ispace, inc.
Tokyo-based lunar lander company listed on the Tokyo Stock Exchange Growth Market (code 9348) whose two landing attempts (April 2023 and June 2025) both ended with the lander lost before a soft touchdown. It held a December 2020 NASA contract to collect lunar regolith and transfer ownership in place; because neither lander landed, no regolith was collected or transferred.
Resources and evidence
Each resource shows the highest step primary sources support. How the ladder works.
| Resource | Evidence | Meaning |
|---|---|---|
| Regolith | Targeted | mission aimed at it |
| Water ice | Claimed | says it will |
Demonstrated
Launched two landers (2022-12-11 and 2025-01-15) that reached lunar orbit; both were lost during landing, so no lunar regolith was collected and no ownership transfer to NASA took place. Mission 2 carried a Takasago Thermal Engineering water-electrolysis payload filled with ultra-pure water supplied from Earth by Kurita; it could not operate on the surface because the lander was lost.
Claimed or planned
ispace states it will build a lunar economy around lunar water resources; it has signed a feasibility MoU with Takasago on thermal mining for lunar water extraction (May 2025), a lunar water-resource partnership with Kurita (Dec 2025), and a sample-return MoU with ElevationSpace (Sept 2025), and its Mission 4 (planned 2029) is to carry ESA's MAGPIE water-ice prospecting rover.
Facts
- Headquarters
- Japan
- Type
- Company
- Founded
- 2010
- Status
- Activeas of 2026-09-09. Company releases dated 2026-08-07 (Q1 results, TSE-listed) and 2026-09-09 (new bank loan) describe continuing development of ULTRA-lander Missions 3 (2028) and 4 (2029).
- Roles
- Lander / transport, Rover / mobility
- Targets
- Moon
- Subsidiaries
- ispace EUROPE S.A., ispace technologies U.S., inc.
- Also known as
- ispace; ispace Japan; White Label Space Japan (predecessor name)
- Website
- ispace-inc.com
Missions
5 records| Mission | Role | Launch | Phase | Outcome |
|---|---|---|---|---|
| HAKUTO-R Mission 1 (ispace M1 lander)Spacecraft | Operator | 2022-12-11 | Ended | Failure |
| SMBC x HAKUTO-R Venture Moon (ispace Mission 2, RESILIENCE lander)Spacecraft | Operator | 2025-01-15 | Ended | Failure |
| TENACIOUS micro-rover (ispace-EUROPE)Payload | Carrier | 2025-01-15 | Ended | Failure |
| ispace Mission 4 (ULTRA lander; formerly Mission 6)Spacecraft | Operator | Planned 2029 (target)Date detailsAnnouncement date not recorded. Record checked 2026-09-25. | In development | Not applicable |
| MAGPIE (Mission for Advanced Geophysics and Polar Ice Exploration) roverPayload | Carrier | Planned 2029 (target)Date detailsAnnouncement date not recorded. Record checked 2026-09-25. | In development | Not applicable |
Government authorizations held
| Country | Holder and mission | Instrument | Granted | Linked mission |
|---|---|---|---|---|
| Japan | Japan Space Resources Act permit to ispace for HAKUTO-R Mission 1 (2022)Holder: ispace, inc. | Space resources authorization | 2022-11-04Granted | HAKUTO-R Mission 1 (ispace M1 lander)Flew. Outcome: failure |
| Japan | Japan Space Resources Act permit to ispace for Mission 2 (RESILIENCE) (2024)Holder: ispace, inc. | Space resources authorization | 2024-12-17Granted | SMBC x HAKUTO-R Venture Moon (ispace Mission 2, RESILIENCE lander)Flew. Outcome: failure |
Dated events
Amounts are shown one at a time as each source states them. They are never added together.
- 2026-09-09
ispace bank loan from Shizuoka Bank (3 billion yen)
ispace announced a board resolution for a 3 billion yen (about USD 19 million) three-year unsecured loan from Shizuoka Bank for working capital, with borrowing scheduled for September 2026.
Company announcement. No counterparty or government record found.
