Sierra Space Raises $550 Million, Lifting Value to $8 Billion

Sierra Space Corp. has raised $550 million, fueling its drive to become a defense contractor for the US government.

The new capital will enable Sierra Space, which develops satellites and spacecraft, to expand production capacity and further build out its national security capabilities, the company said in a statement. The financing brings the company’s total valuation to $8 billion.

The funding round was led by LuminArx Capital Management, with participation from existing investors, including General Atlantic, Coatue and Moore Strategic Ventures. Sierra Space is backed by Turkish billionaire couple Fatih and Eren Ozmen.

The Colorado-based company, ...