Balerion Space Ventures
Balerion Space Ventures is a Dallas-based venture capital firm investing in early to mid-stage space, defense, and deep technology companies. Fund II approaches $200 million, with 13+ portfolio companies deployed across dual-use space and national security technologies.
- Company typePrivate
- Founded2021
- HeadquartersDallas, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Balerion Space Ventures does
Balerion Space Ventures is a Dallas, Texas-based venture capital firm founded in 2021 that invests in early to mid-stage private companies across space, defense, and deep technology sectors. The firm is led by General Partners Phil Scully, Daniel Kleinmann, and Daniel Wallman, supported by a small multi-disciplinary team with aerospace engineering and institutional investing backgrounds and three advisors including an ex-NASA CTO. The firm is approaching a $200 million final close on Fund II and has deployed capital across more than 13 portfolio companies, with three portfolio companies reaching unicorn status across three funds managed since the predecessor Explorer 1 vehicle.
The investment thesis centers on dual-use space and national security technologies. Portfolio companies span the full space infrastructure stack: launch and propulsion (Stoke Space, Relativity Space, Dawn Aerospace, X-Bow Systems, Ursa Major), in-space logistics (Impulse Space), commercial space stations (Vast, Voyager Technologies), satellite buses and ground networks (Apex Space, Northwood Space), in-space manufacturing (Varda Space Industries), defense technology (Anduril Industries), advanced manufacturing (Machina Labs), critical minerals (Magrathea Metals), and frontier nuclear energy (Valar Atomics, Antares Industries). The firm operates through both led and co-led rounds, with leadership positions in Vast's $500 million Series A and Dawn Aerospace's $25 million Series B among the largest disclosed 2025-2026 deals.
The business model follows standard venture capital mechanics. Management fees are charged on committed capital under management, and carried interest is earned on successful exits; the firm does not publicly disclose fee or carry terms. Capital is raised from institutional and accredited limited partners, and the firm offers co-investment opportunities alongside the main fund. As of April 2026, the firm appointed its first CFO (Beau Spradling) and formalized a Texas headquarters, signaling the institutional maturation typical of a fund approaching a step-up in size. The firm markets itself through its website, a Substack research publication, conference presence, and LinkedIn activity by team members.
Balerion Space Ventures firmographics
Firmographics- Name
- Balerion Space Ventures
- Legal name
- Balerion Space Ventures
- Website
- https://balerionspace.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Balerion Space Ventures is a Dallas-based venture capital firm investing in early to mid-stage space, defense, and deep technology companies. Fund II approaches $200 million, with 13+ portfolio companies deployed across dual-use space and national security technologies.
- Ownership category
- akta.pro rank
Balerion Space Ventures industry classification
Industry- Product category
- Venture Capital
- NAICS
- Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259), Guided Missile and Space Vehicle Manufacturing (336414)
- SIC
- Investment Advice (6282), Guided Missiles & Space Vehicles & Parts (3760)
- akta.pro primary industry
- Equipment Financing / Leasing (Venture-backed) (FSANAIAE)
- akta.pro secondary industries
- Space Logistics & In-Orbit Servicing (Refueling, Tug, Debris Removal) (IMABACAM), Military Space Systems (Defense Spacecraft) (IMABACAC), Space Defense & Missile Warning (BPAIAHAF)
Keywords
Where Balerion Space Ventures is headquartered
LocationHeadquarters
- HQ city
- Dallas
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Balerion Space Ventures business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D
Revenue model
- Management Fees: Venture capital fund management fees typically charged as a percentage of committed capital under management
- Carried Interest: Performance-based carry from successful portfolio company exits and liquidity events
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
Balerion Space Ventures product offering
Product offeringCore offering
Balerion Space Ventures is a venture capital firm that invests in early to mid-stage private companies building technologies for space, defense, and deep technology sectors. Its flagship product is Fund II, a $200 million vehicle that deploys capital through led and co-led equity rounds into startups developing dual-use space infrastructure, propulsion, satellite platforms, space stations, nuclear power, and advanced manufacturing. The firm also offers co-investment opportunities alongside the main fund for additional capital deployment.
Product overview
Balerion Space Ventures operates as a venture capital investment firm offering a unified fund product (Fund II, targeting $200 million) and co-investment opportunities. The firm invests in founders building technologies for the space frontier and national security, with capital deployed across portfolio companies including Anduril, Impulse Space, Valar Atomics, Varda Space, Apex Space, Voyager Technologies, Northwood Space, Vast, Magrathea Metals, Dawn Aerospace, Relativity Space, X-Bow, Fabri, Machina Labs, Stoke Space, Armada AI, and others in the space, defense, and deep technology sectors.