Sources (1) and evidence gaps
a resolution has been made by its Board of Directors to secure approximately $19 Million USD (¥3 Billion JPY) in new financing as part of a loan agreement with Shizuoka Bank.
- Drawdown confirmation not found (borrowing date stated as tentative).
- 2026-08-07
Japan Space Strategy Fund grant to ispace for polar high-precision landing (Mission 4)
ispace announced an 11.6 billion yen grant (ceiling 20 billion yen, subject to stage-gate reviews) under Phase 2 of Japan's Space Strategy Fund, administered by JAXA, for high-precision landing near the lunar south pole on Mission 4; the project was selected on 2026-01-16.
Company announcement. No counterparty or government record found.
Sources (1) and evidence gaps
Grant Amount: 11.6 billion yen The maximum grant amount remains 20 billion yen.
- JAXA-side award record not retrieved.
- The January 2026 selection release called the project Mission 6; the August 2026 award release renumbered it as Mission 4.
- 2026-07-09
NASA CLPS CP-12 task order ended; ispace-U.S. subcontract to terminate
ispace disclosed that NASA and Draper mutually ended CLPS task order CP-12 effective 2026-07-09 (U.S. Mountain Time); ispace-U.S.'s subcontract with Draper to provide the lander is expected to be terminated.
Sources (3) and evidence gaps
On July 9, 2026 (U.S. Mountain Time), the mutual end of the contract related to CLPS* Task Order CP-12 entered into between the National Aeronautics and Space Administration ("NASA") and The Charles Stark Draper Laboratory, Inc. ("Draper") was effectuated.
Draper has mutually agreed with NASA to end the Commercial Lunar Payload Services (CLPS) task order CP-12.
While the termination of CP-12 is a negative, we view the major business opportunities we are now focusing on as extremely positive.
- Draper is not recorded as an organization here, so no counterparty is linked. The final subcontract termination notice was not found.
- 2026-05-13
ispace - University of Leicester payload service agreement for a lunar Raman spectrometer
ispace announced a payload service agreement to carry a University of Leicester Raman spectrometer, intended to determine lunar surface molecular composition and identify resources, on a future ULTRA lander mission not yet assigned.
Company announcement. No counterparty or government record found.
Sources (2) and evidence gaps
The instrument will analyse the lunar surface to determine its molecular composition and identify resources that could support future human exploration missions.
The specific mission assignment has not yet been determined.
- University of Leicester is not recorded as an organization here, so no counterparty is linked.
- 2026-03-27
ispace ULTRA lander integration and mission renumbering
ispace announced it would merge the APEX 1.0 and Series 3 designs into the ULTRA lander with a new engine, renumbering its missions: Mission 3 (formerly 4) planned for 2028, Mission 4 (formerly 6) for 2029, and the ispace-U.S. CP-12 mission becoming Mission 5 with a proposed 2030 launch pending NASA approval.
Company announcement. No counterparty or government record found.
Sources (3)
The ULTRA lunar lander, which will include a new engine-a change from the previous vendor-will be used in each of ispace's next missions, resulting in a mission shift and schedule update for ispace-U.S.'s first mission, now expected in 2030.
Mission 4: Lunar Lander launch, 2029 (formerly Mission 6)
Mission 3: Lunar Lander launch, 2028 (formerly Mission 4) This mission is currently under development by ispace Japan funded through a Small Business Innovation Research (SBIR) grant
- 2025-12-05
ispace announces planned conclusion of the HAKUTO-R program
On 2025-12-05, ispace announced that its HAKUTO-R program, begun in September 2018 and covering Missions 1 and 2, was expected to conclude on 2025-12-07 upon expiration of contracts with all 22 partner companies.
Company announcement. No counterparty or government record found.
Sources (1)
the HAKUTO-R lunar exploration program launched in September 2018, will conclude upon the expiration of contracts with all 22 partner companies on Sunday, Dec. 7, 2025.
