SaxaVord Spaceport on Unst has finalised a £60 million funding package combining public and private investment, positioning the UK's only licensed vertical launch spaceport to move toward its first commercial launches, according to Shetland News.

The deal comprises £30 million from the UK Government—announced in September as part of the UK's updated space strategy—matched by £30 million commitment from long-standing investor Wild Ventures, the investment arm of Heartland.

Funding to drive infrastructure completion

The £60 million will support completion of SaxaVord's three launch pads, mission-management infrastructure and a second integration hangar. Scott Hammond, SaxaVord's chief executive, said the funding gives the spaceport "the financial security to complete the development of SaxaVord and establish a sustainable commercial spaceport."

"It is an enormous vote of confidence in what we have achieved and in the future of the UK space industry," Hammond added. "We have built the country's first licensed vertical launch spaceport, and now we have the backing to turn that achievement into a successful long-term business."

SaxaVord holds regulatory approval for up to 30 launches per year and is being developed to accommodate multiple launch providers. The spaceport has secured Wild Ventures' commitment with a structure allowing other investors to take minority positions alongside the UK Government and the long-term shareholder.

Launch providers pursuing operations

A first launch at the site from German rocket firm RFA was due to take place in August or September but was postponed. German space company HyImpulse has reiterated its desire to launch from SaxaVord next year after receiving support from commercial investors.

Lise Kaae, chief executive of Heartland, said: "We are very pleased to welcome UK Government as an investor and partner in SaxaVord. Their commitment is a strong endorsement of the ambitions for the company, the spaceport in Shetland and the potential we have believed in for many years."

Strategic recognition for UK space access

The funding announcement reflects broader government backing for assured launch capability from British soil. Space Minister Baroness Lloyd said: "By backing SaxaVord, we're taking a major step towards the first vertical launch from UK soil and strengthening the satellite services that people and businesses rely on every day. This deal is an early example of our new space strategy in action—backing the infrastructure, skills and technologies that will secure the UK's place as a leading space nation and open up new opportunities for investment and growth."

The spaceport has also gained international recognition. Earlier this month, the UK and German governments identified SaxaVord as a potential hub for Europe's access to space, following discussions between government leaders on deepening strategic co-operation in civil, commercial, security and defence space interests.

Long-term commercial ambitions

Hammond emphasised SaxaVord's vision for sustained operations: "We have always said that we are building SaxaVord for the thousandth launch as much as the first. Our ambition is to provide a safe, secure and trusted home for launch companies for decades to come."

The £60 million funding package represents a significant step toward operational launch capability in the UK, with infrastructure work now supported by confirmed investment from both government and private partners.