Bulgarian space technology company EnduroSat has been valued at more than $1bn, making it the country’s second technology “unicorn” after fintech firm Payhawk, specialised publication The Recursive reported on September 16.
EnduroSat marketing director Boris Dimitrov confirmed the valuation to The Recursive, saying it had “significantly exceeded $1bn”, although the company would not disclose the exact figure.
The valuation follows a $205mn funding round announced last week, led by US firms Riot Ventures and Atreides Management. EnduroSat will use the funds to scale satellite production, build a manufacturing plant in the United States and develop a space and defence hub near Sofia.
The company plans to manufacture satellites weighing between 500 kg and five tonnes, expanding beyond its current models with payload capacity of up to 300 kg. It has also proposed investing more than €100mn in a space and defence hub at the former Dobroslavtsi airbase near Sofia.
EnduroSat has raised nearly $350mn over the past 16 months, including $104mn in October 2025. Preliminary revenue reached €34mn-35mn in 2025, up more than 55% from the previous year, and the company expects revenue to double this year, according to figures cited by Capital.
Founded in Sofia in 2015 by Raycho Raychev, EnduroSat has launched 103 satellites and delivered more than 200 devices, according to company data.
Payhawk became Bulgaria’s first unicorn in March 2022 after raising $100mn, taking its Series B round to $215mn and its valuation above $1bn.
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