According to DataBeat monitoring, a TechCrunch report states that Cowboy Space Corporation has announced the completion of a $275 million Series B funding round, bringing the post-money valuation to $2 billion. The round was led by existing investor Index Ventures, with participation from Breakthrough Energy Ventures, Construct Capital, IVP, and SAIC. Prior to this round, the company had raised a total of $80 million, with investors including Index Ventures, Breakthrough Energy Ventures, Andreessen Horowitz, and New Enterprise Associates.

Company founder and CEO Baiju Bhatt stated in an interview, "We are building our own rocket program." He expects the company to complete its first launch by the end of 2028. Bhatt, a co-founder of the online brokerage platform Robinhood, founded the company under the name Aetherflux in 2024, initially planning to collect solar energy in space and transmit it back to Earth. However, the concept of a space data center led the company to research how to directly harness this power in orbit, ultimately shifting the company's focus to rocket development and rebranding as Cowboy Space Corporation.

Bhatt believes that one advantage of the company lies in its focus on a single market—the space data center—and its unique rocket design. Traditional orbital rockets typically consist of two parts: a first-stage booster to propel the rocket to the edge of space, and a second-stage rocket to carry the payload into orbit. Cowboy Space's plan is to directly integrate the data center into the second stage of the rocket.