PiggyGPT

Private companiesCovered

Sierra Space

Louisville, CO · Founded 2021

Sierra Space builds Eclipse satellites for the Space Development Agency’s missile-tracking layers, the Dream Chaser cargo spaceplane under NASA’s resupply contract, and solar arrays and subsystems for other spacecraft; it was spun out of Sierra Nevada Corporation in 2021.

Profile

What it builds and who buys it

  • ·Sierra Space was formed in 2021 as the commercial space subsidiary of Sierra Nevada Corporation, taking the assets of SNC’s Space Systems business area with $3 billion in active contracts; Eren and Fatih Ozmen, SNC’s sole owners, sat on its board while remaining SNC’s president and chief executive.Sierra Space (company release), Jul 19, 2021
  • ·At the Series A in November 2021 the company counted 1,100 employees, more than 500 missions and over 30 years of flight heritage, and named SNC, owned by Fatih and Eren Ozmen, as its majority owner.Sierra Space (company release), Nov 19, 2021
  • ·Dream Chaser with the Shooting Star cargo module is rated by the company at 8,000 pounds of cargo upmass, 7,365 pounds of disposal mass, 2,245 pounds returned to a runway, a 1.5g re-entry, 15 or more missions per vehicle and 33 cubic metres of pressurized volume, launched stowed inside a 5-metre fairing. The first vehicle, Tenacity, is 30 feet long.Sierra Space (company page)
  • ·Shooting Star carries 7,000 pounds internally plus three external mounting points, is disposed of in the atmosphere on every CRS-2 mission, so the company keeps a production line for it, and is being developed as a free-flying satellite for large, high-power payloads.Sierra Space (company page)
  • ·NASA’s CRS-2 award specified a minimum of seven station flights, four of them on a firm fixed-price task order. The September 2025 revision makes the first flight a free-flyer, NASA said it is no longer obligated to a specific number of resupply missions, and launch is on ULA’s Vulcan no earlier than late 2026.Spaceflight Now, Sep 26, 2025
  • ·Sierra Space confirmed in November 2023 that it had laid off 165 full-time employees in addition to contractors, after shipping the first Dream Chaser to NASA’s Neil A. Armstrong Test Facility in Ohio for prelaunch tests.Aviation Week, Nov 17, 2023
  • ·Dream Chaser completed EMI/EMC testing, high-speed tow testing, a command and telemetry demonstration over NASA’s relay satellite network, a post-landing recovery rehearsal and, in April 2026, launch acoustic testing at Kennedy Space Center, then moved to Colorado for final modifications and mission-specific upgrades.Sierra Space (company release), Apr 14, 2026
  • ·In September 2026 the company announced payload contracts with undisclosed national security and commercial customers for the inaugural flight, which launches from Kennedy Space Center, runs multiday orbital operations and lands at Vandenberg Space Force Base; the manifest was still being finalized.Sierra Space (company release), Sep 2, 2026
  • ·The $740 million Space Development Agency other transaction agreement of January 2024 covers 16 missile warning and tracking satellites, two missile defense and fire control satellites and two ground segments, with a $20 million incentive for on-time delivery and optical payloads from GEOST; the company put its classified-program backlog at about $1.3 billion.Sierra Space (company release), Jan 16, 2024
  • ·Defense News reported the three Tranche 2 Tracking Layer awards at about $2.5 billion in all, Lockheed Martin’s at up to $890 million and L3Harris’s at $919 million, with the 54 satellites launching from April 2027; it called the award Sierra Space’s first major defense satellite contract.Defense News, Jan 16, 2024
  • ·The first nine tracking layer satellite structures, Plane 1 of 18, were complete in January 2026, three months ahead of schedule and after critical design review, at the Victory Works plant; the remaining nine follow, and the company said it was advancing fire-control missile defense sensors.Sierra Space (company release), Jan 6, 2026
