The investment in Muon Space’s $250 million Series C reflects I Squared’s InfraTech® strategy of backing growth-stage physical AI companies transforming critical infrastructure and systems.

I Squared Capital has invested in Muon Space, a vertically integrated provider of managed orbital services, as part of the company’s $250 million Series C financing. The oversubscribed round was led by Eclipse, with participation from I Squared and other new and existing investors.

Muon designs, builds, and operates high-performance satellite constellations for commercial, government, and national security customers. Its Mission Foundry integrates mission design, spacecraft, payloads, software, operations, and data into a single platform, helping customers deploy advanced space capabilities in months rather than years.

The company’s flagship FireSat program, developed with the Earth Fire Alliance and Google.org, is building a constellation purpose-built for global wildfire detection. FireSat was named one of TIME’s Best Inventions of 2025, highlighting the potential for space-based infrastructure to improve the speed, accuracy, and reach of critical environmental monitoring.

The new capital will support the production of large-scale constellations, the expansion of Muon’s dual-use spacecraft platforms, and growing demand from commercial, government, and international sovereign customers. Muon is also investing in advanced payloads, on-orbit AI computing, and real-time satellite connectivity.

Muon has deployed 11 satellites across six launches, with more than 50 additional satellites in development. Its recently opened San Jose manufacturing facility is designed to produce up to 500 satellites annually by 2027, providing the capacity to support a growing pipeline of constellation programs.

The investment reflects the InfraTech® strategy’s focus on growth-stage physical AI companies applying advanced hardware, software, and data to real-world infrastructure challenges. Muon’s integrated model brings these capabilities together to support applications across environmental monitoring, communications, computing, and critical-system security.

By backing companies that combine technological innovation with tangible infrastructure applications, InfraTech® seeks to support the development and commercial adoption of technologies that can improve the intelligence, resilience, and performance of essential systems.

Read the full announcement from Muon >

Media Contacts

I Squared Capital
Dominic McMullan / Sofie Brewis
info@isquaredcapital.com

Disclaimers

This document does not constitute advice or a recommendation or offer to sell or a solicitation to deal in any security or financial product. It is provided for information purposes only. Investing involves risk, loss of principal is possible. Specific investments described herein do not represent all investment decisions made by ISQ. The reader should not assume that investment decisions identified and discussed were or will be profitable. Specific investment advice references provided herein are for illustrative purposes only and are not necessarily representative of investments that will be made in the future.