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Cowboy Space

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Cowboy Space Corporation, called Aetherflux until May 2026, is a US space company based in San Carlos, California. Robinhood co-founder Baiju Bhatt founded it in 2024.[1][13][16] It started out to build space-based solar power: a constellation of small satellites in low Earth orbit that would collect sunlight and beam the energy to ground receivers with infrared lasers.[3][7] In December 2025 the company said it would also put AI compute in orbit, a plan Bhatt called "Galactic Brain".[9] In May 2026 it took its current name, raised a $275 million Series B at a $2 billion valuation, and said it would build its own rocket, with an upper stage designed to stay in orbit as a 1-megawatt data center.[1][13][14]

As of October 16, 2026, the company has flown one spacecraft. Reason-1, a power-beaming demonstration satellite, launched on October 1, 2026, and its first attempt to beam power to the ground had been planned for as soon as late October.[2][21] The orbital data centers, the rocket and the 20,000-satellite Stampede constellation the company has asked the Federal Communications Commission (FCC) to license all exist only as plans and filings.[17][23]

History

Founding as Aetherflux (2024)

Bhatt co-founded Robinhood with Vlad Tenev in 2013,[3] and the two shared the chief executive role until November 2020, when Tenev became sole CEO.[6] By 2024 he was Robinhood's chief creative officer, and he stepped down from that role in March 2024 to pursue what was described at the time as "other entrepreneurial interests".[3] He holds a bachelor's degree in physics and a master's degree in mathematics from Stanford, and his father worked as a research scientist at NASA's Langley Research Center.[3][8] Bhatt told Business Insider he decided to start a space company after meeting people who worked on power for DARPA in early 2024 and seeing the development timeline of SpaceX's Starship.[3] The name comes from the aether, the medium that 19th-century physicists believed carried light.[3]

Aetherflux came out of stealth in October 2024.[7] On October 9, SpaceNews reported its plan to launch a demonstration satellite by 2026.[4] At that point it had about 10 employees and had bought its satellite bus from Apex. It planned to use commercially available lasers and to launch the first mission with SpaceX. Bhatt said he was paying for the project himself.[3][5] Business Insider reported that the company planned to put a single satellite in orbit by the first quarter of 2026, and Bhatt said about 100 satellites would be needed to give one location continuous power.[3] The company joined the Commercial Spaceflight Federation on October 10, 2024. The trade group's announcement said Aetherflux would first sell power to remote regions, including for defense and national security, and later aim for baseload commercial and civilian power.[5]

Series A and defense funding (2025)

On April 2, 2025, Aetherflux announced a $50 million Series A led by Index Ventures and Interlagos. Andreessen Horowitz, Breakthrough Energy Ventures and New Enterprise Associates also took part. Individual investors included Vlad Tenev, Robinhood's chief legal, compliance and corporate affairs officer Dan Gallagher, actor Jared Leto, and Laurent and François-Paul Journe. Including the $10 million Bhatt had already put in, the company had raised $60 million.[7] It also said it had demonstrated power transmission in its lab, and that the US Department of Defense's Operational Energy Capability Improvement Fund (OECIF) would pay in fiscal year 2025 for a proof of concept of power transmission from low Earth orbit. The company pitched the system as a way to deliver power to forces in remote or contested regions such as the Indo-Pacific.[7]

At a TechCrunch StrictlyVC event in June 2025, Bhatt said the company had 25 people, drawn from places including Lawrence Livermore, Rivian, Cruise and SpaceX. TechCrunch reported that the company was working closely with Paul Jaffe, DARPA's power-beaming expert, whom Bhatt called "a pretty good friend to our company".[8]

Galactic Brain (December 2025)

On December 9, 2025, Aetherflux announced that it was entering the orbital data center market, alongside SpaceX, Amazon and other companies looking at ways to move AI compute off Earth.[10] It said its first data center satellite would reach orbit in the first quarter of 2027, and Bhatt called the constellation project "Galactic Brain".[9] "The race for artificial general intelligence is fundamentally a race for compute capacity, and by extension, energy," Bhatt said in the company's statement. "The elephant in the room is that our current energy plans simply won't get us there fast enough."[9] A spokesperson told The Register that the first product would be AI inference and general-purpose compute, with no price yet. The company expected to launch about 30 satellites at a time on a Falcon 9 or similar rocket, or 100 or more per Starship launch if Starship became available.[9]

