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The Space Investor - 🚀 ispace Eyes IPO

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The Space Scoop
Week Ended 03.10.2023
Happy Friday! It was a bloody week on Wall Street led by Silicon Valley Bank's collapse. Unfortunately, space was not spared with space SPACs down an average -13.2%. NewSpace earnings continued with BlackSky, Momentus and Spire. Japan's ispace is set to IPO next month and Relativity scrubbed their first launch attempt. Lets dive in.

Market Max-Q

Top Stories
1) FY 2022 NewSpace earnings continued this week with three space SPACs reporting. Highlights include:
  • $BKSY
    • Cash & Equivalents: $34M
    • Revenue: $65M, +92% YoY
    • Net Loss: $(74)M vs. $(245)M YoY
    • Adj. EBITDA: $(30)M vs. $(44)M YoY
    • Shares: -6.8%
  • $MNTS
    • Cash & Equivalents: $61M
    • Revenue: $299k, -9% YoY
    • Net Income: $(96)M vs. $121M
    • Adj. EBITDA: $(67)M vs. $(59)M
    • Shares: Flat
  • $SPIR
    • Cash & Equivalents: $47M
    • Revenue: $80M, +85% YoY
    • ARR Revenue: $99M, +41% YoY
    • Net Loss: $(89)M vs. $(38)M
    • Adj. EBITDA: $(33)M vs. $(38)M
    • Shares: -11.3%
2) On Wednesday, ispace announced IPO plans to officially list in Tokyo come April 2023.
  • Eyeing April 12th specifically, ispace announced it has been approved to list 20M shares on the Tokyo Stock Exchange Growth Market, under ticker code 9348.
     
  • Through this listing, the Company seeks to "commence dialogues with as many global investors in the stock market as possible and request their participation in this infrastructure construction project. This will be the initial step toward creating a unified ecosystem between the Earth and the Moon."

In Other News
Lonestar Space Raises $5M Seed Round (PRNewswire)
The lunar data center startup's oversubscribed round was led by Scout Ventures with participation from Seldor Capital, 2 Future Holding, The Veteran Fund, Irongate Capital, Atypical Ventures, and KittyHawk Ventures. The capital will help accelerate growth and expand its offerings.

Starfish Space Raises $14M Series A Round (YahooFinance)
The round was led by Munich Re Ventures, with participation from Toyota Ventures and previous investors PSL Ventures, NFX and MaC VC. The capital will help support plans to develop spacecraft capable of hooking up with bigger satellites to boost their orbits, or safely dispose of them.

K2Space Emerges from Stealth (CNBC)
The LA-based startup is focused on building large satellite buses to leverage next gen rockets such as Starship. Since incorporation in June 2022, the startup raised $8.5M in seed funding led by First Round Capital and Republic Capital.

Chart of the Week
(Source)

Links
• AST SpaceMobile ($ASTS) Announces Teaming Agreement With Fairwinds Technologies

• Rocket Lab ($RKLB) Announces Launch Window for 2nd Electron Mission From Virginia

• BlackSky ($BKSY) Announces $29.5M Private Placement Financing

• BlackSky ($BKSY) Wins $150M+ Bid for Space-Based Tactical GEOINT Service With International Ministry of Defense

• ISS Dodges Commercial Imaging Satellite From Satellogic ($SATL)

• Hughes ($SATS) and Stargroup Extend Mobile Networks in Mexico

• Sidus ($SIDU) Awarded New Contract for Next Phase of NASA ASTRA Project

• General Dynamics ($GD) Increases Dividend

• Mynaric ($MYNA) Selected by German Govt for Multiple Quantum Communication Projects

• Astra ($ASTR) Investigates Potential Illegal Short Selling

Opinion
• The Small Launch Industry Is Brutal - Yes, Even More Than You Thought

• Investors in Space Startups See Hurdles in Defense Market

• Florida’s Space Economy: The Future Is Now

• Half of All Active Satellites Are Now From SpaceX. Here’s Why That May Be a Problem

• Planet Labs ($PL): A Promising Partnership but Don’t Overlook High Operational Cost

Earnings Calendar
• $LLAP: March 21 - Before Market Open
• $MDA: March 23 - Before Market Open
• $PL: March 29 - After Market Close
• $ASTR: March 30 - 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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