  • ·The $798 million firm fixed-price agreement of July 2026 adds 18 satellites for the Accelerated Missile Defense Tranche 3 tracking layer, built on the Horizon bus; all 18 Tranche 2 structures were built and qualification testing of the nine-satellite launch configuration was due that summer. The award supports Golden Dome for America’s space-based capabilities.Sierra Space (company release), Jul 13, 2026
  • ·The Eclipse bus line, launched in April 2024, has three classes: Velocity, a refuellable small satellite with rendezvous, proximity operations and docking for LEO, MEO and GEO; Horizon, a medium bus in high-rate production for missile warning, Earth observation and communications; and Titan, a large bus for cislunar and GEO logistics and refuelling. The unit had built 23 space vehicles.Sierra Space (company release), Apr 4, 2024
  • ·The Space Force’s Quick Start Resilient GPS award of September 2024, under the Space Enterprise Consortium, is the first of three phases toward up to eight satellites potentially ready for launch by 2028; the company said it had secured $1.5 billion in national security contracts since 2023 for 30 satellites and held more than 20 solar array and component contracts.Sierra Space (company release), Sep 23, 2024
  • ·Sierra Space Defense was chartered in June 2025 as a prime-contractor unit under Erik Daehler, with the 60,000-square-foot Victory Works plant in Centennial, Colorado for Eclipse production on top of 24,000 square feet of defense sites and more than one million square feet across seven states; its portfolio lists Eclipse, the Ghost re-entry delivery system, the Spectre rendezvous satellite and Sierra Black OS.Sierra Space (company release), Jun 11, 2025
  • ·The Power Station, a $45 million plant of about 70,000 square feet in Broomfield, Colorado, opened in June 2025 to build surface-mount solar arrays at a panel a day and a wing a week, 40 wings in the first phase and 100 a year at full rate, with over 100 staff on site.Sierra Space (company release), Jun 26, 2025
  • ·By the Series C the company counted a $450 million award to build more than four satellites for a national security customer, contracts with essentially all eight space procurement agencies of the Department of War and the intelligence community, and critical design reviews completed in 2025 for two national security programs of record.Sierra Space (company release), Mar 5, 2026
  • ·Ghost, a 150-kilogram re-entry decelerator for returning payloads to a point on Earth within 90 minutes, won a firm-fixed-price Air Force Research Laboratory study in October 2024 to scale it to five or ten metric tons; a 2022 cooperative agreement with U.S. Transportation Command covers Dream Chaser and Shooting Star for materiel delivery.Sierra Space (company release), Oct 3, 2024
  • ·Orbital Reef is the commercial station under Blue Origin’s $130 million NASA agreement of December 2021, with Sierra Space as partner alongside Boeing, Redwire Space, Genesis Engineering and Arizona State University.NASA, Dec 2, 2021
  • ·The LIFE inflatable habitat, a three-story module for Orbital Reef built with ILC Dover, burst at 192 psi against a 182.4 psi requirement in a one-third-scale test at NASA’s Johnson Space Center in September 2022, under NASA’s NextSTEP-2 habitat project.Sierra Space (company release), Sep 13, 2022
  • ·A full-scale ultimate burst pressure test of the habitat ran at NASA’s Marshall Space Flight Center in July 2024, a milestone under Blue Origin’s Space Act Agreement.NASA, Jul 25, 2024
  • ·A December 2024 collaboration with NVIDIA applies physics-informed neural networks on NVIDIA GPUs to predict the positions of orbital debris; no investment was disclosed.Sierra Space (company release), Dec 10, 2024

