Sierra Nevada Corporation (SNC), the global aerospace and national security leader, announced the creation of Sierra Space, a new commercial space company. The new company’s “space-as-a-service” business model will leverage cutting-edge technologies, such as Dream Chaser spaceplanes and expandable LIFE habitats, within the fast-growing new space economy, which is projected to grow to $1.4T by 2030.

With assets transitioned from the SNC’s Space Systems business area, Sierra Space will deliver the future of space transportation, destinations and infrastructure, including plans to offer the first free-flying commercial space station.

“Sierra Space is uniquely positioned to capitalize on the significant growth opportunities within the space market driven by our deep operating history of more than 30 years, coupled with long-standing partnerships with blue-chip customers,” said Fatih Ozmen, CEO and owner of SNC. “In this fast-growing and competitive marketplace, the SNC robust contracts profile and expanding backlog provide valuable tailwinds and momentum.”

The new commercial space station integrates the large size and versatility of LIFE habitats with the high cargo capacity, and non-toxic runway returns to Earth, of the Dream Chaser spaceplane. Under NASA contract, Dream Chaser will perform the first of at least seven cargo missions to the International Space Station starting next year.

Sierra Space will benefit from the leadership of SNC’s owners, Eren and Fatih Ozmen, and take advantage of synergies made possible by SNC’s broad customer base and industry-leading space technology. Sierra Space will have the independence to seek creative partnerships and market opportunities to scale its growth quickly and capitalize on a fast-growing and competitive marketplace. The company begins its journey with $3B+ in active contracts and anticipates revenues exceeding $4B within the decade.