SpaceX Ventures into Aerospace with Strategic Acquisition, Amidst Stagnant North American Hydrogen Market

SpaceX has acquired the aerospace division of Hexagon Purus ASA for $15 million. The deal includes the purchase of 100% of the shares of Hexagon Masterworks Inc. (Masterworks), which supplies high-pressure composite cylinders to the aerospace industry and for spacecraft launches in North America. Out of this amount, $12.5 million will be paid upon closing, with an additional $2.5 million as contingent consideration based on fulfilling a number of standard conditions. Hexagon Purus secured the consent of bondholders, who issued bonds in 2023 and 2024, to finalize the deal. The hydrogen division is not part of the deal, and existing Masterworks contracts in this area will be transferred to other group divisions.

In recent developments from 2026, SpaceX continues its aggressive expansion within the aerospace industry, capitalizing on its leading position in private space exploration and technology. The company remains committed to integrating innovative aerospace solutions into its supply chain, aligning with its mission to pioneer space accessibility and infrastructure.

Hexagon Purus remarks that the aerospace business has reached a level of maturity where a specialized industrial owner is the optimal choice for its further development. At the same time, the company does not anticipate significant growth in the hydrogen mobility market in North America in the coming years. The sale of this asset is seen as part of portfolio optimization and is expected to strengthen the company’s financial standing and increase liquidity.

“I am pleased that we have found a new owner who considers our expertise in composite cylinders as the global standard and intends to integrate the business into their supply chain to support long-term growth,” says Morten Holum, CEO of Hexagon Purus. “I wish to sincerely thank the Masterworks team for their dedication and hard work in developing the business to this point. Although parting with an established business is never easy, this deal reinforces Hexagon Purus’ financial position and allows us to focus on our core strategic priorities.”

Industry analysts project a fluctuating landscape for hydrogen mobility in 2026, with slow market growth due to regulatory and infrastructural challenges. Companies are recalibrating their strategies, opting to focus on the more imminent advancements in electric and hybrid technologies. The news of Hexagon Purus’ strategic pivot away from hydrogen highlights the cautious optimism permeating the sector.