Founders and leadership

  • Fatih OzmenFounder and board chair

    Chief executive of Sierra Nevada Corporation, the founding company, which he owns with Eren Ozmen and which is the majority owner of Sierra Space. Interim chief executive of Sierra Space from Tom Vice’s retirement at the end of 2024 until March 2026.Sierra Space (company release), Nov 19, 2021

  • Eren OzmenBoard member

    President and co-owner of Sierra Nevada Corporation; president of Sierra Space during the interim after Tom Vice’s retirement, by CNBC’s account.CNBC (via NBC News), Jan 6, 2025

  • Dan JablonskyChief executive, from March 2, 2026

    Chair and chief executive of Ursa Major Technologies, earlier chief executive, president and director of Maxar Technologies and president of DigitalGlobe; began as a surface warfare officer and nuclear engineer in the U.S. Navy. A board member of BWX Technologies, with a Naval Academy degree in mechanical engineering and a University of Washington law degree.Sierra Space (company release), Feb 26, 2026

  • Jeff SchraderChief financial officer

    Named chief financial officer on June 30, 2026 after joining as chief strategy officer in March; the leadership page seen on October 11, 2026 does not list him. Vice president of strategy and business development at Lockheed Martin Space, president of SEAKR Engineering and Blue Canyon Technologies, roles at RTX and General Dynamics, and an Air Force civil servant who rose to chief financial officer of the Rapid Capabilities Office.Sierra Space (company release), Jun 30, 2026

  • Amish PatelChief operating officer

    Oversees production and supply chain. Vice president of global supply chain at Rocket Lab, with earlier roles at L3Harris, Singer Vehicle Design, SpaceX and Gate Gourmet and consulting at Capgemini; degrees from Indiana University.Sierra Space (company page)

  • Kelly GarehimeChief legal and ethics officer and corporate secretary

    Joined in summer 2021 from United Launch Alliance, where she was associate general counsel and corporate secretary; earlier a government-contracts associate at Dentons. Signed the company’s Form D filings as general counsel. Law degree and finance degree from the University of Denver.Sierra Space (company page)

  • Erik DaehlerSenior vice president, defense technology

    Runs satellite products and national security missions. Senior director of protected communications at Lockheed Martin Military Space, director of product innovation at Boeing, where he worked on the X-37B and the 702SP bus; started at NASA Stennis in 2000. Master’s in space systems engineering from TU Delft.Sierra Space (company page)

  • Dan PolisSenior vice president, engineering and Dream Chaser

    With the company since 2012; earlier at NASA Goddard on the Composite Crew Module, the James Webb Space Telescope and the fourth Hubble servicing mission, and before that at General Electric. Ph.D. in materials science from the University of Pennsylvania.Sierra Space (company page)

  • Tom MarshburnChief astronaut and vice president, mission integrity

    A NASA astronaut for 28 years with three spaceflights (STS-127, Expedition 34/35 and Crew-3, commanding Expedition 67), 337 days in space and earlier a flight surgeon; also the company’s chief medical officer. Physician by training, with degrees from Davidson, Virginia, Wake Forest and UTMB.Sierra Space (company page)

  • Heidi HendrixChief people officer

    Leads human resources. Previously in Spencer Stuart’s human resources practice, the top human resources executive for Northrop Grumman Aerospace Systems, and 15 years at Bank of America; began at Andersen Consulting. University of North Carolina graduate.Sierra Space (company page)

  • Jill PomeroySenior vice president, government relations and strategic communications

    Joined in June 2026 as the company’s advocate with Congress, the Department of War, the intelligence community and NASA. Senior director of government relations for Northrop Grumman’s space sector, with earlier roles at Ball Aerospace, DigitalGlobe and Harris.Sierra Space (company release), Jun 22, 2026

Prospects, after the September 2026 payload contracts and board appointment

Prepared by PiggyGPT, as of Oct 11, 2026

  • ·Demand is on the record as two Space Development Agency agreements with total potential values of $740 million and $798 million for 18 satellites each, a $450 million award for more than four satellites for a national security customer, and a Resilient GPS design agreement with no stated value; the company counts $1.5 billion in national security contracts since 2023 for 30 satellites. A potential value is not an obligation, Defense News puts the Tranche 2 launch in April 2027, and the Tranche 3 satellites are still to be built.
  • ·No revenue figure is on file. What the company has stated are contract totals: $3 billion active at the 2021 spin-out, $3.4 billion in September 2023 and about $1.3 billion of classified-program backlog in January 2024. The Information wrote in November 2025 that the company had burned through much of the $1.7 billion it raised. Contract totals and backlog are not revenue, and the page carries none.The Information, Nov 6, 2025
  • ·The capital path points at a listing without a filing. The $550 million Series C at $8 billion post-money closed in March 2026, four months after The Information reported a search for about $300 million. On an IPO, Tom Vice gave a 12-to-18-month window in April 2024 and retired that December; The Information reported in June 2026 that the company was plotting an offering after SpaceX priced; in September 2026 the board added an audit committee chair the company describes in terms of public-company rigor. No registration statement is on the record.
  • ·The build-out is funded by the company: the 60,000-square-foot Victory Works plant, the $45 million Power Station and more than one million square feet across seven states, with the Series C’s stated use being production capacity and national security lines. Dream Chaser is on company money for the rest of its development and first flight, with NASA providing minimal support, by the Orlando Sentinel’s account.Orlando Sentinel (via Phys.org), Oct 1, 2025
  • ·The risk named outlets raise is Dream Chaser. CNBC noted the first vehicle was to debut by 2021 and was not ready when Vulcan needed to launch in 2024, that the company saw layoffs and senior turnover under Vice, and that he left after a year of IPO talk; the first flight is now a free-flyer with no NASA mission obligation and a late-2026 target set by Vulcan’s availability.CNBC (via NBC News), Jan 6, 2025
  • ·Every contract on file is with the Space Development Agency, the Space Force, the Air Force Research Laboratory or NASA, apart from the undisclosed inaugural-flight payload customers. Resilient GPS is a competition the company said had narrowed to three companies from four by May 2025. The Series B co-leads MUFG, Kanematsu and Tokio Marine are investors and partners in Japan, and the NVIDIA collaboration carries no equity.Sierra Space (company release), May 8, 2025
  • ·Orbital Reef and LIFE remain on the books: the NASA agreement of $130 million is Blue Origin’s, the full-scale LIFE burst test ran in July 2024, and Aerospace America reported in May 2026 that Sierra Space continues to invest in the habitat while marketing Dream Chaser as a testbed for defense applications. No station launch date is on file.Aerospace America, May 20, 2026
  • ·For the acquisition read, nothing points to a sale: Sierra Nevada Corporation, owned by the Ozmens, is the majority owner, no outlet has reported an approach, the company raised $550 million in March 2026 and is reported to be plotting a listing. The posture stays quiet.

