Asia's Rocket Race Heats Up

The global space launch market, valued at $15 billion in 2023 and projected to reach $41 billion by 2030, is seeing a surge in competition from Asian startups. Unastella, a four-year-old South Korean company, recently closed a $24 million Series B funding round, bringing its total to $44 million.

In May 2025, Unastella launched its Una Express-I rocket from South Korean soil. The company focuses on developing launch vehicles and engines for small satellite deployment, with crewed suborbital flights as a long-term objective. Their propulsion system utilizes a kerosene and liquid oxygen combination, featuring an electric motor pump for simplification and cost reduction.

Unastella's CEO, Jae Park, has extensive experience in rocket engine development, having previously worked on South Korea's Nuri rocket. The company handles all aspects of its operations in-house, from design to flight data. UNA EXPRESS-II is slated for launch later this year, a milestone expected to foster partnerships with major South Korean aerospace firms.

South Korea's commercial space sector is nascent but dynamic, with other players like Hanwha Aerospace, Innospace, and Perigee Aerospace also competing. The Korea Space Agency (KASA) has committed $266 million to launch infrastructure development, signaling strong government support for the private sector. This push aligns with broader Asian ambitions, as China, Japan, and Australia also advance their own launch capabilities.