NRF, QIC Join Global Defence Investors in $46m Series A for Australian Hypersonic Flight Pioneer

The National Reconstruction Fund Corporation (NRFC) and Queensland Investment Corporation (QIC) have joined a consortium of leading global aerospace and defence investors to back a $46 million Series A funding round for Hypersonix Launch Systems Pty Ltd, a Brisbane-based startup developing reusable hydrogen-powered hypersonic aircraft. The company currently employs 45 people in Brisbane across aerospace engineering, advanced manufacturing, and testing roles.

The round was led by High Tor Capital, a UK investor in national security and frontier technology, with European defence company Saab and Polish family office RKKVC also supporting the raise. North Ridge Partners acted as exclusive financial advisor on the transaction.

High Tor Capital CEO James Chiswell said his team saw enormous potential in the Hypersonix platforms.“DART AE and VISR are transforming how we think about access to the edge of space and high-speed defence,” he said.

The NRFC’s $10 million equity stake is its first defence sector investment. NRFC CEO David Gall said defence is one of the NRFC’s priority areas. “We see huge potential in backing Australian companies and innovations that build our sovereign capability while also tapping into the global market for hypersonic and counter hypersonic capabilities among our friends and allies,” he said.

QIC Ventures Partner Nicholas Guest said Hypersonix represents a rare opportunity to back a local company at the forefront of globally significant hypersonic technology. “This is breakthrough technology allowing Australia and its allies to fly faster, further, and more often with an unmatched combination of speed, sustainability, and cost advantage,” he said.

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Pioneering Sustainable Hypersonic Flight

Founded in 2019, Hypersonix is focused on developing a new class of sustainable, high-performance flight systems powered by green hydrogen. Its proprietary SPARTAN scramjet engine is 3D-printed, reusable and capable of reaching Mach 12 with no moving parts.

Unlike conventional scramjets powered by kerosene, SPARTAN uses hydrogen, producing zero CO₂ emissions and offering are usable, low-maintenance solution for a range of high-speed defence and aerospace missions. The technology was developed by Dr Michael Smart, co-founder of Hypersonix, former Chair of Hypersonic Propulsion at the University of Queensland and former NASA research scientist.

“SPARTAN is more than a propulsion system. It’s a breakthrough in reusable hypersonic flight. What we’re building is a sovereign platform that’s clean, cost-effective, and engineered for the real world,” said Dr Smart.

Co-founder David Waterhouse said the capital raise was a defining moment for Australia’s aerospace ambitions. “Hypersonix was founded on the belief that Australia could lead the world in sustainable hypersonic flight,” he said. “This raise validates that vision.”

CEO Matt Hill said the funding would accelerate Hypersonix’s mission to deliver operationally useful platforms that align with both national and allied priorities. “This raise marks a major milestone as we prepare to launch the world’s first hydrogen-powered hypersonic aircraft,” he said.

“Having Australia’s sovereign investor in manufacturing capability behind such a critical strategic capability sends a powerful message. It shows real confidence in our mission and highlights the importance of building clean, reusable aerospace systems that meet today’s national security needs while shaping tomorrow’s industry.”

Chairman Arthur Sinodinos, former US Ambassador to Washington and Australian Federal Minister for Science and Industry, said Hypersonix represents the kind of company Australia must support if it wants to lead in future industries. “This investment is a strong vote of confidence in Hypersonix and in Australia’s ability to lead the world in next-generation aerospace,” he said. “It’s also a sign that we’re stepping up to develop sovereign capabilities that matter.”

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NASA and Pentagon‑Backed Flight Tests

The Series A will help fund the NASA-backed and Rocket Lab boosted flight of DART AE - a 3.5-metre-long hypersonic vehicle powered by SPARTAN. DART AE will fly under the US Department of Defense’s HyCAT program, delivered by the Defense Innovation Unit (DIU) and launched from NASA’s Wallops Flight Facility in Virginia.

The DIU is the only US defense organisation solely focused on accelerating the adoption of disruptive commercial technologies by the military. Hypersonix was the first prototype contract awarded under HyCAT, selected from over 60 applicants.

The mission is expected to mark the world’s first sustained hypersonic flight using green hydrogen.

Proceeds from the raise will contribute the establishment of advanced manufacturing capabilities in Queensland and also fast-track development of Hypersonix’s second platform: VISR (Velos, Intelligence, Surveillance and Reconnaissance) - an 8-metre-long, fully reusable, hydrogen-fuelled hypersonic aircraft for ISR missions, rapid delivery, and space system testing. VISR will use four SPARTAN engines and advanced ceramic matrix composites to withstand the extreme thermal demands of sustained hypersonic flight.