Space traveling wave tubes (TWTs), which are used in satellite communications, need to be compact and light weight, and have high overall efficiency. In a typical TWT, ∼45% of the weight is due to the collector, which is normally made bulkier to dissipate the waste heat. Hence, reduction in size and weight of the collector will lead to huge savings in the weight of the entire TWT, thereby impacting significantly on the launch cost of the satellite. However, reduction in size and weight of the collector has several associated bottlenecks and challenges. Here, we have successfully addressed those challenges and have developed a novel, compact, and light-weight multistage depressed collector (MDC). The novelty of the MDC is in the shape of the electrodes, which has been modified to have internal corrugations. Due to this geometry modification, the MDC offers ∼76% weight reduction that, in turn, translates into ∼35% weight reduction of the TWT, which greatly impacts the launch cost of the communication satellite. Furthermore, no deterioration in electrical and thermal performance has been observed in this compact MDC design.