- Companies
- Xona
Last Xona valuation
$2.5B
Series D · Oct 2026
Last Xona funding round
$250M
Series D · Oct 2026
Cumulative funding Xona raised
$563M
across 8 funding rounds
Key investors in Xona
Seraphim Space IT
NGP Capital
Future Ventures
Industrious Ventures
Stellar Solutions
Craft Ventures
About Xona
Xona Space Systems is a San Mateo-headquartered company building the Pulsar constellation of low-Earth orbit satellites for precise positioning, navigation, and timing. Designed for autonomous vehicles, drones, and robotics, it delivers centimeter-level accuracy and anti-jamming resilience independent of GPS.
Founded
2019
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Valuation
$2.5B (Oct 2026)
Xona Valuation
Xona is currently valued at $2.5B, based on its Series D in October 2026. Read the announcement ↗
The $250M round was led by Future Ventures, with participation from Industrious Ventures.
Xona's valuation has grown 31x from $80M at its undisclosed-stage round in April 2022 to $2.5B in October 2026, across 3 priced rounds.
Xona valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Oct 2026 | Series D | $2.5B |
| Jun 2025 | Series B | $201M |
| Apr 2022 | Undisclosed stage | $80M |
Xona Funding History
Xona has raised a total of $563M across 8 funding rounds.
Xona's first fundraising round was a $1M pre-seed round in May 2020. The most recent completed round was a $250M Series D in October 2026.
Xona funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2026 | Series D | Future Ventures (lead); Industrious Ventures | $250M | $2.5B | Xona Space Systems announced on 22 October 2026 a USD 250 million Series D round at a valuation of USD 2.45 billion, led by Steve Jurvetson of Future Ventures. The financing brings the company's total fundraising since its founding in 2019 to more than USD 570 million. It follows a USD 170 million Series C announced in March 2026 and a USD 92 million Series B in 2025. The proceeds are intended to accelerate production of the Pulsar constellation, and the company said it expects to begin serving early commercial users with a timing service in 2027. The round was announced days after Xona received CAD 15 million from the Canadian government to expand operations in Montreal and launched six Pulsar satellites on a SpaceX Bandwagon-5 rideshare mission. Xona is a California satellite navigation company building a low Earth orbit constellation intended as a commercial alternative and complement to GPS. Its Pulsar signals are designed to let existing GPS devices gain centimeter-level accuracy through a software update. The company is based in San Francisco and was founded in 2019. |
| Mar 2026 | Series C | Mohari Ventures Natural Capital (lead); ICONIQ Capital; Samsung NEXT; Hexagon; NGP Capital; Woven Capital; Craft Ventures | $170M | - | Xona raised a $170 million Series C in March 2026, led by Mohari Ventures Natural Capital, with additional support from Craft Ventures, ICONIQ, Woven Capital, NGP Capital, Samsung Next, Hexagon and other new and existing investors. The company said the proceeds will accelerate deployment of its Pulsar satellite constellation and scale spacecraft production at its new factory in Burlingame, California. Financial terms beyond the amount raised were not disclosed. Xona is a California-based company building Pulsar, a low-Earth-orbit satellite navigation service intended to provide stronger and more secure positioning, navigation and timing signals than GPS while remaining compatible with existing devices. It has launched the first private navigation satellite, received the first commercial FCC licence to broadcast navigation signals, and broadcast a fully authenticated navigation signal in 2025. More than a dozen commercial receiver partners are tracking Pulsar signals, with field testing in agriculture, construction, telecommunications and defence. The company plans a constellation of 258 satellites. |
| Jun 2025 | Series B | Craft Ventures (lead); Toyota Ventures; Future Ventures; Seraphim Space IT; Industrious Ventures; First Spark Ventures; Beyond Earth Ventures; NGP Capital; Stellar Solutions | $92M | $201M | Xona Space Systems is developing the Pulsar satellite constellation in low Earth orbit to provide centimeter-level precise, secure, and resilient positioning, navigation, and timing (PNT) services as an alternative to GPS, targeting applications in autonomy, robotics, aviation, agriculture, and finance. The company announced a $92 million Series B funding round on June 26, 2025, led by Craft Ventures with participation from Stellar Ventures (or Stellar Solutions), Seraphim Space (or Seraphim Ventures), Toyota Ventures, First Spark Ventures, Industrious Ventures, Future Ventures, and NGP Capital, bringing total funding to over $150 million. Additionally, Xona received a $20 million non-dilutive STRATFI award from SpaceWERX, the U.S. Space Force's innovation