Raycho Raychev founded EnduroSat in Sofia in 2015 with a contrarian bet: satellites should be built the way phones are built, not the way cathedrals are. On September 16, 2026, the company closed a $205 million round co-led by Riot Ventures and Atreides Management.
The cheque is not a vote for one spacecraft. It is a vote for the production line.
Latest funding round
Co-led by Riot Ventures and Atreides Management, with the European Innovation Council among the backers. · SpaceNews, 2026
What the round actually funds
EnduroSat builds software-defined satellites — modular buses whose payload and software can be reconfigured after launch. The catalogue runs from 8U–16U CubeSats to the larger ESPA-class FRAME S, FRAME L and FRAME Max platforms, the heaviest of which reaches 500 kilograms.
More than 100 of its satellites have reached orbit. The next hundred, the company argues, should come off a line.
The $205 million is aimed at that gap. The round carries backing from the European Innovation Council, Google Ventures, Founders Fund, House Capital, Lux Capital, Omnes Capital, Giant Ventures, Emphatic Capital and Endeavor Catalyst, alongside the two leads.
An American plant and a Bulgarian airbase
Two construction projects sit at the centre of the plan. A new high-volume manufacturing facility in the United States. And, near Sofia, a space and defence hub on the former Dobroslavtsi Air Base, which the company calls the largest of its kind in the EU. Bulgaria's government approved a draft memorandum with the company in August 2026.
Building satellites with the repeatability and volume of drones rather than one-off bespoke builds.— EnduroSat, funding announcement, September 2026
The reference is deliberate. A drone factory does not celebrate a prototype. It counts units per week.
The $1-per-gigabyte wager
The round is anchored to one number. The company wants to push the cost of space data to roughly $1 per gigabyte, down from hundreds of dollars today. At that price the buyer stops being a space agency and becomes a logistics operator, an insurer, a farm.
Cheaper satellites are necessary, not sufficient. Space is a capex business before it is a data business. The ground segment, the launch cadence and the regulatory queue all have to keep pace.
First hardware out of the US plant, and the date it ships
FRAME bus throughput in Sofia through 2027
Whether the $1-per-gigabyte figure holds after ground-segment costs
Follow-on orders from government and defence buyers
Europe's capital stack is moving
EnduroSat is the third European space company to clear nine figures in two weeks.
| Company | Round | Announced |
|---|---|---|
| Open Cosmos | €300M ($348.6M) | Sept 14, 2026 |
| The Exploration Company | $450M Series C | Sept 2026 |
| EnduroSat | $205M | Sept 16, 2026 |
Sources: SpaceNews, Payload, September 2026
For a sector that spent a decade describing a funding gap, the gap is closing from the top — and the money is going to manufacturers and infrastructure, not to app builders.
What to watch
Announced capacity is not commissioned capacity. The test is not the size of the round but the throughput of the two plants: how many FRAME buses leave Sofia and the US facility in 2027, and whether the $1-per-gigabyte target survives contact with the ground segment.
The industry spent years arguing about who would build the biggest constellation. The bet here is narrower and harder. Who can build the boring middle of the market — the hundredth satellite, not the first.
Drones, again. A factory counts units, not milestones.