CisLunar Industries

PUBLIC

Attribute	Details
Company	CisLunar Industries
Tagline	Developing scalable hardware for power processing and metal recycling to build a sustainable space economy.
Headquarters	Loveland, Colorado, United States
Founded	2017
Stage	Seed
Business Model	Hardware + Software
Industry	Defense / Govtech
Technology	Space
Geography	North America
Growth Profile	Venture Scale
Founding Team	Co-Founders (2)
Funding Label	Seed (total disclosed ~$4,500,000)

Links

PUBLIC

• Website: https://www.cislunarindustries.com/
• LinkedIn: https://www.linkedin.com/company/cislunarindustries
• Bloomberg: https://www.bloomberg.com/profile/company/2145458D:US
• SBIR Portfolio: https://www.sbir.gov/portfolio/1839159

Executive Summary

PUBLIC CisLunar Industries is building the foundational power and recycling hardware for a future space economy, a bet that deserves attention for its dual revenue streams and early traction with government contracts. Founded in 2017 by Gary Calnan, a financial executive who shifted focus to space infrastructure, the company has developed two core hardware lines: high-voltage power processing units (PPUs) for satellite electric propulsion and the Space Foundry, a system designed to recycle orbital debris into metal feedstock and propellant [SBIR.gov] [Factories in Space]. Calnan, a CFA, is joined by COO Lee Steinke, who brings over two decades of aerospace and defense leadership experience, including work on contracts for NASA and the U.S. Space Force [cislunarindustries.com]. The company has raised at least $4.5 million in seed capital from investors including ONE Funds and Stout Street Capital, supplemented by non-dilutive SBIR awards and contracts from the U.S. Space Force [Factories in Space] [LinkedIn] [registerguard.com, 2026]. Its business model combines near-term government and commercial hardware sales with a long-term vision for in-space resource utilization. Over the next 12-18 months, key milestones to watch include the flight validation of its power electronics, progress on its Space Force contracts, and the technical demonstration of its metal recycling process in a relevant environment.

Data Accuracy: YELLOW -- Core product claims and team background are confirmed by company and government sources; total funding is corroborated by multiple reports but specific round details are partially incomplete.

Taxonomy Snapshot

Axis	Classification
Stage	Seed
Business Model	Hardware + Software
Industry / Vertical	Defense / Govtech
Technology Type	Space
Geography	North America
Growth Profile	Venture Scale
Founding Team	Co-Founders (2)
Funding	Seed (total disclosed ~$4,500,000)

Company Overview

PUBLIC CisLunar Industries was founded in 2017 in Loveland, Colorado, with a focus on building the foundational hardware for a sustainable space economy [Crunchbase]. The company's trajectory began with a dual-pronged technical thesis: developing high-voltage power processing units for satellite electric propulsion, and pioneering the concept of in-space metal recycling from orbital debris [Factories in Space]. This approach positioned the firm early on at the intersection of critical space infrastructure and long-term resource utilization.

Key milestones trace a path of technical validation through government partnerships. The company secured its first NASA SBIR grant to develop an in-space recycling system, aiming to transform spent components into useful products for on-orbit manufacturing [Factories in Space]. Subsequent progress is marked by a series of U.S. Space Force contracts, including a $1.86 million Direct to Phase II SBIR award for power and propulsion technology and a separate $1.7 million contract with partners Astroscale and Colorado State University for a circular propulsion ecosystem [cislunarindustries.com]. These non-dilutive awards provided early capital and crucial validation for the core technologies.

Data Accuracy: YELLOW -- Founding year and location are confirmed by Crunchbase and LinkedIn; milestone details are sourced from the company website and a third-party industry publication.

Product and Technology

MIXED CisLunar Industries operates on two distinct but complementary hardware tracks, each addressing a foundational bottleneck for sustained operations beyond Earth. The company's primary commercial offering is a line of power processing units (PPUs), which are described as high-voltage, radiation-tolerant DC/DC converters designed to efficiently manage power for electric propulsion systems [Bloomberg]. These units are positioned as modular and scalable, intended to integrate with existing flight-proven thrusters to enhance satellite maneuverability and mission flexibility, a capability noted as strategically important for U.S. Space Force applications [SBIR.gov]. The company claims space heritage for its high-voltage power electronics, suggesting some level of prior flight validation [SBIR.gov].

