---
title: "Open Cosmos’s €300M Series C: Profitable European Satellites at Factory Scale"
description: "Open Cosmos closed €300M (~$351M) Series C led by ETF Partners on September 14, 2026 — with LocalGlobe’s Phoenix Court in the syndicate — after five years of profitable growth, $370M+ contracts, and one-satellite-per-day manufacturing capacity (company)."
date: 2026-09-14T00:00:00.000Z
source: https://venturecapitaltracker.com/2026-open-cosmos-300m-eur-series-c-etf-partners
---

# Open Cosmos’s €300M Series C: Profitable European Satellites at Factory Scale

> Open Cosmos closed €300M (~$351M) Series C led by ETF Partners on September 14, 2026 — with LocalGlobe’s Phoenix Court in the syndicate — after five years of profitable growth, $370M+ contracts, and one-satellite-per-day manufacturing capacity (company).

**[Open Cosmos](/startup/open-cosmos)** secured **€300 million (~$351M)** in Series C funding on **September 14, 2026**, led by **ETF Partners**, with **Lightrock**, **ICF**, **Entrepreneurs First**, two major pension funds, and **Phoenix Court** (home of **[LocalGlobe](/fund/localglobe)** and Latitude) among a long European syndicate ([ETF Partners](https://etfpartners.capital/articles/etf-partners-leads-the-e300m-series-c-for-open-cosmos/)).

A European sat manufacturer that already claims **profits + factory throughput + $370M+ contracts** just took a climate/sovereignty specialist’s lead check — space as infrastructure, not a science project.

## Key facts

| Field | Detail |
| --- | --- |
| Company | [Open Cosmos](/startup/open-cosmos) — Harwell Campus, UK; ops in ES/PT/GR |
| Round | **€300M (~$351M)** Series C; valuation **n/d** |
| Lead | ETF Partners |
| Named syndicate (partial) | Lightrock, ICF, EF, Phoenix Court (LocalGlobe/Latitude), NSSIF, Trill Impact, Endeavor Catalyst, Santander AI, Shilling, Amena, Claret, pensions, others |
| Traction (company) | **$370M+** contracts / 3.5 years; **5** years profitable growth; **1 sat/day** capacity; ~**400** people |
| Platforms | OpenOrbit, OpenConstellation, ConnectedCosmos, DataCosmos |
| Use of proceeds | Mass manufacturing + expand constellation intelligence/connectivity |

The supplier side of spacecraft manufacturing is developing alongside integrated operators. [MP Space’s October 2026 seed round](/mp-space-16m-seed-spacecraft-power) funds battery production, while [Solestial’s May 2025 Series A](/solestial-17m-series-a-space-solar-manufacturing) supports solar manufacturing. These component suppliers address different parts of the power system; neither financing establishes Open Cosmos as a customer.

## Who uses the product — and for what job

**Users:** Governments and agencies that need **sovereign** EO and communications; energy and infrastructure operators that need orbital monitoring without owning a full constellation program.

**Job today:** Design/build/operate missions; shared OpenConstellation capacity; ConnectedCosmos links; DataCosmos intelligence that aims to cut EO delivery from up to **48 hours** toward **~30 minutes** with onboard AI (company).

**Job example (company narrative):** Detect a forest temperature anomaly, classify risk onboard, relay via ConnectedCosmos to responders even without terrestrial internet — sensing + connectivity + AI as one system.

## Why now

- European governments are treating space as **critical infrastructure** for autonomy and security, not optional R&D.
- Global space VC hit **$11.3B in H1 2026** alone (ETF Partners citing sector data) — capital is available for operators that already sell, not only for launch memes.
- Open Cosmos’s claimed **profitability + manufacturing cadence** is the anomaly vs cash-burning constellation peers.

## Why ETF Partners — and LocalGlobe’s seat

**ETF Partners** (Environmental Technologies Fund) has spent two decades underwriting climate-adjacent infrastructure. Open Cosmos sells environmental and operational intelligence from orbit — wildfire, energy, infrastructure — so the lead fits a sustainability-meets-infrastructure mandate more cleanly than a pure defense-only fund.

**[LocalGlobe](/fund/localglobe)** via **Phoenix Court** is the London early/growth platform that likes ambitious European technical founders. Participation (not lead) keeps LocalGlobe on a scaled UK space manufacturer without owning the climate-infra lead narrative.

NSSIF and Catalan/public capital in the list underline the **sovereign** buyer story that pure commercial VCs alone cannot close.

## Competitive map

| Approach | Tradeoff |
| --- | --- |
| U.S. mega-constellations | Scale and capital; sovereignty and export-control friction for EU buyers |
| National agency programs | Full control; slow and expensive |
| EO pure-plays without manufacturing | Software margins; dependent on third-party buses |
| Open Cosmos integrated stack | Factory + services; must keep mission success and contract conversion high |

## What is not proven

- Valuation, dilution, and which “two major international pension funds.”
- Audited confirmation of **profitability** and **$370M+** contract figures (company-disclosed).
- Independent proof of **30-minute** intelligence SLAs at constellation scale.

## Practical takeaway

- **Founders (European space):** Lead with **contracts + manufacturing cadence + profit**, not constellation slideware — climate and sovereign funds will write €100M+ checks.
- **Investors:** Diligence backlog quality vs announced capacity; Phoenix Court is a soft signal, ETF is the thesis owner.
- **Government / enterprise buyers:** Relevant if you need interoperable EO + connectivity without standing up a national OEM.

### Sources

1. [ETF Partners — Open Cosmos €300M](https://etfpartners.capital/articles/etf-partners-leads-the-e300m-series-c-for-open-cosmos/)
2. [Open Cosmos](https://www.open-cosmos.com)

**By:** [Venture Capital Tracker](https://venturecapitaltracker.com/editorial-policy)
**Last updated:** September 15, 2026

**Editorial note:** AI tools assisted with research, structure, or drafting. Venture Capital Tracker retains human editorial responsibility for factual accuracy, relevance, and source quality before publication.