Queensland rocket gets funding for launch

Queensland Government-owned investment corporation QIC has announced the raising of a $55 million Series D round funding to support Gold Coast-based Gilmour Space Technologies in a maiden orbital launch later this year.

Led by Queensland Investment Corporation (QIC) alongside Blackbird, Main Sequence and Australian superannuation funds HostPlus and HESTA, the capital will fund the manufacture, test and launch of sovereign-made rockets and satellites to orbit.

Gilmour Space Technologies is building a diversified space services platform, including rocket and satellite production, and launch services from its Bowen Orbital Spaceport in North Queensland.

Co-founder and CEO Adam Gilmour said that committed shareholders will ensure the business can meet its milestones over the medium term and leverage more immediate opportunities in Australia and abroad.

“Our team is fortunate to be backed by high-calibre investors whose unwavering support has led to the development of Australia’s first orbital rocket, built by an Australian-owned company and supported by a local space supply chain,” he said. “This investment will allow us to enhance Australia’s sovereign space and defence capabilities, onshore more manufacturing, and to hire and upskill even more Queenslanders.

“Our vision is for rockets made and launched in Queensland, carrying satellites and other payloads to space for our global customers, and we’re incredibly grateful for the support of QIC in helping us realise that vision.”

Since QIC’s original Business Investment Fund investment in 2021, Gilmour has created more than 100 jobs across Queensland and plans to increase its total headcount to over 300 by mid-2027.

QIC Private Equity Investment Director Patrick Christiansen said Gilmour’s ability to compete as a full-stack launch services provider will be a strong value proposition for an underserviced segment of the global space market.

“Growing sovereign capabilities in Australian aerospace is often talked about, but it’s Adam and his team knuckling down and making it happen,” he said. “Never has an Australian-made, Australian-owned rocket launched into orbit, and we join the nation in eager anticipation as all eyes turn to Bowen for history to be written.”

The Eris Orbital Launch Vehicle is a three-stage rocket capable of launching small satellites into low earth orbit. It is anticipated to launch in the coming months pending launch approvals from the Australian Space Agency.

Image caption: Gilmour Space Technologies co-founder and CEO Adam Gilmour beside the fully assembled, Australian-made Eris orbital rocket.