Top Aerospace Startups to Watch (and Work for) in 2023

My Background

Hi, I'm Kieran! I worked in startups for five years at On Deck and Wefunder. Some of my favorite things that I've worked on during my career include:

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Wefunder Workaway: 12 founders working on a new idea, 7 days, 1 mansion in Hawaii. One of the teams we picked raised a Series A from Andreessen Horowitz, and two people who met during the trip got married...

On Deck: As employee #15, I contributed to the startup's growth from no revenue to a $20 million run rate in less than a year. I led the team that built the admission infrastructure to support and scale ~20 fellowships for founders, capital allocators, operators, and creators.

XX: Worked on a pre-YC accelerator program that invested $125K on an MFN SAFE into 8-10 teams per cohort.

ODX: Worked on a $100 million accelerator program that invested $125K for 7% into 100s of startups. We partnered with leaders like Flexport to build vertical industry tracks around supply chain & logistics, etc.

Ryan Marketing: Created an influencer marketing startup (2 million+ Instagram followers) during college with my twin brother and realized early that monetization for creators was broken. I learned a lot, and it paid enough to cover my schooling, rent, and meals.

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The Methodology

I considered several data points to arrive at the startups selected on this list, including company traction, funding raised, valuation, and investors. From my initial list, I then referenced each startup with my personal network to narrow down the list to the one you see below. I take my credibility seriously, so I do not take any money from startups who want to be included on this list to remain impartial. If you want to understand my analysis of startups and prefer long-form content, read my research on the top startups of 2023 afterward.

Boom Supersonic

Supersonic passenger airplanes.

Headquarters

Centennial, Colorado

Industry

Aerospace, Hardware, Travel

Founded

2014

Funding

$147.5 million

Valuation

$1 billion+

Traction

In August 2022, American Airlines placed a non-refundable deposit for 20 aircraft, with an option for an additional 40 aircraft.

In June 2021, Boom Supersonic announced a commercial agreement with United Airlines for 15 aircraft, with an option for an additional 35 aircraft.

In December 2017, Japan Airlines invested $10 million for a pre-order option of 20 aircraft.

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Merlin

An aviation technology company focused on fully autonomous flights.

Headquarters

Boston, Massachusetts

Industry

Aerospace

Founded

2018

Funding

$133.5 million

Valuation

$2.3 billion

Traction

As of May 2023, Merlin has built five aircraft models, completed 400+ autonomous missions, and been in the sky for 800+ hours.

In 2021, Merlin achieved approval for its takeoff-to-touchdown autonomy system as part of a joint project with the US Federal Aviation Administration (FAA).

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Heart Aerospace

Electrifying regional air travel.

Headquarters

Gothenburg, Sweden

Industry

Aerospace, Hardware

Founded

2018

Funding

$40.2 million

Valuation

Undisclosed

Traction

In July 2021, Heart Aerospace received an order purchase for 200 of its inaugural ES-19 electric aircraft from United Airlines and Mesa Air Group.

As of July 2021, Heart Aerospace claims its ES-19 electric motor is 20x less expensive than an equivalent turboprop, and maintenance costs will be reduced by 100x.

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Overair

All-electric aerial mobility company.

Headquarters

Santa Ana, California

Industry

Aerospace

Founded

2019

Funding

$170 million

Valuation

Undisclosed

Traction

As of May 2023, Overair remains on track to fly its butterfly eVTOL prototype by this year.

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Venus Aerospace

An aerospace company focused on engineering the future of hypersonic flight.

Headquarters

Houston, Texas

Industry

Aerospace, Defense

Founded

2020

Funding

$39.1 million

Valuation

Undisclosed

Traction

As of July 2023, Venus Aerospace is currently testing with a 20-foot drone, hoping to reach Mach 5 speed. If the test works, it will begin building The Stargazer with the plan of flying from New York to Tokyo in one hour.

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Evolito

The world’s most advanced electric propulsion solution.

Headquarters

Bicester, England, United Kingdom

Industry

Aerospace

Founded

2021

Funding

Undisclosed

Valuation

Undisclosed

Traction

As of July 2023, Evolito claims its motors use 75% less iron, copper, and permanent magnets than competing radial solutions.

In July 2022, Evolito acquired Electroflight, an aerospace battery company, for an undisclosed amount.

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Radian Aerospace

Spaceflight with the ease of air flight.

Headquarters

Bellevue, Washington

Industry

Aerospace, Space

Founded

2016

Funding

$32 million

Valuation

Undisclosed

Traction

Radian Aerospace is working on Radian One, the world’s first crewed, single-stage orbit vehicle with runway-like takeoff and landing.

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SpaceX

SpaceX designs, manufactures, and launches advanced rockets and spacecraft.

Headquarters

Hawthorne, California

Industry

Space, Hardware, Aerospace

Founded

2002

Funding

$9.8 billion

Valuation

$137 billion

Traction

As of May 2023, SpaceX has 230 total launches, 191 total landings, and 165 total reflights.

As of May 2023, SpaceX has launched 1272 metric tons of payload into various orbits.

In 2022, SpaceX completed 61 launches.

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Relativity Space

An American aerospace manufacturing company.

Headquarters

Long Beach, California

Industry

Space, Hardware, Aerospace

Founded

2015

Funding

$1.3 billion

Valuation

$4.2 billion

Traction

In March 2023, Terran 1, a rocket made by Relativity Space, became the first methane-fueled rocket in the West to reach space. Additionally, Terran 1 became the first nearly entirely 3D rocket to fly.

Relativity Space is focused now on Terran R, which is expected to be ready for launch in 2026.

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JetInsight

The modern operating system for business aviation.

Headquarters

San Mateo, California

Industry

Aerospace

Founded

2014

Funding

Undisclosed

Valuation

Undisclosed

Traction

In November 2015, JetInsight participated in NFX’s Class 2 Cohort.

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Blue Origin

An American aerospace and space exploration company.

Headquarters

Kent, Washington

Industry

Space, Hardware, Aerospace

Founded

2000

Funding

$167.4 million

Valuation

Undisclosed

Traction

Blue Origin’s New Shepard rocket has had 22 successful consecutive missions, including three escape tests.

Blue Origin’s New Shepard and New Glenn rockets have vertical take-off and landing architecture that have been reused 25 times with minimal refurbishment.

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