Rebrand as Cowboy Space (2026)

In March 2026, NVIDIA named Aetherflux among six companies using its space computing platforms. The others were Axiom Space, Kepler Communications, Planet, Sophia Space and Starcloud. In NVIDIA's release, Bhatt said the Space-1 Vera Rubin Module would bring "high-performance, energy-efficient AI at the edge in orbit, powered by solar energy".[11] Later that month, TechCrunch reported, citing The Wall Street Journal, that the company was in talks to raise $250 million to $350 million at a $2 billion valuation. It had by then raised about $80 million, and it had already shifted its focus from beaming electricity to Earth toward space data centers.[12]

The company announced its new name, Cowboy Space Corporation, on May 11, 2026, along with the Series B.[1] Bhatt told Payload the name "captures the scale of ambition that we've got with the new set of objectives". The company still plans a solar power constellation in low Earth orbit, but Payload reported that most of its focus was moving to a launch vehicle and in-space computing.[14] TechCrunch reported at the time of the rebrand that the company had hired former Blue Origin propulsion engineer Warren Lamont and former SpaceX launch director Tyler Grinnell. The company also plans to build its own rocket engine.[13]

In September 2026, Newmark, the broker on the deal, said Cowboy Space was leasing a 291,035-square-foot former Costco distribution center in Kent, Washington. The company plans to turn it into a manufacturing site for space and rocket hardware, and Newmark said the site was expected to add 300 jobs.[20]

Funding

RoundAnnouncedAmountLead investorsOther named participants
Founder fundingDisclosed 2025-04-02$10 million[7]Baiju BhattNone
Series A2025-04-02$50 millionIndex Ventures, InterlagosBreakthrough Energy Ventures, Andreessen Horowitz, NEA; individuals including Vlad Tenev, Dan Gallagher and Jared Leto[7]
Series B2026-05-11$275 million at a $2 billion post-money valuationIndex VenturesNew: IVP, Blossom Capital, SAIC. Existing: Breakthrough Energy Ventures, Construct Capital, Andreessen Horowitz, NEA, Interlagos, Baiju Bhatt[1][13]

Expanded article table

Via Satellite put the company's total at $60 million after the Series A.[7] TechCrunch later reported that about $80 million had been raised before the Series B.[12][13]

Power beaming

Earlier space solar power concepts used very large satellites in geostationary orbit that sent energy to the ground as microwaves. Bhatt has described those designs as being "the size of a small city".[8] Aetherflux instead proposed many small satellites in low Earth orbit, each with solar panels and a laser. Bhatt described the chain this way: solar power drives diodes that turn it back into light, and that light feeds a fiber laser pointed at the ground.[8] He gave the first target for the ground spot as "bigger than 10 meters diameter", with the hope of shrinking it to five to 10 meters or less. He argued that receivers that small could be carried into the field and would be "of little to no strategic value if captured by an adversary".[8] Before the rebrand, the company described its first market as power for military operations and remote sites such as mines.[3][7]

Orbital data center plans

Stampede and the upper-stage data center

Cowboy Space calls its planned constellation Stampede: solar-powered satellites in low Earth orbit running data centers.[15] The central idea is that the rocket's upper stage and the data center are one vehicle. The stage does not release a separate payload. It stays in orbit and works as the data center.[1][14] "The rocket and the data center are a single design from day one," Bhatt said.[15] The company says each unit is meant to have a mass of 20,000 to 25,000 kg and generate 1 MW for just under 800 GPUs. TechCrunch noted that this means a rocket slightly more powerful than Falcon 9 but smaller than Starship. Bhatt expects the booster to be reusable eventually.[13] The company plans to fly NVIDIA Space-1 Vera Rubin Modules, which carry a GPU from NVIDIA's Vera Rubin generation.[1][11] NVIDIA says the Rubin GPU on that module delivers up to 25 times the AI compute of an H100 for space-based inference. The module had no release date when it was announced.[11]

