/ Pre-IPO Risk Index / Sierra Space

Sierra Space

Space (Commercial ISS) · Pre-IPO · $5.3B (Q2 2023, no refresh)
C

Mixed (C) — Round Z Pre-IPO Risk Grade

Sierra Space spun off from Sierra Nevada Corporation in 2021 to operate the Dream Chaser spaceplane and Orbital Reef commercial space station programs. Capital-intensive development; Dream Chaser first flight has slipped multiple times.

60
Composite / 100
/ Subscore Breakdown · 5 Dimensions

Where this grade comes from.

Governance Risk
C+
Valuation Methodology
C
Secondary Liquidity
C
Financial Disclosure
C+
Exit Probability
C
/ Public-Record Events

Key risk events & disclosures.

  • Dream Chaser first flight slipped multiple times (now 2026 target)
  • Orbital Reef commercial space station program with Blue Origin
  • $1.4B Series A 2023 at $5.3B; no refresh disclosed
  • Lineage from Sierra Nevada Corporation provides defense-customer relationships

/ Best for

Investors with high conviction on commercial space station economics and willingness to hold through extended Dream Chaser development timeline.

/ Watch out for

Dream Chaser timeline slip continues; commercial-space-station revenue path requires post-ISS retirement NASA contracts that are not yet awarded.