Axiom Space, a Houston-based space company, has secured US$350 million in funding led by Saudi's Aljazira Capital and Korean healthcare investment firm Boryung, the firm disclosed on Monday.
Axiom specialises in training and dispatching both private and governmental astronauts for missions to the International Space Station (ISS) in collaboration with SpaceX.
The company is also at the forefront of developing advanced human spaceflight technologies, including a commercial space station and a lunar spacesuit.
Axiom intends to use the capital injection for ongoing development projects. As of Monday, the company has amassed over US$2 billion in customer contracts.
Axiom has successfully sent two crews to the ISS, with the Ax-2 mission being the latest. Furthermore, the firm is on track to launch its inaugural space station module by 2026.
Aljazira Capital's chief executive and managing director Naif Almesned said the investment aligns with "Saudi Vision 2030's transformative approach".
Vision 2030 encompasses Saudi Arabia’s plans for economic diversification in international competitiveness as the world turns away from the kingdom’s primary export oil.
Jay Kim, chairman of Boryung, stated: “We recognize the depth of human spaceflight knowledge and the level of space station construction and management experience at Axiom Space, as well as the sophistication of the company’s sales and business strategy.”