The National Reconstruction Fund Corporation (NRFC) is investing $75 million in preferred equity in Gilmour Space Technologies, a homegrown company that conducted the first test flight of an Australian-developed orbital launch vehicle in July last year. The funding round will be jointly led by Hostplus, who will also be investing $75 million.
NRFC funding will enable Gilmour Space to further develop its Eris orbital rocket technology, scale its satellite and rocket manufacturing, and expand its spaceport in Bowen, North Queensland.
The Queensland-based company is developing integrated space launch services, including launch vehicles, satellites, and spaceport infrastructure in Australia.
Its Bowen spaceport is the first and only spaceport in Australia to have been licensed by the Australian Space Agency and other regulators for orbital launch operations.
Gilmour Space has also demonstrated its satellite capability through the successful on-orbit operation of its 100-kilogram ElaraSat satellite bus, launched on a U.S. rideshare mission last year.
Gilmour currently employs more than 220 people and relies on hundreds of Australian suppliers, and NRFC investment will support the continued growth of highly-skilled jobs across aerospace engineering, manufacturing, and skilled trades in Australia.
Gilmour has raised $217 million as part of its Series E funding round and other investors in the round include Future Fund, HESTA, Blackbird, Main Sequence, QIC, Funds SA, NGS Super, and Brighter Super.
The funding round highlights the strength of Australia’s collaborative investment ecosystem, bringing together government, superannuation funds and private investors to provide critical capital that fuels innovation, builds sovereign capability and supports long-term value creation.
Quotes for use by the media
Senator the Honourable Tim Ayres, Minister for Industry & Innovation and Minister for Science:
“Making things in Australia is about more than just good ideas – it takes real commitment, skilled workers, unity of purpose and strong collaboration between the public and private sectors.
“Queensland has a bright future in cutting-edge space and rocket technologies and advanced manufacturing, with new high-skilled jobs made possible through today’s National Reconstruction Fund investment in Gilmour Space.
“Public investment like this importantly crowds in private investment, including from superannuation funds. Both the National Reconstruction Fund and universal superannuation are products of ambitious and forward-looking Labor governments – focused on boosting Australian ingenuity, backing local ideas and creating good jobs in our regions.”
Gilmour Chief Executive Officer Adam Gilmour:
“Australians rely heavily on space-based services, most of which are supplied from overseas. Developing sovereign space capability at home gives Australia greater resilience, choice and control over critical services.
“NRFC 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. It reflects strong investor confidence in both the market opportunity and Australia’s ability to compete globally in space.”
NRFC Chief Executive Officer David Gall:
“Gilmour’s pioneering technology has the potential to be a cornerstone of the Australian space industry, and we are proud to be supporting their efforts to compete globally while delivering value locally.
“Australia’s size and geographic location in the southern hemisphere provide natural advantages for accessing space, and Gilmour’s success will enable Australia to capitalise on the growing global demand for space launch services and satellites.
“By building sovereign space capability that underpins our everyday life – from Earth observation and communications to national security – Gilmour’s efforts will secure Australia’s access to essential space services, strengthen the country’s advanced manufacturing base, and create highly-skilled jobs and opportunities in the region.”
Hostplus Chief Investment Officer Sam Sicilia:
“Hostplus is proud to continue backing Gilmour Space as they work to propel the company and Australia’s space industry forward.”
“As one of the nation's leading investors in domestic venture capital, we are committed to identifying opportunities that deliver long-term value for our members. This capital injection will help position Gilmour Space for its next phase of growth, enabling it to scale operations and advance technology development, creating potential for strong, risk-adjusted returns for our members.”
QIC Private Equity Head of Asia Pacific Crystal Russell:
“This capital raise reflects the strong momentum Gilmour Space has built from Queensland, with proven core technologies and a demonstrated flight heritage across both launch and satellite systems.”
“With a tangible pathway to commercial scale ahead, QIC is proud to once again support a Queensland company positioned to meet growing global and domestic demand for space access, while creating high-skill jobs and advanced manufacturing capability locally.”
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About the National Reconstruction Fund Corporation (NRFC)
The NRFC is Australia’s sovereign investor in manufacturing capability. It has $15 billion to invest through direct loans, equity investments and loan guarantees across seven priority areas: renewables and low emissions technologies; enabling capabilities; defence capability; transport; value-add in resources; value-add in agriculture, forestry and fisheries; and medical science.
The NRFC’s role is to invest in Australian businesses and projects that design, refine and make to transform capability, grow jobs and a skilled workforce, and diversify our economy. The NRFC is a corporate Commonwealth entity, established by the National Reconstruction Fund Corporation Act 2023 (NRFC Act) in September 2023.
For more information, visit nrf.gov.au.
NRFC media contact: media@nrf.gov.au
About Gilmour
Gilmour Space Technologies is the leading launch services company in Australia. It provides valuable access to space to its global Commercial, Government and Defence customers and is developing new capabilities for launching satellites into space.
Since starting its rocket program in 2015, Gilmour Space has become the leading provider of Australian-made launch vehicles and satellite platforms that will lower the cost of accessing space.
Founded by two brothers in Gold Coast, Queensland, Gilmour Space is backed by some of the country's biggest investors. Its goal is to launch its Eris orbital launch vehicles and ElaraSat bus/platforms to Low Earth Orbits (LEO) from the Bowen Orbital Spaceport in North Queensland.
Gilmour media contact
Michelle Gilmour
michelle.gilmour@gspace.com
0433 908 084