The Space Investor - 🚀 Intuitive Machines To Go Public

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The Space Scoop
Week Ended 09.16.2022

Happy Friday! This week's edition marks one year of our newsletter experiment. We want to give a big thank you to all our subscribers, new and old, for your interest and continued readership. To many more! We also have other things in the works so stay tuned..

In other news, it was quite a busy week in Space. Lets dive in.

📈 Market Max-Q

S&P 500: 3,873.32 -4.8%
NASDAQ: 11,448.41 -5.5%

UFO: 20.09 -4.1%
ROKT: 36.08 -4.7%
ARKX: 13.62 -5.6%
SSIT: 63.6 +10.2%

PL: 6.49 +21.1%
BKSY: 1.80 -16.3%
SPIR: 1.26 -17.1%
ASTS: 8.52 -20.9%

1W return as of 4:00pm EDT.

🚀 Top Stories

1) Intuitive Machines is the latest space company going public via SPAC merger, with Inflection Point Acquisition Company ($IPAX) at a near $1B valuation.

The end-to-end space exploration company plans to deliver lunar access, lunar data services, lunar mobility and more, and has won three NASA contracts under the Commercial Lunar Payload Services program.
The deal plans to add up to $338M in cash to the company's balance sheet. The transaction is expected to close in Q1 2023 and will trade on the Nasdaq under ticker symbol $LUNR.

2) Planet ($PL) reported Q2 2023 earnings on Monday after market close and investors were pleased with the results. Highlights include:

Cash & Equivalents: $458M
Revenue: $48.5M, +59% YoY
Customer Count: 855, +17% YoY
Recurring Annual Contract Value: 93%
Gross Margin: 48% vs. 35% YoY
Net Loss: $(39.6)M vs. $(20.4)M
Adj. EBITDA: $(10.5)M vs. $(8.4)M
Share Price: +13.5%

3) Analysts on Wall Street were out with bullish calls on three space SPACs this week.

B. Riley initiated Terran Orbital ($LLAP) at ‘Buy’, eyeing over +100% of upside.
Deutsche Bank initiated Rocket Lab ($RKLB) as both a 'near-term Buy Catalyst Call' and a 'long-term Buy'.
Deutsche Bank maintained a 'Buy' on Astra ($ASTR), cutting the price target from $6 to $2 per share.

4) AST SpaceMobile ($ASTS) shares fell -11.2% following a research report from Kerrisdale Capital that raises concerns over the company's business model.

The hedge fund said AST is "an ambitious, wildly risky science project that has no business (literally) being public."
The firm also stated that AST does not have "credible ability" to bring to reality the "dream of connecting billions of people with mobile broadband directly to their phones from space."
The firm expects further delays in AST's BlueBird-1 program, which it states is already running two years behind schedule.

🛰️ In Other News

Morpheus Space Raises $28M Series A Round (SpaceNews)
The propulsion systems and software startup is “investing in scalability” with the new capital and plans to establish a factory in Dresden, Germany, to produce thousands of propulsion systems annually. The round was led by Alpine Space Ventures, with participation from Morpheus Ventures and all existing investors.

Viasat & Inmarsat Receive U.K. Government Approval for Combination (Company)
On Friday, the two announced the receipt of approval for the proposed combination of their businesses under the National Security & Investment Act. The Secretary of State for Business, Energy and Industrial Strategy (BEIS) announced the transaction does not pose a risk to national security.

Astrobotic Completes Bankruptcy Court Acquisition of Masten Space Assets (TechCrunch)
The firm submitted the highest bid of $4.5M as a stalking horse in the bankruptcy auction.
Astrobotic will acquire "nearly all" of Masten's assets but did not disclose its plans for them yet.

Spaced Ventures Launches SpaceX Raise Petition (Company)
In a few short days, the space-focused fundraising platform has generated over $10M+ of interest from 650+ backers to invest in the well-known company. Want to join in? There is nothing to lose! You never know what Elon may say..

📊 Chart of the Week

Planet ($PL) Quarterly LTM and Annual Revenue Growth Trajectory

🔗 Links

• Space Companies Put Up a Mixed Second Quarter. Here’s Who Outperformed and Who Faltered

• Startup 'Vast' Launches To Develop First Artificial-Gravity Space Station

• MDA ($MDA) Selected by Airbus OneWeb Satellites for U.S. Govt Program

• Hughes ($SATS) Launches High-Speed, Low-Latency Satellite Service Plans for Consumers

• Redwire ($RDW) and Sodern Sign Teaming Agreement and Announce Collaboration

• AST SpaceMobile ($ASTS) Confirms Successful Launch of BlueWalker 3 Into Orbit

• Sidus Space ($SIDU) and Momentus ($MNTS) Sign MOU To Explore Product Collaboration

• Planet ($PL) Partners With Taylor Geospatial Institute

• Spire ($SPIR) Files Form S-3 Shelf Registration To Issue Various Securities Up to an Aggregate $180M

• Spire ($SPIR) Announces Space Services Agreement With GHGSat

• Maxar ($MAXR) CFO To Retire in 2023

• Rocket Lab ($RKLB) Launches 30th Electron Rocket & 150th Satellite

• BlackSky ($BKSY) Receives Pioneer in Space Business Award at Euroconsult 2022

🗣️ Opinion

• Why SpaceX Is at Risk of Bankruptcy, Part 1

• BlackSky ($BKSY): Even at $2, Shares Aren’t Cheap

• Planet ($PL) Q2 Earnings Continue To Impress

• Planet ($PL) Surprises Investors With Improving Metrics

• Planet ($PL): A Statement Quarter

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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.

The Space Investor - 🚀 Intuitive Machines To Go Public

📈 Market Max-Q

🚀 Top Stories

🛰️ In Other News

📊 Chart of the Week

🔗 Links

🗣️ Opinion

Older messages

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