Varda Space Industries has raised $251 million in a Series D funding round led by Lux Capital and Natural Capital. Founders Fund, Khosla Ventures, Caffeinated Capital, General Catalyst, 8090 Industries, Giant Step and Also Capital also participated. The financing brings the company’s total capital raised to $598 million.
Founded in January 2021 by Will Bruey and Delian Asparouhov, Varda is based in El Segundo, California. The company develops infrastructure for processing materials in low Earth orbit and returning them to Earth, with a focus on pharmaceutical applications and reusable reentry systems.
Varda’s platform uses its W-Series spacecraft for orbital material processing and reentry. In pharmaceutical applications, microgravity can enable active pharmaceutical ingredients to crystallize under conditions that differ from those available on Earth, providing researchers with different crystal structures and morphologies for drug development.
The company said the new capital will support an increase in flight cadence and deeper pharmaceutical partnerships as it works toward producing pharmaceuticals in space for use on Earth. Since launching its first mission in 2023, Varda has completed six successful reentry missions and said it has more than a dozen additional launches and reentries planned through 2028.
The Series D follows Varda’s $187 million Series C announced in July 2025 and a $90 million Series B announced in April 2024
