Space Ocean, an in-space logistics company focused on water, aims to raise a USD 30m–USD 70m Series A right after its current raise closes, said founder and Chairman Paul Mamakos.

Brownsville, Texas-based Space Ocean is raising a USD 7m seed round at a USD 45m valuation, he said. Proceeds will help build and launch its first mission, a small, standard-size CubeSat satellite targeted for 2028 that will carry close to three liters of water to demonstrate holding, measuring, and transferring it between tanks.

After the first successful water transfer, the closely held company expects its valuation to reach USD 300m–USD 500m, Mamakos said.

The size of the Series A will depend on which spacecraft Space Ocean builds for two larger demonstrations likely to fly in 2029. Two midsize craft at USD 17m–USD 20m apiece would mean a USD 30m–USD 40m round, while two large ones at roughly USD 35m apiece would take it to about USD 70m, Mamakos said.

Space Ocean plans to hire an advisor for the round, along with law and accounting firms, possibly in Texas, he added.

Mamakos told this news service in September 2025 that Space Ocean was seeking a USD 70m Series A to fund its first two satellite missions, then set for the second half of 2027.

The 40–50 investors it spoke with wanted to see traction first, Mamakos said for this report. Although Space Ocean put its net present value in the billions, its USD 1.4bn valuation at USD 14 per share was too high for investors, since it had no significant revenue or NASA or US Department of Defense commitments, he added.

The company currently has eight letters of intent and over 40 non-disclosure agreements and has talked with several NASA teams, Mamakos said.

Last year, Mamakos projected revenue of USD 68m in 2028, Space Ocean’s first year of commercial sales and profitability, followed by USD 871m in 2029 and USD 1.5bn in 2030. Under its revised timeline, the company now projects around USD 90m in 2030 from selling 2,000 liters of water at USD 45,000 per liter, he said.

Grants and engineering services could bring in USD 12m–USD 25m this year and USD 5m in 2029, according to Mamakos. Revenue in 2025 was USD 25,000 from one engineering customer, which could return with work potentially worth up to USD 100m if its satellite constellation is built, he said.

Space Ocean is still considering an IPO, at the earliest right after its first commercial demonstration, expected in 2030, Mamakos said.

Mamakos, who founded Space Ocean in 2021, became chairman in July, when Matthew Lignelli took over as CEO. Lignelli, a 20-year US Air Force veteran, was previously business development manager at TSC, CEO of LIG Solutions, and senior capture manager at BAE Systems.

Kjell Karlsen, who joined as CFO this year, raised over USD 75m as CFO of Swiss satellite operator Astrocast and secured a USD 155m strategic investment as president and CFO of launch provider Sea Launch.

Space Ocean is building a platform to transfer, store, and deliver resources beyond Earth orbit. After the CubeSat mission, it plans to build tankers for commercial space stations, Department of Defense customers, and lunar operations, Mamakos said.

Mamakos considers Orbit Fab the closest comparable to Space Ocean, though Orbit Fab focuses on hydrazine and xenon rather than water. Other in-space refueling and propellant depot developers include Astroscale, Eta Space, and Spaceium, while SpaceX and Northrop Grumman resupply space stations.

This year, Space Ocean peer Impulse Space brought its Series D to USD 808m at a reported USD 5.4bn valuation, and Voyager Technologies acquired Astrobotic Technology for up to USD 300m. Orbit Fab raised more than USD 25m in interim financing, and Starfish Space more than USD 100m in a Series B.

SpaceX raised nearly USD 86bn in its Nasdaq IPO at USD 135 a share. Intuitive Machines acquired Lanteris Space Systems, formerly Maxar Space Systems, from Advent International for USD 851m. Tokyo-based Astroscale raised JPY 30.6bn (about USD 192m) in shares and convertible bonds, and Italy-based D-Orbit EUR 110m (about USD 129m) in primary and secondary funding.

NASA’s final request for proposals for commercial space stations, issued in October, seeks two or more fixed-price contracts with a maximum value of about USD 34bn over 15 years, with awards expected in spring 2027. Mamakos said the International Space Station’s planned 2030 retirement is adding momentum to commercial stations in development.