Spanish aerospace engineering company PLD Space announced on Wednesday the completion of an equity funding round totaling 180 million euros (approximately $209 million). Mitsubishi Electric participated in the investment, which the company aims to use to enhance its rocket launch capabilities.

This financing comes at a time when Europe is accelerating efforts to boost its autonomy in various sectors, including defense and space operations, against the backdrop of ongoing conflicts and shifting global policies.

The Spanish firm stated that this Series C funding round—a common financing mechanism for startups used to expand into new markets, develop products, or prepare for public listing—will support its transition to commercial operations and the scaling of its industrial and launch capabilities.

The company added that, with this round, its total funding raised to date exceeds 350 million euros.

In 2023, PLD Space successfully launched Europe's first rocket entirely developed by a private company. The firm indicated it will utilize its Miura-5 rocket to provide small satellite launch services for Mitsubishi Electric, targeting the Japanese and broader Asian markets.

The Miura-5 rocket, named after a famous breed of Spanish fighting bull, is scheduled for its first test flight in 2026. The company projects its commercial launch rate will exceed 30 missions per year by 2030.

PLD Space also confirmed that the Spanish Center for Technological and Industrial Development (CDTI), along with COFIDES, a Spanish public-private partnership that finances private investment, participated in this funding round.