# Cowboy Space Corporation: orbital data center program

> United States (United States), startup. Stage 1 of 7: Concept. It has filed for 20,000 data center satellites and flown a power-beaming satellite (Reason-1), but no compute hardware has flown.

- Canonical page: https://spacenexus.us/orbital-data-centers/cowboy-space
- This Markdown version: https://spacenexus.us/orbital-data-centers/cowboy-space.md
- Data as of: 2026-10-05 (last evidence review)
- How the numbers are made: https://spacenexus.us/orbital-data-centers#method

> For information only, not investment advice. SpaceNexus is not a registered investment adviser, broker or dealer, and nothing here is a recommendation to buy, sell or hold any security. Data may be delayed, estimated or incomplete; check the source before acting. Rounds come from company announcements, regulatory filings and press reports. Amounts, valuations and investors are as reported and may be incomplete or later revised. Not investment advice, and not an offer or solicitation for any security. Full text: https://spacenexus.us/disclaimer

## Stage evidence

- It has filed for 20,000 data center satellites and flown a power-beaming satellite (Reason-1), but no compute hardware has flown. Sources: [SpaceNews](https://spacenews.com/cowboy-files-plans-for-up-to-20000-orbital-data-centers/); [Yahoo Finance](https://finance.yahoo.com/technology/articles/cowboy-space-launches-reason-1-194400031.html)

## Key figures

- FCC filing, maximum satellites (Stampede): 20,000 satellites. Sources: [SpaceNews](https://spacenews.com/cowboy-files-plans-for-up-to-20000-orbital-data-centers/)
- Power per Stampede satellite (filed): 1 MW (company claim). Sources: [SatNews](https://satnews.com/2026/05/18/cowboy-raises-275m-and-files-for-20000-orbital-data-centers-forcing-the-odc-thesis-into-view/)
- Series B valuation: $2B. Sources: [Payload](https://payloadspace.com/aetherflux-rebrands-pivots-business-and-raises-275m/)

## Approach

- Orbit: Dawn-dusk sun-synchronous LEO, 700 to 1,000 km (Stampede filing)
- Architecture: Began in space solar power beaming; in May 2026 pivoted to its own rocket whose upper stage becomes a 1 MW orbital data center
- Power: Solar; about 1 MW usable power per Stampede satellite (FCC filing)
- Cooling: Not detailed; Reason-1 tests thermal technology for server-grade GPUs
- Compute: Just under 800 GPUs per satellite on NVIDIA Space-1 Vera Rubin modules (FCC filing, as reported)
- Customers: None named for compute; power delivery to defense is a stated market

## Milestones

| Date | Status | Confidence | Milestone | Sources |
| --- | --- | --- | --- | --- |
| 2024-10-09 | achieved | Reported | Aetherflux publicly announced. Founded by Robinhood co-founder Baiju Bhatt. | [Wikipedia](https://en.wikipedia.org/wiki/Cowboy_Space_Corporation) |
| 2024-10-09 | achieved | Confirmed | First demonstration spacecraft promised for Q4 2025 or Q1 2026. Reason-1 flew on 2026-10-01, about six to twelve months after that window. | [TechCrunch](https://techcrunch.com/2024/10/09/billionaire-robinhood-co-founder-launches-aetherflux-a-space-based-solar-power-startup/); [Payload](https://payloadspace.com/transporter-18-tests-the-building-blocks-of-orbital-data-centers/) |
| 2025-04-02 | achieved | Confirmed | $50M Series A for a 2026 space solar demo. Co-led by Index Ventures and Interlagos. | [TechCrunch](https://techcrunch.com/2025/04/02/space-solar-startup-aetherflux-raises-50m-to-launch-first-space-demo-in-2026/); [Wikipedia](https://en.wikipedia.org/wiki/Cowboy_Space_Corporation) |
| 2025-12-09 | achieved | Company claim | Galactic Brain orbital data center announced; first commercial node targeted for Q1 2027. Solar-powered GPU satellites. | [PR Newswire](https://www.prnewswire.com/news-releases/aetherflux-announces-orbital-data-center-targets-q1-2027-302635961.html) |
| 2026-05-11 | achieved | Confirmed | Rebrand to Cowboy Space; $275M Series B at $2B valuation. Led by Index Ventures; adds a launch vehicle whose upper stage is the data center. | [Morningstar (Business Wire)](https://www.morningstar.com/news/business-wire/20260508036993/cowboy-space-corporation-raises-275m-series-b-for-vertically-integrated-orbital-data-centers-and-rockets); [Payload](https://payloadspace.com/aetherflux-rebrands-pivots-business-and-raises-275m/); [SiliconANGLE](https://siliconangle.com/2026/05/11/cowboy-space-raises-275m-build-orbital-ai-data-centers/); [Via Satellite](https://www.satellitetoday.com/finance/2026/05/11/aetherflux-rebrands-as-cowboy-space-expanding-plans-to-in-orbit-compute-and-launch/) |
| 2026-05-14 | achieved | Confirmed | FCC application: 20,000-satellite Stampede Data Center System. Launches from 2028; satellite design unfinished. The FCC later asked about satellite size (SatNews, 2026-09-13). | [SpaceNews](https://spacenews.com/cowboy-files-plans-for-up-to-20000-orbital-data-centers/) |
| 2026-08-28 | achieved | Reported | FCC sends an 11-part deficiency letter on the Stampede application. Responses were due 2026-09-11. No response was on file at that deadline (SatNews, 2026-09-13). We have not checked the FCC record since. | [SatNews](http://satnews.com/2026/09/13/the-fcc-asked-cowboy-space-how-big-its-satellites-are/) |
| 2026-10-01 | achieved | Confirmed | Reason-1 launched (power-beaming demonstration). Launched on SpaceX Transporter-18 on an Apex Aries bus; Apex reported contact within 10 minutes, nominal (2026-10-02). Power-beaming demo, not compute. | [Yahoo Finance](https://finance.yahoo.com/technology/articles/cowboy-space-launches-reason-1-194400031.html); [Via Satellite](https://www.satellitetoday.com/launch/2026/10/01/the-first-mission-milestones-onboard-spacexs-transporter-18-rideshare-launch/) |

