Gilmour Space Technologies
Australian rocket maker building the Eris orbital launch vehicle and Bowen spaceport.
On the record
Checkpoint: Eris TestFlight2 launch attempt, first orbital try since 2025 crash
The call
Gilmour holds ground foreign rockets can't reach, but still has to prove Eris can reach orbit at all.
Gilmour Space Technologies builds rockets to launch small satellites into orbit from Australia. It has real advantages that are hard to copy: it is the only company allowed to launch rockets from Australian soil, it has special relationships with Australia's defence department, and foreign companies like SpaceX and Rocket Lab cannot easily get those same permissions. However, its first test rocket crashed just 14 seconds after launch in July 2025, so nobody knows yet if the actual rocket works. The company's whole future depends on whether its next test flight succeeds in late 2026; if it does, the company looks much stronger, but if it fails, the bet falls apart. Even if the rockets work, SpaceX already offers cheap rideshare flights for small satellites, which makes it harder for Gilmour to make money on each launch.
Why
01
AI pressure: None apparent. No AI product replaces rocket building; AI mainly feeds demand via satellite and defence customers needing launch. Could AI do the core job? Unlikely.
02
Bigger players: SpaceX Transporter rideshare program. SpaceX's cheap rideshare slots undercut small-launch pricing, squeezing margins Gilmour needs on 300kg payloads. Could a giant copy it? No, they are blocked.
03
What protects it. Australia's only licensed orbital spaceport plus sovereign defence ties SpaceX and Rocket Lab cannot get.
What would change this call
Eris TestFlight2 launch outcome (targeted Q4 2026). Whether Gilmour can reach orbit at all, the core unproven capability.
Hyperflight hypersonic sub-orbital debut (~Aug 2026, pending approval). Nearer-term proof point that could de-risk defence relationship independent of orbital success.
Renewal or expansion of Australian Defence/DSTG contracts after TestFlight1 failure. Whether sovereign-defence backing survives a launch failure.
Hyperflight hypersonic sub-orbital debut (~Aug 2026, pending approval). Nearer-term proof point that could de-risk defence relationship independent of orbital success.
Renewal or expansion of Australian Defence/DSTG contracts after TestFlight1 failure. Whether sovereign-defence backing survives a launch failure.
Key numbers
- TestFlight1 crashed 14 seconds after liftoff
- Series E raised A$217M, valuation above A$1B
- Eris Block 1 targets 300kg to LEO
Named risks
- Second consecutive orbital test failure could collapse government and investor confidence.
- Unproven unit economics for 300kg payloads against SpaceX rideshare pricing.
- Analyst scrutiny of A$1B-plus valuation with no orbital success yet, noted 2026-02-24.
- Regulatory delays from Australian Space Agency or CASA could push TestFlight2 or Hyperflight timelines.
- Hyperflight hypersonic program draws political sensitivity over weapons-testing perception.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| SpaceX | contesting | Transporter rideshare compresses small-launch pricing; Gilmour still pre-orbit as of 2025-07-30 crash |
| Rocket Lab | losing to | Rocket Lab reached orbit years earlier; Gilmour's TestFlight1 crashed 2025-07-30 |
| Southern Launch | contesting | Australian range operator raised A$25M for infrastructure, June 2026 |
| HyImpulse | contesting | German hybrid-propulsion peer flew SR75 suborbital at Koonibba, May 2024 |
Questions people ask
- Is Gilmour Space Technologies profitable?
- No. As of 2026-07-24 Gilmour has no public revenue figures and remains pre-revenue on launch services, having not yet reached orbit after its July 2025 test flight crashed 14 seconds after liftoff.
- Has Gilmour Space actually reached orbit yet?
- Not yet. Eris TestFlight1 crashed 14 seconds after liftoff on 2025-07-30 due to loss of engine thrust, confirmed by an April 2026 investigation. Eris TestFlight2 is targeted for Q4 2026 to attempt orbit.
- Who owns Gilmour Space Technologies?
- Gilmour Space is privately held, founded by brothers Adam and James Gilmour, with no public listing. Its Series E round, announced 2026-01-20 at A$217M, pushed valuation above A$1B, backed by Australia's National Reconstruction Fund Corporation and Hostplus.
- Is SpaceX Gilmour Space's biggest competitor?
- SpaceX's Transporter rideshare compresses small-launch pricing globally, but Gilmour's real edge is Australia's only licensed orbital spaceport and sovereign-defence contracts SpaceX cannot access, making the rivalry more structural than head-to-head as of 2026-07-24.
- Could AI replace Gilmour Space's engineers?
- Unlikely. Gilmour's core value is physical hardware, propulsion, licensed launch infrastructure (Bowen Orbital Spaceport, licensed March 2024) and defence relationships, activities frontier AI has no path to replace as of 2026-07-24.
- How much funding has Gilmour Space raised?
- Gilmour raised A$217M (~US$145M) in a Series E announced 2026-01-20, following A$55M in Series D in February 2024 and roughly A$61M in Series C funding around mid-2021, pushing its valuation above A$1B.
Timeline
- 2026-06-24Announces Hyperflight hypersonic sub-orbital test line, first flight targeted around August 2026
- 2026-04-24Concludes TestFlight1 investigation, attributes crash to loss of engine thrust
- 2026-01-20Raises A$217M Series E, valuation tops A$1B, backed by NRFC
- 2025-07-30Eris TestFlight1 crashes 14 seconds after Australia's first homegrown orbital launch attempt
- 2024-03Bowen Orbital Spaceport licensed as Australia's first orbital launch facility
- 2024-02-19Raises A$55M Series D led by Queensland Investment Corporation
- 2022-05-08Signs Australian Defence contract to build and launch prototype G-class satellite
- 2021-06Raises roughly A$61M Series C backed by Fine Structure Ventures
- 2020-05-14Signs strategic R&D agreement with Defence Science and Technology Group
Revision history
24 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- First Australian-made rocket crashes 14 seconds into flight (2025-07-30)
- Update on Eris TestFlight1 Investigation (2026-04-24)
- Gilmour Space receives federal funding boost for homegrown rockets (2026-01-20)
- Gilmour Space
- Gilmour Space Wins Million$$ Contract to Build and Launch Prototype Australian Defence Satellite (2022-05-08)
- Gold Coast rocket company Gilmour Space Technologies wins defence agreement (2020-05-14)
- Gilmour Space secures major Australian investment to scale sovereign space capability (2026-01-20)
- Gilmour Space Technologies (2026-06-22)
- Launch vehicle startup Gilmour Space raises $36 million (2024-02-19)
- Deal focus: Australia's Gilmour Space aims for the stars (2024-07-23)
- Gilmour Space builds defence capability with first hypersonic rocket test in North Queensland (2026-06-24)
- Gilmour Space Technologies Company Overview