Varda Space Industries has announced the successful closure of a USD 187 million Series C funding round, increasing its total capital raised to USD 329 million. The round was led by Natural Capital and Shrug Capital, with backing from major investors including Founders Fund, Peter Thiel, Khosla Ventures, Caffeinated Capital, Lux Capital, and Also Capital.

Since its first mission, W-1, in 2023, Varda has completed three successful launch-and-return missions, with its fourth capsule (W-4) currently in orbit and a fifth scheduled for later this year. Varda’s orbital labs are the first commercial platforms to process materials in microgravity outside the International Space Station, allowing the crystallisation of pharmaceutical ingredients in ways that are not possible on Earth—leading to novel drug formulations.

Beyond life sciences, Varda also supports government partners by using its W-series reentry vehicles as hypersonic testbeds, reaching speeds of Mach 25. These missions provide real-world testing environments for advanced subsystems such as thermal shielding, sensors, communications, and navigation technologies.

With new funding, Varda is scaling both its space operations and ground infrastructure. The company has opened a new 10,000-square-foot pharmaceutical laboratory in El Segundo, California, and a new office in Huntsville, Alabama. The lab will enable structural biologists and crystallisation scientists to work on biologics such as monoclonal antibodies—an industry projected to be worth over USD 210 billion.

The company’s long-term vision is to position in-space manufacturing as a cornerstone of the orbital economy. By building microgravity-enabled capabilities for producing high-value pharmaceuticals, Varda aims to meet commercial demand and set new standards for drug development timelines.