ABL performs RS1 integrated stage test. Photo: ABL

Smallsat launcher in development ABL Space Systems has closed a $200 million expansion of its Series B investment round raising the company’s valuation from $1.3 billion to $2.4 billion.

The company initially raised $170 million in a Series B funding round this past March.

This reported valuation as a private company puts it above publicly traded smallsat launcher Astra, which went public at a $2.1 billion valuation. For comparison, Rocket Lab went public with a $4.1 billion valuation, and Virgin Orbit is in the process of going public with a $3.2 billion valuation. 

This brings ABL’s total funding to $420 million. The Series B round was first announced in March 2021, at $170 million. 

The company said existing investors participated in the round. ABL’s investors include funds and accounts advised by T. Rowe Price Associates, Inc. and Fidelity Management & Research LLC. Lockheed Martin is a strategic investor and purchased a block of 58  launches through 2029 in April of this year. 

ABL said the funding will be used to scale production of the RS1 launch vehicle and to conduct research and development of future systems. The RS1 launch vehicle in development is designed to take 1,350 kg to Low-Earth Orbit (LEO) for $12 million.