Varda raises $251 million Series D at a reported $1.6 billion valuation

Varda Space Industries/W-series capsules

Varda Space Industries announced a $251 million Series D led by Lux Capital and Natural Capital, taking its total funding to $598 million. Varda makes pharmaceuticals in orbit: its W-Series spacecraft process materials in microgravity and bring them back in a reentry capsule.

• Founders Fund, Khosla Ventures, General Catalyst and several other investors also joined the round.
• The $1.6 billion valuation is reported by Payload, not stated in the announcement.
• Varda has not yet produced its first medicine in space; its stated goal is a drug made in orbit and then used on Earth.
• W-8 and W-9 were set to launch on SpaceX's Transporter-18 rideshare as soon as October 1.
• W-8 carries sensors and thermal protection materials for a US military study; W-9 carries a Defense Department payload testing navigation during hypersonic flight.