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

$8B

Post-money, Series CSierra Space (company release), Mar 5, 2026

Last round or tender

$550Mraised

Series CSierra Space (company release), Mar 5, 2026

A $550 million equity investment led by LuminArx Capital Management with existing investors, stated as $8 billion post-money; Moelis & Company was placement agent. The Form D signed March 16, 2026 records $550 million sold to 2 investors from March 2, 2026, the whole offering. Bloomberg reported the same amount and valuation on March 5.

Latest revenue figure

—

Valuation to revenue

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Post-money valuation by round

$0$2B$4B$6B$8B2023202420252026$8B Series C
DateRoundRaisedPost-money
Mar 5, 2026Series CA $550 million equity investment led by LuminArx Capital Management with existing investors, stated as $8 billion post-money; Moelis & Company was placement agent. The Form D signed March 16, 2026 records $550 million sold to 2 investors from March 2, 2026, the whole offering. Bloomberg reported the same amount and valuation on March 5.$550M$8.00B
Sep 26, 2023Series BCo-led by MUFG Bank, Kanematsu and Tokio Marine & Nichido Fire Insurance with existing investors, taking total capital raised to $1.7 billion; Citi was placement agent. Via Satellite names General Atlantic, Coatue, Moore Strategic Ventures, Sierra Holding Company, funds managed by BlackRock Private Equity Partners, AE Industrial Partners and the Vice Family Trust among the participants. EDGAR holds no Form D for this round.$290M$5.30B
Nov 19, 2021Series ALed by General Atlantic, Coatue and Moore Strategic Ventures, with funds managed by BlackRock Private Equity Partners, AE Industrial Partners and strategic family offices; the company’s first capital raise. The Form D signed December 16, 2021 records $1,412,184,290 sold to 31 investors from December 1, 2021, the whole offering. A second Form D, for an equity offering of indefinite size begun January 28, 2022, was amended seven times through April 12, 2023 to an estimated $30.6 million sold to 37 investors; no round was announced for it.$1.40B$4.50B

Primary capital across the rounds on file: $2.24B

Revenue

No citable revenue figure on file.

Secondary venues

  • Clarity (formerly Hiive)public page seen Oct 11, 2026

    Clarity Price $15.00, as of Oct 11, 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 11, 2026

    No price on the public page.

    The page names the company and shows the December 2021 Series A at $1,412 million with the price per share and valuation behind sign-up; neither the page text nor its title shows a figure.

  • Caplightpublic page seen Oct 11, 2026

    No price on the public page.

    The page names the company and shows no MarketPrice; its pricing section is behind sign-up.

  • Augmentpublic page seen Oct 11, 2026

    No price on the public page.

    The company page gates its lowest ask, highest bid and last transaction behind sign-in and shows the September 2023 round; Sierra Space is not on Augment’s Power 20 page.

