Australia's Gilmour Space Targets 2026 Return to Orbit After 217 Million Dollar Raise

Australia's ambitions to become a genuine player in the global space race have taken a significant step forward in 2026. The country's leading rocket company, Gilmour Space Technologies, is preparing for a second attempt to reach orbit, backed by a major funding round that has propelled it into rare financial territory.

A record breaking funding round

The Queensland based company recently completed a landmark capital raise, securing 217 million dollars in a Series E funding round. This achievement pushed Gilmour Space into unicorn status, a term used to describe privately held companies valued at more than one billion dollars, marking a real milestone for the Australian space sector.

When combined with previous investments, the company's total public and private fundraising now exceeds 400 million dollars. The latest round was co-led by the National Reconstruction Fund Corporation and the superannuation fund Hostplus, each contributing 75 million dollars, alongside a broad group of other prominent investors.

The list of backers reflects strong institutional confidence in the venture. It includes well known names such as the Future Fund, HESTA, Blackbird, Main Sequence and QIC, among several others. This financial support provides the company with a crucial runway to continue its ambitious and notoriously costly development programme.

A financial cushion for the road ahead

The importance of this funding becomes clear when looking at the company's operating costs. According to the available information, Gilmour Space currently spends around 4 million dollars every month. The new capital is expected to fund at least six to eight additional rocket launch attempts as the company works steadily towards reliability.

Chief executive Adam Gilmour underlined the strategic value of the raise, explaining that it removes the pressure of financial constraints. In his words, the funding gives the company the ability to avoid making rash decisions because it is running out of money, allowing for a far more measured approach to its development.

The Eris rocket explained

At the heart of the company's efforts is the Eris rocket, described as Australia's first sovereign orbital launch vehicle. Standing approximately 25 metres tall, Eris is a three stage rocket designed to carry small satellites and other payloads weighing up to 300 kilograms into low Earth orbit for commercial and government clients.

What makes Eris particularly distinctive is its propulsion system. The rocket relies on a hybrid propellant design, using four Sirius hybrid motors on its first stage and a single Sirius motor on the second stage. The third stage is powered by a liquid rocket engine known as Phoenix, completing the launch vehicle's rather unique configuration.

A historic but brief debut

The Eris rocket made history in the middle of 2025 when it attempted its very first flight. The maiden launch, known as TestFlight1, took place on 30 July 2025 in local Australian time from the Bowen Orbital Spaceport in Queensland, representing the nation's first ever sovereign orbital launch attempt from its own soil.

The flight, however, was short lived. The rocket remained airborne for only 14 seconds before the mission came to an end, with the failure later attributed to insufficient thrust. Despite the disappointing outcome, the attempt was widely regarded as an important learning experience and a solid foundation for future progress.

The road back to the launch pad

Rather than being discouraged, Gilmour Space has committed firmly to returning to flight. The company has set its sights on a second orbital attempt of the Eris rocket, currently targeted for the third or fourth quarter of 2026, with the clear aim of building on the many lessons learned during its first mission.

The company's broader schedule for the year is also ambitious. Plans include a hypersonic test vehicle flight expected in the first half of 2026, followed by the second Eris orbital attempt later in the year, and a separate satellite launch aboard a SpaceX rocket that is anticipated to take place in October 2026.

Building a sovereign launch capability

The Bowen Orbital Spaceport itself is a key asset in this story. It is described as Australia's first licensed orbital launch facility, owned and operated by Gilmour Space, and it was officially licensed in March 2024. The site provides access to a range of low and mid inclination orbits for a variety of future missions.

Founded back in 2013 by brothers Adam and James Gilmour, the company has grown into a symbol of Australia's space aspirations. Beyond its Eris rockets, it is also developing its own Elara satellites, and its stated goal is to successfully reach orbit within the next 18 months, a target that would cement Australia's place among spacefaring nations.