Differentiator
Problem solved
Functional benefit
Products and services
- Fund II A $200 million venture capital fund focused on space, defense, and deep technology investments, nearing final close with capital deployed across 13+ portfolio companies including Anduril, Impulse Space, Varda Space, Apex Space, Voyager Technologies, Stoke Space, Relativity Space, and others. Designed for institutional and accredited limited partners seeking exposure to the space and national security economies.
- Co-Investment Opportunities Strategic co-investment opportunities alongside the main fund, providing additional capital deployment options for investors in space and defense sectors. These allow limited partners to participate in specific portfolio company rounds beyond their fund commitment.
Companies that use Balerion Space Ventures
Customer profileNamed customers10 records
Segments3 records
Ideal customer profiles2 records
Balerion Space Ventures technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Balerion Space Ventures partnerships and signals
Strategic signalScale indicators4 records
Recent moves7 records
Expansion highlights5 records
Balerion Space Ventures competitors and assessment
Company assessmentDirect peers
- Space Capital: Space-focused venture capital firm investing in space economy startups. Direct peer as both are early-to-growth stage VCs specifically targeting space and dual-use technology companies.
- Seraphim Space: Space-focused venture fund manager with multiple space-specific funds. Direct peer as a space-dedicated VC firm investing across space infrastructure, satellite, and downstream applications.
- Type One Ventures: Venture capital firm investing in space, defense, and frontier technology startups. Direct peer with overlapping focus areas in dual-use technologies and space infrastructure.
- C5 Capital: Venture capital firm focused on space, cybersecurity, and national security. Direct peer given shared emphasis on defense-adjacent and space economy investments.
- Andra Capital: Space-focused venture capital firm investing across the space economy. Direct peer as an early-to-mid stage space VC with comparable investment approach and sector focus.
- Starbridge Ventures: Venture capital firm investing in space and dual-use technology startups. Direct peer given shared focus on space economy and national security sectors with similar check sizes and stage focus.
Broad incumbents
- Lux Capital: Deep tech venture capital firm investing in space, aerospace, defense, and frontier technology. Comparable as a broader deep tech VC with significant space/defense exposure across portfolio.
- Founders Fund: Major venture capital firm with notable space investments including SpaceX. Comparable as a large generalist VC with significant space economy exposure and defense-tech focus.
- In-Q-Tel: Strategic venture capital firm affiliated with the U.S. intelligence community, investing in space and national security technologies. Comparable as a defense-and-space focused strategic investor.
Others
- Lockheed Martin Ventures: Corporate venture arm of Lockheed Martin investing in defense and space startups. Comparable as a co-investor in multiple Balerion portfolio companies and a strategic capital source in the space/defense ecosystem.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
Balerion Space Ventures social profiles
Digital presenceBalerion Space Ventures financial estimates
Financial estimateRevenue estimate
Valuation estimate
Balerion Space Ventures leadership team
Management profileNumber of profiles
Profiles10 records
Balerion Space Ventures funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Balerion Space Ventures M&A and investment
M&A and investmentM&A
Investments22 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Balerion Space Ventures
What does Balerion Space Ventures do?
Balerion Space Ventures is a venture capital firm that invests in early to mid-stage private companies building technologies for space, defense, and deep technology sectors. Its flagship product is Fund II, a $200 million vehicle that deploys capital through led and co-led equity rounds into startups developing dual-use space infrastructure, propulsion, satellite platforms, space stations, nuclear power, and advanced manufacturing. The firm also offers co-investment opportunities alongside the main fund for additional capital deployment.
Is Balerion Space Ventures a public or private company?
Balerion Space Ventures is a private company. It is classified as management employee owned and is currently operating.
When was Balerion Space Ventures founded?
Balerion Space Ventures was founded in 2021. It employs 1 to 10 people.
Where is Balerion Space Ventures based?
Balerion Space Ventures is headquartered in Dallas, United States, in the North America region.
How does Balerion Space Ventures make money?
Two revenue lines are on record. Management Fees are the primary driver. The others are carried Interest.
Who are Balerion Space Ventures's main competitors?
Direct peers on record are Space Capital, Seraphim Space, Type One Ventures, C5 Capital, Andra Capital and Starbridge Ventures. Broad incumbents are Lux Capital, Founders Fund and In-Q-Tel. Lockheed Martin Ventures is listed as an others.
Does Balerion Space Ventures have an API?
No public API is recorded for Balerion Space Ventures.
What industry is Balerion Space Ventures in?
Balerion Space Ventures's product category is Venture Capital. Its primary akta.pro industry code is FSANAIAE, Equipment Financing / Leasing (Venture-backed), with a secondary code of IMABACAM, Space Logistics & In-Orbit Servicing (Refueling, Tug, Debris Removal). Its NAICS code is 52394 and its SIC code is 6282.