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Sierra Space Corp. has raised $550 million in Series C funding, led by LuminArx Capital Management, bringing its valuation to $8 billion. The funding will support the company's expansion into national security capabilities and production capacity.

Sierra Space, based in Louisville, Colorado, is developing the Dream Chaser spaceplane, now targeting a late 2026 demonstration flight after facing delays. The company is also building an inflatable space station to succeed the ISS, scheduled for de-orbit in 2030. Sierra Space's investor group includes General Atlantic, Coatue, and others, and the company is increasing focus on defense contracts amid a growing demand for commercial satellite systems.