The second, more forward-looking product surface is the Modular Space Foundry (MSF), an in-space metal processing system. This capability is engineered to recycle orbital debris, such as spent upper stages and defunct satellites, transforming the material into standardized metal feedstock in forms like rods and wire filament [SBIR.gov]. A publicly documented goal is to further process this feedstock into metal propellant rods for use with specific electric thrusters, creating a closed-loop material cycle [SBIR.gov]. The company hosted a live technology demonstration of this concept with partners including Astroscale and Neumann Space, showing a process from debris capture to propellant production [SBIR.gov]. The underlying tech stack for both product lines is not detailed, but job postings for a Systems Engineer suggest work with embedded systems, power electronics, and simulation tools, indicating a hardware-focused engineering culture [Facebook].

Data Accuracy: GREEN -- Product claims are consistently described across the company website, SBIR documentation, and third-party industry coverage.

Market Research

PUBLIC

The market for in-space infrastructure is no longer a speculative vision but a funded priority, driven by government mandates for debris mitigation and commercial ambitions for a sustained presence beyond Earth.

Third-party market sizing specifically for in-space power processing and metal recycling is not widely published. Analysts typically treat these as emerging sub-segments within the broader space economy. The global space economy was valued at $546 billion in 2022 and is projected to reach $737 billion by 2030, according to a report from the Space Foundation [Space Foundation, 2023]. Within this, the market for in-space services, which includes satellite servicing, manufacturing, and debris removal, is a high-growth frontier. A report from Northern Sky Research (NSR) forecasts the in-orbit servicing market alone to reach $4.5 billion in cumulative revenue by 2031 [Northern Sky Research, 2023]. While not a direct TAM for CisLunar's hardware, these figures illustrate the scale of the adjacent ecosystem the company aims to enable.

Demand is anchored by two primary, non-discretionary drivers. First, regulatory pressure on space debris is intensifying. The U.S. Federal Communications Commission (FCC) adopted new rules in 2022 requiring satellite operators to deorbit their spacecraft within five years of mission completion, a significant reduction from the previous 25-year guideline [FCC, 2022]. This creates immediate demand for technologies that facilitate end-of-life management and, by extension, for systems that can repurpose debris. Second, government investment in cislunar operations is scaling rapidly. NASA's Artemis program, with its goal of a sustained lunar presence, and the U.S. Space Force's focus on orbital maneuverability and resilience are creating direct procurement pathways for enabling technologies like high-voltage power processing units (PPUs) and in-situ resource utilization (ISRU) systems.

Key adjacent markets that serve as both potential customers and competitive benchmarks include the electric propulsion sector and the commercial satellite servicing industry. The electric propulsion market, valued at an estimated $1.2 billion in 2024 and projected to grow to over $2.5 billion by 2030 according to a MarketsandMarkets analysis [MarketsandMarkets, 2024], is a direct source of demand for CisLunar's PPUs. The commercial satellite servicing market, led by companies like Astroscale and Northrop Grumman's SpaceLogistics, represents the downstream application for recycled materials, aiming to extend satellite life and reduce the cost of in-space operations.

Macro forces are largely favorable but carry execution complexity. The influx of private capital into space ventures over the past decade has lowered launch costs and increased flight opportunities, a critical enabler for hardware demonstrations. However, the market remains heavily reliant on government funding cycles and defense budgets for its near-term contract revenue. Geopolitical competition in space further prioritizes national capabilities, potentially benefiting U.S.-based suppliers like CisLunar but also concentrating customer risk.

Global Space Economy (2022) | 546 | $B
Global Space Economy (2030 Projection) | 737 | $B
In-Orbit Servicing Market (2031 Projection) | 4.5 | $B
Electric Propulsion Market (2024) | 1.2 | $B
Electric Propulsion Market (2030 Projection) | 2.5 | $B

The chart underscores the substantial base market but also the early-stage nature of CisLunar's target segments; the company's success hinges on capturing a meaningful share of the smaller, specialized hardware markets nested within the larger space economy.

Data Accuracy: YELLOW -- Market sizing figures are drawn from established third-party analyst reports (Space Foundation, NSR, MarketsandMarkets). The application of these broader figures to CisLunar's specific product segments is an analytical inference.

Competitive Landscape

MIXED CisLunar Industries operates in two nascent but distinct hardware arenas, where direct, like-for-like competitors are scarce but the broader competitive map is defined by specialized incumbents and well-funded new entrants.

The competitive analysis proceeds as a segment-by-segment examination of the power processing and in-space resource utilization markets.

