Apex is negotiating a financing that would peg its value near $4 billion, according to people familiar with the talks, almost twice its valuation from a round in June. Those people said the figure includes the fresh capital, with the company aiming to bring in about $500 million.
They asked not to be named because the details are not public. Washington Harbour Partners is lined up to lead, and Andreessen Horowitz and XYZ Venture Capital, both existing backers, are expected to participate. Neither Apex nor Washington Harbour Partners answered inquiries seeking comment, while Andreessen Horowitz said it would not comment.
Based in Los Angeles, Apex produces standardized satellite buses - the core platform that holds instruments like cameras and defense tech - and sells to government and commercial buyers. It is part of a broader cohort of space-tech companies drawing investment this year, and its peer K2 Space recently received a $6.8 billion valuation.
Apex is collaborating with Northrop Grumman Corp. on space-based interceptors for President Donald Trump's Golden Dome, a program designed to shield the US with a layered defense stretching from the ground into orbit.
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Ross Fubini, the managing partner of XYZ Venture Capital and a member of Apex's board, said, "it's no surprise that insiders and outsiders have been clamoring to invest." He added that Apex has launched satellites and serves a broad mix of customers.
Enthusiasm has grown since SpaceX went public in June, with the offering assigning a $1.77 trillion valuation to Elon Musk's company. The weeks right after the listing were choppy for SpaceX's stock and coincided with declines across publicly traded space names such as Rocket Lab Corp. and Firefly Aerospace Inc., but SpaceX shares have since rallied and now trade well above the IPO price.
Apex's push to raise at a higher valuation, alongside big-ticket comps like K2 Space and a buoyant post-IPO SpaceX, signals capital is still flowing to space infrastructure plays. For investors tracking upstream space hardware - the platforms that make payloads possible - deal momentum and customer traction are becoming clearer catalysts than headline launches.
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