Starfighters Space Raising Money to Expand Development
The Company is a Flying Testbed for the Development of Next-Gen Hypersonic Technology
Rick Svetkoff’s flight path has taken him from being a navy pilot to an aviation entrepreneur. More recently, he became an aerospace innovator as the founder and CEO of Starfighters Space.
The company operates a private fleet of F-104 and F-4 aircraft, enabling them to do R&D for the commercial and defense industries. It also provides pilot and spaceflight training.
The goal is to deliver small payloads into space and become “a flying testbed for the development of next generation hypersonic technology,” Svetkoff told inter-TECH-ion.
Currently, the global space economy is estimated to be worth about $400 billion, with 71% of that representing the satellite industry. Frost and Sullivan estimate the demand for small satellite launches to exceed $69 billion by 2030.
Starfighters Space does not compete with billion-dollar companies like Space X and Blue Origin. The company complements them, focusing on a market segment they don’t address.
Foundation
Svetkoff was a military fighter pilot before flying large jets for Continental Airlines. Shortly after joining the airline, he purchased an F-104 Starfighter jet and began flying at air shows. Once he acquired three of these jets, he created the Starfighters Demonstration Team. He envisioned his F-104 fleet becoming the core of a small, “fast-reacting” aerospace company designed for wide-ranging missions.
His vision ultimately became reality.
Svetkoff was invited to the Kennedy Space Center in 2007 and has made it the Starfighters Team’s home since then. Over the years, he became more deeply integrated into the Kennedy Space Center and witnessed the commercialization of space taking place there.
Eventually, he realized he had a “key component” of a piloted space-delivery platform already in his hands -- a Mach 2+ capable, space-delivery program. In 2015, he began an experimental project to evolve Starfighters into Starfighters Space.
He eventually brought on Tim Franta, who serves as VP, Development. One of his prior accomplishments was being a liaison to the space industry, NASA and the Air Force. He also served in Florida’s Legislature and was a chief of staff for Florida’s Space Authority. With the authority, he helped craft the Florida Space Transportation Act, managed two launch pads, and helped get more than $300 million in space and ground infrastructure funds.
Inventory & Expansion Plans
Starfighters Space now operates a large commercial fleet of piloted Mach 2+ capable supersonic aircrafts. It’s developing the capability to launch payloads into space “without the need for large, costly first-stage rockets,” Svetkoff said.
Starfighters Space’s hangar is at the end of the famous Shuttle Landing Facility, Runway 33, one of the longest runways in the world.
Recently the company announced it’s planning a second location at the growing Midland International Air & Space Port in Texas, where a new hangar, and supporting facilities, to house the company’s growing fleet recently was approved.
The plans call for Starfighters Space to relocate approximately $78 million of its capital assets and equipment to the space port by 2027, according to a press release. The company also plans to expand its footprint at the Kennedy Space Center.
Financing
Svetkoff originally bootstrapped the company. After that, Space Florida -- the quasi-governmental agency responsible for commercializing the Kennedy Space Center – provided a loan to Starfighters Space, enabling Svetkoff to expand his team and begin development.
In 2022, the company received its first investment in a round led by Fortuna Investments.
Starfighters Space recently launched a Reg A fundraising round, which offers individual investors an opportunity to invest -- an opportunity typically reserved for elite funds and high net worth investors.
So far, this fundraising endeavor has raised $18.6 million out of a $35 million goal.
Funds are being used to expand the company’s development programs, with the goal of completing its first commercial launch before the end of this year. Once that happens, the company can provide small payload launch resources to government, academic and commercial entities.
Exit Strategy
The company’s’ C-level team is tentatively planning an IPO for mid-2025, so it can raise additional capital to fund its growth, Svetkoff said.
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