arm. The funding will accelerate Xona's transition from R&D to scaled deployment, including expanding manufacturing, growing the engineering team, launching production-operational satellites starting in 2026, and onboarding early customers toward a full constellation of hundreds of satellites. Xona recently launched its first production-class satellite, Pulsar-0, on SpaceX's Transporter-14 mission, following a 2022 demo satellite. A post-money valuation of $201.12 million is indicated for the Series B-1 round in June 2025. Xona, founded in 2019 and based in Burlingame, California, licensed early technology from SRI International and aims to deliver 100 times stronger signals for GPS-challenged environments like dense foliage or indoors, with encrypted signals resistant to spoofing and interference. Investors like Craft Ventures highlight the need for modern navigation infrastructure amid reliance on foreign systems for enhanced precision. Sky Dayton of Craft Ventures joined the board. |
| Dec 2024 | Undisclosed stage | Seraphim Space IT | $13M | - | Xona Space Systems raised a USD 12.5 million post-Series A round from a mix of existing and new investors. Seraphim Space Investment Trust contributed USD 1 million (GBP 0.8 million). Xona used the proceeds to place orders and secure launch slots for the next four production satellites in its Pulsar navigation constellation. |
| May 2024 | Series A | Future Ventures (lead); Seraphim Space IT (lead); Murata Manufacturing; Elias Montanari; Space Capital; Industrious Ventures; NGP Capital; Aloniq | $19M | - | Xona Space Systems develops a network of small satellites in low Earth orbit to deliver PULSAR, an ultra-accurate alternative to traditional GPS, offering resilient positioning, navigation, and timing services resistant to spoofing and jamming. The service targets applications in autonomous vehicles, AI, automation, robotics, and security industries needing centimeter-level accuracy globally. Xona positions PULSAR as the 'North Star' for modern industries, reducing dependence on vulnerable legacy GPS systems. On May 8, 2024, Xona closed an oversubscribed $19 million Series A funding round led by Future Ventures and Seraphim Space, with participation from NGP Capital, Industrious Ventures, Murata Electronics (also listed as Murata Manufacturing), Space Capital, and Aloniq. The capital aims to accelerate deployment of the LEO satellite constellation and initiate beta operations of the PULSAR service. This follows a $8 million seed round in September 2021 also led by Seraphim Space. Xona continues advancing toward commercial operations amid growing demand for precise navigation in space tech. |
| Apr 2022 | Undisclosed stage | 1517 Fund (lead); Space.VC | $10M | $80M | Xona Space Systems is a satellite technology company developing low-earth orbit (LEO) satellite networks and related technologies for positioning and navigation services. The company raised $10 million in April 2022 from lead investor 1517 Fund to fund the initial phases of their satellite network deployment. As of March 2025, Xona had raised a total of approximately $150.2 million across multiple funding rounds, including a $92 million Series B in June 2025 led by Craft Ventures. The post-money valuation from the April 2022 round and the company's revenue metrics near that date were not publicly disclosed. |
| Sep 2021 | Seed | Seraphim Space IT (lead); Daniel Ammann; Toyota Ventures; MaC Venture Capital; Keith Masback; Ryan Johnson; Stellar Solutions | $8M | - | Xona Space Systems raised $8 million in a seed funding round in September 2021, co-led by Seraphim Space Investment Trust and MaC Venture Capital, with participation from Toyota Ventures, Daniel Ammann, Ryan Johnson, Stellar Solutions, and others. The funds supported the development of its satellite navigation system and fully funded the company's first orbital mission scheduled for mid-2022 to demonstrate the Pulsar precision low-Earth orbit PNT service. This followed a $1 million pre-seed round in May 2020. Xona Space Systems develops Pulsar, a commercial alternative to GPS providing resilient, centimeter-accurate positioning, navigation, and timing (PNT) services via a low-Earth orbit satellite constellation. The technology aims to enable reliable location and time data for human and machine operations in any environment on Earth, resistant to spoofing and jamming. Post-2021, Xona continued raising capital, including a Series A of $19 million in May 2024 led by Future Ventures and Seraphim Space to accelerate LEO satellite network deployment and beta operations, and a $92 million Series B in June 2025 led by Craft Ventures with $20 million non-dilutive funding from SpaceWERX, bringing total funding over $150 million. |
| May 2020 | Pre-seed | 1517 Fund (lead); Seraphim Space IT; Stellar Solutions; Trucks Venture Capital | $1M | - | - |
Who has invested in Xona?