  • Jarsypublic page seen Oct 11, 2026

    No price on the public page.

    A tokenized pre-IPO platform. The public page names the company and shows no token or share price and no valuation figure; it says any valuation information may not represent a price at which anyone can transact.

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: Quiet

No cited tie to a buyer. What is on file is contracts, rounds and partnerships without one.

Prepared by PiggyGPT, as of Oct 11, 2026

Signals

  • Nov 19, 2021Sierra Space announced a $1.4 billion Series A at a $4.5 billion valuation led by General Atlantic, Coatue and Moore Strategic Ventures, with Sierra Nevada Corporation, owned by Fatih and Eren Ozmen, as majority owner.Sierra Space (company release), Nov 19, 2021
  • Sep 26, 2023Sierra Space closed a $290 million Series B at a $5.3 billion valuation co-led by MUFG Bank, Kanematsu and Tokio Marine & Nichido Fire Insurance, citing $3.4 billion in customer contracts.Sierra Space (company release), Sep 26, 2023
  • Jan 16, 2024The Space Development Agency awarded Sierra Space a $740 million other transaction agreement for 18 Tranche 2 Tracking Layer satellites, its first major defense satellite contract.Sierra Space (company release), Jan 16, 2024
  • Apr 10, 2024Chief executive Tom Vice told Yahoo Finance the company would look at the public markets over the next 12 to 18 months and decide on timing.Yahoo Finance, Apr 10, 2024
  • Sep 23, 2024The Space Force awarded Sierra Space a Quick Start Resilient GPS agreement to design smaller GPS satellites; the value was not disclosed.Sierra Space (company release), Sep 23, 2024
  • Jan 6, 2025CNBC reported that Tom Vice had retired as chief executive at the end of 2024 after speaking through 2024 of a path to an IPO as soon as late 2025; chairman Fatih Ozmen became interim chief executive with Eren Ozmen as president.CNBC (via NBC News), Jan 6, 2025
  • Sep 26, 2025Sierra Space and NASA revised the CRS-2 contract: Dream Chaser’s first flight becomes a free-flyer mission no earlier than late 2026, and NASA said it is no longer obligated to a specific number of resupply missions.Spaceflight Now, Sep 26, 2025
  • Nov 6, 2025The Information reported that Sierra Space had burned through much of the $1.7 billion it raised and was seeking about $300 million in fresh funding in a pivot to defense; the article is paywalled beyond its opening lines.The Information, Nov 6, 2025
  • Nov 13, 2025The company said Dream Chaser was on track for a first launch targeted in the fourth quarter of 2026 as a demonstration under the CRS-2 contract, with modifications for national security applications to follow acoustic testing.Sierra Space (company release), Nov 13, 2025
  • Feb 26, 2026Sierra Space appointed Dan Jablonsky, formerly chair and chief executive of Ursa Major and chief executive of Maxar Technologies, as chief executive from March 2, 2026; Fatih Ozmen stays board chair.Sierra Space (company release), Feb 26, 2026
  • Mar 5, 2026Sierra Space announced a $550 million Series C led by LuminArx Capital Management at $8 billion post-money, for production capacity and national security lines of business.Sierra Space (company release), Mar 5, 2026
  • Jun 11, 2026The Information’s Dealmaker newsletter reported, under the headline “Sierra Space, Axiom Plot IPOs as SpaceX Feeds Frenzy”, that more space offerings were expected after SpaceX priced its IPO; the item is paywalled beyond its opening lines.The Information (Dealmaker newsletter), Jun 11, 2026
  • Jul 13, 2026The Space Development Agency awarded Sierra Space a firm fixed-price other transaction agreement with a total potential value of $798 million for 18 Accelerated Missile Defense Tranche 3 tracking satellites, in support of Golden Dome for America.Sierra Space (company release), Jul 13, 2026
  • Sep 2, 2026Sierra Space announced payload contracts with undisclosed national security and commercial customers for Dream Chaser’s inaugural flight.Sierra Space (company release), Sep 2, 2026
  • Sep 23, 2026Sierra Space appointed Warren Jenson, chief financial officer of Polymarket and formerly of Amazon, Electronic Arts, Delta Air Lines and NBC, to its board as audit committee chair, citing his public-company rigor.Sierra Space (company release), Sep 23, 2026

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 11, 2026