-62%

est. 2Y upside i

AerospaceSeries B

Northwood is a modern space infrastructure company focused on connecting space and Earth. The world runs on space. Space will run on Northwood. Our global ground network ensures that missions ranging from national security, to global connectivity, to disaster response can unlock their full potential and operate every day without fail.

Rank

#1562

Sector

Aerospace and Defense

Est. Liquidity

~5Y

Data Quality

Data: Medium

Northwood presents a moderate upside opportunity driven by its innovative phased-array ground station technology and a significant Space Force contract.

Last updated: March 10, 2026

Bull (25%)+250%

Northwood successfully scales its Portal ground network, securing multiple large commercial contracts beyond government deals, and expands its market penetration to 5% of SAM. This drives revenue to $150M+ by 2028, justifying a $2.8B valuation at 18x revenue as a critical infrastructure provider.

Base (35%)+75%

Northwood continues to execute on its Space Force contract and secures additional moderate government and commercial deals, growing revenue to $60M by 2028. While facing sustained competition, its differentiated technology allows for a $1.4B valuation at 23x revenue.

Bear (40%)-65%

Incumbents like SpaceX aggressively expand their ground infrastructure offerings, or technical challenges slow Northwood's deployment and commercial adoption. Revenue growth stalls, leading to a down round at $280M, significantly eroding common stock value given the $136M liquidation preference.

Est. time to liquidity~5.0 years

Preference Stack Risk

high

Investors hold $136M in liquidation preferences. In an exit at or below $136M, common stock would receive nothing.

Dilution Risk

high

As a Series B company with high capital intensity, Northwood will likely require multiple future funding rounds, leading to further dilution of common stock.

Secondary Liquidity

none

There are currently no active secondary markets or tender offers for Northwood Space equity, typical for a Series B company.

View all 49 open roles at Northwood →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Northwood's data — designed to show you've done your homework.

  • 1

    “Given SpaceX's vertically integrated approach and existing ground infrastructure for Starlink, how does Northwood plan to differentiate and compete for non-Starlink commercial and government satellite operators?”

  • 2

    “With a significant Space Force contract secured, what is the strategy for diversifying revenue streams and expanding into commercial markets, especially considering the high capital intensity of building out the Portal network?”

  • 3

    “Northwood has raised $136M to date. What is the anticipated timeline and milestones for future funding rounds or a potential liquidity event, and how does the company manage potential dilution for early employees?”

Community

Valuation Sentiment

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.