* Rocket 4 targets launches from 2027 after Astra scrapped

its original rocket

* Company was taken private in 2024 at $11.25 million after

repeated launch failures

* Raised $80 million last year to cover legal costs

By Joey Roulette

WASHINGTON, Aug 14 (Reuters) - U.S. rocket company Astra

Space is seeking to raise $250 million at a $1 billion valuation

in a funding round expected to close this quarter, CEO Chris

Kemp said in an interview, as the company looks to rebound from

years of financial struggles.

The California-based company has approached investors in

recent months, pitching new growth opportunities and financing

strategies aimed at expanding its mobile-launch rocket program

and spacecraft propulsion business as it seeks to evolve into a

broader "space platform company," according to an email from an

Astra fundraising adviser seen by Reuters.

Once valued at more than $2 billion after going public in

2021, Astra was taken private in 2024 at just $11.25 million

following repeated launch failures.

Astra's latest fundraising push marks its first since an $80

million raise last year used to cover legal costs, settle

shareholder lawsuits and refinance the company after its

troubled rocket program forced it private.

While much of the space industry has focused on developing

reusable rockets such as SpaceX's Falcon 9 and Rocket Lab's ( RKLB )

upcoming Neutron, Astra is betting on low-cost, expendable

launch vehicles. The company aims to offer militaries the

ability to rapidly launch satellites from dispersed locations,

making space assets less vulnerable to attack by adversaries.

"I can have hundreds of spaceports, and you don't even know

where they are, nor does China," CEO Chris Kemp told Reuters.

Kemp scrapped the company's original rocket after only two

successful launches out of six attempts and is now betting on

Rocket 4, a larger expendable vehicle targeting launches from

2027.

Astra is also relying on its growing satellite propulsion

business, which has sold hundreds of thrusters, while touting

Rocket 4's projected $5 million launch price as significantly

cheaper than rival offerings, Kemp said.