SpaceX veterans raise $115 million for TerraFirma construction tech

TerraFirma has raised $115 million to expand remote-controlled construction equipment, CNBC reported Tuesday. For everyday investors watching the space economy from public markets, the round shows how money is moving beyond rockets into the less flashy work of building infrastructure.

The Austin-based startup was founded by Noah Schochet and Noah McGuinness, two former SpaceX engineers. CNBC reported that the financing included Kleiner Perkins, Bain Capital Ventures and angel investors from SpaceX, Anduril and Hadrian.

TerraFirma’s pitch is practical first: use software and familiar controls, including Xbox controllers, to operate heavy construction machinery from a distance. The company says that setup can lower costs and improve worker safety. A semi-autonomous system means machines can perform some tasks with software assistance while people still supervise or control key operations.

The company’s longer-term ambition is more ambitious. TerraFirma wants its technology to eventually help build beyond Earth, including on Mars, CNBC reported. That puts it in the orbit of a broader startup group founded by former SpaceX employees, including hypersonic weapons company Castelion and Relativity Space.

Why the funding round stands out

TerraFirma’s raise comes shortly after SpaceX’s $86 billion initial public offering last month, according to CNBC. An initial public offering, or IPO, is when a private company lists shares for public trading. CNBC also tied renewed interest in the sector to NASA’s push to establish a lunar base and to longer-term ideas such as shifting some industrial activity to the Moon or Mars.

That enthusiasm does not mean TerraFirma is treating space construction as its first market. Schochet told CNBC that the company needs to build around economic demand that exists today rather than around a space economy that has not yet developed.

On Earth, CNBC reported that TerraFirma has already worked on commercial projects including a sports arena and a Starbucks. Those jobs give the company a way to test construction automation in real-world settings before bidding on possible future Moon projects.

From SpaceX lessons to construction sites

Schochet and McGuinness met roughly a decade ago as Princeton University engineering students, according to CNBC. After college, both joined SpaceX. McGuinness worked on Starshield, SpaceX’s government satellite program, while Schochet worked on Starlink and later Starship.

Schochet told CNBC that SpaceX pushed teams to build and scale quickly, sometimes under difficult conditions. He contrasted that pace with the slower adoption of manufacturing automation in construction, saying rocket-building processes had not made their way into the industry.

About half of TerraFirma’s engineering team previously worked at SpaceX, Tesla or the Boring Company, CNBC reported. That background is part of the company’s identity as it tries to bring aerospace-style automation to construction equipment.

TerraFirma plans to use the new capital to hire 300 employees over the next year, CNBC reported. The company also plans to build a factory in Texas and a mission control center, which would support its remote equipment operations.

This story draws on original reporting from CNBC.