Compressive sensing (CS) has been proposed as a disruptive approach to developing a novel class of optical instrumentation used in diverse application domains. Thanks to sparsity as an inherent feature of many natural signals, CS allows for the acquisition of the signal in a very compact way, merging acquisition and compression in a single step and, furthermore, offering the capability of using a limited number of detector elements to obtain a reconstructed image with a larger number of pixels. Although the CS paradigm has already been applied in several application domains, from medical diagnostics to microscopy, studies related to space applications are very limited. In this paper, we present and discuss the instrumental concept, optical design, and performances of a CS imaging spectrometer for ultraviolet-visible (UV–Vis) stellar spectroscopy. The instrument—which is pixel-limited in the entire 300 nm–650 nm spectral range—features spectral sampling that ranges from 2.2 nm@300 nm to 22 nm@650 nm, with a total of 50 samples for each spectrum. For data reconstruction quality, the results showed good performance, measured by several quality metrics chosen from those recommended by CCSDS. The designed instrument can achieve compression ratios of 20 or higher without a significant loss of information. A pros and cons analysis of the CS approach is finally carried out, highlighting main differences with respect to a traditional system.