Terran Orbital
Terran Orbital is a leading satellite manufacturer specializing in small satellite platforms serving aerospace and defense customers.
- Founded
- 2013
- Headquarters
- Boca Raton, United States
- Stage
- Acquired
- Ownership
- Subsidiary of Lockheed Martin
- Last round
- Undisclosed round · $952K2022-07
Quick Facts
About Terran Orbital
Terran Orbital is a leading satellite manufacturer specializing in small satellite platforms serving aerospace and defense customers. In October 2024, Lockheed Martin completed the acquisition of Terran Orbital for $450 million, integrating the company into Lockheed Martin's Space business area to expand small satellite production capabilities.
Founded in 2011 as Tyvak Nano-Satellite Systems, the company initially focused on nanosatellites and CubeSats before transitioning to larger satellite platforms after rebranding to Terran Orbital in 2022. The company brings high-throughput robotic manufacturing capacity and high-performing modular space vehicle designs, having supported more than 80 missions over the past decade for government and commercial customers from low-Earth orbit to the Moon.
Terran Orbital has been a primary satellite bus manufacturer for the Space Development Agency's proliferated architecture. The company delivered 10 buses for the Tranche 0 Transport Layer and is currently building 42 buses for Lockheed's work on the Tranche 1 Transport Layer and 18 satellite buses for the Tranche 2 Tracking Layer. Lockheed Martin represented 71% of Terran Orbital's revenue in the first half of 2024.
Lockheed Martin's relationship with Terran Orbital began with an initial investment through LM Ventures in 2017, followed by additional investments in 2020 and 2022 including a $100 million investment in November 2022 supporting 3D printing capabilities and production facility expansion. Under Lockheed Martin ownership, Terran Orbital continues advancing small satellite manufacturing capabilities for defense and commercial space programs.
Products and product lines
| Product | Line | Note |
|---|---|---|
| Modular satellite bus platforms (Triumph, Renegade, Voyager, Excelsior, Nebula, Ambassador, Enterprise) | Satellite bus family | Customizable spacecraft platforms manufactured for defense and commercial missions, including buses supplied for the Space Development Agency's proliferated constellation architecture. |
| SDA Tranche satellite buses | Missile-warning / tracking satellite bus | Terran Orbital was selected by Lockheed Martin on 30 December 2025 to provide 18 satellite buses for the Space Development Agency's Tranche 3 Tracking Layer. |
| Star Tracker product line (M10, H6, F4) | Satellite attitude-determination component | Three flight-proven star-tracker models introduced 25 March 2026 for satellite attitude determination, with rapid attitude acquisition and FPGA-based image processing on the high-end F4 variant. |
| CAPSTONE 02 spacecraft | Cislunar / lunar spacecraft | Two ~400 kg spacecraft built for NASA to demonstrate autonomous rendezvous and proximity operations in cislunar orbit, targeting a 2027 launch; Critical Design Review completed 25 August 2026. |
| Farinella CubeSat (6U) | Planetary-defense CubeSat | Built by Tyvak International to support ESA's RAMSES mission to near-Earth asteroid Apophis, carrying radar, an optical imager and a dust detector toward a planned 2028 launch. |
| Oracle-Prime spacecraft | Cislunar space-domain awareness | Spacecraft for an Air Force Research Laboratory mission to detect, identify and track objects in cislunar space; completed Preliminary Design Review in December 2025. |
Timeline
- 2024 Lockheed Martin announces on 15 August an agreement to acquire Terran Orbital and subsidiary Tyvak International at an enterprise value of approximately $450 million ($0.25 per share in cash plus retirement of existing debt), expected to close in Q4 2024. [source]
- 2024 Lockheed Martin completes the acquisition on 30 October 2024; CEO Marc Bell and the rest of the prior executive team and board are separated, and Peter Krauss — Terran Orbital's Executive VP and COO since 1 June 2024 — becomes Chief Executive Officer. [source]
- 2025 Terran Orbital is selected by Lockheed Martin on 30 December to provide 18 satellite buses for the Space Development Agency's Tranche 3 Tracking Layer, a missile-warning and tracking constellation. [source]
- 2026 Terran Orbital agrees on 28 January to deliver a Nebula-platform satellite bus carrying a Quantum Key Distribution and optical-terminal payload for a Mitsubishi Electric-led Japanese LEO demonstration, with bus delivery planned for 2027 and launch targeted for 2029. [source]