Bhatt told TechCrunch he had talked to several launch providers about a satellites-only business. He concluded that there would not be enough launch capacity to scale an orbital data center business at costs that could compete with data centers on Earth.[13] "There's a lot of new rockets that are coming online, but as we look three, four years out, it's still very, very scarce," he said.[13] TechCrunch quoted Bhatt as expecting the first launch before the end of 2028,[13] while Payload reported him saying it would come no earlier than the end of 2028.[14] In October 2026, Payload reported a target of December 2028.[21]

FCC application

Cowboy Space filed its application for the Stampede system with the FCC on May 11, 2026 (file number SAT-LOA-20260323-00135). A June 12 FCC public notice listed it among applications found acceptable for filing.[17][23] The application requests authority to deploy and operate 20,000 non-geostationary satellites as in-orbit data centers, in dawn-dusk sun-synchronous orbits between 700 and 1,000 km altitude. It asks for 18.8-19.3 GHz and 28.6-29.1 GHz for telemetry, tracking and command, and seeks waivers of seven Commission rules.[17]

Secure World Foundation filed comments on July 10, 2026. It argued that proposals on this scale "should not be treated as routine satellite licensing matters" and asked the FCC to "deny or defer requested waivers until the company provides a sufficient technical record to assess full-scale risks".[18] The docket also holds comments from the American Astronomical Society, the Center for Space Environmentalism and DarkSky International, and a July 8 petition from DarkSky International, Environment America and Public Employees for Environmental Responsibility asking for a programmatic environmental impact statement on orbital data center applications. Cowboy Space filed a consolidated opposition and response on July 23.[23]

On August 28, 2026, the Space Bureau's Satellite Programs and Policy Division sent the company a letter with 11 numbered requests for information "to render the Application suitable for further processing". The requests covered its planned Ka-band use, its optical intersatellite links, the exact orbital configuration and its orbital debris plan, including the physical dimensions of the satellites and their solar panels. The letter set a deadline of September 11.[26] SatNews, which called the letter a deficiency letter, noted that the original filing gave no satellite mass, power or GPU count.[19] On September 11 the bureau moved the deadline to September 18,[27] and Cowboy Space filed its answers on September 18. The company said the satellite design was not final and a complete debris analysis would be premature, and it asked that any grant be conditioned on approval of a final debris mitigation plan before the first launch. It gave approximate figures: two solar arrays of about 57 by 30 m each, a maximum cross-sectional area of about 3,870 square meters, and a deployed satellite about 125 by 30 by 43 m. Its preferred layout put all 20,000 satellites in 10 shells between 700 and 745 km at a nominal inclination of 98.3 degrees, and it said the satellites would make targeted reentries. The answers gave no mass figure.[28] As of October 16, 2026, the FCC's filing system still listed the application as pending review.[23]

Reason-1 and planned missions

Reason-1 launched on October 1, 2026, on a Falcon 9 carrying SpaceX's Transporter-18 rideshare from Vandenberg. The company said it was the first Cowboy Space hardware in space.[2][21] It carries a laser, large-aperture optics, beam-steering systems, and a power and thermal system.[2] Cowboy Space calls the laser "the first commercial kilowatt-class laser in space designed to deliver energy to Earth".[21] Payload reported that the company hoped to attempt a beam as soon as late October, aiming an infrared laser at a 10 to 20 m spot at a ground test facility to deliver 30 to 100 W.[21] Chief operating officer and chief legal officer Joseph Yaffe told Payload: "We passed the point of saying, 'Will there be people doing AI computing in space?' We're focused on building the infrastructure for that."[21] By October 16, 2026, no result from the beam attempt had been published.

The same rideshare carried a prototype for Google's Project Suncatcher, built with Planet, and Star Catcher's Protostar, which is meant to beam power between spacecraft.[21][22]

MissionPurposeStatus (October 16, 2026)
Reason-1Laser power beaming from low Earth orbit to a ground receiver; also a test of the optical technology planned for the data centers' linksLaunched 2026-10-01 on Transporter-18; beam attempt planned for as soon as late October 2026[2][21]
Reason-2Data link built on Reason-1's laser technology, carrying H200 GPUsPlanned for the first half of 2027[21]
First Cowboy Space rocketUpper stage stays in orbit as a 1 MW data centerPlanned for around the end of 2028; Payload reports a December 2028 target[13][14][21]

