Northwood Space raises $375M at $2B valuation

What did Northwood Space announce on November 2?

Northwood Space announced that it has closed a $375 million Series C financing on November 2, 2026. TechCrunch and SpaceNews reported that the round valued the company at $2 billion.

The company said the financing, together with a separate agreement with HSBC Innovation Banking, will support scaling, hiring and fulfillment of existing contracts. Washington Technology reported that the credit facility was multi-year and intended for working capital and network expansion, while Latham & Watkins said Northwood had announced the financing as closed.

Who backed the round?

TechCrunch reported that Andreessen Horowitz and DFJ Growth co-led the equity round. Additional reported participants included Washington Harbour Partners, Alpine Space Ventures, StepStone and In-Q-Tel, according to Tech Funding News and Washington Technology.

Washington Technology said Washington Harbour Partners made a substantial follow-on investment from its prior Series B, and that In-Q-Tel, Alpine Space Ventures and StepStone also participated. Washington Technology also noted that In-Q-Tel is the intelligence community's venture investment arm.

Latham & Watkins separately said it represented Balerion Space Ventures in the transaction.

What does Northwood build?

Northwood describes itself as a US space-infrastructure startup building a shared satellite ground network. TechCrunch said the company was founded in 2022 and that Bridgit Mendler is Northwood's co-founder and CEO, while Washington Technology reported that Mendler and Griffin Cleverly co-founded Northwood in 2024.

The company builds antennas, software and other technologies for satellite-to-Earth communications. Washington Technology said Northwood manufactures Portal phased arrays that can communicate with six satellites at a time and Prism high-throughput dishes that link with one satellite at a time. It also said Northwood opened a new 185,000-square-foot headquarters and factory in Torrance, California.

Washington Technology reported that Northwood had deployed six sites on two continents since its January Series B, demonstrated geosynchronous command capacity from a commercial phased array in live tests and launched a new high-throughput antenna system after the prior round. TechCrunch also reported that Northwood previously secured a nearly $50 million U.S. Space Force contract to upgrade the Satellite Control Network.

How will Northwood use the capital next?

Northwood said the financing will fund production, hiring, expansion of its ground network and support for existing contracts serving commercial, U.S. government and allied missions. Washington Technology and Latham & Watkins both described the stated use of proceeds as existing-contract delivery, talent acquisition and global ground-network buildout.

Washington Technology reported that Northwood had 140 employees at the time of the Series C and planned to add 400 jobs over three years as it expanded the network. The company also said it aims to increase its manufacturing footprint at least fivefold and eventually manufacture hundreds of antennas per year.

Washington Technology quoted CEO Bridgit Mendler saying Northwood is building scalable network capacity for high-demand space data movement. The company also said its software is intended to let satellite operators search, reserve, update and cancel passes on the network.

The HSBC Innovation Banking facility is separate from the equity round. TechCrunch said the debt agreement accompanied the Series C to help scale the company, hire and fulfill existing contracts.