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Space tech funding to startups may be down, but that did not stop from scooping up $350 million.

The round was led by Saudi Arabia’s and Korean health care company . Axiom did not release a valuation, but it is now valued at more than $1 billion.

The Houston-based startup is building a commercial space station. The station鈥檚 first module is under construction and is scheduled to launch by 2026. The firm also has a long-term contract worth $1.26 billion to provide 鈥淓xploration Extravehicular Activity Services鈥� and spacesuits for use on the moon and in other space programs.

鈥淲e are honored to team with investors like Aljazira Capital, Boryung and others, who are committed to realizing the Axiom Space vision,鈥� said Axiom Space CEO and president in a . 鈥淭ogether, we are working to serve innovators in medicine, materials science, and on-orbit infrastructure who represent billions of dollars in demand over the coming decade.鈥�

Funding slowdown in space

Despite Axiomn鈥檚 big raise, funding in space tech has had problems taking off this year.

Space tech funding rocketed to the stars in 2021, hitting an all-time high of $12.1 billion in more than 450 deals. Then, despite the slowdown in venture funding last year, the sector only saw about a 25% decline, with space tech startups raising $9 billion in just under 400 deals.

However, this calendar year startups have seen less VC love, raising under $3 billion in about 200 deals, per Crunchbase .

Axiom鈥檚 raise in the space is the largest nonsecondary offering this year. recently made headlines as it became the second most valuable private company 鈥� worth a $150 billion 鈥� in the world, but that was from a $750 million secondary offering.

The biggest venture round this year before Axiom鈥檚 raise was San Francisco-based satellite developer 鈥� $200 million round at a $1.6 billion valuation, . The new deal was led by .

Founded in 2016, Axiom says it has now raised $505 million.

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