Sierra Space - Company Profile, Milestones & Funding

01

Overview

Dream Chaser Tenacity is still a late-2026 free-flyer on ULA Vulcan from Kennedy to Vandenberg, with mixed NASA, undisclosed national-security, and commercial payloads signed 2 September; Sierra has posted no firm date. ULA has not posted a 2026 Vulcan slot after USSF-87; Florida Today's 1 October Cape schedule listed the mission no earlier than fourth quarter 2026 with the window TBA. Defense satellites are the near-term revenue line: 18 Tranche 2 Horizon structures complete and 18 AMDT3 vehicles under a $798 million SDA award, launch-ready by the end of 2028. March 2026 Series C remains $550 million at $8 billion post-money.

ulalaunch.comUpdated Oct 2, 2026

02

What's next4

All milestones

Late 2026
Dream Chaser Tenacity inaugural free-flyer
Launch Tenacity on a Vulcan Centaur from Kennedy for a multi-day free-flyer, then land at Vandenberg. Sierra still targets late 2026 and on September 2 said national-security and commercial payloads are signed, with the manifest still being finalized. The flight depends on Vulcan's return to flight after the February 2026 USSF-87 anomaly and sits behind NSSL missions on ULA's manifest. No launch date is posted.
prnewswire.com
Late 2026
ULA or Space Force posts a 2026 Vulcan slot for Dream Chaser Tenacity
sierraspace.com
Spring 2027
NASA CLD Phase 2 award (Orbital Reef bid)
Orbital Reef is Sierra/Blue Origin's bid for NASA's Commercial LEO Destinations Phase 2 ISS-successor contract. NASA posted a CLDC presolicitation on September 4, 2026 saying the final RFP is expected at the end of September, with proposals due 60 days later and selection still targeted for spring 2027.
sam.gov
End of 2028
AMDT3 Golden Dome satellites ready for launch
Deliver 18 Horizon-based missile-warning/tracking satellites under the $798 million SDA AMDT3 award so they are ready to launch by the end of 2028 as part of Golden Dome's space layer.
sierraspace.com

03

Products5

04

Key metrics

Employees: ~1,300 (as of August 2026, third-party)
Est. annual revenue: Undisclosed current figure; Then-CEO Tom Vice said 2022 revenue was about $260 million. The company is now a revenue-generating defense-tech supplier (SDA satellite primes) plus space-systems hardware; Dream Chaser and LIFE are not yet flying commercially.
Employees: ~1,300 (August 2026, third-party)
Valuation: $8 billion post-money; March 2026 Series C
Capital raised since 2021: $2 billion+
SDA AMDT3 award: $798 million for 18 missile-warning/tracking satellites
SDA Tranche 2 Tracking Layer: Up to $740 million for 18 Horizon satellites
Dream Chaser cargo upmass: 5,000 kg pressurized + 500 kg unpressurized
LIFE habitat volume: ~285 m3 pressurized; about one-third of ISS in one launch
Dream Chaser Vulcan slot: No 2026 ULA or Space Force posting as of 27 Sept 2026
Dream Chaser Vulcan slot (2 Oct 2026 check): No 2026 ULA or Space Force posting; Florida Today NET Q4 2026 window TBA

05

Operations & revenue

Operating status

Dream Chaser in final pre-flight prep; defense satellites in production

As of 2 October 2026 Sierra still has no firm Tenacity launch date. The 2 September payload release keeps a Kennedy-to-Vandenberg free-flyer with mixed NASA, undisclosed national-security, and commercial cargo, and does not name a day. ULA's missions index still lists USSF-87 (12 February 2026; payload delivered) as the Vulcan flight of record and does not post a later 2026 NSSL or Dream Chaser slot. Florida Today on 1 October listed the mission no earlier than fourth quarter 2026 with the window TBA; that is a newspaper calendar, not a ULA or Space Force posting. Latest Sierra post is 23 September, Warren Jenson as audit-committee chair; Dan Jablonsky remains CEO. The hashed 2026-slot nextStep stays pending: late 2026 has not ended, and a missing posting is not a miss.

