Launch companies › PLD Space › 2026 Update on PLD Space
Welcome to our 2026 update on PLD Space. For the long read, see our in-depth PLD Space review, updated in October 2026. Follow us on X for updates.
🔥 Our 2026 PLD Space update:
- Still no orbit. MIURA 1 flew once, on 7 October 2023, to 46 km. The first MIURA 5 launch is now planned for the first half of 2027 from Kourou, after targets of 2020, 2021, 2024, 2025 and 2026.
- Public money. The Spanish government says it has put more than EUR 170 million into PLD, and ESA signed a EUR 158.9 million launcher contract in August 2026 that requires orbit by the end of 2027.
- Series C. EUR 288 million in 2026, led by Mitsubishi Electric and the state’s COFIDES, including EUR 61.7 million of notes sold in 2024 and 2025. The January 2026 share price implies about EUR 430 million after the round (our estimate).
- Accounts. 2025 sales were EUR 0.65 million against EUR 81 million of operating costs and a EUR 32.9 million net loss.
Two launches in 2026, said the accounts
The 2025 annual accounts, signed on 27 March 2026, planned “dos lanzamientos previstos para el año 2026” (two launches planned for 2026) and assumed EUR 61.2 million of sales in 2027. Every set of PLD accounts since 2017 has assumed a first commercial launch year, from 2019 to 2026, and none of them wrote down the development asset, which reached EUR 89 million in 2025. In September 2026 the first launch moved to 2027.
EUR 755 per share for GMV
In November 2023 PLD sold new shares at EUR 439.66 and, in the same month, bought back 7,716 shares from its shareholder GMV at EUR 755.71 each. GMV had already been promised EUR 4 million for avionics work in 2020, after Deloitte qualified PLD’s 2019 accounts for leaving that debt off the books.
Read the full analysis, with every year’s accounts, the public money table and new charts, in our in-depth PLD Space review.
All information in this analysis was obtained from public sources and we encourage you to do your own due diligence. Feel free to contact us for corrections or share our content. Attribution is always welcome.