Thorium Space Raises 22 Million PLN Ahead of Its Initial Public Offering

The Polish satellite communications company Thorium Space has completed a pre-IPO share placement, raising 22 million PLN (approximately 5.2 million euros). As the company announced on June 15, the IPO is scheduled to take place on the NewConnect alternative market segment of the Warsaw Stock Exchange. However, the capital raised fell short of the originally targeted volume of 30 to 35 million PLN, indicating more subdued investor demand.

The offering was aimed at qualified investors as well as selected retail investors with subscriptions starting at 100,000 euros.

Focus on Secure Satellite Communications

Thorium Space develops technologies for the next generation of satellite communications (SATCOM) and positions itself as a European provider of secure and independent communications infrastructure. According to the company, the global SATCOM market is currently growing by more than 11% annually.

The funds raised will primarily be used to commercialize the company’s own technologies, expand its product portfolio for the European market, and develop ASIC chips.

“The funds raised will support the commercialization of the company’s proprietary SATCOM technologies, the development of a scalable offering for the European market for secure SATCOM systems, and the development of ASIC chips,” the company explained.

CEO Piotr Mierzejewski emphasized that the funding will secure the next phases of development and strengthen the company’s market position.

“We are consistently pursuing our growth strategy and aim to establish ourselves as a European provider of solutions and components for the next-generation satellite communications market,” said Mierzejewski.

Proprietary Chip Technology at the Core of the Strategy

Thorium Space’s business model is based on the gradual commercialization of its own technologies—ranging from SATCOM components and subsystems to complete satellite communication systems. A central component of the strategy is the development of its own family of Ka-band BFIC chips for space- and ground-based applications.

The company also holds exclusive distribution rights for specialized BFIC chips through 2034. The current funding will be used primarily for the development of telecommunications payloads, the integration of new products, ASIC technologies, and the further commercialization of existing solutions.

Competition Attracts More Investors

Thorium Space’s capital raise comes during a period of high activity in the Polish space sector. Other companies have recently attracted significantly more attention from investors.

For example, Scanway moved from the NewConnect market to the main market of the Warsaw Stock Exchange at the end of March, achieving a market capitalization of 422.8 million PLN.

The space propulsion manufacturer Liftero raised 17.5 million PLN through an initial public offering (IPO) in early May. The first subscription tranche was nearly fully subscribed, while the company’s order backlog already stands at around 115 million euros.

Creotech Instruments also successfully conducted an accelerated bookbuilding process in early June, generating proceeds of 481 million PLN from the sale of 650,000 shares. The capital is to be invested, among other things, in new satellite platforms, production capacity, and potential acquisitions.

Despite the placement results falling short of expectations, Thorium Space continues to see itself as well-positioned to benefit from the rising demand for secure satellite communications and an independent European space infrastructure.