ULTRASAT is a scientific satellite, that is planned to be launched to a geo-stationary orbit in 2026. It will carry a telescope with an unprecedentedly large field of view (200 squared degrees) and UV (230-290nm) sensitivity. These unique properties will enable us to detect and systematically study transient astronomical events within an extra-Galactic volume, that is hundreds of time larger than that accessible to current observatories. ULTRASAT’s measurements will have a broad science impact across the fields of gravitational wave sources, supernovae, variable and flare stars, active galactic nuclei, tidal disruption events, compact objects, and galaxies. In this talk I will review ULTRASAT’s key science goals, its unique technical properties, and the project’s structure and status.