ispace announced on November 13, 2026, that its ULTRA lunar lander had completed a preliminary design review for Mission 3, planned for launch in 2028. The system-level review incorporated the selected Nammo propulsion configuration and established a baseline for mass, electrical power and velocity-change capability.
The company said the review addressed the consequences of the engine change across the spacecraft’s subsystems. ULTRA combines the company’s Japanese and U.S. lander development lines in a common platform introduced in March 2026.
A spacecraft’s velocity-change capability, usually called delta-v, describes the changes in speed and direction its propulsion system can supply. For a lunar lander, propulsion supports the sequence of maneuvers that carries the spacecraft toward the Moon, establishes the intended approach and controls descent.
The spacecraft’s mass influences the propellant needed for those maneuvers. Electrical power supports equipment such as computers, communications and sensors. Reviewing these quantities together establishes a consistent design around which subsystem engineers can work.
From Preliminary Design to Flight Hardware
ULTRA’s planned configuration is approximately 3.6 meters tall and 3.3 meters wide, with a dry mass of about 1,000 kilograms and payload capacity of about 200 kilograms. Dry mass excludes the propellant carried for the mission.
Japan’s Ministry of Economy, Trade and Industry selected the lander program for an award of up to ¥12 billion under its Small Business Innovation Research program in 2023.
The design review follows the ispace–Nammo procurement memorandum announced on November 12. That agreement concerns longer-term propulsion purchasing and coordination across missions.
The two developments address different parts of the program. The procurement framework concerns the supply of engines. The design review concerns how the selected propulsion equipment fits into the lander as a whole.
Interim Financial Results
ispace also released interim financial results for the fiscal year ending March 2027. It reported revenue of ¥569 million and a net loss of ¥10.451 billion.
The results included the effect of an approximately ¥3.7 billion impairment recorded in first-quarter cost of sales following the lander integration and engine changes announced in March. Cash and cash equivalents stood at ¥22.585 billion.
The company maintained its ¥9 billion full-year Project Revenue forecast. That company-defined measure combines revenue and subsidy income. ispace expects a substantial portion of the year’s subsidy income to be recognized during the fourth quarter.
The next announced engineering phase is detailed design leading to the Critical Design Review. ispace then plans to manufacture the Mission 3 flight model and carry out qualification and verification testing before launch preparation.
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