The RS1 Rocket Booster departs from the company’s headquarters in El Segundo, California.
Rocket company ABL Space on Monday announced the completion of a $ 200 million round of funding from existing investors, bringing the private company to $ 2.4 billion in value.
The company said the latest funding for ABL is an extension of the round it received in March. The funds came from existing investors including T. Rowe Price, Fidelity Management, Venrock, New Science Ventures, Lynett Capital, and Lockheed Martin Ventures. The company has raised $ 420 million to date.
ABL said it plans to use the new means to scale-up its RS1 missiles and “research and develop future systems.”
The company plans to launch its first RS1 rocket from Alaska by the end of this year, ABL President Dan Piedmont told CNBC in September.
ABL is developing its line of RS1 rockets, which are 88 feet high and are designed to place up to 1,350 kg (almost 1½ tonnes) of payload into low-earth orbit. The price of each launch is $ 12 million.
The price puts the RS1 in the middle of the commercial launch market. Rocket Lab’s smaller Electron costs $ 7 million to launch, while SpaceX’s heavier Falcon 9 costs $ 62 million.
Test run of the engine E2.
The company noted that it has 14 clients in its manifesto and is expected to launch 75 under the contract. This includes a bulk order from Lockheed Martin earlier this year. The company has signed a long-term agreement with ABL to supply up to 58 missiles for launches until 2029.