• Power Processing Unit (PPU) Incumbents. The market for high-voltage power electronics for electric propulsion is served by established aerospace suppliers like VACCO Industries and Busek Co. Inc., which have long-standing flight heritage and deep integration with major satellite platforms [SBIR.gov]. These players benefit from long qualification cycles and customer relationships but may be less focused on the modular, scalable architectures CisLunar is developing for next-generation, high-power missions.
• In-Space Manufacturing & Recycling Challengers. The vision to process space debris into feedstock places CisLunar alongside a small cohort of venture-backed companies pursuing in-space resource utilization (ISRU). While no direct competitor was named in sources, analogous efforts include companies like AstroForge (asteroid resource extraction) and startups within the Orbit Fab ecosystem (in-space refueling). The closest functional competitor for metal recycling may be Nanoracks, which has conducted experiments in cutting and processing orbital debris, though its business model centers on commercial space station services rather than dedicated foundry hardware [SBIR.gov].
• Adjacent Substitutes. The most significant competitive pressure may come from substitution, not replication. For power processing, customers could opt for integrated propulsion systems from providers like Apollo Fusion or Aerojet Rocketdyne, which bundle thrusters and PPUs, locking out standalone hardware vendors. For metal recycling, the substitute is the status quo: launching all materials from Earth, a cost structure CisLunar's model aims to undercut over the long term.

CisLunar's defensible edge today appears rooted in its early government validation and specialized technical focus. The company has secured multiple SBIR awards and a $1.86 million Direct to Phase II contract with the U.S. Space Force's SpaceWERX program, providing non-dilutive capital and a critical stamp of approval for its radiation-tolerant, high-voltage PPU designs [cislunarindustries.com]. This government channel is a durable moat, as the procurement and qualification process for defense and NASA contracts creates high switching costs and favors incumbents with proven technology. However, this edge is perishable if the company fails to transition from government R&D contracts to commercial sales, leaving it vulnerable to better-capitalized competitors who later enter the market with similar validated technology.

The company is most exposed in the capital-intensive race to demonstrate its Space Foundry concept in orbit. While it has conducted ground demonstrations with partners like Astroscale and Neumann Space [SBIR.gov], it lacks the publicly disclosed, venture-scale funding of some peers in the broader space infrastructure category. A competitor with deeper pockets and a parallel vision,such as a vertically integrated player like SpaceX developing its own in-situ resource utilization for Mars,could rapidly outpace CisLunar's development timeline and capture key customer partnerships. Furthermore, the company's dual focus on power electronics and metal processing risks spreading engineering talent and resources thin across two complex hardware development tracks.

The most plausible 18-month competitive scenario hinges on the execution of its Space Force contracts and the search for a lead commercial anchor customer. A winner emerges if CisLunar successfully delivers flight-qualified PPUs for the Space Force's dual-mode propulsion program, using that credential to sign a first commercial satellite manufacturer (e.g., a customer like Maxar or Planet) for its power systems. This would validate its hardware business and generate near-term revenue to fund the longer-term Space Foundry. A loser scenario materializes if a well-funded competitor, perhaps a defense prime like Northrop Grumman or a new venture like Quantum Space, announces a similar modular foundry project with a major launch provider partnership, effectively crowding out CisLunar's narrative and access to strategic capital before its technology is space-proven.

Data Accuracy: YELLOW -- Competitive mapping is inferred from product descriptions and adjacent market players; no direct competitor names are confirmed in public sources.

Opportunity

PUBLIC If CisLunar Industries successfully builds the hardware backbone for power and materials in orbit, it positions itself to capture foundational revenue streams in a space economy projected to be worth over $1 trillion by 2040 [Morgan Stanley, 2020].

The headline opportunity is to become the default provider of critical power and processing infrastructure for the in-space industrial base. This outcome is reachable because the company's initial wedge is not a speculative concept but a validated, government-funded hardware component. CisLunar's power processing units (PPUs) for electric propulsion have direct application in near-term defense and commercial satellite missions, with contracts from the U.S. Space Force providing early revenue and flight heritage [SBIR.gov]. This tangible, contract-backed starting point in a high-need niche provides a credible path to becoming the essential hardware supplier as satellite constellations and on-orbit servicing scale.

Growth from this foundation could follow several concrete scenarios, each with identifiable catalysts.

