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The Space Investor - 🚀 Viasat Acquires Inmarsat

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The Space Scoop
Week Ended 06.02.2023
Happy Friday! It was a quiet week after the long holiday weekend here in the US. Lets dive in.

Market Max-Q

Top Stories
1) CNBC Space reporter Michael Sheetz provided followers insight from Jefferies equity research analysts on three space companies this week - two public and one private. 
  • Following a recent meeting with Relativity Space leadership, Jefferies notes that Terran R has an implied price of $55M per launch, although early customers "signed at a discounted rate" of ~$45M.
     
  • Following a recent meeting with Rocket Lab ($RKLB), Jefferies notes that their $16M purchase of Virgin Orbit ($VORB) assets in bankruptcy auction is worth ~$100M ($80M of equipment, $20M of real estate). Regarding Electron, Rocket Lab expects to increase launch cadence to 20 in 2024.
     
    • "There is likely capability to do 4 launches a month, but Rocket Lab doesn't envision the current demand to get there today."
       
  • As for Neutron: "Rocket Lab is taking a measured approach without any backlog. Signing customers today would likely require discounts for launch pricing, with Rocket Lab likely looking to start building a backlog 9-12 months from first launch."
     
  • Following a recent meeting with Mynaric ($MYNA) leadership, Jefferies notes that the company’s order backlog has grown from 10 terminals to 350 terminals over the last year. Jefferies believes the Company could be a $1B company in five years, citing the market growth in both space- and air-based demand for communications systems.

In Other News
ESpace Networks $10M Raises Series A Round (Business Wire)
The Florida-based software enterprise connectivity startup round was led by Columbia Capital. The capital will further advance intelligently managing connectivity of moving things.

Hubble Network Raises $20 Series A Round (TechCrunch)
The satellite network with plans to connect billions of bluetooth devices raised the capital in a round closed in March. The round was led by Transpose Platform, with participation from 11.2 Capital, Y Combinator, Yes.VC, Convective Capital, Seraphim Space, Type One Ventures, Soma, AVCF5, Space.VC and various angels.

Pixxel Raises $36M Series B Round (Company)
The hyperspectral earth-imaging startup raised the funds from new investors such as Google ($GOOGL), along with existing investors Radical Ventures, Lightspeed, Blume Ventures, growX, Sparta and Athera. Pixxel plans to advance its satellite constellation and data platform.

Fortify Raises $12.5M Funding (SpaceNews)
The Boston-based additively manufacturing startup raised from Lockheed Martin Ventures ($LMT) and Raytheon Technologies Ventures ($RTX), the first time the two competitors co-invested in the same startup round. Fortify plans to accelerate development of its digital composite manufacturing platform.

Chart of the Week
May Performance: In a bounce back month for equities, space stocks were overall mixed. Rocket Lab ($RKLB), AST SpaceMobile ($ASTS) and Planet ($PL) led to the upside at +18.0%, +15.3% and +14.5% while Terran Orbital ($LLAP) and Virgin Orbit ($VORBQ) led to the downside at -32.8% and -82.2%.

Links
• BlackSky ($BKSY) and SynMax Partnered To Monitor US Coal Powerplant Inventory.

• Viasat ($VSAT) Completes Acquisition of Inmarsat

• MDA ($MDA) and Thoth Technology Create Canadian Space Domain Awareness Capability

• Rocket Lab ($RKLB) Selected To Launch Telesat ($TSAT) Broadband Satellite

• Navidium Selects Spire ($SPIR) To Provide Ship-Tracking Data

• BlackSky ($BKSY) Awarded Multi-Million Contract for Advanced Tactical Imagery Services

• SatixFy ($SATX) Appoints Acting CEO

• Momentus ($MNTS) and Axient To Collaborate on Space Services From LEO to Cislunar Space

• Sidus ($SIDU) Awarded Additional Space Hardware Manufacturing in Support of NASA’s Artemis Program and SLS Vehicle

Opinion
• 2022 Space SPAC Guidance Analysis + 1Q23 Earnings Scorecard

• Space Investment in 2023: Better Than Expected?

• Are All Space Stocks Insanely Overpriced?

• Death of a Launch Company

• What a Debt Limit Deal Could Mean for NASA

Earnings Calendar
• $PL: June 8 - 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.

Older messages

🚀 RIP Virgin Orbit

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Saturday, April 29, 2023

Q1 2023 Space earnings are underway, Astroscale secures ¥3 billion and more! View this email in your browser The Space Scoop Week Ended 04.28.2023 Happy Friday! Q1 Space earnings kicked off this week

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