“There are more than 200 companies that are venture backed, working on some kind of a satellite program around the world. And there’s literally 20 to 50 more starting up every year,” Mr Gilmour said.

“Since we started the company, there’s just been so many more companies that are focused on space as a way of distributing content back down to people on earth.”

The company also foresees a lucrative market in repairing and replacing broadband constellations that are currently going up in the thousands, which would require a rocket to launch to a specific place and deploy new gear.

Gilmour has reently secured $61 million in funding, which includes investment from venture capital firm Blackbird and super fund HESTA, and which Mr Gilmour said is the largest private equity investment raised by a space company in Australia, will be used to prepare for launch and invest in designing a larger vehicle that can carry heavier payloads.

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“We have long-term visions for human spaceflight,” he said.

“We also think there’s going to be a lot of opportunity to take payloads to different planets, and moons of planets, so we’re going to develop vehicles and systems that can do that as well.”

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