K2 Space raises $500 million for large satellites

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K2 Space, a startup that builds large satellites for high-power tasks such as data-heavy communications and defense missions, raised $500 million in a new funding round that it plans to announce Thursday. The new money values the company at $6.8 billion and includes investors such as Kleiner Perkins and Iconiq. The capital increase provides the company with funding to advance production and development of large, high-power spacecraft, which has implications for satellite manufacturing capacity and for communications and defense capabilities that rely on such platforms.

K2 Space raised $500 million and is valued at $6.8 billion