What Ispace Technologies does

ispace, Inc. (TSE: 9348) is a Japan-based commercial lunar exploration company founded in September 2010 by Takeshi Hakamada and the first private space company to list on the Tokyo Stock Exchange (April 2023). The company designs, manufactures, and operates small commercial lunar landers — the Series 1 (HAKUTO-R Mission 1, 2022/2023), the RESILIENCE lander (HAKUTO-R Mission 2, June 2025), and the newly announced ULTRA lander integrating the previously separate Japanese Series 3 and U.S. APEX 1.0 programs — alongside the TENACIOUS micro-rover, with operations spanning Tokyo (HQ), Denver (U.S. subsidiary), Luxembourg (European subsidiary), and a new Saudi Arabia entity established in January 2026. ispace has flown two completed lunar missions that both achieved lunar orbit insertion, deep-space cruise, and in-orbit operations but failed soft-landing attempts, and is developing Missions 2.5 (lunar orbit, as early as 2027), 3 (2028), 4 (2029), and 5 / NASA CLPS CP-12 (2030). Core technology is vertically integrated in-house: GNC software, Terrain Relative Navigation leveraging JAXA SLIM heritage, lunar orbital satellite buses for the planned Lunar Connect constellation, and a Blueprint Moon data platform aggregating imaging, environmental, and resource telemetry.

ispace monetizes primarily through bespoke Payload Service Agreements (PSAs) with government space agencies, national programs, research institutions, private space startups, large industrials, and consumer brands — including NASA CLPS (via Team Draper), ESA MAGPIE (Phase 1 recognized, up to $76M for demonstration), KACST (Saudi Arabia), GISTDA (Thailand), UEL (Korea), University of Leicester, JAL/JALUX (Möbius Ark cultural-ark), Toyota (rover), Kurita Water (lunar water infrastructure), and Shimizu Corporation (lunar data center). Revenue streams include per-mission payload transportation fees, nascent lunar data services (Blueprint Moon), planned subscription-based Lunar Connect communications/positioning services via a planned constellation of at least five lunar orbiting satellites by 2030, government R&D grants (METI SBIR, JAXA Space Strategy Fund), and brand/marketing partnerships such as the JAL ARGO Project.

For the fiscal year ending March 2026, ispace reported net sales of ¥3,307M (a 26% YoY decline due to Mission 5 engine development delays) and "Project Revenue" of ¥5,890M (up 18% YoY). The company is guiding FY March 2027 Project Revenue of ¥9.0B and held approximately ¥34.2B in cash and deposits at the end of Q3 FY March 2026 following a ¥18.2B capital raise completed in October–November 2025. Headcount stands at approximately 300–350 across the Group, following a workforce reduction implemented after the two failed landings and the integration of the ULTRA development under a unified global engineering unit reporting to the CTO.

Name

Ispace Technologies

Legal name

ispace, inc.

Website

http://ispace-inc.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

251–500 employees

Short description

ispace (TSE: 9348) is a Japan-based commercial lunar exploration company that designs and operates small lunar landers, micro-rovers, and payload transportation services for government space agencies, research institutions, and commercial customers worldwide.

Ownership category

akta.pro rank

Product category

Commercial Lunar Transportation Services

NAICS

Guided Missile and Space Vehicle Manufacturing (336414)

SIC

Guided Missiles & Space Vehicles & Parts (3760)

akta.pro primary industry

Spacecraft & Satellites (Civil/Commercial) (IMABACAB)

akta.pro secondary industry

Space Structures, Mechanisms & Thermal Control (IMABACAF)

Keywords

• Lunar transportation services
• Commercial lunar landers
• Payload delivery services
• Lunar data services
• Cislunar communications