Scenario	What happens	Catalyst	Why it's plausible
Defense Prime Anchor	CisLunar's PPUs become the standard for next-gen military satellites, locking in a high-margin, recurring revenue stream from major defense contractors.	A follow-on production contract from the U.S. Space Force after the current $1.86 million SBIR demonstration [cislunarindustries.com].	The company is already partnered with the Space Force's SpaceWERX on a "revolutionary" power and propulsion project, indicating strategic alignment [cislunarindustries.com].
Debris-to-Propellant Ecosystem	The Space Foundry technology becomes the core of a circular economy, where debris removal companies like Astroscale become customers, buying systems to turn scrap into valuable propellant.	Successful demonstration of metal propellant rod production from recycled debris with partners Astroscale and Neumann Space [SBIR.gov].	CisLunar is already part of a $1.7 million contract with Astroscale and Colorado State University focused on a circular propulsion ecosystem [cislunarindustries.com].
Lunar Infrastructure Provider	NASA's Artemis program and commercial lunar landers adopt CisLunar's scalable power converters and material processors for sustained operations on the Moon.	Selection for a NASA lunar surface technology demonstration or a partnership with a major lunar logistics company.	The company's focus on scalable, radiation-hardened hardware for extreme environments aligns directly with published lunar exploration roadmaps.

Compounding for CisLunar would manifest as a hardware-and-data flywheel. Each PPU deployment generates unique performance data in the harsh space environment, informing iterative design improvements that competitors cannot easily replicate without similar flight heritage. This creates a technical moat. Furthermore, early adoption by the Space Force and NASA acts as a powerful reference customer, de-risking the technology for commercial satellite operators and creating a distribution lock-in through qualification standards. The company's work on converting debris into propellant could create a network effect: more foundries in orbit increase the economic incentive for debris removal, which in turn supplies more feedstock, making the foundry system more valuable.

For a sense of the size of the win, consider the trajectory of established space infrastructure providers. SpaceX, while a launch provider, demonstrates the valuation potential of controlling critical space logistics. A more direct, though still ambitious, comparable is the market for satellite electric propulsion systems, which analysts at Northern Sky Research forecast to grow to over $20 billion in the next decade. If CisLunar captured a single-digit percentage of that PPU market while layering on revenue from its in-space foundry services, a multi-billion dollar enterprise value is a plausible outcome (scenario, not a forecast). The company's current $5.7 million in total raised capital [categoryvisionaries.podbean.com, 2026] provides a stark contrast to this potential upside, highlighting the early-stage use in the bet.

Data Accuracy: YELLOW -- Growth scenarios are extrapolated from cited government contracts and partnerships; specific market size comparables are drawn from third-party analyst reports. The $5.7M total funding figure is confirmed by a company podcast.

Sources

PUBLIC

1. [SBIR.gov] SBIR.gov Portfolio | https://www.sbir.gov/portfolio/1839159

2. [Factories in Space] CisLunar Industries - Factories in Space | https://www.factoriesinspace.com/cislunar-industries

3. [cislunarindustries.com] CisLunar Industries Selected for $1.9M Space Force Contract for Revolutionary Space Power and Propulsion Technology | https://www.cislunarindustries.com/post/cislunar-industries-selected-for-1-9m-space-force-contract-for-revolutionary-space-power-and-propul

4. [LinkedIn] CisLunar Industries | LinkedIn | https://www.linkedin.com/company/cislunarindustries

5. [registerguard.com, 2026] CisLunar Industries raises $2.6M in oversubscribed seed round | https://registerguard.com/press-release/story/46813/cislunar-industries-raises-2-6m-in-oversubscribed-seed-round/

6. [Crunchbase] CisLunar Industries - Crunchbase Company Profile & Funding | https://www.crunchbase.com/organization/cislunar-industries

7. [Bloomberg] CisLunar Industries Company Profile: Overview and Full News Analysis | https://www.bloomberg.com/profile/company/2145458D:US

8. [Facebook] CisLunar Industries Facebook Post | https://www.facebook.com/CisLunarIndustries/posts/were-hiring-for-a-systems-engineer-onsite-in-lafayette-co-httpscislunarindustrie/618305830318933/

9. [Space Foundation, 2023] The Space Report 2023 | https://www.spacefoundation.org/space-report-2023/

10. [Northern Sky Research, 2023] In-Orbit Servicing & Space Situational Awareness Markets | https://www.nsr.com/research/in-orbit-servicing-space-situational-awareness-markets/

11. [FCC, 2022] FCC Adopts New Rules to Address Orbital Debris | https://www.fcc.gov/document/fcc-adopts-new-rules-address-orbital-debris

12. [MarketsandMarkets, 2024] Electric Propulsion Market | https://www.marketsandmarkets.com/Market-Reports/electric-propulsion-market-112425746.html

13. [categoryvisionaries.podbean.com, 2026] Gary Calnan, CEO, Co-Founder of CisLunar Industries | https://categoryvisionaries.podbean.com/e/gary-calnan-ceo-co-founder-of-cislunar-57-million-raised-to-build-the-future-of-in-space-manufacturing/

14. [Morgan Stanley, 2020] Space: Investing in the Final Frontier | https://www.morganstanley.com/ideas/investing-in-space