- 2026 Subsidiary Tyvak International is selected, announced 13 March, to lead a European consortium building the Farinella CubeSat for ESA's RAMSES planetary-defense mission to asteroid Apophis, after completing the CubeSat's Critical Design Review in January 2026. [source]
- 2026 Terran Orbital introduces a new Star Tracker product line (M10, H6, F4 models) on 25 March 2026 at SATSHOW 2026. [source]
- 2026 NASA selects Terran Orbital, announced 28 July, to build two spacecraft for the CAPSTONE 02 cislunar mission targeting a 2027 launch, building on the original CAPSTONE mission. [source]
- 2026 Terran Orbital completes Critical Design Review for CAPSTONE 02 on 25 August, advancing the two-spacecraft cislunar mission toward integration and testing. [source]
Peter Krauss (President and CEO), Marc Bell (former CEO, until October 2024)
Funding history
5 events| Date | Round | Amount | Investors | Source |
|---|---|---|---|---|
| 2022-07-05 | Undisclosed round | $952K | —Form D filed 2022-07-14 by Terran Orbital Corp: $952K sold of a $101.0M offering (first sale 2022-07-05). | sec.gov |
| 2018-07-23 | Undisclosed round | $33.0M | —Form D filed 2018-08-02 by TERRAN ORBITAL Corp: $33.0M sold of an open-ended offering (first sale 2018-07-23). | sec.gov |
| 2018-07-23 | Undisclosed round | $36.0M | —Form D amendment filed 2018-08-06 by TERRAN ORBITAL Corp: $36.0M sold of an open-ended offering (first sale 2018-07-23). | sec.gov |
| 2017-06-26 | Undisclosed round | $7.0M | —Form D filed 2017-07-11 by TERRAN ORBITAL Corp: $7.0M sold of an open-ended offering (first sale 2017-06-26). | sec.gov |
| 2015-07-30 | Undisclosed round | $1.5M | —Form D filed 2015-07-30 by TERRAN ORBITAL Corp: of a $1.5M offering. | sec.gov |
Team
Signals
- Verification
- Verified 2026-09-10
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Industry analysis mentioning Terran Orbital
Frequently asked about Terran Orbital
Quick answers to the questions readers most often search for.
- When was Terran Orbital founded?
- Terran Orbital was founded in 2013 in United States.
- Where is Terran Orbital headquartered?
- Terran Orbital is headquartered in Boca Raton, United States.
- What does Terran Orbital do?
- Terran Orbital is a leading satellite manufacturer specializing in small satellite platforms serving aerospace and defense customers. In October 2024, Lockheed Martin completed the acquisition of Terran Orbital for $450 million, integrating the company into Lockheed Martin's Space business area to expand small satellit…
- Was Terran Orbital acquired?
- Terran Orbital has been acquired by Lockheed Martin.
- What sector does Terran Orbital operate in?
- Terran Orbital works in satellite manufacturing, Defense and Small satellites, plus 2 other space-industry sectors.
Sources
The structured fields on this page (founding year, location, sector, status, listing) and the profile text are drawn from the sources below. How profiles are drafted and checked is described in our methodology.
- Official website (terranorbital.com)
- Company LinkedIn page
- Merged duplicate entry terran-orbital-lockheed · retrieved 2026-09-05
- SEC Form D · retrieved 2026-09-05
- SEC Form D · retrieved 2026-09-05
- SEC Form D · retrieved 2026-09-05
- SEC Form D · retrieved 2026-09-05
- SEC Form D · retrieved 2026-09-05
- Wikidata / Wikipedia · retrieved 2026-09-05
- SEC 8-K Exhibit 99.1: Lockheed Martin to acquire Terran Orbital (15 Aug 2024) · retrieved 2026-09-10
- SEC 8-K: Terran Orbital Corp — completion of Lockheed Martin merger, officer/board changes (filed 30 Oct 2024) · retrieved 2026-09-10
- Terran Orbital newsroom: Selected by Lockheed Martin for SDA's Tranche 3 Tracking Layer (30 Dec 2025) · retrieved 2026-09-10
- Terran Orbital newsroom: To deliver Nebula bus for Mitsubishi Electric LEO demo mission (28 Jan 2026) · retrieved 2026-09-10
- Terran Orbital newsroom: Subsidiary selected for ESA planetary defense mission to asteroid Apophis (13 Mar 2026) · retrieved 2026-09-10
- Terran Orbital newsroom: Introduces new Star Tracker product line at SATSHOW 2026 (25 Mar 2026) · retrieved 2026-09-10
- Terran Orbital newsroom: To provide spacecraft for NASA's CAPSTONE 02 lunar mission (28 Jul 2026) · retrieved 2026-09-10
- Terran Orbital newsroom: Advances CAPSTONE 02 spacecraft following successful Critical Design Review (25 Aug 2026) · retrieved 2026-09-10
Data Accuracy Notice: Information about Terran Orbital is compiled from publicly available sources including company websites, press releases, regulatory filings, and industry reports. Data is reviewed periodically but may not reflect the most recent developments.