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales

Revenue model

1. Payload Transportation Services: Bespoke Payload Service Agreements (PSAs) under which government, research, and commercial customers pay ispace to integrate their hardware (e.g., JAL/JALUX Möbius Ark, UEL SCARAB rover, University of Leicester Raman spectrometer) onto ispace's landers/rovers and deliver it to the lunar surface or orbit. Pricing is mission-specific, multi-year and negotiated as one-off transportation contracts per payload.
2. Lunar Data Services (Blueprint Moon): Sale of processed lunar surface/orbit data — imagery, environmental telemetry, resource information — to government space agencies, universities, research institutions and private companies for mission planning and lunar market entry. Currently nascent; targeted as a recurring/usage-based revenue pillar alongside transport.
3. Lunar Connect Service (planned): Future subscription/usage-based revenue from communications, positioning, observation and Space Situational Awareness services delivered through ispace's planned constellation of five lunar orbiting satellites (commercial services expected as early as 2027 via Mission 2.5). Internal market estimate: at least $3B USD (≈¥450B) annual market by the 2040s.
4. Government Grants and Subsidies: Non-operating income from public R&D grants including METI's Small Business Innovation Research (SBIR) grant for Mission 3, Japan's Space Strategy Fund Phase 2 for Mission 4, and contracts from JAXA (e.g., lunar propulsion study, debris management study) and the European Space Agency (MAGPIE Phase 1 funding up to $76M for subsequent demonstration). Treated as part of the company's "Project Revenue" KPI.
5. Equity Capital Markets: Equity-financed growth capital from third-party share allotments and public offerings — including a ¥18.2 billion (≈$120M) public offering and third-party allotment in October–November 2025 (recognized with DEALWATCH Equity Deal of the Year 2025). Capital is currently the primary funding source while transportation services mature.
6. Brand Marketing / Sponsorship via Lunar Content: Marketing support business line for "space content industries" — companies pay ispace to have their brand/content flown to the Moon (e.g., the Möbius Ark cultural-ark project for JAL Group) as a premium branding and sponsorship vehicle; included as a Business Overview item.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels7 records

Core offering

ispace is a lunar exploration company that designs, manufactures, and operates small commercial lunar landers (Series 1, RESILIENCE, ULTRA) and micro-rovers (TENACIOUS) to deliver customer payloads to the lunar surface and orbit. It sells bespoke Payload Service Agreements (PSAs) to governments, research institutions, and commercial customers, and is building a Lunar Connect satellite constellation for cislunar communications, positioning, and data services.

Product overview

ispace Technologies operates a unified lunar exploration platform combining a fleet of small, lightweight lunar landers — the Series 1 Lander (HAKUTO-R Mission 1), RESILIENCE Lander (HAKUTO-R Mission 2), and the newly announced ULTRA Lunar Lander integrating the previously separate Japanese (Series 3) and U.S. (APEX 1.0) programs — with the TENACIOUS Micro Rover for surface mobility. Around this hardware core, ispace delivers Payload Services (commercial cargo delivery onboard landers and rovers) and Lunar Data Services (collection and distribution of lunar imaging, environmental, telemetry, and resource data). The newest addition, Lunar Connect Service, extends the platform into cislunar space with a planned constellation of at least five lunar orbiting satellites by 2030, providing communication, positioning, observation, and Space Situational Awareness (SSA) under the LunaNet international framework. Together, these offerings form ispace's end-to-end cislunar economy infrastructure for transporting, deploying, and connecting customer assets on and around the Moon.

Differentiator

Problem solved

Functional benefit

Brands

• HAKUTO-R: Flagship commercial lunar exploration mission program with dedicated logo and independent mission branding (Mission 1, Mission 2 - RESILIENCE lander with TENACIOUS rover).
• ULTRA
• Lunar Connect Service