## Announced next steps (as the organisation stated them)

- first half of 2027: Reason-2: H200 GPUs and a laser data link. Sources: [Yahoo Finance](https://finance.yahoo.com/technology/articles/cowboy-space-launches-reason-1-194400031.html); [Payload](https://payloadspace.com/transporter-18-tests-the-building-blocks-of-orbital-data-centers/)
- Q1 2027 (December 2025 target; not restated since the May 2026 pivot): First Galactic Brain commercial data center node. Sources: [PR Newswire](https://www.prnewswire.com/news-releases/aetherflux-announces-orbital-data-center-targets-q1-2027-302635961.html)
- NET end of 2028: First launch of its own rocket (upper stage = 1 MW data center); Stampede launches from 2028. Sources: [Payload](https://payloadspace.com/aetherflux-rebrands-pivots-business-and-raises-275m/)

## What to watch (SpaceNexus note, not a prediction)

Whether Reason-1 reports on-orbit results, and whether the Q1 2027 Galactic Brain node is still on the plan.

## Filings (applications, not approvals)

- FCC, 14 May 2026: Stampede Data Center System, up to 20,000 satellites, dawn-dusk SSO 700 to 1,000 km, about 1 MW each; SatNews reports it was filed 2026-05-11 and accepted 2026-06-12 (SAT-LOA-20260323-00135), so the filing date is not settled. The FCC sent an 11-part deficiency letter on 2026-08-28; no response was on file at the 2026-09-11 deadline (SatNews). Sources: [SpaceNews](https://spacenews.com/cowboy-files-plans-for-up-to-20000-orbital-data-centers/); [SatNews](https://satnews.com/2026/05/18/cowboy-raises-275m-and-files-for-20000-orbital-data-centers-forcing-the-odc-thesis-into-view/); [SatNews](http://satnews.com/2026/09/13/the-fcc-asked-cowboy-space-how-big-its-satellites-are/)

## Funding

Counted in the tracker's verified total: $325M.

- 2 Apr 2025: Series A, $50M. Sources: [TechCrunch](https://techcrunch.com/2025/04/02/space-solar-startup-aetherflux-raises-50m-to-launch-first-space-demo-in-2026/); [Wikipedia](https://en.wikipedia.org/wiki/Cowboy_Space_Corporation)
- 11 May 2026: Series B ($2B valuation), $275M. Sources: [Morningstar (Business Wire)](https://www.morningstar.com/news/business-wire/20260508036993/cowboy-space-corporation-raises-275m-series-b-for-vertically-integrated-orbital-data-centers-and-rockets); [Payload](https://payloadspace.com/aetherflux-rebrands-pivots-business-and-raises-275m/); [SiliconANGLE](https://siliconangle.com/2026/05/11/cowboy-space-raises-275m-build-orbital-ai-data-centers/); [Via Satellite](https://www.satellitetoday.com/finance/2026/05/11/aetherflux-rebrands-as-cowboy-space-expanding-plans-to-in-orbit-compute-and-launch/)

## Cautions

- Verified rounds sum to $325M; TechCrunch said about $60M raised in total at the Series A, implying about $10M earlier, which would make about $335M.

## People

- Baiju Bhatt (founder, CEO)

## Sources

- [SpaceNews](https://spacenews.com/cowboy-files-plans-for-up-to-20000-orbital-data-centers/)
- [Yahoo Finance](https://finance.yahoo.com/technology/articles/cowboy-space-launches-reason-1-194400031.html)
- [SatNews](https://satnews.com/2026/05/18/cowboy-raises-275m-and-files-for-20000-orbital-data-centers-forcing-the-odc-thesis-into-view/)
- [Payload](https://payloadspace.com/aetherflux-rebrands-pivots-business-and-raises-275m/)
- [Wikipedia](https://en.wikipedia.org/wiki/Cowboy_Space_Corporation)
- [TechCrunch](https://techcrunch.com/2025/04/02/space-solar-startup-aetherflux-raises-50m-to-launch-first-space-demo-in-2026/)
- [PR Newswire](https://www.prnewswire.com/news-releases/aetherflux-announces-orbital-data-center-targets-q1-2027-302635961.html)
- [Morningstar (Business Wire)](https://www.morningstar.com/news/business-wire/20260508036993/cowboy-space-corporation-raises-275m-series-b-for-vertically-integrated-orbital-data-centers-and-rockets)
- [SiliconANGLE](https://siliconangle.com/2026/05/11/cowboy-space-raises-275m-build-orbital-ai-data-centers/)
- [Via Satellite](https://www.satellitetoday.com/finance/2026/05/11/aetherflux-rebrands-as-cowboy-space-expanding-plans-to-in-orbit-compute-and-launch/)
- [Via Satellite](https://www.satellitetoday.com/launch/2026/10/01/the-first-mission-milestones-onboard-spacexs-transporter-18-rideshare-launch/)
- [TechCrunch](https://techcrunch.com/2024/10/09/billionaire-robinhood-co-founder-launches-aetherflux-a-space-based-solar-power-startup/)
- [Payload](https://payloadspace.com/transporter-18-tests-the-building-blocks-of-orbital-data-centers/)
- [SatNews](http://satnews.com/2026/09/13/the-fcc-asked-cowboy-space-how-big-its-satellites-are/)

## Licence and credits

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