Polish satellite communications technology firm Thorium Space said on June 15 it had completed a pre-IPO share offering, raising PLN22mn (€5.2mn) ahead of a planned debut on the Warsaw Stock Exchange's alternative market NewConnect, though proceeds came in below its original target and investor interest was more muted than in recent comparable offerings.

The company had aimed to raise approximately PLN30-35mn. The offering was directed at qualified investors and selected individual investors who submitted subscriptions of at least €100,000.

Thorium Space develops technologies targeting Europe's growing demand for independent and secure satellite communications infrastructure. It said the SATCOM market is expanding at an average rate of over 11% annually y/y.

"The funds raised will support the commercialisation of proprietary SATCOM technologies, the development of a scalable offering for the European secure SATCOM market, and the development of ASIC chips. The space Deep-Tech is consistently implementing its growth strategy, which includes, among other things, its planned debut on the NewConnect market in the third quarter of this year," the company said in a statement.

CEO Piotr Mierzejewski said the capital secured would enable the company to advance to the next stages of its development plan.

"We are consistently implementing our growth strategy, which aims to establish us as a European supplier of solutions and components for the next-generation satellite communications market. We thank our investors for their trust and belief in the growth vision we have presented. The capital raised through this offering secures the implementation of the next stages of our development plan, bringing us closer to achieving our intended goal," he said as cited in the release. 

Mierzejewski added that the company's timeline was well-aligned with broader market dynamics.

"Importantly, our timeframe aligns with the growing market demand for secure SATCOM and independent communication infrastructure, meaning that at this critical moment for the further development of the space sector in Europe, we should already possess the necessary expertise and products to continue scaling our business," he said.

Thorium Space's business model is based on the phased commercialisation of technology, spanning SATCOM components and subsystems through to more advanced satellite communications systems. A central plank of the strategy is the development of proprietary intellectual property and a family of Ka-band BFIC chips for both ground and space segments. The company holds exclusive rights to sell specialised BFIC chips until 2034.

Proceeds from the offering will be allocated primarily to the development of telecommunications payloads, product integration, proprietary BFIC chips and ASIC technology for SATCOM systems, and the further commercialisation of the company's existing technologies.

The offering comes against the backdrop of a series of higher-profile capital market transactions by Polish space technology companies in recent months that generated considerably stronger investor demand.

On March 26, Scanway debuted on the Warsaw Stock Exchange's main market, switching from NewConnect, though without a share issue. At the time of its debut, its market capitalisation stood at PLN422.8mn.

On May 8, Liftero, a Polish manufacturer of space propulsion systems, priced its shares at PLN35, raising PLN17.5mn from its public offering ahead of a planned NewConnect listing by the end of Q2 2026. The deal attracted substantial investor interest, with the subscription reduction rate for the open tranche reaching as high as 95%. The company's order pipeline already stands at €115mn.

On June 9, Creotech Instruments conducted an accelerated bookbuilding and sold 650,000 shares at PLN740 apiece, putting the total transaction value at PLN481mn. The proceeds are earmarked for expanding production capacity, new satellite platforms, and potential acquisitions.