Naraspace Technology (hereafter, Naraspace), a global microsatellite total solutions company, announced on the 22nd that it had passed the preliminary screening for listing on the Korea Exchange's KOSDAQ. The company is now in full swing with its IPO process targeted for listing in the second half of 2025, with Samsung Securities as the lead underwriter.
Naraspace is a leading domestic company encompassing the entire microsatellite sector, encompassing the design and development of microsatellite platforms, satellite operation solutions, and satellite image sales and analysis services. Founded in 2015, Naraspace has built up production and operational experience and technological prowess, leveraging its capabilities in satellite image super-resolution and AI-based data analysis. Leveraging these capabilities, the company is expanding its business into diverse areas, including disaster management, urban management, environmental change, national defense and security, agricultural analysis, and financial monitoring.
The microsatellite market is experiencing rapid growth due to its potential to significantly reduce production and launch costs and time compared to large satellites. Furthermore, the satellite image analysis service market is also growing rapidly due to advancements in sensor technology and AI analysis technology.
Naraspace successfully launched and successfully communicated with Korea's first 25kg-class commercial microsatellite, "Observer-1A," in November 2023, demonstrating its stable operational capabilities. Since then, the company has secured technological reliability by participating in challenging domestic and international projects, including the development of the CubeSat "K-RadCube" for NASA's Artemis 2 mission and the Korea Aerospace Research Institute's "E3T (Earth Verification Satellite)" project.
In the area of satellite imagery utilization, Naraspace has conducted disaster and environmental monitoring projects with the Korea Aerospace Research Institute and the Ministry of Environment, among others. It has also secured international references through collaborations with global insurance companies and satellite imagery sales contracts with overseas clients. The industry believes that Naraspace is strengthening its position in the global market by securing competitiveness not only in satellite manufacturing (upstream) but also in imagery utilization and data services (downstream).
In recognition of its technological prowess and growth potential, Naraspace was selected as a "Deep Tech Company" by the Ministry of SMEs and Startups this year. It was also invited to the "Youth Startup Imagination Concert" attended by the President, where it shared its potential for entering the defense industry. Furthermore, it was the only domestic space company to be named to the World Economic Forum's (WEF) "Top 100 Technology Pioneers" list and the Indo-Pacific Economic Framework's (IPEF) "Top 100 Climate Tech Startups" list, solidifying its global standing.
A Samsung Securities official said, “Naraspace has significantly expanded its order backlog based on its success in launching and operating Korea’s first commercial 25kg-class microsatellite, and has proven its global growth potential by concluding a satellite image sales contract with an overseas client.” He added, “Such achievements will likely lead to positive evaluations from investors during the IPO process.”
NaRaSpace CEO Park Jae-pil stated, “Passing the preliminary screening is a result of trust in our domestic and international experience in satellite production and operation,” and added, “We will invest the funds secured through the IPO in building a constellation of satellites and a mass production system, as well as in expanding our overseas presence, to strengthen our stable profit structure and global competitiveness.”
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