In its early stages, the company started in a garage in Bristol, England, before going on to leverage the Compound Semiconductor Applications Catapult (CSAC) in Newport, Wales.

[1][2] In early 2020, Space Forge secured a total of £600,000 including: £100,000 from Innovate UK; £150,000 from 12 members of the Bristol Private Equity Club and additional funds by the Development Bank of Wales.

[6] Tarek Waked of Type One Ventures, who later joined the board of Space Forge, described this as "the largest seed round for an in-space manufacturing company to date".

[14] Space Forge built the first satellite manufacturing facility in Wales, including a clean room and support for payload integration.

[13][17] This first satellite was not designed to survive reentry but was to act as a prototype to validate on-orbit manufacturing capabilities, testing the deployment of a low cost return technology.

[18] As ForgeStar-0 would return from orbit, Lumi Space was planned to trial laser tracking technology to monitor the satellite's descent through the atmosphere.

[20] ForgeStar-1 will be four times larger than ForgeStar-0 and will be the first of Space Forge's satellites to be designed for reentry, returning from orbit to Earth off the coast of the United Kingdom.