Products and services

• ULTRA Lunar Lander ispace's newest integrated lunar lander combining the Japanese Series 3 and U.S. APEX 1.0 lander programs into a single unified high-quality commercial lander with a new alternative engine. Will serve as the platform for Missions 3 (2028), 4 (2029), and 5 (2030).
• RESILIENCE Lander (HAKUTO-R Mission 2) Second-generation commercial lunar lander optimized for light weight, small size, and reliability. Used in HAKUTO-R Mission 2 (June 2025) for soft landing attempt and rover deployment, leveraging operational experience from the Series 1 Lander.
• Series 1 Lander (HAKUTO-R Mission 1) First commercial lunar lander developed by ispace, optimized for lightweight, small size, and reliability for the first commercial lunar landing. Used in HAKUTO-R Mission 1 (launched 2022).
• TENACIOUS Micro Rover One of the smallest and lightest planetary rovers in the world, designed for lunar surface mobility. Built on the SORATO heritage from Team HAKUTO and Tohoku University's Space Robotics Lab. Features four wheels, terrain traversal capability, 360° HD video and photo, detailed terrain mapping, and customer payload capacity.
• Lunar Connect Service A new business initiative providing communication, positioning, observation, and Space Situational Awareness (SSA) services for cislunar economy customers. Uses ispace's own constellation of at least five lunar orbiting satellites planned for deployment by 2030. Services will comply with LunaNet standards (NASA/ESA/JAXA international framework).
• Payload Services Commercial payload delivery service via ispace's lunar landers and rovers, including onboard rover payloads (requiring mobility) and onboard lander payloads (fixed). Categories include Environmental Information Acquisition, Technology Demonstration, Pharmaceutical/Life Sciences, and Entertainment/Educational payloads. Sold via bespoke Payload Service Agreements (PSAs).
• Lunar Data Services Service providing lunar surface data (imaging, environmental data, telemetry, resources information) to government space agencies, universities, research institutions, and private companies for mission planning and lunar surface development. Backed by "Blueprint Moon" vision.

Quantifiable outcome

• Project Revenue increased 18% YoY to ¥5.89B in FY ending March 2026; forecast ¥9.0B (+50%) for FY March 2027
• +5 more outcomes

Named customers19 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

AI capability3 records

Feature7 records

Partnerships

20 partnerships are on record, tiered flagship, core and minor.

