New Zealand-Dutch space company Dawn Aerospace has completed a $25 million Series B funding round, achieving a post-money valuation of $195 million. The round was led by U.S.-based Balerion Space Ventures, with participation from Japan's ANA Future Frontier Fund, among others. The company is now cash-flow positive, with its satellite propulsion systems deployed on dozens of spacecraft. Proceeds will be used to expand its satellite propulsion business, accelerate development of the Aurora reusable space plane (targeting two flights past the Kármán line per day by 2027), and advance the Loop on-orbit satellite refueling network (with a demonstration planned for 2028). 3D printing technology underpins the production of critical hardware — the company previously secured a contract with the European Space Agency to develop new 3D printing techniques for rocket engines, with engine components manufactured using Inconel or titanium alloys.