Observed Signal · Nov 5, 2026 · Funding · Source: Craft Ventures · Impact: 3/5
The Triple Down: Our Conviction in Xona’s Vision for the Future of Satellite Navigation
Craft Ventures announced it has tripled down on Xona, a satellite navigation company, by investing in its $250M Series D round at a $2.45B valuation, led by Steve Jurvetson's Future Ventures. Xona is building Pulsar, a LEO satellite constellation that provides a stronger, more accurate, and spoof-resistant alternative to GPS. Craft previously led Xona's Series B in mid-2025 and participated in the Series C earlier this year. The company has launched seven satellites, including two built in-house, and expects early customers to come online in 2027.
This funding round underscores growing private investment in next-generation satellite navigation, positioning Xona as a key challenger to GPS with significant geopolitical and commercial implications.
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Key Takeaways & Evidence Grounding
- Craft Ventures invested in Xona's $250M Series D at a $2.45B valuation, led by Future Ventures.
- Xona is developing Pulsar, a LEO satellite constellation offering a stronger, more accurate, and spoof-resistant alternative to GPS.
- Craft previously led Xona's Series B in mid-2025 and participated in the Series C earlier this year.
- Xona has launched seven satellites, including two built on its own satellite bus, and has FCC authorization for 250+ satellites.
- Early customers are expected to come online in 2027.
Connected Companies & Entities
“Venture capital firm that led Xona's Series B and participated in subsequent rounds.”
Related Market Signals & Shifts
Recent verified developments and strategic activity across this market segment.
Xona's Commercial GPS Alternative Pulsar Prepares for Launch
Xona Space Systems, a California-based startup founded in 2019 by Stanford aerospace alumni, will launch its first six Pulsar satellites on a SpaceX rocket this month (October), marking the start of a commercial alternative to GPS with centimeter-level precision. The satellites orbit at about 1,000 km altitude, closer than GPS, and provide signals about 100 times stronger, designed to penetrate buildings and resist jamming and spoofing. The system uses ground reference stations for synchronization rather than onboard atomic clocks. Four satellites are built by Belgian firm Aerospacelab, two in-house. Early pilot customer TimeBeat will test device synchronization. Xona has raised over $300 million, including $20 million from the U.S. Space Force, and plans full coverage in the U.S., Europe, Japan, and South Korea by 2028, targeting autonomous vehicles and precision timing.
EON Plans Laser Satellite Network to Replace Undersea Fiber
Endeavor Optical Networks (EON), a startup founded in May, emerged from stealth with $10.75 million in seed funding from General Catalyst and Andreessen Horowitz to build a network of laser-equipped satellites for high-capacity links between data centers. Co-founders Charlie Horowitz (CEO) and Tyler Pressler (CTO) say the company aims to deliver terabit-class space-to-ground optical links and intends an initial constellation of about 20 satellites to provide dedicated continent-to-continent connections and 24-hour coverage for early customers. EON will use the seed round to build an optics lab, hire engineers, perform ground tests and pursue a demo satellite launch targeted around the end of 2027 (expected downlink 800 Gbps–1 Tb). The startup is targeting hyperscalers, AI labs and underserved or expensive routes as customers while competing with larger proposals such as Blue Origin’s TeraWave.
Open Cosmos Secures €300M for Satellite Intelligence Expansion
Open Cosmos, a British satellite manufacturer, has closed a €300 million funding round, with Lightrock leading and participation from ETF Partners, Institut Català de Finances, Entrepreneurs First, Convex Group, UK National Security Strategic Investment Fund, Phoenix Court, Claret Capital Partners, and two unnamed international pension funds. The funds will scale satellite production and services for Earth observation, communication, and data analytics, addressing growing demand for sovereign satellite capabilities. The company operates four factories across Europe, capable of producing one satellite per day, employs nearly 400 people, and has signed customer contracts exceeding $370 million over the past 3.5 years. This investment reflects a broader surge in European space tech funding, highlighted by The Exploration Company's $450M Series C and Isar Aerospace's €270M Series D.
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