Poland’s ARES Shield AI Seeks PLN 9.94m for Satellite Microwave Defence Technology

Wrocław-based ARES Shield AI is launching a public share offering worth up to PLN 9.94 million to fund a high-power microwave system intended to protect satellites from hostile activity. Subscriptions run from 28 October to 10 November 2026, with a subsequent debut planned on Poland’s NewConnect market. The company remains at the research and testing stage, despite announcing a US contract valued at approximately PLN 22 million.

The company is offering up to 125,000 Series F shares at PLN 79.50 each. If the issue is fully subscribed, its implied post-money valuation would be approximately PLN 122.5 million, with new investors acquiring around 8.1% of its share capital.

From T-Bull to SatRevolution

ARES Shield AI is headed by Grzegorz Zwoliński, an entrepreneur previously involved in mobile gaming and Poland’s space industry. He and Damian Fijałkowski worked at Wrocław-based games developer T-Bull before joining Radosław Łapczyński in founding SatRevolution in 2016.

SatRevolution moved into nanosatellite design, component integration and Earth-observation technology. Among its early projects was Światowid, a Polish nanosatellite launched in 2019. The company was also involved in the KRAKsat, AMICal Sat and SW1FT missions and satellite infrastructure initiatives for Oman.

Space hardware must meet strict mass, power-consumption, radiation and thermal requirements. That experience is relevant to the new venture’s ambition to integrate defensive equipment aboard satellites.

Zwoliński sold his stake in SatRev to January Ciszewski in autumn 2025 and subsequently focused on defence technology.

ARES Shield AI’s corporate background

ARES Shield AI S.A. is registered in Wrocław under Polish National Court Register number 0000886551. It was incorporated on 2 March 2021, although the current defence project developed more intensively later. Zwoliński is chief executive, Fijałkowski is involved in AI development, and Jakub Wolff joined the management board in January 2026.

The company is developing a platform combining sensor data, artificial-intelligence software and high-power microwave (HPM) technology. Its intended purpose is to detect and counter threats to satellites without conventional kinetic interceptors.

How microwave technology could protect satellites

ARES Shield AI envisages a system that recognises objects approaching protected orbital infrastructure, assesses their behaviour and potentially responds using directed electromagnetic pulses.

High-power microwaves can interfere with electronic systems or damage components, depending on pulse characteristics, distance and the target’s resistance. In space, possible applications include deterring or disrupting close-proximity objects used for surveillance or anti-satellite activity.

A non-kinetic approach could avoid physically breaking up a target and generating debris that threatens other satellites. It would not eliminate every risk: an electronically disabled object might lose its ability to manoeuvre, and the effectiveness of any pulse would depend on demanding technical conditions.

Miniaturisation is a separate challenge because satellites have limited onboard energy and require specialised ways of dissipating heat in vacuum. ARES Shield AI plans to use gallium nitride (GaN) components, a technology employed in high-frequency and high-power electronics.

Still at the demonstrator stage

The developing platform is called Sentinel Space Layer. The company proposes protective modules mounted on individual satellites or deployed as standalone units in a cooperating constellation. Its concepts also include ground-based applications to defend airports and critical infrastructure against drones. These remain proposed uses, not verified capabilities of a finished operational system.

In March 2026, the company discussed initial ground demonstrations within 6–18 months, broadly between September 2026 and September 2027. Longer-term ambitions included orbital testing, partner validation and low-volume manufacturing, with full operational capability envisaged around five years after the announcement. These are company targets and may change.

In July, ARES Shield AI said it had reached technology readiness level (TRL) 4, indicating laboratory validation of the underlying technology. Its next objective is TRL 6, where a demonstrator is tested in an environment relevant to its intended application. Achieving TRL 6 would not, by itself, prove effectiveness in an orbital mission or mean development is complete.

US agreement valued at around PLN 22 million

In August 2026, ARES Shield AI announced a contract with US-based Lonestar Data Holdings valued at approximately PLN 22 million. Lonestar is developing infrastructure to store and process data beyond Earth, including satellite-based data-centre projects.

Under the first phase, ARES Shield AI is expected to develop protection systems for three of Lonestar’s satellites. Extending the technology to other parts of the constellation depends on subsequent progress. According to information reported by Space.com, equipment deliveries are envisaged for 2028–2029.

The contracted amount is significant relative to the company’s previous operations but should not be treated as revenue already earned. Delivery depends on further development, tests and satellite integration. The company has also established a US subsidiary and opened an office in Los Angeles to facilitate contacts with the American space and defence sectors.

Growing demand for orbital security

Satellites underpin communications, navigation, Earth observation, weather forecasting and timing infrastructure. Military users rely on them for intelligence, communications and coordination over long distances.

NATO recognised space as its fifth operational domain in 2019. The alliance has highlighted anti-satellite weapons, electronic interference and other capabilities that could disrupt access to orbital infrastructure. Satellites performing close-proximity manoeuvres can serve legitimate inspection, servicing and debris-removal purposes, but similar capabilities can also have military applications.

According to European Space Agency data dated 23 October 2026, around 28,300 satellites had been launched since the beginning of the space age, of which approximately 19,400 remained in space. More than 47,000 orbital objects were being regularly tracked.

As constellations expand, operators face rising requirements for monitoring, collision avoidance and protection against interference. ARES Shield AI intends to target satellite operators, European armed forces and customers in NATO countries, alongside potential terrestrial counter-drone systems.

How the PLN 9.94 million share issue would be used

The maximum value of the Series F offering is PLN 9,937,500. Subscriptions are scheduled to open at 10:00 on 28 October and close at 16:00 on 10 November 2026. INC S.A. is advising on the proposed NewConnect admission, while Dom Maklerski INC S.A. is conducting the offering.

The company has outlined three principal uses for the proceeds:

• Approximately PLN 4.3 million: development of a GaN-based HPM demonstrator, targeting TRL 6.
• Approximately PLN 3.7 million: expansion and financing of its research-and-development team.
• Approximately PLN 1.94 million: operational and promotional expenditure.

ARES Shield AI said on 27 October that it had previously raised around PLN 9 million. A private-investor round reported in March 2026 brought in PLN 1 million; in October the company reported completing a third investment round exceeding PLN 6.5 million, involving iif.vc and co-investors.

The venture’s development is therefore primarily investor-funded rather than supported by substantial sales of completed systems.

An implied valuation of PLN 122.5 million

Media accounts citing its 2025 financial statements indicate that ARES Shield AI reported no revenue and posted a net loss of PLN 155,000 that year, having conducted operational activity for only the final two months. The proposed valuation consequently reflects expectations for future technical development and commercialisation rather than historical earnings.

At PLN 79.50 per new share, the implied pre-money value is around PLN 112.5 million, rising to approximately PLN 122.5 million if all offered shares are subscribed. These values derive from the issuer’s offer price and stated capital structure.

Longer-term financing needs could reach PLN 80 million

The public offering is unlikely to mark the final funding stage. In comments reported in September 2026, Zwoliński indicated that bringing the technology to orbital applications by 2029 could require approximately PLN 80 million, potentially financed by venture capital and grants.

Even a fully subscribed offering would not automatically meet all future funding requirements. Additional equity issues could dilute existing shareholders. Commercialisation could also be subject to military technology trade licences, export-control restrictions and approvals by relevant authorities.

The company intends to seek admission to NewConnect, with earlier statements pointing to the first quarter of 2027 for a potential market debut.