The National Reconstruction Fund Corporation (NRFC) investment, made through preferred equity, was jointly led with superannuation fund Hostplus, which also committed $75 million.
The funding round values the Queensland-based company at more than $1 billion and brings together government, superannuation funds and private investors in one of the most significant capital injections yet into Australia’s space sector.
NRFC chief executive David Gall said the investment reflected the fund’s mandate to back nationally significant manufacturing and technology capabilities.
“Space technologies are fundamental to national resilience, economic productivity and regional growth,” Gall said. “Gilmour’s pioneering technology has the potential to be a cornerstone of the Australian space industry. Our investment will help secure Australia’s access to essential space services, strengthen advanced manufacturing and create highly skilled jobs, particularly in regional Queensland.”
Founded on the Gold Coast, Gilmour Space is developing an end-to-end, sovereign space capability spanning the design, manufacture, testing and launch of rockets and satellites from Australia.
The company conducted the first test flight of an Australian-developed orbital launch vehicle in July last year and is now progressing towards regular commercial launch operations.
NRFC funding will support continued development and qualification of Gilmour Space’s Eris orbital launch vehicle, scale satellite and rocket manufacturing, and expand infrastructure at the Bowen Orbital Spaceport in North Queensland. Bowen is the first and only spaceport in Australia licensed by the Australian Space Agency and other regulators for orbital launch operations.
Industry and Innovation Minister Tim Ayres said the investment demonstrated how public capital could catalyse private sector confidence.
“Making things in Australia is about more than good ideas – it requires long-term commitment and collaboration between the public and private sectors,” Minister Ayres said.
Minister Ayres added, “The National Reconstruction Fund investment in Gilmour Space is creating new opportunities for high-skilled jobs in Queensland and crowding in private investment, including from superannuation funds.”
Gilmour Space co-founder and chief executive Adam Gilmour said the NRFC backing was a strong vote of confidence in Australia’s ability to compete globally in space.
“Australians rely heavily on space-based services that are largely supplied from overseas,” he said. “Developing sovereign capability at home gives Australia greater resilience, choice and control. NRFC’s investment allows us to build on the technical and regulatory milestones we’ve already achieved and scale our manufacturing and launch capability to meet growing market demand.”
The company has already demonstrated its satellite capability through the successful on-orbit operation of its 100-kilogram ElaraSat satellite bus, launched on a US rideshare mission last year.
It currently employs more than 220 people and works with hundreds of Australian suppliers across aerospace engineering, manufacturing and skilled trades.
Hostplus chief investment officer Sam Sicilia said the NRFC-led round highlighted the strength of Australia’s investment ecosystem.
“This partnership between government and long-term institutional investors positions Gilmour Space for its next phase of growth,” he said. “It supports the development of critical national capability while delivering the potential for strong, risk-adjusted returns for our members.”
Other investors participating in the Series E round include the Future Fund, HESTA, Blackbird, Main Sequence, QIC, Funds SA, NGS Super and Brighter Super.
The funding underscores the NRFC’s role in mobilising capital into strategically important industries, using public investment to accelerate innovation, build sovereign capability and support long-term economic growth.