• Japan Airlines (JAL) / JALUX / JAL EngineeringflagshipStrategic or Co-development Partner · 26 May 2026Signed a Payload Service Agreement in May 2026 for ispace's Mission 3 (2028) launching cultural artifacts to the Moon via the 'Möbius Ark' container under the ARGO Trans-Lunar Heritage Project. Builds on a November 2025 MOU among ispace and three JAL Group companies to explore lunar transportation and operations. JAL/JALUX will sell payload capacity to private companies and local governments.
• University of LeicestercoreStrategic or Co-development Partner · 13 May 2026Payload Service Agreement to deliver a Raman analytical spectroscopy instrument to the lunar surface on a future ispace ULTRA mission; co-developed with INTA (Madrid), University of Aberdeen, RAL Space and University of Valladolid; funded under the UK Space Agency Science and Exploration Bilateral Fund. Partnership began with Letter of Support (2022), progressed to Initial PSA in 2024, now full PSA.
• King Abdulaziz City for Science and Technology (KACST)flagshipStrategic or Co-development Partner · 20 April 2026Strategic partnership signed on the sidelines of the Saudi-Japanese Ministerial Forum under 'Invest in Saudi Arabia' to design, manufacture, test and operate advanced lunar exploration technologies (incl. rover systems) and study transporting Saudi payloads to the Moon, aligned with Saudi Vision 2030. Builds on a prior 2025 MOU with King Fahd University of Petroleum and Minerals (KFUPM).
• Shimizu CorporationcoreStrategic or Co-development Partner · 15 April 2026MOU for planning studies on cislunar infrastructure architecture including a lunar surface data center. Joint work covers phased implementation roadmap, construction sites, facility configuration, construction methods, power/thermal/communications management, and commercialization/public-private partnership approaches. Shimizu is also a shareholder (initial investment in 2017) and is developing lunar habitat/inflatable module technologies under Japan's Stardust Program.
• Unmanned Exploration Laboratory (UEL)coreStrategic or Co-development Partner · 31 March 2026Payload Service Agreement to transport UEL's two-wheeled, 2-kg class SCARAB lunar rover to the Moon on ispace's ULTRA lander during Mission 3 (2028). Builds on October 2024 MOU and October 2025 iPSA signed at the International Astronautical Congress; a second rover is planned on a future mission. Marks first Korean rover on the Moon.
• Korea AeroSpace Administration / KARI family (via UEL)minorStrategic or Co-development Partner · 30 March 2026Supporting South Korea's lunar exploration efforts through partnership with UEL (a KARI Family Member Company) to land Korea's first lunar rover on Mission 3 (2028), demonstrating Japan-South Korea collaboration in space technology.
• Argo Space Corp.coreTechnology or Integration · 27 March 2026Agreement for Argo Space Corp. (US) to deliver ispace's first lunar orbit satellite to lunar orbit using an in-space transportation vehicle, enabling the new Mission 2.5 (planned as early as 2027) and the commercial Lunar Connect Service.
• KDDI CorporationcoreStrategic or Co-development Partner · 27 March 2026MOU to jointly explore operation and utilization of ground stations supporting ispace's Lunar Connect Service; KDDI was selected by Japan's Space Strategy Fund in November 2024 for 'Development and Demonstration of a Moon-Earth Communication System (Feasibility Study)'.
• GISTDA (Geo-Informatics and Space Technology Development Agency, Thailand)coreStrategic or Co-development Partner · 17 March 2026MOU signed at the Thailand-Japan Space Industry Cooperation Forum in Bangkok to study feasibility of a Thai-developed life-science payload to the lunar surface under Thailand's National Space Experiment and Exploration program, supporting Thailand's participation in the Artemis Program. Builds on a prior agreement also involving mu Space and Advanced Technology Co., Ltd.
• Digantara (India)coreTechnology or Integration · 22 February 2026Partnership formalized during Prime Minister Modi's visit to Tokyo for the India-Japan Summit to create cislunar situational awareness and domain infrastructure — essentially mapping the orbit around the Moon to monitor space debris for future lunar missions. Digantara previously launched the world's first commercial space surveillance satellite capable of tracking objects as small as 5 cm in Earth orbit.
• European Space Agency (ESA)flagshipStrategic or Co-development Partner · 10 February 2026Phase 1 of the MAGPIE (Mission for Advanced Geophysics and Polar Ice Exploration) project recognized by ESA, with up to $76M USD announced for the subsequent demonstration phase. ispace-EUROPE leads rover development for MAGPIE, Europe's first lunar polar ice exploration mission. ESA funding also recognized in FY March 2026 full-year results.
• DymonminorStrategic or Co-development Partner · 30 January 2026Agreement for development of a payload transportation box for integration into ispace's lunar landers (January 2026).
• JAXA (Japan Aerospace Exploration Agency)flagshipStrategic or Co-development Partner · 16 January 2026Multiple ongoing relationships: (i) selected for Japan's Space Strategy Fund Phase 2 project 'High-Precision Landing Technology in Lunar Polar Regions' (January 2026), leveraging SLIM precision landing heritage; (ii) signed agreement for lunar lander propulsion system study (December 2025); (iii) contract for lunar debris and disposal management study (January 2026); (iv) JAXA is a co-developer of ispace's TRN system.
• Kurita Water IndustriescoreStrategic or Co-development Partner · 4 December 2025Strategic partnership to develop water resource infrastructure on the lunar surface combining ispace's lunar transportation and operations with Kurita's water treatment technology; includes demonstration of water utilization technologies, feasibility assessments and payload integration for commercial lunar missions. Built on March 2025 MOU and an October 2025 third-party share allotment.
• OrbitAIDminorStrategic or Co-development Partner · 23 October 2025MOU aimed at developing sustainable lunar infrastructure; signed October 2025.
• ToyotaflagshipStrategic or Co-development Partner · 22 October 2025Toyota providing support for next-generation small-sized rover development. Rover to fly on ispace's Mission 3 (2028); previously referenced as a 'rover developed with guidance from Toyota' on the JAL ARGO project.
• Taiwan Space Agency (TASP)coreStrategic or Co-development Partner · 1 October 2025Selected for Taiwan Space Agency's lunar mission payloads — ispace will provide payload delivery services for TASP payloads on a future mission.
• Space Kidz India (Mission ShakthiSAT)minorStrategic or Co-development Partner · 16 January 2025Partnership to fly the second ShakthiSAT satellite (built by 12,000 girls from 108 countries) to the Moon on an ispace mission planned for 2027, as part of the first female-led lunar satellite mission. Supported by ISRO, IN-SPACe and UK-based Meridian Space Command.
• King Fahd University of Petroleum and Minerals (KFUPM)minorStrategic or Co-development Partner · 1 January 2025Earlier (2025) MOU on capability development for future lunar exploration opportunities in Saudi Arabia, preceding the KACST strategic partnership.
• Draper LaboratoryflagshipStrategic or Co-development Partner · 11 October 2018Long-term exclusive partnership for lunar missions dating to October 2018; ispace is part of Team Draper (Commercial Mission 1) and selected to deliver NASA's CLPS Task Order CP-12 with the ULTRA lander. Mission 5 (formerly Mission 3) is targeted to the Schrödinger Basin at the lunar south pole; launch proposed for 2030 pending NASA approval.

