British space tech firm Space Forge announced a £22.6 million ($29.8 million) funding round on Wednesday, led by the NATO Innovation Fund, marking a strong vote of confidence in the fast-growing space sector.
Founded in 2018, Space Forge is developing satellites designed to manufacture advanced materials in space, with potential applications in industries like semiconductors. The new funding will accelerate the development of its next-generation spacecraft.
The investment reflects growing interest in space innovation, as global powers — including the U.S., China, Russia, and European nations — compete in space technology. A recent McKinsey report estimates the global space economy will surge from $630 billion in 2023 to $1.8 trillion by 2035.
“We are excited to support Space Forge,” said Chris O’Connor, partner at the NATO Innovation Fund. “They are pushing boundaries in material science while strengthening Europe’s access to space and long-term resilience.”
The NATO Innovation Fund, backed by 24 NATO member states, operates independently of NATO’s political and financial structure.