Gold Coast rocket company Gilmour Space has extended its Series E to $231.2 million after Australian Retirement Trust invested $14.2 million through QIC in June 2026, adding to a round that had already made it Australia’s first space company valued above $1 billion.
The extension shows that large domestic institutions, not only venture funds, are prepared to back an Australian launch capability. Gilmour is attempting to do something no Australian company has done: put a locally built rocket into orbit from Australian soil, using its own launch site.
The company
Gilmour Space was started in 2013 by Adam Gilmour and his brother James. It designs and builds most of the stack in Queensland: the Eris orbital rocket, the ElaraSat satellite platform and the Bowen Orbital Spaceport in North Queensland, the country’s first licensed commercial orbital launch site.
The raise
Gilmour raised $217 million in January 2026 in a round led by the National Reconstruction Fund and Hostplus, with the Future Fund, Blackbird, Main Sequence and QIC among the other investors. The Australian Retirement Trust investment in June took the total to $231.2 million.
The top up came as SpaceX was reported to be preparing a public listing at a valuation of up to US$1.75 trillion, a development that drew wider investor attention to the space sector.
The first launch
In July 2025, Gilmour attempted the first orbital launch from Australian soil. The 23 metre Eris rocket cleared the launch tower but came down after about 14 seconds of flight. The company described the attempt as a successful failure, pointing to engine ignition, lift off and the flight data it collected. First orbital attempts by new launch companies frequently fail, and the data from them feeds into the next vehicle.
What’s next
A 100kg ElaraSat launched on a SpaceX rideshare mission in June 2025 and has been operating in orbit. Gilmour also plans a sub-orbital hypersonic test flight, subject to approvals, and is targeting its second orbital attempt, TestFlight2, for the end of 2026.
Jack’s take
Going from the Gold Coast to orbit is a serious ambition, and the first attempt fell short. What stands out to me is who keeps writing cheques: super funds and a government fund, alongside the VCs. That tells me investors see this as national capability rather than a punt.