BSV Podcast 0127: Kreios Space

Balerion Senior Associate Aidan Daoussis sits down with Adrián Senar, Co-Founder & CEO of Kreios Space, to discuss very low Earth orbit. Kreios is developing air-breathing electric propulsion and satellite platforms designed to operate around 200 kilometers altitude. The company aims to make VLEO commercially viable for Earth observation, telecommunications, and defense applications.Timestamped Overview00:00 – Introduction to Kreios Space and VLEO01:42 – Why satellites do not currently operate at 200 kilometers03:03 – Benefits of VLEO for imaging, SAR, telecom, and defense04:42 – The harsh VLEO environment and satellite design requirements06:10 – Potential future use cases and constellation architectures08:03 – Adrián Senar’s background and the origin of Kreios09:20 – Company traction, funding, team growth, and 2027 demo mission10:44 – How air-breathing electric propulsion works12:04 – What happens to a standard satellite at 200 kilometers13:23 – Customer demand from defense and commercial constellations14:42 – Kreios’ platform model and why VLEO is not plug-and-play propulsion15:37 – First in-orbit demonstration planned for Q4 202717:38 – Operating from Spain and the European space ecosystem19:00 – National security applications and resilience in VLEO22:01 – Coverage tradeoffs and constellation size requirements23:22 – Historical VLEO missions and ESA’s GOCE mission26:32 – Scaling production and adapting platforms for different missions28:01 – Export controls, NATO alignment, and future customer strategy30:17 – Team structure, founder roles, and decision-making32:16 – Expected satellite lifetime in VLEO with Kreios technology33:02 – Why standard satellite buses cannot simply adopt the thruster34:33 – Market size for VLEO across defense and telecom35:07 – Adjacent altitude regimes and future space technologies38:03 – Technical challenges of the in-orbit demonstration39:28 – Payloads, early government interest, and focus on VLEO data42:47 – Long-term company vision and potential acquisition interest44:07 – Investor misconceptions about Kreios as a propulsion company46:07 – Hardest company-building challenges and team culture48:40 – Final takeaway: VLEO as the next major space domain This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit balerionspace.substack.com