ispace stock trades only on the Tokyo Stock Exchange (TSE) Growth market under securities code 9348. No US listing or American depositary receipt (ADR) was found as of October 2026, so a buyer outside Japan needs a broker that can place orders in Tokyo and settle them in Japanese yen.
ispace, inc. builds lunar landers. It has made two Moon landing attempts, in April 2023 and June 2025, and neither ended in a soft landing. Its next landing attempt, Mission 3 with the new ULTRA lander, is planned for 2028 on Mitsubishi Heavy Industries’ H3 rocket.
Where ispace Stock Trades and Who Can Buy It
The only market for ispace stock is the Tokyo Stock Exchange (TSE) Growth market, where it has traded under code 9348 since April 12, 2023. To buy it from outside Japan, you need a broker with access to that market.
The ispace stock information page names TSE Growth and code 9348 as its only listing. ispace press releases identify ispace as “(TOKYO: 9348)”. No US listing, American depositary receipt (ADR) or over-the-counter (OTC) line was found as of this writing.
| Item | Detail |
|---|---|
| Legal name | ispace, inc. |
| Exchange and segment | Tokyo Stock Exchange, Growth market |
| Securities code | 9348 |
| International Securities Identification Number (ISIN) | JP3102360009 |
| Trading unit | 100 shares |
| Listing date | April 12, 2023 |
| Initial public offering (IPO) price | 254 yen per share |
| Trading currency | Japanese yen |
| Fiscal year | April 1 to March 31 |
| Dividend | 0.00 yen for the years ended March 2025 and March 2026; 0.00 yen forecast for the year ending March 2027 |
The TSE listing outline for ispace, dated March 8, 2023, shows an offering of 26,519,500 newly issued shares. That split into 19,309,700 domestic and 7,209,800 international shares, plus 1,242,900 shares in an over-allotment secondary sale. SMBC Nikko Securities led the underwriting group, and the outline puts 80,420,620 shares in issue at listing.
The offer price notice set the price at 254 yen on April 3, 2023. On listing day, Bloomberg reported that the shares went untraded because of a glut of buy orders.
Broker Access from Outside Japan
The Japan Exchange Group (JPX) overview of TSE trading says investors buy TSE-listed shares through a securities company or bank where they hold an account. It also says TSE trading takes place in yen.
Foreign brokers can join the exchange as Remote Trading Participants, which lets them accept orders from overseas once the exchange approves them. Interactive Brokers publishes a TSE stock fee schedule listing a 0.0056% exchange fee for the “Growth & Pro Market” segment. No source located for this page confirms which non-Japanese retail brokers, Interactive Brokers included, accept residents of a given country for 9348.
What ispace Does
ispace, inc. designs and builds lunar landers that carry payloads to the Moon, including a European rover planned for 2029. Takeshi Hakamada founded ispace in September 2010 and runs it as Representative Director and chief executive officer (CEO).
The ispace company profile lists 322 employees as of June 1, 2026, and capital stock of 20,720,194 thousand yen (about 20.7 billion yen) as of March 31, 2026. Headquarters sit in Nihonbashi Honcho, Chuo-ku, Tokyo, in a building ispace calls Earth Base, opened March 9, 2026.
ispace runs two overseas subsidiaries. ispace technologies U.S. inc., known as ispace-U.S., is based in Centennial, Colorado, in the Denver area, with Elizabeth Kryst as CEO. ispace Europe SA is based in Luxembourg, with Julien Lamamy as CEO.
For how Moon landers fit into the wider market for lunar services, read our lunar economy explainer. Our Japan space program page covers the government side of Japanese space activity.
