Plan-S Launches $40 Million Funding Round to Boost Satellite Expansion

Insider Brief

• Plan-S has announced an equity funding round led by the investment arm of Turkey’s state-run Ziraat Bank.
• The Turkish company seeks to raise up to $40 million, which would place its valuation at $400 million.
• With the new funding, Plan-S intends to expand its fleet to 22 satellites by July 2025 and aims to exceed 200 satellites by 2030.
• The funding round is expected to close by September with the company planning to go public on Nasdaq between 2027 and 2028.

Plan-S, the satellite and space technology division of Kontrolmatik Enerji Ve Muhendislik AS, has reportedly announced a significant equity funding round. This move comes as the Turkish company seeks to raise up to $40 million, placing the company’s valuation at $400 million. The investment round is led by the investment arm of Turkey’s state-run Ziraat Bank, targeting both institutional and individual investors within Turkey and internationally.

The funds raised will support Plan-S’s ambitious expansion plans, including research and development and the growth of its satellite fleet. Currently, the company operates five test satellites in low-Earth orbit (LEO). With the new funding, Plan-S intends to expand its fleet to 22 satellites by July 2025 and aims to exceed 200 satellites by 2030. These satellites, which are manufactured in Turkey and launched by SpaceX, serve purposes that include Earth observation and enabling Internet of Things (IoT) connectivity.

Plan-S Chairman Sami Aslanhan, who holds a 44.5% personal stake in the company alongside Kontrolmatik’s 25%, expects the funding round to close by September. Plan-S plans to go public on Nasdaq between 2027 and 2028.

Turkey’s national space strategy, announced in 2022, aligns with Plan-S’s goals, focusing on astronaut training and the development of a domestic spaceport by the end of the decade. As Plan-S moves forward, it aims to play a key role in realizing Turkey’s space ambitions.

Image credit: Plan-S