Customer Profile
iQPS
Institute for Q-shu Pioneers of Space, Inc.
iQPS Inc. manufactures and operates the QPS-SAR series of small synthetic aperture radar satellites each weighing approximately 100 kg. The company was established in June 2005 and completed an IPO on the Tokyo Stock Exchange in December 2023. It has raised $112.47M across 8 rounds and maintains a constellation build plan that includes at least 15 named satellites from QPS-SAR-1 through QPS-SAR-15.
Rocket Lab investors should monitor iQPS because the operator has contracted 18 Electron launches since 2023 with 7 successes recorded through 2025 and 11 additional missions manifested through 2028. This cadence supplies a visible revenue stream for Rocket Lab launch services and demonstrates sustained demand for dedicated small-lift capacity to low Earth orbit.
Investment Thesis
iQPS Inc. manufactures and operates the QPS-SAR series of small synthetic aperture radar satellites each weighing approximately 100 kg. The company was established in June 2005 and completed an IPO on the Tokyo Stock Exchange in December 2023. It has raised $112.47M across 8 rounds and maintains a constellation build plan that includes at least 15 named satellites from QPS-SAR-1 through QPS-SAR-15.
Rocket Lab investors should monitor iQPS because the operator has contracted 18 Electron launches since 2023 with 7 successes recorded through 2025 and 11 additional missions manifested through 2028. This cadence supplies a visible revenue stream for Rocket Lab launch services and demonstrates sustained demand for dedicated small-lift capacity to low Earth orbit.
Key Differentiators
- • Small SAR Platform: 100 kg class satellites with high-resolution imaging capability 1
- • Launch Diversity: Multiple providers including Rocket Lab Electron, SpaceX Falcon 9, and ISRO PSLV
- • Public Market Access: IPO completed on Tokyo Stock Exchange in December 2023
Risk Factors
- • Launch Cadence Dependence: 11 of 18 total missions remain unlaunched with several dates listed as TBD through 2028
- • Capital Intensity: Constellation expansion requires ongoing funding after $112.47M already raised across 8 rounds 2
- • Execution History: 7 successes out of 18 contracted Electron missions to date
Rocket Lab Relationship
iQPS has contracted 18 Electron launches, of which 7 have flown successfully. The manifest includes 11 future missions with dates extending to December 2028. These missions place 100 kg class QPS-SAR satellites into low Earth orbit and represent a concentrated customer relationship for Rocket Lab dedicated small-lift services.
The relationship spans multiple years and multiple spacecraft, creating a recurring revenue line within Rocket Lab launch services. Any change in iQPS constellation deployment pace or shift to other launch providers would directly affect Rocket Lab near-term mission count and associated revenue recognition.
Business Model
iQPS generates revenue through operation of its QPS-SAR constellation and sale of synthetic aperture radar data and services. The company has raised $112.47M over 8 rounds and listed on the Tokyo Stock Exchange in December 2023, indicating a transition from pure development to commercial operations supported by public-market capital.
Its model depends on achieving sufficient revisit rates and data sales volume to cover ongoing launch and satellite production costs. The 18 contracted Electron missions illustrate the capital required to populate the constellation before meaningful recurring revenue can scale.
Technology
The QPS-SAR satellites are 100 kg class platforms designed for high-resolution synthetic aperture radar imaging from low Earth orbit. This mass class enables dedicated launches on vehicles such as Electron while still delivering commercially useful radar data.
The technical approach trades some aperture size for lower launch mass and cost, allowing more frequent replenishment and higher revisit rates than traditional larger SAR satellites. Execution risk remains tied to achieving consistent imaging performance and data quality across the growing fleet.
Space Activity
iQPS operates the QPS-SAR series of small radar satellites and has placed multiple units in orbit via Electron launches between 2023 and 2025. The constellation plan lists at least 15 satellites with names such as QPS-SAR-5 (Tsukuyomi-I) and QPS-SAR-15 (Sukunami-I).
Current activity centers on completing the initial constellation deployment. The 11 upcoming Electron missions represent the primary execution path for reaching operational capacity and generating commercial data revenue.
Leadership
Prof. Emeritus Tetsuo Yasaka (Co-founder), Akira Sakurai (Co-founder), and Kunihiro Funakoshi (Co-founder)
Funding
iQPS completed an IPO on the Tokyo Stock Exchange in December 2023 after raising $112.47M across 8 rounds. The public listing provides access to additional equity capital to support satellite production and launch campaigns.
Constellation deployment remains capital intensive. The company must convert its existing funding and future revenue into a sufficient number of operational satellites to generate positive cash flow before additional large capital raises become necessary.
Launch History
Rocket Lab mission record for iQPS
Most recent completed flight: The Wisdom God Guides on Dec 21, 2025. Next on the manifest: The Grain Goddess Provides targeting Aug 31, 2026.
iQPS Launch 15
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iQPS Launch 14
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iQPS Launch 12
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iQPS Launch 13
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iQPS Launch 16
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iQPS Launch 17
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iQPS Launch 10
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iQPS Launch 8
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iQPS Launch 11
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iQPS Launch 9
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The Grain Goddess Provides
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The Wisdom God Guides
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The Nation God Navigates
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The Harvest Goddess Thrives
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The Mountain God Guards
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The Sea God Sees
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The Lightning God Reigns
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The Moon God Awakens
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