- 2025-12-04
ispace - Kurita Water Industries strategic partnership on lunar water resources
ispace announced a strategic partnership agreement with Kurita Water Industries on business models, payload development and demonstration planning for lunar water resources, following a March 2025 MoU to carry a Kurita water-processing test device on an ispace mission after 2027.
Company announcement. No counterparty or government record found.
Sources (2) and evidence gaps
have signed a strategic partnership agreement to create business opportunities focused on water resources and building supply infrastructure on the lunar surface in the future.
This agreement memorializes cooperation to transport a water processing system to the lunar surface to conduct demonstration tests on an ispace lunar mission after 2027.
- Kurita Water Industries is not recorded as an organization here, so no counterparty is linked.
- 2025-10-06
ispace public offering and third-party allotments (18.2 billion yen)
ispace resolved on 2025-10-06 to issue new shares through a public offering and third-party allotments, including about 2 billion yen from Kurita Water Industries and about 3 billion yen from Takasago Thermal Engineering; ispace later reported the October-November 2025 capital increase as 18.2 billion yen.
Company announcement. No counterparty or government record found.
Sources (3) and evidence gaps
The investment amount from Kurita Water Industries will be approximately ¥2 billion.
The investment amount from Takasago Thermal Engineering will be approximately ¥3 billion.
Net Assets: 15,173 million yen Increased compared to the end of the previous fiscal year due to a capital increase (18.2 billion yen) carried out in October-November 2025.
- TSE timely disclosure 'Notice Regarding the Issuance of New Shares through a Public Offering and Third-Party Allotment' not retrieved; public-offering tranche amount not separated.
- 2025-10-06
ispace-EUROPE - Magna Petra payload service agreement for NASA MSOLO (USD 22 million)
ispace-EUROPE announced a USD 22 million payload service agreement with Magna Petra to integrate NASA's MSOLO mass spectrometer on an ispace-EUROPE micro-rover for Magna Petra's HALO helium-3 reconnaissance mission; the release placed the rover on ispace-U.S.'s APEX 1.0 lander (then 'Mission 3').
Company announcement. No counterparty or government record found.
Sources (5) and evidence gaps
ispace-EUROPE and Magna Petra Corp. sign total amount of $22 million USD Payload Service Agreement (PSA) to carry NASA's MSOLO instrument to the lunar surface on the Mission 3 rover.
ispace-EUROPE will integrate a NASA-developed Mass Spectrometer Observing Lunar Operations (MSOLO) instrument into its upcoming Mission 3 lunar micro-rover platform as part of Magna Petra's Helium Availability of Lunar Origin (HALO) reconnaissance mission.
The Mission 3 rover will fly on ispace technologies U.S.' (ispace-U.S.) APEX 1.0. lunar lander
This brings the total contract value for Mission 3 to $86 million USD, up from $64 million USD.
today announced the execution of a $22 million Payload Service Agreement (PSA) with ispace-EUROPE S.A.
- Which ispace mission now carries the MSOLO rover after the March 2026 renumbering and the July 2026 CP-12 termination is not stated.
- TSE timely-disclosure PDF not retrieved; payment terms and the effect of the March 2026 mission re-plan on this contract not disclosed.
- 2025-09-25
ispace - ElevationSpace MoU on a private lunar sample return mission
ispace announced an MoU with ElevationSpace to pursue a private mission returning a lunar sample to Earth, combining a planned ispace orbital transfer vehicle with ElevationSpace's re-entry capsule; no mission date was given.
Company announcement. No counterparty or government record found.
Sources (1) and evidence gaps
have signed a memorandum of understanding to pursue a private mission that will return a lunar sample to Earth.
- ElevationSpace is not recorded as an organization here, so no counterparty is linked.
- 2025-05-09
ispace - Takasago Thermal Engineering MoU on lunar thermal mining feasibility
ispace announced an MoU with Takasago Thermal Engineering for a feasibility study toward demonstrating Takasago's thermal-mining water-extraction technology, still in research and development, on a future ispace rover.
Company announcement. No counterparty or government record found.
Sources (1) and evidence gaps
The agreement aims to conduct a feasibility study for joint technology development with the goal of demonstrating the extraction of water on the Moon.
