SaxaVord Spaceport, Scotland’s most northerly launch facility, has reported a pre-tax loss of £5.4 million for 2024, according to its recently filed annual accounts. This represents an increase from the £5.1 million loss recorded in the previous year, despite a 32% rise in revenue, which reached £2.5 million.
The facility, situated on the Shetland island of Unst, is part of the extensive business interests of Danish billionaire Anders Holch Povlsen, recognised as Scotland’s wealthiest individual and its largest private landowner. He holds a majority stake in Shetland Space Centre, the operating company for SaxaVord, through his principal Scottish business vehicle, Wildland.
Directors of Shetland Space Centre acknowledged that the reported figures reflect the ongoing development phase of the business. In their accounts, they noted that the group “has incurred cumulative losses to date” as it progresses with its construction programme.
Located on the site of a former RAF base, SaxaVord has long aspired to become the first UK spaceport to successfully place a rocket into orbit. However, these ambitions have encountered repeated delays.
Currently, only one of the three planned launchpads has been fully constructed and is operational, exclusively used by Rocket Factory Augsburg (RFA). The accounts express confidence in future operations, stating that “multiple launches will take place in 2026.” Directors further affirmed that the spaceport is “fully functioning” and that clients have already secured launch slots for both orbital and suborbital missions during the year. The spaceport received its licence from the Civil Aviation Authority in December 2023, authorising up to 30 launches annually.
To finance the completion of the remaining infrastructure and cover operational expenses until commercial revenues escalate, the company is engaged in a capital-raising initiative. This exercise is projected to conclude by mid-2025. The directors confirmed ongoing negotiations with several launch service providers to secure commercial contracts for the two additional launchpads. SaxaVord previously received £10 million in funding from the UK Government in March 2024.
This financial update for SaxaVord emerges amidst a challenging period for the wider UK space sector. Earlier this year, Scottish rocket developer Orbex entered administration after failing to secure necessary funding, despite having received substantial backing. Orbex had secured £26 million from the UK Government (in 2025) and £29 million from the Scottish National Investment Bank. The company had previously intended to launch from SaxaVord, having shifted its operations from a planned rival spaceport at Melness in Sutherland in late 2024. The Sutherland project had faced opposition from Mr Povlsen due to his land ownership in the vicinity.
