Apex Nears $4 Billion Valuation in $500 Million Round

Los Angeles satellite manufacturer Apex is in talks to raise about $500 million at a valuation of roughly $4 billion, according to Bloomberg. Washington Harbour Partners is expected to lead the round, with existing backers Andreessen Horowitz and XYZ Venture Capital also taking part.

The reported valuation includes the new capital. Bloomberg's sources, described as people familiar with the talks, were not identified because the discussions are not public.

If the deal closes on those terms, it would nearly double Apex's valuation from June and cap a run that has roughly quadrupled the company's worth in about a year.

How fast has Apex climbed?

The pace is unusual even by venture standards. In June, Apex said it had raised $200 million in growth funding at a $2.3 billion valuation. That round came after a September 2025 financing that pushed the company above the $1 billion mark, according to reporting at the time.

Co-founder and CEO Ian Cinnamon said the company wasn't under pressure to raise money, but investor interest was intense. Apex moved from first outreach to an oversubscribed round in about 10 days — a pace he described as faster than he had seen before.

Apex hasn't publicly confirmed the reported terms, and the deal could still change before it closes.

What does Apex actually build?

Cinnamon founded the company in 2022 with Max Benassi. Apex builds standardized satellite buses — the underlying spacecraft platforms that carry payloads for commercial and government customers. Its systems serve applications ranging from Earth imaging to missile tracking and defense sensors.

The company's platforms are called Aries, Nova and Comet.

Is the factory keeping up?

Apex has been expanding its manufacturing footprint to meet demand. It recently signed a lease for an additional 55,000-square-foot facility next to its existing Playa Vista site, bringing its total to more than 100,000 square feet.

Apex has said the expansion should lift spacecraft production by 50%. Its Factory One site can produce more than 200 satellites a year at full capacity.

Hiring has tracked the fundraising. Apex said its workforce has more than doubled over the past year to more than 350 employees, part of a push to scale production and bring more components in-house.

Why are investors leaning in now?

The talks come as investors keep pouring money into space and defense-related startups, particularly those positioned to serve commercial constellations and national security programs. Apex's 2025 rounds established it as a major beneficiary of that trend, with backers betting on rising demand for high-volume satellite production.

If Washington Harbour Partners' expected round closes at the reported $4 billion, Apex will have moved from billion-dollar newcomer to one of the space industry's most closely watched names in under two years — and the question shifts to whether Factory One's 200-satellite capacity can absorb the capital.