HAKUTO-R Mission Record
ispace has attempted two Moon landings, and neither ended in a soft landing. Both landers launched on SpaceX Falcon 9 rockets.
| Mission | Launch | Landing attempt | Outcome | Cause ispace published |
|---|---|---|---|---|
| HAKUTO-R Mission 1 | December 11, 2022 | April 26, 2023 | No soft landing; 8 of 10 planned milestones met | Software misjudged altitude |
| Mission 2, RESILIENCE lander | January 15, 2025 | June 6, 2025 (Japan time) | Contact lost; likely hard landing | Laser range finder hardware fault |
Mission 1 in April 2023
The Mission 1 landing attempt came 14 days after the April 12, 2023 listing. In its Mission 1 results release, ispace said the lander passed over a crater rim cliff about 3 kilometers high. The software read the sudden altitude change as a sensor error and discarded the sensor data.
The lander then judged itself to be on the surface while it was still about 5 kilometers up. It kept descending until its fuel ran out, then fell. ispace said a landing-site change made after its February 2021 critical design review contributed, because the new terrain was not adequately simulated.
Mission 2 in June 2025
Mission 2, branded “SMBC x HAKUTO-R VENTURE MOON,” launched on January 15, 2025 from Launch Complex 39A. ispace commanded the landing sequence at 3:13 a.m. Japan time on June 6, 2025, then lost contact and said the lander likely made a hard landing.
The Mission 2 cause analysis traced the failure to a hardware anomaly in the laser range finder, which delayed valid altitude measurements. ispace ruled out its guidance software, propulsion and power systems. The same release estimated up to about 1.5 billion yen in added development cost across the next two missions.
The 2026 Lander Redesign and Mission Schedule
ispace replaced its separate Japanese and US lander designs with a single lander called ULTRA in March 2026, and renumbered its future missions.
ULTRA Lander and Renumbered Missions
The ULTRA announcement of March 27, 2026 said the lander merges ispace-U.S.’s APEX 1.0 design with the Japanese Series 3 design. APEX 1.0 no longer exists as a standalone lander. ispace also dropped Agile Space Industries’ VoidRunner engine after it missed efficiency specifications.
Three days later, an ispace statement on the new schedule set out the renumbered missions.
| New number | Former name | Purpose | Target year | Funding named by ispace |
|---|---|---|---|---|
| Mission 2.5 | No earlier number given | Lunar-orbit satellite, through Argo Space | As early as 2027 | Not stated |
| Mission 3 | Mission 4 | ULTRA lander landing attempt | 2028 | Ministry of Economy, Trade and Industry (METI) Small Business Innovation Research (SBIR) program |
| Mission 4 | Mission 6 | Carries the MAGPIE rover | 2029 | Space Strategy Fund Phase 2 |
| Mission 5 | ispace-U.S. Mission 3 (Team Draper) | Proposed | 2030 | Pending NASA approval as of March 2026 |
On July 29, 2026, ispace and Mitsubishi Heavy Industries (MHI) agreed to launch Mission 3 on the H3 rocket in 2028. Our H3 rocket explainer covers the launcher, and our Mitsubishi Heavy Industries stock page covers its builder.
End of NASA’s CP-12 Task Order
NASA’s Commercial Lunar Payload Services (CLPS) task order CP-12 ended in July 2026, and ispace-U.S. expects its subcontract on it to end.
An ispace update dated September 28, 2023 moved the Team Draper CP-12 mission, then ispace-U.S. Mission 3, from 2025 to 2026. The same deck put ispace-U.S.’s contract at about $55 million and the planned payload at 95 kilograms. The March 2026 renumbering then listed it as Mission 5, proposed for 2030.
On July 15, 2026, ispace said Draper and NASA had mutually agreed to end CP-12. ispace-U.S. expects its own subcontract to end by mutual agreement. Its CP-12 update notice says it plans to bid for CLPS 2.0, which NASA announced in April 2026.
SpaceNews reported on July 17, 2026 that NASA ended the mission over delays in developing the spacecraft. A secondary news report said NASA cited the lander redesign, projected a 2030 or 2031 landing, and had paid Draper $43 million of the $73 million. A NASA statement confirming those two figures was not located.
