September 16, 2026

A&G participates in a €300 million funding round for Open Cosmos, three years after spearheading its growth and international expansion

Alternative Investments

Open Cosmos, a European satellite and space infrastructure manufacturer headquartered in Barcelona, Spain, has closed a €300 million funding round. A&G is once again actively participating in the company’s equity through the A&G Energy Transition Tech Fund, the asset management firm’s vehicle specializing in energy transition and industrial transformation, after having led its previous round in 2023.

The transaction was led by a group of European investors, including A&G, as well as Lightrock, ETF Partners, the Institut Català de Finances (ICF), and Entrepreneurs First, along with two major international pension funds. The investment will be used to expand the company’s satellite mass production capacity and accelerate the rollout of its intelligence and connectivity services.

From Promising Technology to Industrial Capacity

When A&G invested in Open Cosmos in 2023, the company had cutting-edge technology and a team capable of implementing it. What has happened since then is, above all, a story of growth and innovation: the team has successfully translated that technology into specific use cases that support the energy and industrial transition and secure communications. This evolution has led to industrialisation, production capacity and job creation. Today, Open Cosmos operates four production facilities in Europe -one of them in Barcelona- with the capacity to manufacture up to one satellite per day. The company has achieved five consecutive years of profitable growth, employs nearly 400 people in Europe, and maintains a high success rate for all satellites launched to date. Over the past three and a half years, it has signed new contracts worth approximately 320 million euros with European governments, space agencies, and major companies in the energy and infrastructure sectors.

This ability to execute has also been evident in its timelines. Just two and a half months after obtaining authorisations for the use of Ka-band spectrum, the company had designed, manufactured, and launched the first satellites for ConnectedCosmos, its sovereign communications service.

A Spanish company in a strategic sector for Europe

Spain is home to some of Open Cosmos’s most important assets. Barcelona houses the company’s Spanish headquarters and a recently expanded cleanroom where satellites are designed, manufactured and assembled for domestic and international clients, with additional operations in the Balearic Islands, Andalusia, and the Canary Islands. From Spain, the company leads the Spanish Atlantic Constellation, one of the main Earth observation initiatives driven by public administrations to strengthen the country’s strategic and technological capabilities.

The context is favorable: European governments are increasingly treating space systems as critical infrastructure and are bolstering their investment in sovereign communications and Earth observation to reduce dependence on non-European infrastructure. According to Pitchbook’s report titled ‘2026 Vertical Snapshot: Space Tech’, venture-backed space companies raised $11.3 billion in the first half of 2026, surpassing the $10.1 billion raised in all of 2025.

An Integrated System, Not Just Satellites

Open Cosmos' offering combines four capabilities: OpenOrbit, which designs, manufactures, and operates satellites; OpenConstellation, its shared constellation, which allows governments and organizations to access space infrastructure without deploying it on their own; ConnectedCosmos, which securely connects satellites, orbit, and Earth via sovereign broadband and the Internet of Things; and DataCosmos, which converts imagery and sensor data into operational intelligence. OpenConstellation’s new generation of satellites, featuring on-board artificial intelligence processing and satellite-to-satellite communications, has reduced the time to access Earth observation data from 48 hours to about 30 minutes.

Juan Diego Bernal, Managing Director of the A&G Energy Transition Tech Fund and a member of Open Cosmos’s board of directors, notes that “we are very proud to have supported a Spanish company like Open Cosmos, having already led its previous funding round in 2023. Since then, we have seen how the company has turned ambitious technology into a true industrial capability. Its growing presence in Spain, including its leadership of the Spanish Atlantic Constellation, demonstrates the role it can play in strengthening Europe’s space sovereignty. We believe Open Cosmos is the leading European company in the aerospace sector, and this new round -in which we are once again actively participating-reflects the market’s recognition of its position and potential.”

The investment aligns with the investment philosophy of the A&G Energy Transition Tech Fund, which focuses on European technology companies with innovative models or products in the fields of energy transition and industrial transformation. The fund invests in these companies with a long-term commitment, including representation on their governing bodies.