Turkish Plan-S targets $400M valuation with $40M funding – Türkiye Today
Plan-S, the satellite and space technology arm of Türkiye’s Kontrolmatik, is set to raise $40 million in its first equity funding round.
The move, announced by Kontrolmatik Chairman Sami Aslanhan on Monday, aims to value the company at $400 million.
Funding details, investment goals
The investment round, managed by the investment arm of state-run Ziraat Bank, seeks to attract both institutional and individual investors from Türkiye and abroad.
Proceeds from the funding will be directed toward research and development, as well as expanding Plan-S’ satellite fleet from its current five test models in low-Earth orbit to 22 by July 2025, with a long-term goal of exceeding 200 satellites by 2030.
Plan-S: Rising player in satellite technology
Plan-S, established in 2021, is a private initiative in Türkiye’s space technology industry, prioritizing innovation and commercialization in satellite technology.
Plan-S’ satellites, manufactured in Türkiye and launched by Elon Musk’s SpaceX, are designed for Earth observation and facilitating connections within the Internet of Things (IoT).
The company’s strategic growth aligns with Türkiye’s national space strategy, announced in 2022, which includes plans to train astronauts and develop a domestic spaceport by the decade’s end.
Future plans, ownership
Sami Aslanhan, who holds a 44.5% personal stake in Plan-S alongside Kontrolmatik’s 25% share, anticipates the funding round to close by September.
Looking ahead, Plan-S has set its sights on a Nasdaq listing by 2027-28, positioning itself as a significant player in the global satellite industry.
Türkiye’s National Space Program
The Turkish Space Agency outlines the goals of its National Space Program, aiming to advance the country’s technological capabilities and reduce dependence on foreign resources. The program seeks to position Türkiye as a significant player in the global space sector.
The agency’s objectives include the development of necessary technologies, infrastructures, and skills within the space domain. The program also aims to strategically plan and oversee the use of space technologies as a driver for national development. This includes advancing current accomplishments through sustainable and indigenous technological growth.
Further goals include contributing to global scientific knowledge and progress, as well as increasing public awareness of space initiatives, particularly among young people in Türkiye.
