Core Insights - Axiom Space is actively competing to replace the International Space Station (ISS), which is set to retire in 2030, with plans to launch its first module in 2028 and a second in 2029 [1][6] Funding and Development - Axiom Space raised $350 million in funding from various private investors, including venture capital firms and the Qatar Investment Authority, to support the construction of its first module, the Payload Power Thermal Module (PPTM), and the development of a habitation module [4][5] - The first module is scheduled to launch in 2028 and will attach to the ISS until the second module launches in 2029, at which point they will form an independent space station [6] Competitive Landscape - Axiom's first module is expected to launch a year after Vast's Haven-1 module in 2027, but Axiom's habitation module may become operational before Vast's station, which is part of a joint venture led by Blue Origin [7][8] - Other competitors include Starlab, which aims to launch its entire station in 2029, and Orbital Reef, which is targeting a launch no earlier than 2030 [8] Market Valuation and IPO Prospects - Axiom's private market valuation has decreased from $2.6 billion in 2023 to $2 billion in 2025, raising concerns about its potential for an initial public offering (IPO) [9]