Two NASA pages were out of date as of this writing. The NASA CP-12 page, last updated February 20, 2026, and the CLPS deliveries page, last updated May 6, 2026, still say Team Draper’s APEX 1.0 “will deliver” three payloads. The July 2026 ispace notices supersede them.
ESA and JAXA Funding
The European Space Agency (ESA) awarded ispace Europe the MAGPIE rover Phase 2 contract, worth €65 million, with ispace Europe as mission prime. The phase began July 1, 2026, and MAGPIE is set to fly on Mission 4 in 2029. ESA and ispace Europe held a ceremonial signing in Copenhagen on September 1, 2026.
An earlier ESA contract notice covers the Phase 1 agreement signed in June 2025.
In Japan, ispace was selected on January 16, 2026 for the Space Strategy Fund Phase 2 project “High-Precision Landing Technology in the Lunar Polar Regions.” The Japan Aerospace Exploration Agency (JAXA) administers that fund. ispace announced an 11.6 billion yen grant on August 7, 2026, against a maximum of 20 billion yen.
Financial Results for the Year Ended March 2026
ispace reported a net loss of 8,152 million yen for the fiscal year ended March 31, 2026, on net sales of 3,307 million yen. The figures come from the consolidated results under Japanese generally accepted accounting principles (GAAP), released May 15, 2026.
| Measure (million yen) | Year ended March 2026 | Year ended March 2025 |
|---|---|---|
| Project revenue | 5,890 | 4,971 |
| Net sales | 3,307 | 4,743 |
| Operating loss | 11,580 | 9,795 |
| Net loss attributable to owners of parent | 8,152 | 11,945 |
| Basic earnings per share (EPS), yen | −65.96 | −124.32 |
ispace defines “project revenue” as net sales plus government subsidy income, which it books as non-operating income. Subtracting one from the other shows how much of each year’s project revenue came from subsidies:
- Year ended March 2026: 5,890 − 3,307 = 2,583 million yen.
- Year ended March 2025: 4,971 − 4,743 = 228 million yen.
Project revenue rose 18.4% while net sales fell 30.3%.
As of March 31, 2026, ispace held 29,690 million yen in cash and equivalents, with total assets of 47,704 million yen and net assets of 15,173 million yen. Operating cash flow for the year was −13,568 million yen, and financing brought in +31,447 million yen.
How to Research ispace Stock
ispace publishes its results, notices and presentations in English in its investor relations library. The English results documents are translations, and ispace states that the Japanese original prevails if the two differ.
Tokyo-listed companies must file timely disclosures through the Timely Disclosure network (TDnet). JPX shows those announcements for 31 days on its company announcements service. For older records, the JPX Listed Company Search keeps the history and links to the Electronic Disclosure for Investors’ NETwork (EDINET) for statutory filings.
ispace scheduled its annual securities report for the year ended March 2026 for submission on June 25, 2026, with its annual general meeting the next day. No record was found showing ispace registered with the US Securities and Exchange Commission (SEC), so 10-K and 10-Q reports are not the place to look.
Track these dated items in future ispace filings:
- Mission 2.5. Whether the lunar-orbit satellite through Argo Space holds its “as early as 2027” target.
- Mission 3 on H3. Progress on the ULTRA lander toward its 2028 launch.
- CLPS 2.0. The result of the ispace-U.S. bid after the CP-12 subcontract ends.
- MAGPIE and Mission 4. Phase 2 work toward the 2029 flight.
- Space Strategy Fund. Further grant amounts against the 20 billion yen maximum.
- Cash and cash flow. Cash and operating cash flow in the results for the year ending March 2027.
For other space listings, see our best space stocks overview, our Intuitive Machines stock and Astroscale stock explainers, and our space mining stocks page.
The May 15, 2026 results file and any TDnet notices filed after it hold ispace’s latest reported figures on cash and losses.