Spanish launch company PLD Space has secured a €31.2 million bank loan to continue the development of its Miura 5 rocket and to support its corporate growth.
Miura 5 is a two-stage launch vehicle designed to carry payloads of up to 450 kilograms to low Earth orbit. The company is currently working towards a late 2025 debut of the rocket, with operational flights planned to begin in 2026. Following an operational ramp-up, it expects to launch as many as 30 missions aboard the rocket per year.
On 12 July, PLD Space announced that it had received a €31.2 million syndicated loan from Banco Santander, EBN Banco, and the Instituto de Crédito Oficial. A syndicated loan is provided by a group of lenders to distribute the financial risk among the participating lenders.
“Securing the support of major banks like Banco Santander, EBN Banco, and ICO, along with insurance from Cesce, is a significant achievement for us,” said PLD Space executive president Ezequiel Sanchez. “This rare operation in the space launcher sector enables us to advance our plans while safeguarding our shareholders’ investment.”
According to the company, the loan amount will primarily be used for the Miura 5 rocket development programme, which includes both the development of the rocket and the expansion of the company’s industrial capabilities. It will also be used to support the company’s growth, with PLD planning to surpass 300 employees by the end of 2024.
To date, the company has raised more than €150 million for the development of its rockets. This year alone, the company has received €42 million from the Spanish government as part of its Plan for Recovery and Transformation (PERTE) initiative in addition to its most recent loan. The €42 million PERTE award will need to be returned to the government through the payment of royalties during the first ten years of the company’s commercial operation of Miura 5.
