muon Space, with plans to grow it past 20 satellites. No interest in a deal has been reported.Muon Space (company release), Mar 31, 2026
  • GoogleInvested in the Series C, and Google.org backs the FireSat constellation Muon Space builds. No interest in a deal has been reported.Muon Space (company release), Aug 20, 2026

Counterparties are named for a cited reason: a partnership, an investment, or a stated appetite. Naming is not a forecast.

A summary of what the figures on this page add up to, prepared by PiggyGPT from the record on file and its cited sources. Not the Street's view, and not advice.

Sources

Researched Oct 12, 2026