The Axiom Station concept (image by Axiom Space)

Commercial space station company Axiom Space raised $350 million in its Series-C round of growth funding from Saudi financier Aljazira Capital and existing investor Boryung, a Korean pharmaceutical manufacturer. Axiom Space announced the round on Monday, reporting it has signed more than $2.2 billion in customer contracts. 

Aljazira Capital CEO Naif AlMesned commented on the funding: “We believe in the importance of innovation in various sectors and across various markets. In line with the Saudi Vision 2030’s transformative approach, we acknowledge the need for technology toward the advancement of human life. To that end, we are excited to support Axiom Space along its journey of building for beyond.” 

Axiom Space was founded in 2016 by Michael Suffredini and Kam Ghaffarian, who also founded Intuitive Machines, Quantum Space, and X-Energy. 

The company is building a module for the International Space Station, which is scheduled to launch to the ISS by 2026. It plans to launch additional modules and eventually separate from the ISS and operate independently when NASA plans to retire the ISS in 2031. 

Axiom Space has a NASA port award to attach its commercial space station module to the ISS, and a long-term NASA contract worth $1.26 billion to provide Exploration Extravehicular Activity Services (xEVAS) spacesuits for the Moon and Low-Earth Orbit (LEO). 

“Together, we are working to serve innovators in medicine, materials science, and on-orbit infrastructure who represent billions of dollars in demand over the coming decade,” commented Axiom Space CEO Michael Suffredini. “We are building on the legacy of the International Space Station, leveraging the pillars that were constructed in low-Earth orbit more than two decades ago, to now support a burgeoning global space economy.”