- Companies
- Varda
Last Varda valuation
$500M
Series C · Jul 2025
Last Varda funding round
$187M
Series C · Jul 2025
Cumulative funding Varda raised
$328M
across 4 funding rounds
Key investors in Varda
Founders Fund
Lux Capital
Khosla Ventures
Caffeinated Capital
Fifty Years
General Catalyst
About Varda
Varda is a space manufacturing company headquartered in El Segundo, California, producing materials in microgravity for Earth-based applications. Founded in 2020, it operates orbital factories via reusable spacecraft to create high-purity pharmaceuticals, optics, and alloys unattainable under gravity. Varda's W-1 mission in 2023 demonstrated reentry capabilities, partnering with Rocket Lab for launches and targeting markets in semiconductors and biotech.
Founded
2021
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$500M (Jul 2025)
Varda Valuation
Varda is currently valued at $500M, based on its Series C in July 2025.
The $187M round was led by Natural Capital and Shrug Capital, with participation from Lux Capital, Also Capital, Khosla Ventures, Founders Fund and Caffeinated Capital.
Varda valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jul 2025 | Series C | $500M |
Varda Funding History
Varda has raised a total of $328M across 4 funding rounds.
Varda's first fundraising round was a $9M seed round in December 2020. The most recent completed round was a $187M Series C in July 2025.
Varda funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jul 2025 | Series C | Natural Capital (lead); Shrug Capital (lead); Lux Capital; Also Capital; Khosla Ventures; Founders Fund; Caffeinated Capital | $187M | $500M | Varda Space Industries, founded in 2021 by Will Bruey and Delian Asparouhov, develops pharmaceutical manufacturing technology in microgravity to produce drug formulations impossible on Earth, focusing on robotic production, crystallization of biologics like monoclonal antibodies, and hypersonic reentry capabilities. The company, headquartered in El Segundo, California, with expansions to Huntsville, Alabama, has raised $187 million in a Series C funding round in July 2025, led by Natural Capital and Shrug Capital, with participation from Founders Fund, Peter Thiel, Khosla Ventures, Caffeinated Capital, Lux Capital, and Also Capital, bringing total funding to $329 million. The funding supports scaling operations, increasing flight cadence, building a new 10,000 square foot pharmaceutical lab for process development, and expanding facilities to accelerate missions and commercialize microgravity-enabled drugs amid a $210 billion monoclonal antibodies market as of 2022. Varda has demonstrated repeatable orbital-reentry technology, attracted Department of Defense interest, and positions itself to generate intellectual property from space manufacturing for life sciences and high-value materials. Investors highlight the company's momentum in turning space into a manufacturing 'high ground' for pharmaceuticals. |
| Apr 2024 | Series B | Caffeinated Capital (lead); General Catalyst; Nitesh Banta; Daft Capital; Lux Capital; Fifty Years; Khosla Ventures; Founders Fund | $90M | - | Varda Space Industries, based in El Segundo, California, develops in-space manufacturing platforms leveraging microgravity for pharmaceutical production, including spacecraft for orbital manufacturing and hypersonic re-entry capsules. The company focuses exclusively on pharmaceuticals for the next 10-20 years due to their high economic value from low-mass, high-revenue products like seeds for drug crystals that enable unique formulations impossible on Earth. Founded in 2021 by Delian Asparouhov (Founders Fund partner) and Will Bruey (ex-SpaceX engineer), Varda successfully completed its W-1 demonstration mission in February 2024, returning ritonavir after seven months in orbit following a June 2023 launch. On April 5, 2024, Varda closed a $90 million Series B funding round led by Caffeinated Capital, with participation from Lux Capital, General Catalyst, Founders Fund, and Khosla Ventures, bringing total funding to $145 million. The round follows the W-1 success and supports scaling spacecraft production for regular customer missions. Investors highlighted Varda's execution in ambitious space goals, with Caffeinated's Raymond Tonsing noting their ability to deliver on plans. The funds will expand infrastructure to commercialize microgravity research from ISS studies by major biopharma firms. Varda has signed contracts with a handful of publicly traded biotech companies and manifested its next three missions with Rocket Lab, which provided the bus for mission 1. The subsequent manufacturing mission is slated for later in 2024, planning a landing in Australia. The company positions itself as the first commercial pathway for biopharma to access microgravity, aiming to reduce healthcare costs and improve outcomes through novel drug formulations tailored for pharmaceutical needs with rapid cadence. |
