About Xona Space Systems
Xona Space Systems is building Pulsar, a commercial satellite network for positioning, navigation and timing. Its signals are designed to work with existing satellite-navigation receivers through software or firmware updates.
Xona builds satellites in Burlingame and plans a 258-satellite constellation. It launched six Pulsar satellites in October 2026 and says four are expected to begin serving customers in 2027.
Funding Rounds (SEC Form D)
| First sale | Filed with SEC | Amount sold | Investors | Avg. check | Terms | Filing |
|---|---|---|---|---|---|---|
| Oct 8, 2026 | Oct 23, 2026 | $238,959,659of $253.4M target | 28 | $8.5M | EquityRule 506(b) | Form D ↗ |
| Mar 24, 2026 | Apr 2, 2026 | $169,999,953fully sold | 19 | $8.9M | EquityRule 506(b) | Form D ↗ |
| Jun 6, 2025 | Jun 20, 2025 | $74,599,990fully sold | 17 | $4.3M | EquityRule 506(b) | Form D ↗ |
| Apr 19, 2024 | May 3, 2024 | $30,695,681of $30.6M target | 25 | $1.2M | EquityRule 506(b) | Form D ↗ |
| Aug 18, 2021 | Apr 25, 2022 | $9,999,989of $10.0M target | 15 | $666K | EquityRule 506(b) | Form D ↗ |
| Total, five offerings | $524,255,272 | |||||
First sale is the date the first investor in the offering committed to invest. Companies must file Form D within 15 days of that date, so filing dates run later.
Rounds announced by Xona Space Systems
What the company said publicly about its funding. Announced amounts can differ from Form D figures: an announcement can combine several closings, and some money is raised without a Form D.
| Announced | Round | Amount | Investors | Source |
|---|---|---|---|---|
| Sep 22, 2021 | Funding round | $8M | MaC Venture Capital and Seraphim Space Investment Trust (co-leads), Toyota Ventures, Daniel Ammann, 1517 Fund and Stellar Solutions | SpaceNews ↗ |
| Jun 26, 2025 | Series B and STRATFI | $92M | Craft Ventures (lead), Stellar Ventures, Seraphim Ventures, Toyota Ventures, First Spark, Industrious Ventures, Future Ventures, NGP Capital and a $20M SpaceWERX STRATFI award | Xona ↗ |
| Mar 26, 2026 | Series C | $170M | Mohari Ventures Natural Capital (lead), Craft Ventures, ICONIQ, Woven Capital, NGP Capital, Samsung Next, Hexagon and other investors | Xona ↗ |
| Oct 22, 2026 | Series D | $250M | Future Ventures (lead), New and existing investors | Xona ↗ |
Why Investors Backed Xona Space Systems
Xona is building a commercial alternative and complement to government satellite-navigation systems. Pulsar combines stronger low-Earth-orbit signals, centimeter-level positioning and signal authentication with compatibility for existing receivers. The company has demonstrated the signal in orbit, opened its own satellite factory and started deploying production spacecraft. Four announced financings and a Space Force award have funded the move from demonstration to service.
The problem it targets
GPS and other legacy satellite-navigation signals are weak by the time they reach Earth. They can be jammed or spoofed, and their meter-level positioning does not meet every need in autonomy, timing and critical infrastructure. Government satellite programs also take years to change.
What the product does
Pulsar broadcasts positioning and timing signals from low Earth orbit. Pulsar's signal can be up to 100 times stronger than GPS and can support two-centimeter horizontal accuracy. Existing L1 and L5 receivers can add support through software or firmware in many cases. The signal also includes cryptographic authentication.
Progress so far
Pulsar-0 completed more than 500 transmissions and demonstrated positioning accuracy better than two centimeters. Six more satellites launched in October 2026. Four are expected to begin serving early customers in 2027. More than a dozen receiver partners were already tracking Pulsar signals, and the FCC authorized deployment of the commercial constellation.
Who backs it
Future Ventures led the $250 million Series D. Mohari Ventures Natural Capital led the $170 million Series C, and Craft Ventures led the Series B. Earlier investors included MaC Venture Capital, Seraphim Space, Toyota Ventures and Stellar Ventures. SpaceWERX contributed a $20 million STRATFI award.
How the market is moving
Navigation and timing underpin transportation, telecom networks, power grids, financial systems and autonomous machines. Jamming and spoofing have increased demand for independent signals. Xona is building receiver partnerships so its service can reach existing devices instead of requiring a new hardware market.
We wrote this summary from public statements by Xona Space Systems and its investors. It is not investment advice.
Xona Space Systems in the News
- 6 Pulsar Satellites Launched into LEO, Marking the Start of Xona's Production Constellation
- Navigation startup Xona raises $250 million as it begins satellite deployment
- Xona's commercial GPS alternative is about to go live
- Move over, GPS: Navigation satellites in low-Earth orbit are making a comeback
- Xona Opens Burlingame Factory as Pulsar Constellation Moves Toward Scale
Leadership Team
Executive officers and directors listed on Xona Space Systems's Form D filed Oct 23, 2026.
Earlier filings also listed Lewis Jones (director, last listed Jun 2025), Rob Desborough (director, last listed May 2024), Tyler Reid (director, last listed Apr 2022) and Jeff Crusey (director, last listed Apr 2022).