Revenue streams

National-security satellites
Prime contractor on SDA Tracking Layer: up to $740 million for 18 Tranche 2 Horizon buses and $798 million for 18 AMDT3 missile-warning/tracking satellites supporting Golden Dome. Sierra also cites a $450 million award to build more than four satellites for an undisclosed national-security customer.
Dream Chaser transportation
Reusable runway-landing spaceplane for cargo (and later crew). NASA CRS-2 no longer guarantees a set number of ISS flights; the first mission is a late-2026 free-flyer that Sierra says will also carry national-security and commercial payloads.
LIFE habitats and Orbital Reef
Inflatable habitat modules for commercial stations, including Orbital Reef with Blue Origin. NASA CLD Phase 2 award (final RFP expected end of September 2026, selection targeted spring 2027) is the government demand that would underwrite a station.
Spaceflight hardware and subsystems
Heritage mechanisms, solar arrays, berthing hardware, propulsion (VORTEX), and environmental systems sold across civil and defense missions. Company materials cite 4,000+ space systems delivered and 500+ missions of flight heritage from the SNC-era business.
Point-to-point space logistics (Ghost)
Ghost is a deployable-decelerator reentry vehicle meant to sit pre-staged on orbit for up to five years and deliver cargo anywhere on Earth in 90 minutes. AFRL's REGAL contract funds a study to scale the 150 kg class toward 5-10 tonnes. Not yet an orbital revenue line.

06

Track record

How past announced dates turned out.

0/3announced dates hit on time

0 Hit
2 Slipped
1 Missed

Slipped
Dream Chaser Tenacity ISS demonstration
Target Late 2025 · Resolved Sep 25, 2025
NASA and Sierra Space modified CRS-2 so the first flight is a late-2026 free-flyer rather than an ISS docking, and NASA dropped the guaranteed seven-mission cargo buy. The ISS demonstration is no longer on the near-term path.
Original target Outcome
Missed
NASA CRS-2 minimum of seven ISS resupply missions
Target 2016-2030 · Resolved Sep 25, 2025
The 2016 CRS-2 award required a minimum of seven ISS cargo missions. The September 2025 contract modification removed that obligation. NASA may still order flights after a successful free-flyer, but the seven-mission guarantee is gone.
Original target Outcome
Slipped
Dream Chaser first ISS cargo mission (original CRS-2 plan)
Target 2021 · Resolved Nov 17, 2020
SNC had targeted a 2021 first ISS flight after the 2016 CRS-2 award. In November 2020 it delayed the debut to early 2022, the first of a multi-year slip chain.
Original target Outcome

07

Timeline16

2026
1. Warren Jenson joins the board as audit-committee chair
  On 23 September 2026 Sierra Space appointed Warren Jenson to its board as chair of the audit committee. Jenson is CFO of Polymarket and previously served as president and CFO of Nielsen and as CFO of Electronic Arts, Amazon, Delta Air Lines and NBC. Founder Fatih Ozmen remains chair. Dan Jablonsky remains CEO.
2. Ghost drop tests at Space Command Apollo Nexus
  In May 2026 Sierra Space dropped two Ghost reentry vehicles from 35,000 ft and 68,500 ft at Dugway Proving Ground during U.S. Space Command's Apollo Nexus exercise, recovering a software-defined radio and a bottle of liquid cargo. Aviation Week reported the tests on September 10, 2026 as Ghost's first drops in nearly two years.
3. Dream Chaser inaugural payloads signed
  On September 2, 2026 Sierra Space says it has signed contracts with undisclosed national-security and commercial customers to fly payloads on Dream Chaser Tenacity's first flight, still targeted as a multi-day free-flyer from Kennedy to a Vandenberg runway landing, with NASA cargo remaining on the manifest under the modified CRS program. No firm launch date is posted; the flight still depends on Vulcan's return to flight.
4. $798 million Golden Dome / AMDT3 satellite award
  On July 13, 2026 the Space Development Agency awards Sierra Space a firm-fixed-price OTA worth up to $798 million for 18 Horizon-based missile-warning/tracking satellites in Accelerated Missile Defense Tranche 3, supporting Golden Dome, with vehicles to be ready for launch by the end of 2028. Sierra says all 18 Tranche 2 structures are already built.
5. $550 million Series C at $8 billion valuation
  On March 5, 2026 Sierra Space closes a $550 million Series C led by LuminArx Capital Management, with General Atlantic, Coatue, Moore Strategic Ventures, and Andalusian Private Capital participating. The round values the company at $8 billion post-money and takes capital raised since 2021 above $2 billion, earmarked for national-security production capacity.
6. Dan Jablonsky named CEO
  In February 2026 Sierra Space appoints Dan Jablonsky, formerly CEO of Maxar Technologies and later of Ursa Major, as chief executive. Founder Fatih Ozmen remains chair. Tom Vice exits the CEO role.
2025
1. NASA CRS-2 contract cut back to a free-flyer demo
  In September 2025 NASA and Sierra Space modify the CRS-2 contract. Tenacity's first flight becomes a late-2026 free-flyer demonstration instead of an ISS docking, and NASA is no longer obligated to order a minimum number of resupply missions, though it may still buy flights after a successful demo.
2. Sierra Space Defense chartered
  On June 11, 2025 Sierra Space launches a dedicated defense business and a 60,000 sq ft Victory Works factory in Centennial, Colorado for Eclipse satellite production, saying it has secured $1.5 billion in national-security contracts since 2023 including 30 satellites.