Expanded article table

The GPU satellite has moved several times. In December 2025 the target for the first data center satellite was the first quarter of 2027.[9] In March 2026 TechCrunch reported only that it was expected in 2027.[12] In October 2026 Payload reported that Reason-2 would fly NVIDIA H200 GPUs in the first half of 2027.[21]

The power-for-compute argument

The company argues that electric power, not only chips, limits how fast AI compute can grow. Building on Earth means land purchases, utility connections and construction, which The Register summarized as taking five or more years.[9] At the May 2026 launch, the company said on X that in major US markets, "average grid connection lead times for new data centers can run five to seven years, or more."[16] Bhatt has also explained why the company stopped centering its plan on beaming power down: "if you wanted to power AI with the technology that we were thinking about, it would be much more advantageous to actually put the chips in space, rather than project the power from space down to a terrestrial data center."[12] "Our goal is to build something that competes with terrestrial economics," he told TechCrunch.[12]

On hardware lifetime, a spokesperson told The Register that the company would keep launching new hardware with the latest architectures, and that older systems would "run lower priority tasks and serve out the full useful lifetime of high-end GPUs."[9]

Comparison with other orbital data center efforts

Cowboy Space is one of several companies proposing space-based data centers. What sets it apart is that it plans to build its own launch vehicle around the data center. TechCrunch noted that most rivals were counting on SpaceX's Starship, and that the others were either targeting the mid-2030s, like Google's Suncatcher, or starting with edge processing for space sensors, like Starcloud.[13]

EffortApproachHardware in orbit (October 2026)FCC constellation request
Cowboy Space StampedeRocket upper stage becomes a 1 MW data center; company-built launch vehicleReason-1 power-beaming satellite; no compute hardware yet[2][21]20,000 satellites[17]
StarcloudDedicated orbital data center satellitesStarcloud-1, launched 2025-11-02 with one NVIDIA H100[24]88,000 satellites, as tallied by SatNews[19]
Project Suncatcher (Google)TPU satellites in laser-linked clustersPrototype launched 2026-10-01 with four Trillium TPUs[21]Not among the filings tallied by SatNews[19]
SpaceX StarmindOrbital data center satellites built around a space version of NVIDIA's Vera Rubin NVL72 systemNone yet; Elon Musk said the first satellites would launch in the fourth quarter of 2027[25]Up to one million satellites, as tallied by SatNews[19]

Expanded article table

SatNews put the total of orbital data center filings at about 1.26 million spacecraft, including Orbital Compute's 100,000 and Blue Origin's 51,600, and noted that none had been authorized.[19]

Assessments and criticism

Press coverage of the rebrand pointed to how little detail it gave and how hard the rocket plan would be. Via Satellite said the announcement "was light on specifics".[15] TechCrunch called bringing the rocket in-house "logical" but "also nuts". It pointed out that only a few Western private companies, mainly SpaceX, Rocket Lab and Arianespace, launch commercial rockets consistently, while startups such as Stoke Space, Firefly Aerospace and Relativity Space had spent years without an operational system. TechCrunch added that the plan puts the company in direct competition with SpaceX and Blue Origin.[13]

A SatNews column ran the numbers on the company's public figures. At 20,000 to 25,000 kg per unit, 20,000 Stampede satellites would come to 400,000 to 500,000 tonnes. Jonathan McDowell's figures put the total payload mass launched worldwide in 2025 at 3,193.4 tonnes. The column also noted that a 20 to 25 tonne unit is heavier than a Falcon 9 can carry to low Earth orbit while recovering its booster. It pointed out that Lamont had described the vehicle to GeekWire as "a very big heavy-lift vehicle", which does not match Bhatt's description of a rocket slightly more powerful than Falcon 9.[19] The column also noted that the industry does not agree on whether launch is the bottleneck. At the SATELLITE 2026 conference in March, Arianespace CEO David Cavaillolès called it "absolutely a situation of scarcity", while SpaceX vice president of commercial sales Stephanie Bednarek said "rockets don't seem to be the limiting factor. It's more about payload processing space."[19]

The power-beaming business drew doubts before the AI pivot. In 2025, TechCrunch described it as built on technology "that the aerospace industry has largely dismissed".[8]

