NEWS

Blue Origin will launch TeraWave

Blue Origin, an American developer of space launch technology owned by Jeff Bezos, is rolling out a satellite internet service called TeraWave, taking direct aim at Starlink.

This is surprising and also completely unsurprising. Bezos and Musk have a decades-long rivalry and Blue Origin has so far played second fiddle to SpaceX. Jeff must launch a satellite constellation if he is to catch up.

One of my predictions for 2026 was that SpaceX would become the most valuable company on the planet. Bezos aims to prove me wrong. But the launch of TeraWave demonstrates the ever-increasing importance of space-based infrastructure. Space technology is now foundational to everyday life and SpaceX has a monopoly on access to orbit. For the moment at least.

The threats President Trump made to Greenland last week again highlighted the strategic risk of reliance on a single, privately controlled, US-based system. As European governments reassess resilience in space and defence-adjacent domains, Starlink competitors such as Eutelsat are likely to see increased traction.

Russian technology shuts down Starlink in Iran

Meanwhile, Iran managed to degrade or shut down Starlink during the recent protests, apparently using Russian technology.

Right now this isn’t a big deal given the relative scarcity of Starlink terminals. But I predict that in a few years many smartphones will have a satellite fall-back. And oppressive governments will want to cut off satellite in the same way that they cut off cellular service and internet.

If I’m right, that would shift satellite connectivity from niche resilience layer to mass-market dependency. And with it, the threat model changes. If satellite becomes a default extension of communications infrastructure then jamming and spoofing will be standard tools of state control. Or indeed weapons for non-state actors.

For Europe, this again collapses into sovereignty of capability: not just access to space-based connectivity, but the ability to harden and govern it under contested conditions.

Ukraine & Germany pause Helsing strike drone orders

Ukraine paused additional orders of HX2 strike drones from Helsing, Europe’s most valuable defence tech company, after they apparently had trouble taking off. The reports came from a German military presentation seen by Bloomberg. Helsing has since disputed the claims.

Another of my predictions for 2026 was that Ukrainian systems would begin to dominate global defence tech. I wrote that because they are developed in the most vigorous live testing environment possible. And Ukrainian export restrictions have just been eased.

Launch problems are part and parcel of developing UAVs, but for Ukrainian companies this type of failure is surfaced early and iterated out. No peacetime development cycle can match that.

I have no Helsing axe to grind. In fact, as an investor in European defence and security technology, it’s in my interest for Helsing to be successful. As the darling of German defence tech, it will continue to win contracts there. But whether it can win in the rest of Europe is still uncertain.

What is certain is that Ukrainian companies will soon be exporting battle-proven technology. Ukrainian export offices are opening soon in Germany and Denmark. When that happens the competition for defence contracts will intensify.

FUNDRAISING

Noveon Magnetics, an American manufacturer of rare-earth magnets for industrial and defence supply chains, raised a $215m Series C from One Investment Management.

Gilmour Space, an Australian company building end-to-end sovereign space capability, raised a $217m AUD Series E co-led by National Reconstruction Fund Corporation and Hostplus.

Interstellar Technologies, a Japanese developer of space launch technology, raised a $130m Series F Backers include SBI Group, Nomura Real Estate Development, B Dash Venture and SMBC Edge.

Neurophos, an American developer of photonic AI chip technology, raised a $110m Series A led by Gates Frontier.

Northwood Space, an American developer of ground-based communications infrastructure for satellites, raised a $100m Series B co-led by Washington Harbour Partners and Andreessen Horowitz.

Swissto12, a Swiss satellite developer, raised €73m from ESA member states through the HummingSat ARTES partnership project.

Cyclic Materials, a Canadian company that recovers rare earth elements from manufacturing waste, raised a $75m Series C led by T. Rowe Price.

D-Orbit, an Italian developer of space logistics and transportation technology, raised a $53m Series S led by the Azimut Group.

depthfirst, an American developer of AI-powered cyber defence systems, raised a $40m Series A led by Accel.

Optalysys, a British developer of photonic chips for AI, cloud infrastructure, and encrypted computing, raised a £23m Series A led by Northern Gritstone.

Samara Aerospace, an American developer of solar panel hinges which enable a satellite to manoeuvre, raised a $10m seed round led by Balerion Space Ventures.

AiStrike, an American developer of AI cyber defence software for preemptive cybersecurity operations, raised a $7m seed round led by Blumberg Capital.

Canada Rocket Company, a Canadian developer of launch technology, emerged from stealth with $6.2m CDN in seed funding. The round was co-led by the Business Development Bank of Canada and Garage Capital.

Grid Aero, an American developer of cargo drones, raised $6m in seed funding. Backers included Calibrate Ventures and Ubiquity Ventures.

Asymmetric Security, a British company that uses AI and human cyber forensics to automate cyberattack investigations, raised a £3.1m pre-seed round led by Susa Ventures.

Shield Space, a British developer of technology which will enable satellites to identify potential threats, raised a £2m pre-seed round led by Mercia Ventures.

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