- Takasago Thermal Engineering is not recorded as an organization here, so no counterparty is linked.
- 2025-03-19
Japan's OST Article XI notification for ispace Mission 2
Japan informed the UN Secretary-General under OST Art. XI of ispace Lander Mission 2 (Mare Frigoris, 60.5 N 4.6 W), listing a commercial transaction with NASA for lunar regolith acquisition as a special consideration.
Sources (2)
Note verbale dated 19 March 2025 from the Permanent Mission of Japan to the United Nations (Vienna) addressed to the Secretary- General
Special consideration: commercial transaction with the National Aeronautics and Space Administration of the United States of America for lunar regolith acquisition
- 2024-12-10
ispace - Magna Petra MoU on lunar resource exploration
ispace announced a memorandum of understanding with Magna Petra to collaborate on future missions transporting Magna Petra's helium-3 prospecting and collection equipment to the lunar surface.
Company announcement. No counterparty or government record found.
Sources (2)
have agreed to collaborate on future missions to the lunar surface, the two companies announced.
Under terms of the memorandum of understanding, the two companies have agreed to collaborate on the development of a lunar economy that provides terrestrial economic value via non-destructive, sustainable harvesting of lunar surface resources.
- 2024-10-09
ispace and Asteroid Mining Corporation memorandum for lunar robot demonstration
ispace and Asteroid Mining Corporation announced a memorandum of understanding envisioning a future ispace lunar lander delivering AMC's SCAR-E robot to the lunar surface as a technology demonstration; no mission or date was fixed.
Sources (2)
Japanese lunar firm ispace has partnered with Asteroid Mining Corporation (AMC), a UK-based space robotics company, to deliver a space robot to the lunar surface
The memorandum of understanding signed by both companies provides a framework for collaboration
- 2023-12-15
Japan METI SBIR grant funding notice to ispace (12 billion yen)
ispace announced on 2023-12-21 that it received a notice of funding of 12 billion yen (about USD 80 million) on 2023-12-15 under METI’s Small Business Innovation Research program for developing and operating a lunar lander.
Company announcement. No counterparty or government record found.
Sources (2) and evidence gaps
received a notice of funding of $80 million (12 billion Yen) on Dec. 15, 2023, for the Japanese government's Small Business Innovation Research (SBIR) grant.
Mission 3: Lunar Lander launch, 2028 (formerly Mission 4) This mission is currently under development by ispace Japan funded through a Small Business Innovation Research (SBIR) grant
- METI's own award record was not retrieved. METI is not recorded as an organization here, so no counterparty is linked.
- 2023-04-12
ispace listing on the Tokyo Stock Exchange Growth Market
ispace announced on 2023-04-12 that its shares had been listed on the Tokyo Stock Exchange Growth Market that day.
Company announcement. No counterparty or government record found.
Sources (2) and evidence gaps
The date of listing on the Tokyo Stock Exchange Growth Market is scheduled to be April 12, 2023 (Wednesday)
ispace has been listed on the Tokyo Stock Exchange Growth Market today, April 12, 2023.
- IPO proceeds not recorded; TSE prospectus / securities registration statement not retrieved.
- 2021-08-04
ispace Series C round (approx. USD 46 million)
ispace announced contracted Series C funding of JPY 5.07 billion (approximately USD 46 million for reference) from seven investors led by Incubate Fund. The release states that part was scheduled to be credited from August 2021 onward.
Company announcement. No counterparty or government record found.
Sources (1) and evidence gaps
announced that it contracted to fund approximately $46 million (USD)[i] from seven investors, including Incubate Fund as the lead investor, for its Series C investment round.
- Full Series C investor list not transcribed.
- 2020-12-03
NASA lunar regolith purchase contract to ispace (Japan), $5,000
NASA selected ispace (Japan) to collect a small amount of lunar regolith and transfer ownership in place to NASA for $5,000 (10% on award, 10% on launch, 80% on completion). The collection attempt under this contract was covered by Japanese permits for Mission 1 (lander lost 26 April 2023) and Mission 2 (lander lost 6 June 2025); no transfer has occurred as far as primary sources show.
