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The Space Investor - 🚀 ispace IPO Soars

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The Space Scoop
Week Ended 04.14.2023
Happy Friday! This week we added another space company to public markets, SpaceX's Starship is nearing its first launch attempt while Relativity pivots rocket strategy. Astra received a six month delisting extension while Virgin Orbit's time on the NASDAQ comes to end. Lets dive in.

Market Max-Q

Top Stories
1) ispace (9348) soared after its public debut on Tokyo Stock Exchange Growth Market.
  • Despite all the investor interest, the Japanese startup shares did not trade on IPO day even  as bidders offered more than double the opening price, according to NIkkei.
     
  • Shares were offered at ¥254 during the IPO process, which valued the company at ¥20B (~$150M).
     
  • By Thursday, shares traded up to  ¥1,135 before closing at ¥1201, +373%. 
2) Relativity Space announced a pivot from Terran 1 development to Terran R.
  • Following successful launch but the failure to reach orbit of Terran 1, Relativity told CNBC it is going "all in" on developing its heavy-launch Terran R rocket, which can deliver 23,500 kg to low-Earth orbit.
     
  • The adjustment includes the manufacturing approach of blending its 3D-printed-only approach with traditional metal bending techniques. We didn't see this coming tbh.
     
  • "Terran 1 was always meant to develop technologies that were pushing the bounds for what was needed for Terran R," CEO Tim Ellis, told ArsTechnica.
     
  • "We're putting all energy and resources on getting Terran R to market as quickly as possible and then getting to a higher rate of reuse for scaling the launch volumes," Ellis continued.. 

In Other News
Kepler Communications Raises $92M Series C (Company)
The space internet startup will use the capital to complete internet-ready optical constellation. The round was led by IA Ventures and since 2016, Kepler has raised more than $200M in equity funding.

Argo Space Corporation Raises $2M in Funding (TechCrunch)
The California-based startup plans to build an in-space transportation network using reusable spacecraft propelled by water harvested from the lunar surface. The round was led by Type One Ventures, with participation from Boost VC, Stellar Ventures and Earthrise Ventures.

Space Capital Raises $65M Third Investment Fund (Company)
The seed-stage VC firm announced the $65M fund this week to continue investing at the intersection of space and tech. Despite economy uncertainty, its proven that space-based technologies continue to be necessary and relevant to our economy.

Eclipse VC Raises $1.2B Across Two New Funds (Bloomberg)
The Silicon Valley-based investment firm announced two new funds: Eclipse Fund V and Early Growth Fund II dedicated to backing young and mature companies working on modernizing manufacturing, supply chain and transportation businesses.

Chart of the Week
ispace IPO: From a ¥254 offering during the IPO roadshow to ¥1,501 as of Friday, ispace has followed in Intuitive Machines footsteps as another successful space IPO launch.

Links
• Starship Is Ready for Launch, Pending Regulatory Approval

• Rocket Lab ($RKLB) To Launch NASA’s TROPICS Constellation From New Zealand

• Virgin Orbit ($VORB) Announces Receipt of Nasdaq Delisting Notice

• Sidus ($SIDU) and L3Harris ($LHX) Partner for DoD Mentor-Protégé Program

• Viasat’s ($VSAT) Five Real-Time Earth Antennas Integrated on Microsoft ($MSFT) Azure Orbital

• Astra ($ASTR) Receives 180-Day Extension To Regain Compliance with Nasdaq Listing Rules

• Astra ($ASTR) Takes Action Against Potential Illegal Trading Activities

• NRO Exercises Radio Frequency Contract Option with Maxar ($MAXR)

• Rocket Lab ($RKLB) Launches New Constellation-Class Star Tracker

Opinion
• Launching Rockets Isn’t Enough for Space Companies

• Europe’s Cosmic Dreams Have a Billionaire Problem

• March Space Stock Review + ULA M&A

• Rocket Lab ($RKLB): A Moonshot Opportunity

• Is Virgin Galactic ($SPCE) Impacted by Virgin Orbit’s Bankruptcy?

Earnings Calendar
• $LMT: April 18 - Before Market Open
• $IRDM: April 20 - Before Market Open
• $BA: April 26 - Before Market Open
• $GD: April 26 - Before Market Open
• $NOC: April 27 - Before Market Open

*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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