Customer Profile
iQPS
Institute for Q-shu Pioneers of Space, Inc.
iQPS is a Japanese company focused on developing and operating a constellation of small **Synthetic Aperture Radar (SAR)** satellites 1. These satellites provide high-resolution, all-weather Earth observation services for applications including disaster monitoring, infrastructure inspection, and maritime surveillance 2.
The company went public on the **Tokyo Stock Exchange (TSE)** in December 2023 3. iQPS utilizes the **QPS-SAR** satellite series to provide frequent revisit imaging 1. Investors in Rocket Lab should monitor iQPS as a high-frequency, repeat customer for the Electron launch vehicle 4.
Investment Thesis
iQPS is a Japanese company focused on developing and operating a constellation of small **Synthetic Aperture Radar (SAR)** satellites 1. These satellites provide high-resolution, all-weather Earth observation services for applications including disaster monitoring, infrastructure inspection, and maritime surveillance 2.
The company went public on the **Tokyo Stock Exchange (TSE)** in December 2023 3. iQPS utilizes the **QPS-SAR** satellite series to provide frequent revisit imaging 1. Investors in Rocket Lab should monitor iQPS as a high-frequency, repeat customer for the Electron launch vehicle 4.
Key Differentiators
Risk Factors
- • Launch Dependency: Relies on various providers including SpaceX, Rocket Lab, and ISRO to deploy its constellation 3.
- • Capital Intensity: Historical funding reached approximately **9.2 billion yen** as of March 2023, indicating high capital requirements for constellation build-out (projection).
Rocket Lab Relationship
iQPS is a verified repeat customer for Rocket Lab's **Launch Services** segment. The customer has completed **7 successful launches** and has **1 upcoming mission** scheduled for May 31, 2026 (projection) .
The relationship provides recurring revenue through the **Electron** launch vehicle. All 8 recorded missions involve Electron launches to **Low Earth Orbit (LEO)** with payloads of **100 kg** (except for the first mission in 2023) . This high launch frequency validates Rocket Lab's ability to support commercial constellation deployment.
Technology
iQPS utilizes **Synthetic Aperture Radar (SAR)** technology to enable all-weather, high-resolution Earth observation 2.
Leadership
Shunsuke Onishi, Ph.D., President and Representative Director CEO. Ph.D. in Engineering from Kyushu University; previously a Student Project Leader for QSAT-EOS.
Funding
iQPS raised approximately **9.2 billion yen** in cumulative funding as of March 2023 4. Notable funding rounds include a **2.35 billion yen** Series A in 2017 and a **3.85 billion yen** Series B First Close in December 2021 4. The company completed an IPO on the Tokyo Stock Exchange in December 2023 3.
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 Jun 30, 2026.
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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