As SpaceX approaches what could potentially be the largest IPO in history, the competition to create the next wave of launch vehicles is escalating, with Asia eager to participate. Startups in Australia, India, Japan, and South Korea are making efforts to carve out a presence in a market historically dominated by the U.S. and China.
Among these startups is Unastella, a South Korean company that, over four years, has secured $24 million in Series B funding, bringing its total to $44 million. In May 2025, Unastella launched its own rocket, the Una Express-I, from South Korean territory.
Based in Seoul, this rocket startup is focused on developing its own launch vehicles and engines, initially targeting small satellite launch services. Unastella’s immediate goal is to verify its technology and business model through orbital launches, with aspirations of crewed suborbital spaceflight in the future, according to Jae Park, the founder and CEO, in an interview with JS.
Unastella employs a kerosene and liquid oxygen propulsion system, a well-established combination in rocket history, also utilized by SpaceX’s Falcon series. Additionally, the company has replaced the conventional turbo pump with an electric motor pump, a more straightforward and cost-effective option already validated in flight by Rocket Lab.
This choice comes with a compromise. Electric motor pumps are heavier, allowing less space for satellites. However, Park suggests this is a strategic decision.
“We’re not an R&D group trying to build the most impressive rocket,” Park explained. “We’re a commercial launch company trying to get to market fast.”
Park also highlights that Unastella manages all aspects internally, including design, manufacturing, ground operations, and flight data. The UNA EXPRESS-I launch last year served as the first comprehensive test of the entire system, Park noted.
Park’s career has been dedicated to rocket engines. Before founding Unastella, he worked on combustion systems for Korea’s Nuri rocket, the nation’s first homegrown orbital launch vehicle, developed by the Korea Aerospace Research Institute (KARI). He subsequently worked at the German Aerospace Center in Berlin on European launch vehicle engines, before returning to Korea to join another rocket startup, eventually leading him to establish his own company.
Although Unastella is not yet generating revenue, investors are supporting the startup’s strategic plan. The Series B round was led by Altos Ventures, with participation from Korea Development Bank, Strong Ventures, and Hana Ventures, among others.
The upcoming UNA EXPRESS-II launch, scheduled for later this year, is a critical focus for Park. Achieving a 100-kilometer altitude would be a crucial achievement, potentially paving the way for collaborations with South Korea’s major aerospace and defense companies.
This 22-member startup has already built a solid foundation and developed institutional connections. Korea’s national space agency has tested components on UNA EXPRESS-I, and the Korea Aerospace Research Institute has shared electric motor pump technology with Unastella.
Unastella is part of a broader effort to tap into the global space launch market, valued at approximately $15 billion in 2023 and projected to almost triple to $41 billion by 2030, according to Grand View Research.
South Korea’s commercial launch sector is still emerging, but progress is evident.
Hanwha Aerospace, the nation’s largest defense conglomerate, assumed control of the government-developed Nuri rocket last year, having acquired full technology rights from KARI. Two startups, Innospace, which has gone public on the Korean stock exchange and conducted a sub-orbital launch, and Perigee Aerospace, which is developing its Blue Whale rocket, are also competing. However, none have yet achieved a commercial orbital launch. South Korea’s space agency KASA, established in 2024, has allocated $266 million over seven years to develop launch infrastructure, signaling the government’s reliance on the private sector to lead.
Competition extends beyond Korea. In Asia, China is at the forefront, with companies like Galactic Energy, LandSpace, and iSpace having conducted multiple launches. Japan’s H3 rocket, developed by JAXA and Mitsubishi, achieved its first successful launch in 2024, while startup Interstellar Technologies is working on its own small vehicle. In Australia, Gilmour Space attempted its first orbital launch this year. Rocket Lab, founded in New Zealand and now listed on Nasdaq, remains the only Asian-founded company to have developed a commercially viable launch business.
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