One of the largest Russian rocket and space corporations is struggling with millions in debt. Meanwhile, the ambitious startup SR Space has been officially declared bankrupt.
Points of attention
- The Russian space and rocket corporation Energia is on the verge of collapse.
- The private holding company SR Space, which recently promised a revolution in the field of light launch vehicles and satellite constellations, has been officially declared bankrupt.
- In the context of the war against Ukraine, space has become a secondary direction for the Kremlin.
The Russian space industry is approaching bankruptcy
One of the oldest and largest companies in the Russian space industry, the Energia rocket and space corporation, is on the verge of collapse. Its head, Igor Maltsev, has openly declared a "critical situation": millions in debts, loss of staff motivation, and a real threat of closing the enterprise.
At the same time, the private holding company SR Space, which recently promised a revolution in the field of light launch vehicles and satellite constellations, has been officially declared bankrupt. The company's ambitious projects could not withstand financial pressure and sanctions.
Due to international restrictions, Russia has virtually lost access to critical Western technologies, and commercial space launches for foreign customers have all but stopped. The country is effectively no longer able to compete with giants like the United States and China.
In the conditions of war, space has become a secondary direction for the Kremlin. The main resources are directed to the army and armaments, and the once ambitious image of Russia as a "great space power" is gradually crumbling. The industry is degrading: personnel, technologies and development prospects are being lost.
The head of Roscosmos, Dmitry Bakanov, has announced an ambitious "national space project" that involves launching over 1,000 satellites. In particular, 886 for the Internet group "Rassvet". However, in reality, the Russian space industry is experiencing a deep crisis, and achieving such goals seems unlikely.
The Rassvet project involves the creation of a low-orbit satellite network to provide broadband Internet. However, given the current state of the industry, the implementation of this project faces numerous technical and financial difficulties.
In 2024, Russia carried out only 17 space launches, the lowest figure in decades. This is fewer than in 2023 (19 launches) and 2022 (21 launches).
Roscosmos' planned 40 launches per year remain only on paper. At the same time, the US and China demonstrate completely different scales: 93 and 68 launches, respectively.
And the construction of the Vostochny cosmodrome became one of the biggest corruption scandals during Rogozin's time. According to the Prosecutor General's Office of Russia, more than 140 criminal cases were opened, and the total amount of losses is estimated at more than 10 billion rubles. In particular, facts of embezzlement of funds during the construction of the cosmodrome facilities were revealed.