25 investors have backed Xona across its funding rounds, including Seraphim Space IT, NGP Capital, Future Ventures, Industrious Ventures, Stellar Solutions and Craft Ventures.
Lead investors include Future Ventures, Mohari Ventures Natural Capital, Craft Ventures, Seraphim Space IT and 1517 Fund.
Xona Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Lead | May 2020 | ||
| 3 | Lead | May 2024 | ||
| 3 | Participant | May 2024 | ||
| 3 | Participant | May 2024 | ||
| 3 | Participant | May 2020 | ||
| 2 | Participant | Sep 2021 | ||
| 2 | Lead | May 2020 | ||
| 2 | Lead | Jun 2025 | ||
| -- | 1 | Lead | Mar 2026 | |
| 1 | Participant | May 2024 | ||
| 1 | Participant | Mar 2026 | ||
| 1 | Participant | Sep 2021 | ||
| 1 | Participant | May 2024 | ||
This data is available for Pro users. Sign up to see all 25 Xona investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialXona Competitors
Xona competitors include listed companies like Space42, Eutelsat, SKY Perfect JSAT Corp and Hwa Create, and private ones like True Anomaly and JetZero.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $577M | $88M | $2.5B | 2.9x | ||
| Publicly listed | $1.4B | $465M | $2.4B | 2.8x | ||
| Private | - | - | $2.2B | - | ||
| Publicly listed | $809M | $309M | $3.3B | 3.6x | ||
| Private | - | - | $1.6B | - | ||
| Publicly listed | $117M | $5M | $1.3B | 14.2x |
Xona Public Comps
Xona is still privately-owned, but its public comps include Space42, Hesai Technology, Eutelsat, SES, Pony AI, Hunan Aerospace Huanyu, Intuitive Machines, SKY Perfect JSAT Corp, Geovis and Jezetek.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $577M | $88M | 3.2x | 2.9x | 21.0x | 7.0x | |||
| $455M | $72M | 3.6x | 2.7x | 22.5x | 23.2x | |||
| $1.4B | $465M | 2.9x | 2.8x | 8.6x | 5.5x | |||
| $2.9B | $1.1B | 3.4x | 2.7x | 8.7x | 6.1x | |||
| $90M | ($71M) | 12.0x | 7.6x | (15.3x) | (4.4x) | |||
| $69M | $14M | 30.8x | - | 155.0x | - | |||
| $207M | ($111M) | 14.4x | 3.7x | (27.0x) | (594.0x) | |||
| $809M | $309M | 3.7x | 3.6x | 9.7x | 8.7x | |||
This data is available for Pro users. Sign up to see all Xona competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Xona
| When was Xona founded? | Xona was founded in 2019. |
| Where is Xona headquartered? | Xona is headquartered in San Francisco, CA, United States. |
| Is Xona publicly listed? | No, Xona is a private, VC-backed company. |
| What is Xona's valuation? | Xona was last valued at $2.5B in its Series D in October 2026. |
| How much funding has Xona raised? | Xona has raised $563M across 8 funding rounds. |
| What was Xona's last funding round? | Xona's last funding round was a $250M Series D in October 2026, led by Future Ventures. |
| Who are Xona's investors? | Xona's investors include Seraphim Space IT, Future Ventures, Industrious Ventures, NGP Capital, Stellar Solutions, Toyota Ventures, 1517 Fund, Craft Ventures, Mohari Ventures Natural Capital, Murata Manufacturing and 15 others. |
| Which companies are comparable to Xona? | Companies comparable to Xona include Space42, Eutelsat, True Anomaly, SKY Perfect JSAT Corp, JetZero and Hwa Create. |
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