Scale indicators13 records

Recent moves10 records

Expansion highlights8 records

Direct peers

• Firefly Aerospace: U.S. commercial lunar lander provider (Blue Ghost) with an active NASA CLPS contract; directly comparable to ispace in mission profile, customer set (NASA), and business model (commercial payload delivery).
• Intuitive Machines: U.S. publicly listed (LUNR) commercial lunar lander company and direct CLPS competitor; both companies compete for the same NASA CLPS task orders and commercial payload customers, and Intuitive Machines has achieved the first U.S. soft lunar landing, putting competitive pressure on ispace's flight-heritage narrative.
• Astrobotic Technology: U.S. commercial lunar lander company developing the Peregrine and Griffin landers under NASA CLPS task orders; directly comparable to ispace as a peer CLPS payload-transport provider serving the same government and commercial customer base.

Emerging players

• Draper Laboratory: Non-profit prime contractor of Team Draper for NASA CLPS CP-12, of which ispace is a member; comparable as a CLPS ecosystem participant and partner/competitor for lunar lander task orders.
• Argo Space Corp. U.S. in-space transportation startup partnering with ispace to deliver its first Lunar Connect satellite to lunar orbit (Mission 2.5); an emerging peer in cislunar logistics with directly relevant technology overlap.
• Digantara: India-based space situational awareness company partnering with ispace on cislunar SSA; comparable as an emerging player in lunar-orbit data and domain awareness services that overlaps with the future Lunar Connect Service.

Broad incumbents

• SpaceX: Broad commercial space incumbent providing launch services used by ispace (HAKUTO-R Mission 1 launched on Falcon 9) and increasingly offering Starship-based lunar services; represents both a critical partner and a long-term competitive threat.
• Blue Origin: Broad commercial space incumbent developing Blue Moon lander for NASA Human Landing System; offers a much larger portfolio overlapping with ispace's payload transport ambitions, with deep government relationships.
• Rocket Lab: Publicly listed (RKLB) commercial space company with launch and space systems businesses; comparable as a publicly traded small/mid-cap space company building recurring commercial services, though not directly in lunar landers.
• Relativity Space: Commercial launch and space infrastructure company (Terrans R family); comparable as a publicly listed, well-capitalized space company pursuing end-to-end commercial services, with adjacent exposure to the cislunar market.

Market position

Strengths5 records

Weaknesses6 records

Competitive moat6 records

Key risks4 records

Key highlights7 records

Customer concentration

• Xx.com/ispace_inc
• YouTubeyoutube.com/@ispace9464/streams
• Facebookfacebook.com/ispace.technologies.inc
• LinkedInlinkedin.com/company/ispace-inc
• Instagraminstagram.com/ispace_inc

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries3 records

Funding overview

Funding rounds10 records

Investors27 records

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M&A

Investments

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Frequently asked questions about Ispace Technologies