Sources (7) and evidence gaps
NASA has selected four companies to collect space resources and transfer ownership to the agency: Lunar Outpost of Golden, Colorado; Masten Space Systems of Mojave, California; ispace Europe of Luxembourg; and ispace Japan of Tokyo.
ispace Japan proposed collection for $5,000 following arrival in 2022 of a lander to Lacus Somniorum on the Moon's northeastern near side.
Companies will receive 10% of their total proposed price upon award, will receive 10% upon launch, and the remaining 80% upon successful completion.
Subsequent to receiving such imagery and data, an "in-place" transfer of ownership of the lunar regolith to NASA will take place.
The license allows ispace to complete a contract awarded by NASA in December 2020, to acquire regolith from the lunar surface and transfer ownership to the space agency.
Although the lander did not complete a soft landing
it is currently assumed that the lander likely performed a hard landing on the lunar surface
- Current status of the contract after the Mission 2 loss (open, modified, or terminated) is not stated in any retrieved NASA or ispace source.
- 2020-08-20
ispace Series B round (approx. USD 28 million)
ispace announced a Series B round of approximately USD 28 million led by Incubate Fund's IF SPV 1st Investment Partnership, bringing its stated cumulative investment to about USD 125 million.
Company announcement. No counterparty or government record found.
Sources (2)
announced that ispace raised approximately $28 million (USD)[1] from the four organizations for its Series B investment round.
IF SPV 1st Investment Partnership (managed by Incubate Fund) as the lead investor, Space Frontier Fund (managed by Sparks Innovation for Future, Inc.), Takasago Thermal Engineering Co., Ltd., and Mitsui Sumitomo Insurance Co., Ltd.
Open evidence gaps
- No NASA or ispace record found stating the final disposition (fulfilled, terminated or expired) of ispace's December 2020 regolith contract after the Mission 1 loss.
- IPO proceeds not recorded: the TSE securities registration statement / prospectus was not retrieved.
Sources
12 sourcesWhite Label Space Japan, the predecessor to ispace, is founded by Takeshi Hakamada to participate in the Google Lunar XPRIZE.
ispace has been listed on the Tokyo Stock Exchange Growth Market today, April 12, 2023.
ispace is actively pursuing new contracts for Mission 5 in 2029, in addition to steady development of Mission 2.5, scheduled to deploy a lunar satellite, and lunar landing missions in Mission 3 and Mission 4, scheduled for 2028 and 2029, respectively.
a resolution has been made by its Board of Directors to secure approximately $19 Million USD (¥3 Billion JPY) in new financing as part of a loan agreement with Shizuoka Bank.
The first contract, awarded to ispace, inc. (the company's headquarters in Tokyo, Japan), will collect regolith with its lander during its first mission (M1) planned in 2022
After reaching the scheduled landing time, the lander continued to descend at a low speed until the propulsion system ran out of fuel. At that time, the controlled descent of the lander ceased, and it is believed to have free-fallen to the Moon's surface.
As of 8:00 a.m. on June 6, 2025, mission controllers have determined that it is unlikely that communication with the lander will be restored and therefore completing Success 9, is not achievable. It has been decided to conclude the mission.
On ispace's Mission 2, "SMBC x HAKUTO-R VENTURE MOON" Takasago developed the main payload, water electrolysis equipment, to attempt to split water into molecules on the Moon.
Kurita Water Industries provided ultra-pure water used in the water electrolysis device developed by Takasago Thermal Engineering Co., Ltd. that flew as a payload on ispace's Mission 2.
At ispace, we've turned our attention to the Moon. By taking advantage of lunar water resources, we can develop the space infrastructure needed to enrich our daily lives on earth
The agreement aims to conduct a feasibility study for joint technology development with the goal of demonstrating the extraction of water on the Moon.
have signed a strategic partnership agreement to create business opportunities focused on water resources and building supply infrastructure on the lunar surface in the future.