Turkish Plan-S Targets $40 Million to Fuel Satellite Expansion Plans

Sami Aslanhan, Plan-S Chairman

Plan-S, the satellite division of Kontrolmatik Enerji Ve Muhendislik AS, has announced a major equity funding round, aiming to raise $40 million. This initiative, led by Turkey’s state-run Ziraat Bank, will push the company’s valuation to $400 million. The investment targets both domestic and international investors.

The capital will fuel Plan-S’s expansion, particularly in satellite research and development. Currently, the company operates five test satellites in low-Earth orbit (LEO) and plans to increase its fleet to 22 satellites by mid-2025. By 2030, Plan-S aims to operate over 200 satellites, supporting Earth observation and IoT connectivity. The satellites, manufactured in Turkey and launched by SpaceX, play a vital role in these efforts.

Sami Aslanhan, Chairman of Plan-S and a major shareholder with 44.5%, expects the funding to be completed by September. The company also plans a future Nasdaq listing between 2027 and 2028.

Plan-S’s objectives align with Turkey’s national space strategy, which includes astronaut training and a domestic spaceport by 2030. The company is set to play a central role in Turkey’s growing space ambitions.

Source: Alyssa Lafleur / Space Impulse