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The Space Scoop
Week Ended 05.20.2022
Happy Friday! Market indices continued lower for their seventh straight week while space stocks were generally mixed to flat. Rocket Lab and AST SpaceMobile reported Q1 earnings, SpaceX is eyeing a fundraise at $125B valuation and $80M of startup capital was raised. Lets dive in.

📈 Market Max-Q

S&P 500: 3,901.35 -3.1%
NASDAQ: 11,354.63 -3.8%


UFO: 21.50 -0.3%
ROKT: 36.24 -1.6%
ARKX: 14.32 +0.3%
ORBT: 16.60 -0.8%
SSIT: 86.1 -4.8%


LLAP: 5.18 +27.0%
PL: 5.05 +9.6%
VORB: 4.37 -15.8%
RKLB: 4.73 -19.3%


1W return as of 4:00pm EDT.

🚀 Top Stories

1) Rocket Lab and AST SpaceMobile reported first quarter 2022 earnings on Monday after market close. Highlights include:
  • $RKLB
    • Revenue: $40.7M +123.7% YoY
    • Space Systems Revenue: $34.1M, +1,873.0% YoY
    • Adj. EBITDA: ($7.9)M vs. ($8.7)M YoY
    • Shares: +4.6%
  • $ASTS
    • Cash: $253.7M 
    • Revenue: $2.4M, +151.7% YoY
    • Net Loss: ($10.7)M vs. ($11.5)M YoY
    • Shares: +6.3%
2) Analysts collectively lowered their Rocket Lab ($RKLB) price targets following earnings.
  • Deutsche Bank: $18 to $14, maintains 'Buy' rating.
  • Morgan Stanley: $17 to $16, maintains 'Overweight' rating.
  • Cowen: To $6.50, maintains 'Hold' rating.
3) SpaceX is reportedly raising funding via a private placement that would value the company at $125 billion. Employee shares would be used as a tender offer at $70 per share.
  • This would mark a +25% increase from the $100B valuation last October, making it the most valuable private company.
4) Maxar ($MAXR) was downgraded to 'Underperform' with a $25 price target by Bank of America per launch delays.
  • Analyst Ronald Epstein trimmed growth expectations after the company delayed the first launch of its Legion WorldView satellites.

🛰️ In Other News

Ubotica Raises $4.2M Seed (Company)
The "smarts for smart satellites" startup announced the oversubscribed seed on Wednesday. The round was led by Atlantic Bridge and included participation from Dolby Family Ventures and Seraphim Space ($SSIT).

Space Perspective Raises $17M Financing (BizJournal)
The round brings the total funds raised by the space tourism company to $65M since founding. The source of capital include new investors Henry Kravis of KKR, Silicon Valley Bank and Trinity Capital ($TRIN).

Orienspace Raises $59.9M Series A (SpaceNews)
The Chinese launch vehicle developer will use the capital for a first rocket launch and new engine development. HikeCapital led the round, with participation from CMBC Int’l Holdings and others including previous investors.

📊 Chart of the Week

Source: McKinsey & Co.

🔗 Links

• Rocket Lab ($RKLB) Begins Payload Integration for CAPSTONE Mission

• Terran Orbital ($LLAP) Announces DARPA Contract Award

• Maxar ($MAXR) Awarded Spot on JAIC Basic Ordering Agreement for AI Data Readiness

• Spire ($SPIR) To Launch Five Satellites on SpaceX Transporter-5 Mission

• Planet ($PL) and Leaf Partner To Provide Agricultural Insights for Developers

• SoftBank Begins Position in Satellogic ($SATL)

🗣️ Opinion

• Iridium ($IRDM): An Even Better Way To Play the Space Economy

• Satellite Internet at the Fore with Viasat ($VSAT) and Starlink

• Seraphim ($SSIT) Says Fundamentals Remain Excellent

• Spire ($SPIR) Is Speeding Up, Not Slowing Down

• Rocket Lab’s ($RKLB) Biggest Business Isn’t Rockets at All

• D-Orbit ($BREZ), The Space Race Leader

• Andrew Chanin on $UFO, Ukraine and the Future of Space

📅 Earnings Calendar

• $VSAT: May 25 - After Market Close
• $PL: June 14 - After Market Close


*Company confirmed dates only.
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Disclaimer: The Space Investor ("TSI") does not provide financial advice. All content is for informational purposes only and is not a solicitation to buy or sell any assets. TSI is not a registered investment, legal, or tax advisor or a broker/dealer.

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