MP Space raises AUD $23 million seed funding round

MP Space has raised AUD $23 million in a seed funding round, which it described as one of the largest seed raises by an Australian deep-technology business.

The Sydney-based space power technology company said Blackbird led the financing, with participation from Systemiq Capital, Seraphim Space, Speedinvest and MFV Partners.

Founded in 2024 by former Tesla engineers Jay Manley and Sam Paterson, MP Space develops power systems for spacecraft. It said its products have already been designed into several space services and missions covering more than 500 spacecraft.

The funding will support local manufacturing, expansion of its power-system platform range and growth in its Australian engineering team. MP Space also said its hardware is due to fly in orbit for the first time in the fourth quarter of 2026.

Seraphim Space's investment is its first in an Australian company. The round brings together domestic and overseas investors as Australia's space sector seeks to build more local industrial capacity.

MP Space said growing demand for spacecraft is increasing the need for systems that can generate, store and manage power. It is targeting a part of the supply chain that serves satellites, launch vehicles and lunar missions.

Jay Manley, Chief Executive Officer and Co-Founder of MP Space, said the company sees a gap in the market as mission requirements increase.

"Our thesis is simple: the next generation of spacecraft will need a lot more power, and the space industry needs better ways to generate, store and manage it.

"We've seen enormous advances in power electronics, software and energy storage through electric vehicles, grid-scale energy and home batteries. MP Space is bringing that same advanced technology to spacecraft power systems, designed from the outset to be manufactured reliably and at scale.

"This raise reflects the customer demand we're already seeing and gives us the capital to accelerate. Over the next 12 months, our focus is expanding manufacturing capacity, scaling the team and delivering power systems for the next generation of spacecraft and constellations," Manley said.

Investor backing

Blackbird said its investment was based largely on the founding team's experience. Both founders previously worked on battery and energy systems at Tesla before launching MP Space.

"At Blackbird, our investment conviction starts with the founding team. Jay and Sam have gone from solar racecar clubs at uni to industry-leading capability in scalable battery system design, having built Tesla's Powerwall from electrons to a $10 billion businessline. The same energy management evolution will happen in space and we believe MP Space has a shot at revolutionising this fast-growing industry.

"In less than two years, MP Space has already delivered a software-defined battery, with one of the highest gravimetric energy densities of any space battery, and will gain flight heritage this month. They are moving with speed and precision in a market that has explosive potential.

"As space unlocks more use cases, MP Space is well placed to seize the opportunity with an indisputable hardware advantage and deep software capabilities. It's an Aussie business redefining the global standard. These are the types of businesses we are proud to back," said Samantha Wong, Partner at Blackbird.

Seraphim Space pointed to rising power requirements across spacecraft missions and a lack of independent suppliers able to provide hardware at volume.

"We're excited to back Jay Manley, Sam Paterson and the broader MP Space team as they build the next generation of spacecraft power systems. Drawing on their experience scaling some of the world's most demanding energy and power hardware programmes at Tesla, the team is exceptionally well placed to address two fundamental challenges facing the space industry.

"Power is a fundamental constraint on spacecraft capability, and we are seeing power requirements scale rapidly across almost every mission type. More available power directly enables more capable payloads, greater onboard processing and, ultimately, more ambitious missions.

"Separately, the industry lacks proven, independent suppliers capable of delivering critical hardware reliably and at scale. This has made vertical integration a necessity rather than a choice for spacecraft manufacturers. By replacing bespoke, high-cost and low-volume systems with reliable, cost-effective and off-the-shelf power hardware, MP Space can help reverse this historical over-reliance on vertical integration.

"We believe this positions MP Space to become a foundational supplier to the next generation of spacecraft, and we're delighted to support the team on that journey," said Lucas Bishop, Vice President at Seraphim Space.

Sector context

The financing comes as Australia's federal policy settings place greater attention on areas including trusted space services, space platforms and exploration technologies. Industry groups have argued that local suppliers of essential subsystems will be important if Australia is to develop a larger role in the global space economy.

Dan Lloyd, Chief Executive Officer of the Space Industry Association of Australia, said: "The Space Industry Association of Australia is delighted to see one of our members, MP Space, moving forward so quickly to commercialise such a strategic niche, which underpins the success of the entire industry. We can get fixated on the many visually impressive technologies in the space industry, especially rockets and satellites, but we cannot forget that, in the end, our economic resilience and Future Made in Australia will depend on our ability to build, maintain and replenish critical inputs, such as reliable, fit-for-purpose and efficient power systems.

"The momentum that Australia is building across the sector right now is demonstrating that government, industry and international markets all recognise the country's unique potential in space. We have unparalleled clear skies, massive open test facilities and top global engineering talent. With the Ministerial Statement on Space and the raft of activity across national security and defence, Australia is rapidly developing the policy vision that will drive it there," Lloyd said.

MP Space has also operated from the NSW Defence and Aerospace Hub at Cicada Innovations. Liza Noonan, Chief Executive Officer of Cicada Innovations, said: "Cicada Innovations is delighted to see MP Space - a NSW Defence and Aerospace Hub resident and Cicada x Tech23 venture - reach such a significant milestone, demonstrating the capability of Australia's space industry.

"The company's evolution underscores the Hub's value in advancing Australia's space industry by providing the specialist support and facilities required to build successful ventures," Noonan said.