SWISSto12 raises $70m, bucking loss-making space trend
Swiss satellite maker SWISSto12 has secured $70 million in private funding alongside a major ESA contract, proving European space hardware firms can achieve profitability amid a regional push for sovereign communications.
SWISSto12 has raised $70 million, closing a €61 million round just days after European Space Agency member states committed $84.8 million to its HummingSat programme. The company did not disclose the investors involved. Taken together, the Swiss firm has secured more than $150 million in fresh capital within a single month.
The influx of cash is notable primarily because SWISSto12 is already generating a profit. Most space-hardware startups continually raise money to cover heavy operational losses, but this firm expects to be EBITDA-positive this year. It booked $140 million in revenue in 2025 and holds more than $500 million in signed contracts, having grown 110 percent annually since 2022.
Founded in 2011 as a spin-out from the EPFL university, the 224-person company achieves this margin through its manufacturing edge. It 3D-prints the radio-frequency components of its hardware, a process that significantly cuts weight and speeds up production. Its primary product, HummingSat, is a compact geostationary satellite about a tenth the size of a standard craft, designed to hitch a ride to orbit alongside larger satellites.
SWISSto12 also sells HummingLink, a suite of payloads and antennas that bolt onto other operators' satellites across various orbits. This dual approach has made the company a supplier to established players rather than a direct competitor. It holds seven HummingSat contracts, including with SES and Viasat, and has over 2,000 HummingLink units in orbit serving direct-to-device connectivity, broadcasting, and sovereign communications.
The fundraising fits a wider pattern of European capital pouring into the space sector as the bloc attempts to cultivate its own champions. Government money typically leads these rounds, with private funding following close behind, a dynamic seen recently in ICEYE’s €450 million raise. The driver is strategic autonomy, as governments seek communications networks that do not rely on a single foreign power or orbit.
“Space is increasingly recognised as essential infrastructure for the global economy,” founder and chief executive Emile de Rijk said. Yet the company's strategy is not without risk. The market for geostationary satellites is shrinking as low-orbit constellations absorb broadband and maritime contracts. SWISSto12 must also contend with Astranis, a United States firm building similar small geostationary satellites that has raised roughly $1.2 billion.
