Aetherflux, the space-based solar power startup founded by Baiju Bhatt - co-founder of Robinhood and son of a NASA scientist - is reportedly raising a Series B of $250 to $350 million at a $2 billion valuation, with Index Ventures said to be leading the round.

The fundraise comes roughly a year after Aetherflux closed a $50 million Series A (which included $10 million of Bhatt's own money) to fund its first space demonstration, targeted for 2026.

What Aetherflux Does

The idea sounds like science fiction: place small satellites in low Earth orbit where sunlight is constant and more intense than on the surface, then beam that captured energy back to Earth via infrared lasers. Ground stations can be compact because lasers allow for much higher power density than the microwave-based designs studied by NASA in prior decades.

The company's pitch centers on two initial markets: powering U.S. military operations in contested or remote environments - where fuel supply chains are expensive and dangerous - and disaster relief in areas where grid infrastructure has failed. AI data centers in orbit are also a stated long-term target.

Is This Real?

Space solar power has been a persistent idea since Isaac Asimov first described it in 1941. NASA's own 2024 analysis estimated current designs would be 12-80x more expensive than terrestrial renewables. Aetherflux and others argue those assumptions are outdated, pointing to cheaper launch costs and miniaturized satellite technology.

Caltech's MAPLE experiment successfully beamed solar power from orbit to Earth in 2023, proving the concept works at small scale. Aetherflux's demo later this year could be the next significant data point.

A $2 billion valuation is a serious bet on a hard technical problem - but Bhatt has the pedigree and the backers to attempt it.