Participated · Equity · Oct 2025

iSpace builds and operates robotic lunar landers aimed at transporting scientific and commercial payloads to the Moon. Although it has flown two missions, the company has yet to achieve a successful soft landing. Management is now focused on Mission 3 (target launch 2027) and Mission 4 (target launch 2028), which incorporate hardware upgrades intended to improve landing reliability. The firm recently secured new contracts, including a ¥6.4 B deal with JAXA for a lunar water-sensing satellite, a $22 M payload agreement with Magna Petra for Mission 3, and an $8 M delivery contract with the Taiwan Space Agency for Mission 4. Financially, iSpace reported first-quarter FY2025 net losses of ¥2.88 B ($19.2 M), nearly double the prior-year period, and ended the quarter with ¥26.4 B ($175.6 M) in cash—of which ¥15 B ($99.8 M) came from short-term loans. To fund upcoming missions and offset widening losses, the company is turning to the equity markets for additional capital. Proceeds are earmarked for ¥4.8 B to Mission 3 development, ¥9.5 B to Mission 4 work, and ¥4 B for general working capital.