Asian Startups Race To Join Global Launch Market As SpaceX Prepares For Record IPO

Startups across Australia, India, Japan, and South Korea are racing to enter the global space launch market, which was worth about $15 billion in 2023 and is projected to nearly triple to $41 billion by 2030, according to Grand View Research. South Korean startup Unastella recently closed a $24 million Series B, bringing total funding to $44 million, and launched its Una Express-I rocket from Korean soil in May 2025.

Unastella’s Technology And Strategy
Unastella uses a kerosene and liquid oxygen propulsion system, a proven combination also used by SpaceX’s Falcon series, and swapped the traditional turbo pump for an electric motor pump that Rocket Lab has validated in flight. The electric pump is heavier and reduces payload capacity, but founder and CEO Jae Park said the tradeoff is deliberate to get to market fast as a commercial launch company rather than an R&D group.

Operations And Leadership Background
The company handles design, manufacturing, ground operations, and flight data in-house, and the UNA EXPRESS-I launch was the first real-world end-to-end test of the full system. Park spent his career on rocket engines, working on Korea’s Nuri rocket at KARI, then on European launch vehicle engines at the German Aerospace Center, before founding Unastella.

Funding And Near-Term Goals
Unastella is not yet generating revenue, but Altos Ventures led the Series B with participation from Korea Development Bank, Strong Ventures, Hana Ventures, and others. The startup’s near-term focus is validating technology and business model through orbital launches, with crewed suborbital spaceflight as a longer-term goal.

UNA EXPRESS-II And Institutional Support
UNA EXPRESS-II is targeted for next year and reaching 100 kilometers would mark a significant milestone that Park believes will open partnerships with South Korea’s major aerospace and defense firms. Korea’s national space agency flew components on UNA EXPRESS-I, and KARI transferred electric motor pump technology to the company.

South Korea’s Launch Sector Landscape
Hanwha Aerospace took over full technology rights for the government-built Nuri rocket last year, while startups Innospace and Perigee Aerospace are also competing; none have yet achieved a commercial orbital launch. The Korea Aerospace Space Agency, established in 2024, committed $266 million over seven years to build launch infrastructure as the government bets on the private sector to lead.

Competition Across Asia
China leads the regional race with multiple launches from Galactic Energy, LandSpace, and iSpace. Japan’s H3 rocket completed its first successful launch in 2024, and startup Interstellar Technologies is building a small vehicle. In Australia, Gilmour Space attempted its first orbital launch this year, while New Zealand-founded Rocket Lab remains the only Asian-founded company with a commercially viable launch business.

Featured image credits: Magnific.com

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