Timeline

DateEvent
2024-03Bhatt steps down as Robinhood's chief creative officer[3]
2024-10-09SpaceNews reports Aetherflux's plan for a 2026 demonstration satellite[4]
2024-10-10Joins the Commercial Spaceflight Federation[5]
2025-04-02$50 million Series A; OECIF funding for a power-beaming proof of concept announced[7]
2025-12-09Announces orbital data center plans ("Galactic Brain"), first satellite targeted for Q1 2027[9][10]
2026-03-16Named by NVIDIA as a user of its space computing platforms[11]
2026-05-11Rebrands as Cowboy Space; $275 million Series B at $2 billion; Stampede FCC application filed[1][17]
2026-06-12FCC public notice lists the Stampede application as acceptable for filing[17]
2026-07-10Secure World Foundation files comments on the application[18]
2026-07-23Cowboy Space files its opposition and response to comments[23]
2026-08-28FCC Space Bureau sends 11 requests for more information[26]
2026-09-11FCC extends the response deadline to September 18[27]
2026-09-18Cowboy Space files its answers to the FCC[28]
2026-09-05Kent, Washington manufacturing lease reported[20]
2026-10-01Reason-1 launches on Transporter-18[2][21]

Expanded article table

References

  1. ^1 ^2 ^3 ^4 ^5 ^6 ^7Cowboy Space, "Introducing Cowboy Space: A $275 Million Series B," Cowboy Space, May 11, 2026. cowboyspace.com/...introducing-cowboy-space-series-b
  2. ^1 ^2 ^3 ^4 ^5 ^6Cowboy Space, "Our First Mission Takes Flight," Cowboy Space, October 1, 2026. cowboyspace.com/...reason-1-takes-flight
  3. ^1 ^2 ^3 ^4 ^5 ^6 ^7 ^8 ^9 ^10Polly Thompson, "Robinhood Cofounder Creating Space Startup to Beam Solar Power to Earth," Business Insider, October 21, 2024. businessinsider.com/...onstellation-energy-2024-10
  4. ^1 ^2Jeff Foust, "Startup takes new approach to space-based solar power," SpaceNews, October 9, 2024. spacenews.com/...proach-to-space-based-solar-power
  5. ^1 ^2 ^3Commercial Space Federation, "Aetherflux joins Commercial Spaceflight Federation (CSF)," SpaceNews, October 10, 2024. spacenews.com/...ercial-spaceflight-federation-csf
  6. ^Jeff John Roberts, "Ahead of rumored Robinhood IPO, Vlad Tenev named sole chief, co-founder Baiju Bhatt steps down as co-CEO," Fortune, November 20, 2020. fortune.com/...under-baiju-bhatt-stock-trading-app
  7. ^1 ^2 ^3 ^4 ^5 ^6 ^7 ^8 ^9Rachel Jewett, "Aetherflux Raises $50M Series A Round to Build Space Solar Power," Via Satellite, April 2, 2025. satellitetoday.com/...d-to-build-space-solar-power
  8. ^1 ^2 ^3 ^4 ^5 ^6Connie Loizos, "The Robinhood founder who might just revolutionize energy (if he succeeds)," TechCrunch, June 19, 2025. techcrunch.com/...olutionize-energy-if-he-succeeds
  9. ^1 ^2 ^3 ^4 ^5 ^6 ^7 ^8Thomas Claburn, "Galactic Brain space datacenter coming in 2027, pledges startup Aetherflux," The Register, December 10, 2025. theregister.com/...aetherflux_space_datacenter_2027
  10. ^1 ^2Jason Rainbow, "Space-based solar power startup Aetherflux enters orbital data center race," SpaceNews, December 9, 2025. spacenews.com/...x-enters-orbital-data-center-race
  11. ^1 ^2 ^3 ^4NVIDIA, "NVIDIA Launches Space Computing, Rocketing AI Into Orbit," NVIDIA, March 16, 2026. investor.nvidia.com/...default
  12. ^1 ^2 ^3 ^4 ^5Tim Fernholz, "Aetherflux reportedly raising Series B at $2 billion valuation," TechCrunch, March 27, 2026. techcrunch.com/...-series-b-at-2-billion-valuation
