Spanish space launch company PLD Space has closed a €180 million ($195-209 million) Series C funding round on March 4, 2026, led by Mitsubishi Electric Corporation with a €50 million investment. Mitsubishi Electric also becomes a strategic partner and launch customer, securing priority access to MIURA 5 rockets for satellite deployments, particularly in Asia.
The round includes participation from Spanish entities such as the Centre for the Development of Technology and Innovation (CDTI) via its INNVIERTE fund, COFIDES through its FOCO co-investment fund, and private equity firm Nazca Capital. This brings PLD Space’s total funding to over €350 million, excluding €169 million from the European Space Agency’s European Launcher Challenge.
Funds will accelerate industrial production of the two-stage MIURA 5 orbital rocket, capable of delivering up to 1,040 kg to low Earth orbit from a 35-meter tall vehicle. Following the successful MIURA 1 demonstrator flight on October 7, 2023, PLD Space advances construction of a dedicated launch site at the Guiana Space Centre’s former ELM-Diamant area in Kourou, French Guiana, built by CNES. The inaugural MIURA 5 launch is targeted for 2026, with ambitions for 30 annual launches by 2030.
“By combining PLD Space’s launch capabilities with Mitsubishi Electric’s strengths in the satellite business, we aim to address evolving customer requirements, including those in the global market,” stated Tomonori Sato, Executive Office and Group President, Defense & Space Systems, Mitsubishi Electric. PLD Space Executive President Ezequiel Sánchez noted the financing reinforces technological leadership to meet growing launch demand.
Existing contracts include a dedicated flight for Sateliot, supporting Europe’s efforts to close its launch capacity gap amid rising small satellite needs.