The raise was led by Geodesic Capital and Mach33, with backing from Booz Allen Ventures, ARK Invest, AlleyCorp and FUSE. The company is developing a new class of spacecraft designed to manoeuvre rapidly between and across orbits, a capability increasingly viewed as critical as space becomes more congested, contested and commercially valuable.
While access to orbit has improved significantly in recent years, the ability to move once there remains constrained – a growing bottleneck across defence, civil and commercial space sectors.
Portal’s founder and chief executive, Jeff Thornburg, said the next phase of space operations would be defined by mobility rather than access alone.
“Customers don’t just need to get to space – they need to operate across it,” he said. “The systems that will succeed are those that can move quickly, deliberately and repeatedly between orbits.”
At the centre of the company’s approach is its Supernova spacecraft, powered by solar thermal propulsion, a technology previously validated in programs run by NASA and the Air Force Research Laboratory, but never commercialised.
By combining advances in materials, thermal systems and deployable structures, Portal aims to bring the technology into operational use, enabling higher delta-v and more flexible mission profiles than traditional propulsion systems.
Traditionally, most satellites have been built for fixed missions, with limited ability to reposition once deployed. As orbital congestion increases and mission requirements evolve, operators are increasingly seeking platforms that can adapt in real time and extend operational lifetimes.
Investors appear to be taking note. Rayfe Gaspar-Asaoka said the shift towards dynamic space operations was being recognised globally, with Portal well placed to capitalise.
“Portal is combining deep propulsion expertise with spacecraft designed for mobility, reliability and scale,” he said.
The involvement of Booz Allen Ventures – closely tied to US national security and defence programs – underscores the strategic importance of manoeuvrability.
Travis Bales said rapidly manoeuvrable spacecraft would play a growing role in future space-based operations: “Speed and range have always been decisive in other domains – that’s now becoming true in space.”
Portal said it would use the new funding to accelerate spacecraft development, expand manufacturing capacity, and support upcoming Starburst and Supernova missions. Co-lead investor Mach33 said the company’s approach could underpin the next phase of space infrastructure.
Aaron Burnett said the firm had strong conviction in Portal’s technical and commercial execution: “We only back founding teams where we have extraordinary confidence. We believe Portal is well positioned to become a leader in space mobility.”
The Series A follows a US$17.5 million seed round raised in 2025, one of the largest early-stage financings in the sector at the time. Since then, the company has progressed from early development to flight-tested systems and expanded its operational capability.
Returning investor Brendan Wales said the company had exceeded expectations: “The team has delivered strongly, and we’re pleased to back them as they scale.”
The funding comes amid intensifying global competition in space, with manoeuvrability increasingly seen not just as a commercial advantage, but as a strategic necessity.
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