  13. ^1 ^2 ^3 ^4 ^5 ^6 ^7 ^8 ^9 ^10 ^11 ^12Tim Fernholz, "There aren't enough rockets for space data centers: Cowboy Space raised $275M to build them," TechCrunch, May 11, 2026. techcrunch.com/...raised-275-million-to-build-them
  14. ^1 ^2 ^3 ^4 ^5Jacqueline Feldscher, "Aetherflux Rebrands, Pivots Business and Raises $275M," Payload, May 11, 2026. payloadspace.com/...ivots-business-and-raises-275m
  15. ^1 ^2 ^3Rachel Jewett, "Aetherflux Rebrands as Cowboy Space, Expanding Plans to In-Orbit Compute and Launch," Via Satellite, May 11, 2026. satellitetoday.com/...-in-orbit-compute-and-launch
  16. ^1 ^2Elizabeth Howell, "Cowboy Space raises $275 million to launch AI data centers on brand-new rocket," Space.com, May 12, 2026. space.com/...h-ai-data-centers-on-brand-new-rocket
  17. ^1 ^2 ^3 ^4 ^5 ^6Federal Communications Commission, "Satellite Licensing Division and Satellite Programs and Policy Division Information: Applications Accepted for Filing," Report No. SAT-02007, June 12, 2026. docs.fcc.gov/...DOC-422332A1.pdf
  18. ^1 ^2Secure World Foundation, "Secure World Foundation Publishes FCC Filing on Cowboy Space Orbital Data Center Application," Secure World Foundation, July 10, 2026. swfound.org/...ace-orbital-data-center-application
  19. ^1 ^2 ^3 ^4 ^5 ^6 ^7Nick David, "The FCC Asked Cowboy Space How Big Its Satellites Are," SatNews, September 13, 2026. satnews.com/...oy-space-how-big-its-satellites-are
  20. ^1 ^2Alan Boyle, "Cowboy Space to build data centers in the Seattle area," Cosmic Log, September 5, 2026. cosmiclog.com/...-data-centers-in-the-seattle-area
  21. ^1 ^2 ^3 ^4 ^5 ^6 ^7 ^8 ^9 ^10 ^11 ^12 ^13 ^14Victoria Woodburn, "Transporter-18 Tests the Building Blocks of Orbital Data Centers," Payload, October 1, 2026. payloadspace.com/...blocks-of-orbital-data-centers
  22. ^Rachel Jewett, "The First Mission Milestones Onboard SpaceX's Transporter-18 Rideshare Launch," Via Satellite, October 1, 2026. satellitetoday.com/...nsporter-18-rideshare-launch
  23. ^1 ^2 ^3 ^4 ^5Federal Communications Commission, "ICFS Application Summary: SAT-LOA-20260323-00135, Stampede Data Center System Application," FCC International Communications Filing System, accessed October 16, 2026. fccprod.servicenowservices.com/icfs
  24. ^David Chernicoff, "Starcloud Launches Orbital AI Data Center With NVIDIA H100 GPU," Data Center Frontier, December 26, 2025. datacenterfrontier.com/...ter-with-nvidia-h100-gpu
  25. ^Outlook Business Desk, "SpaceX To Put Nvidia AI Chips In Orbit: Musk Sets 2027 Launch," Outlook Business, August 25, 2026. outlookbusiness.com/...orbit-musk-sets-2027-launch
  26. ^1 ^2Carolyn A. Mahoney, "Cowboy Space Corp. - Commission Request August 28, 2026," Federal Communications Commission, Space Bureau, August 28, 2026. api-prod.fcc.gov/...46d83328cf0b4f107cd9f9c41f851ce5
  27. ^1 ^2Carolyn A. Mahoney, "Cowboy Space Corp. Commission Request September 11, 2026," Federal Communications Commission, Space Bureau, September 11, 2026. api-prod.fcc.gov/...ca34c7813bd38b101c9b37ac24e45a80
  28. ^1 ^2Joseph Yaffe, "CSC Response to FCC Questions," Cowboy Space Corp., FCC ICFS File No. SAT-LOA-20260323-00135, September 18, 2026. api-prod.fcc.gov/...76a19353cfdf8b104470b6770f851c29

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