2024
1. SDA Tranche 2 Tracking Layer award
  In January 2024 the Space Development Agency awards Sierra Space a contract with a maximum potential value of $740 million to build 18 missile-warning and tracking satellites on the Eclipse Horizon bus for Tranche 2 of the Proliferated Warfighter Space Architecture.
2. LIFE full-scale burst tests at NASA Marshall
  Sierra Space completes full-scale ultimate burst-pressure tests of the LIFE inflatable habitat at NASA Marshall, including a January 2024 test that the company said exceeded safety margins by 27%, and a further NASA-supported test reported in July 2024.
2023
1. First Dream Chaser completed; 165 layoffs
  Sierra Space completes assembly of Dream Chaser Tenacity in November 2023 and ships it for environmental testing. The same month it lays off 165 people in a workforce realignment. Further layoffs follow in October 2024.
2. $290 million Series B at $5.3 billion
  In September 2023 Sierra Space raises $290 million co-led by MUFG, Kanematsu, and Tokio Marine, taking combined Series A and B capital to $1.7 billion and valuation to $5.3 billion. CEO Tom Vice cites about $260 million of 2022 revenue and a $3.4 billion backlog.
2021
1. Orbital Reef selected in NASA CLD Phase 1
  NASA awards Blue Origin a funded Space Act Agreement (later cited at $130 million, up to $172 million) to mature Orbital Reef, the mixed-use commercial station Blue Origin co-leads with Sierra Space. Sierra contributes LIFE habitats, nodes, and Dream Chaser transport.
2. $1.4 billion Series A at $4.5 billion valuation
  In November 2021 Sierra Space closes a $1.4 billion Series A led by General Atlantic, Coatue, and Moore Strategic Ventures, with AE Industrial and BlackRock Private Equity Partners, valuing the company at $4.5 billion.
3. Sierra Space spun out of SNC
  On April 21, 2021 SNC creates Sierra Space as a standalone commercial space company for Dream Chaser, commercial stations, and space systems, headquartered in Louisville, Colorado.
2008
1. SNC acquires SpaceDev and Dream Chaser
  Sierra Nevada Corporation buys SpaceDev, bringing the HL-20-derived Dream Chaser spaceplane in-house. NASA later funds Dream Chaser through Commercial Crew Development, then selects a cargo version for CRS-2 in 2016.

08

Funding

$2.2Bdisclosed across 3 rounds with a stated amount

Cumulative disclosed raise · dated rounds

RoundAmountInvestors

Series A
Nov 2021
$1.4 billion
General Atlantic, Coatue, Moore Strategic Ventures (co-leads); AE Industrial Partners, BlackRock Private Equity Partners
Series B
Sep 2023
$290 million
MUFG Bank, Kanematsu, Tokio Marine & Nichido (co-leads); General Atlantic, Coatue, Moore Strategic Ventures, Sierra Holding Company, BlackRock Private Equity Partners, AE Industrial Partners
Series C
Mar 2026
$550 million
LuminArx Capital Management (lead); General Atlantic, Coatue, Moore Strategic Ventures, Andalusian Private Capital

Overview

What's next4

Dream Chaser Tenacity inaugural free-flyer

ULA or Space Force posts a 2026 Vulcan slot for Dream Chaser Tenacity

NASA CLD Phase 2 award (Orbital Reef bid)

AMDT3 Golden Dome satellites ready for launch

Products5

Dream Chaser

LIFE habitat

Orbital Reef

Eclipse satellite buses

Ghost