The company was initially an aerospace technology research firm that focused on SBIR contracts, developing small rocket engines for use on launch vehicles and satellite propulsion.

[6][7][8] The company would have their first successful launch in 2021, nine years after the start of development, after 6 previous failed attempts.

[13] To avoid bankruptcy following over $750 million in losses, the company agreed to be taken private by its CEO and CTO in 2023, and the deal was finalized in July 2024.

[21] Ventions chose Pacific Spaceport Complex – Alaska (PSCA) as their only launch site.

[28][29] Astra spent 2019 designing and building Rocket 3.0 integrating propulsion systems, avionics, and other pressurization/plumbing components into a high-performance electric pump-fed orbital launch vehicle.

[36] In the last month of 2020, Astra's Rocket 3.2 nearly (but did not) reached orbit after a launch from Kodiak Island, Alaska.

[40] On 7 June 2021, Astra announced their plans to acquire electric propulsion system manufacturer Apollo Fusion for $50 million, with the purchase being triggered by the merger with Holicity.

[44] On 3 November, 2023, Astra disclosed in its U.S. Securities and Exchange Commission (SEC) filing that it defaulted on a $12.5 million debt financing agreement and could not assure it would be able to raise the necessary funds.

[45][46] In November 2023, Astra founders, Chris Kemp and Adam London, proposed a plan to privatize the company by acquiring all the outstanding stock, according to a filing with the U.S. Securities and Exchange Commission.

[47] On 24 November, 2023, the company raised $2.7 million from existing investors to continue operations while it works out its long-term plan.

[48] In March 2024, Astra's board agreed for the company to be taken private by its co-founders at a $11.25 million valuation.

Rocket 3 was a 11.6 m (38 ft) launch vehicle that had an advertised payload capacity of 25–150 kg (55–331 lb) to a 500 km (310 mi) Sun-synchronous orbit.

[54] The final Rocket 3.3 produced, serial number LV0010, failed to launch the NASA TROPICS-1 mission.