| Jul 2021 | Series A | Khosla Ventures (lead); General Catalyst; Balius Partners; Terrance McArthur; Lux Capital; Fifty Years; Founders Fund; Coughdrop Capital; Saga Ventures; Caffeinated Capital; Bossa Invest | $42M | - | Varda Space Industries, founded in 2021 by Will Bruey and Delian Asparouhov, develops space factories to manufacture materials in microgravity that are impossible to produce on Earth, such as advanced pharmaceuticals and semiconductors, with plans to launch its first factory in Q1 2023 and return products shortly after. The company focuses on commercial supply chains for orbital manufacturing, positioning itself as a leader in bringing space-produced materials back to Earth for industries improving quality of life and reducing costs. Varda was incubated at Founders Fund and emphasizes pragmatic, near-term commercialization of public sector R&D in microgravity manufacturing. In July 2021, Varda raised a $42 million Series A round co-led by Khosla Ventures and Caffeinated Capital, with participation from Lux Capital, General Catalyst, Founders Fund, and prior investors including Bossa Invest, Ben Braverman, Coughdrop Capital, Fifty Years, and others matching the query. This brought total funding to over $53 million within eight months of founding, following a $9 million seed round in December 2020 led by Founders Fund and Lux Capital. The Series A proceeds were used to expand the team and accelerate development of initial space manufacturing missions. Valuation was not publicly disclosed for this round. Varda has continued raising capital in subsequent rounds, including a Series B of $90 million in April 2024 from returning investors like Caffeinated Capital, Founders Fund, General Catalyst, Khosla Ventures, and Lux Capital plus Marque Ventures, and a Series C of $187 million in July 2025 at a $500 million valuation from investors including Natural Capital and Shrug Capital, bringing total funding over $300 million across multiple rounds. The company aims to operate entirely on commercial orbits, differentiating from human spaceflight-focused ventures. |
| Dec 2020 | Seed | Founders Fund (lead); Lux Capital (lead); JAM Fund; Nitesh Banta; VU Venture Partners; Also Capital; Naval Ravikant; Justin Mateen; Fifty Years; Raymond Tonsing | $9M | - | - |
Who has invested in Varda?
21 investors have backed Varda across its funding rounds, including Founders Fund, Lux Capital, Khosla Ventures, Caffeinated Capital, Fifty Years and General Catalyst.
Lead investors include Natural Capital, Shrug Capital, Caffeinated Capital, Khosla Ventures, Founders Fund and 1 other investor.
Varda Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Dec 2020 | ||
| 4 | Lead | Dec 2020 | ||
| 3 | Participant | Dec 2020 | ||
| 3 | Lead | Jul 2021 | ||
| 3 | Lead | Jul 2021 | ||
| 2 | Participant | Jul 2021 | ||
| 2 | Participant | Dec 2020 | ||
| 2 | Participant | Dec 2020 | ||
| 1 | Participant | Dec 2020 | ||
| 1 | Participant | Jul 2021 | ||
| 1 | Participant | Dec 2020 | ||
| 1 | Participant | Apr 2024 | ||
| 1 | Participant | Jul 2021 | ||
This data is available for Pro users. Sign up to see all 21 Varda investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialVarda Competitors
Varda competitors include listed companies like TAT Technologies, U-LEAM and Virgin Galactic, and private ones like Agnikul, Aspace International Holdings and D-Orbit.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $500M | - | ||
| Private | - | - | $500M | - | ||
| Private | - | - | $500M | - | ||
| Publicly listed | $178M | $24M | $501M | 2.4x | ||
| Publicly listed | $18M | $7M | $528M | - | ||
| Publicly listed | $2M | ($271M) | $471M | 212.3x |
Varda Public Comps
Varda is still privately-owned, but its public comps include TAT Technologies, U-LEAM, Virgin Galactic, Chorus Aviation, Officina Stellare, Figeac Aero, Aerostar, QPS Holdings, ispace and MNC Solutions.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $178M | $24M | 2.6x | 2.4x | 19.7x | 17.2x | |||
| $18M | $7M | 28.0x | - | 72.9x | - | |||
| $2M | ($271M) | 282.0x | 212.3x | (1.6x) | (2.0x) | |||
| $943M | $157M | 0.7x | 0.7x | 4.2x | 4.8x | |||
| $20M | $9M | 28.8x | - | 62.7x | - | |||
| $561M | $78M | 1.5x | 1.5x | 11.1x | 8.8x | |||
| $138M | $27M | 3.5x | - | 18.1x | - | |||
| $24M | $20M | 21.0x | 28.2x | 25.7x | 124.5x | |||
This data is available for Pro users. Sign up to see all Varda competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Varda
| When was Varda founded? | Varda was founded in 2021. |
| Where is Varda headquartered? | Varda is headquartered in Los Angeles, CA, United States. |
| Is Varda publicly listed? | No, Varda is a private, VC-backed company. |
| What is Varda's valuation? | Varda was last valued at $500M in its Series C in July 2025. |
| How much funding has Varda raised? | Varda has raised $328M across 4 funding rounds. |
| What was Varda's last funding round? | Varda's last funding round was a $187M Series C in July 2025, led by Natural Capital and Shrug Capital. |
| Who are Varda's investors? | Varda's investors include Lux Capital, Founders Fund, Fifty Years, Khosla Ventures, Caffeinated Capital, General Catalyst, Nitesh Banta, Also Capital, JAM Fund, Balius Partners and 11 others. |
| Which companies are comparable to Varda? | Companies comparable to Varda include Agnikul, Aspace International Holdings, D-Orbit, TAT Technologies, U-LEAM and Virgin Galactic. |
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