Investment Notes: Gilmour Space Series E

When Blackbird led Gilmour Space's Series A back in 2017, Adam Gilmour was building rockets in Australia before the regulatory framework existed, before government support materialised, and before global capital was paying attention. We believed that if the technology worked, the ecosystem would follow.

This week, Gilmour Space closed an A$217 million Series E round co-led by the National Reconstruction Fund and Hostplus, with participation from Future Fund, HESTA, Main Sequence, QIC, Funds SA, NGS Super and Brighter Super. The company is now valued at over US$1 billion.

This is how deep tech gets built: venture takes the first risk, founders deliver, and larger pools of capital follow.

The space economy

As data becomes more central to our daily lives, space has evolved from a frontier of exploration into critical infrastructure - for commerce, communications, and national security.

In 2024, nearly 2,800 satellites launched to orbit, a 500% increase in demand for launch services compared to five years prior. 97% of those satellites are in Gilmour's target size, weighing between 200kg and 1,200kg.

Despite SpaceX's dominance, global launch capacity remains constrained, especially for private launches where satellites need to be placed into exact orbits. With recent tariffs and bottlenecks at the launch pad, Gilmour is well positioned to address this shortage and capture growing global demand for reliable commercial and sovereign access to orbit.

From humble beginnings

Since our first investment almost ten years ago, Gilmour Space has made remarkable strides across its three-product approach: orbital rocket launches, satellite construction, and defence applications.

30 July 2025 marked a new epoch for the company: its first orbital rocket launch attempt. The rocket burned for 23 seconds with 14 seconds of airtime. Although we would have loved more flight time, the attempt de-risked two critical elements. The rocket achieved required thrust, and the guidance navigation system stabilised the rocket even when pumps to the two engines failed and then performed a pad avoidance manoeuvre.

These are hard problems. But the team solved them.

The orbital launch wasn't the company's only first this year. ElaraSat1.1, the first Gilmour-built satellite, launched aboard a SpaceX Falcon 9 and has been transmitting effectively since 23 June, with all functions operating smoothly. Gilmour will now start selling its ElaraSatBus platform, which is being upgraded to carry 100-200kg satellites - the future specification for communication constellations demanded by the mobile economy and defence industry.

Why this matters

This investment reflects a core part of our philosophy at Blackbird: backing exceptional founders who move early, build through uncertainty, and go against the grain long before conditions appear "ready."

Adam started building before anyone else in Australia was willing to. That early capital from Blackbird let him develop hybrid rocket engine technology and test the first orbital rocket,  creating the conditions for today's institutional investment. We took that risk alongside him because we were confident the ecosystem would eventually catch up. This Series E is validation of that belief, and of the venture model when applied with patience and conviction.

The road ahead

Beyond serving immediate demand for launch access, Gilmour's long-term vision is to become a leader in Australia's sovereign aerospace capability. With a strong pipeline of commercial launch demand, a potential multi-billion dollar defence market on the horizon, and a proprietary satellite platform, the company is strategically positioned to tap into national and international markets.

The near-term goal remains reaching orbit, then driving launch consistency which will unlock long-term revenue-generating partnerships and establish Gilmour as a serious player in space and defence infrastructure. This round gives the team plenty of capital to deliver on that promise.

For a deeper look into Adam's journey, we recommend this recent Wild Hearts episode featuring Adam Gilmour.

— On behalf of Blackbird

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