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The Space Investor - 🚀 SpaceX Seeks $150B Valuation

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The Space Scoop
Week Ended 06.30.2023
Happy Friday! And Happy Fourth of July to our U.S. readers! It was generally a quiet week with private raises continuing to receive appetite. The first Q2 earnings dates have also started trickling in. Lets dive in.

Market Max-Q

Top Stories
1) SpaceX is rumored to be targeting a $150B valuation.
  • Despite what is generally a tough environment currently for private tech investment, SpaceX's valuation continues to climb via a new secondary round for employees seeking liquidity. The Company is targeting $81 per share, according to a person familiar with the effort.
     
  • How? SpaceX periodically gives employees and former staffers the opportunity to sell stock they have been granted as part of their compensation packages, setting a specific amount of shares that can be sold.
     
  • Back in December, SpaceX last valued shares at $140B (or $77 per share) in a tender offer.
2) AST SpaceMobile ($ASTS) defends itself, then raises $60M common stock offering.
  • On Tuesday, ASTS issued a response to an article published on MergerMarket over two weeks ago, which raised concerns about the company's burn rate and fundraising plans.
     
  • Subsequently, the same afternoon the Company announced the pricing of an upsized common stock offering of $59.4M. ASTS disclosed that, while it has 12 months of cash on hand, its capital needs could jeopardize the business.
     
  • ASTS shares fell -27% on Wednesday and -31% for the week.

In Other News
Astranis Acquires Adranos (Company)
The defense technology company acquired the solid rocket motors manufacturer for an undisclosed amount. Through this acquisition, Anduril will become a merchant supplier of solid rocket motors to prime contractors delivering missiles, hypersonics and other propulsion systems for some of the DoD's most important programs.

Agile Space Industries Raises $13M Seed (SpaceNews)
Formed out of the merger between Agile Space Propulsion and Advanced Mobile Propulsion Test in 2019, the round was led by Caruso Ventures. Other participants included Lockheed Martin Ventures, Greater Colorado Venture Fund, CORI Innovation Fund and Greenline Ventures. Agile plans to use the capital to expand production and development of propulsion systems.

Airmo Raises €2.5M Pre-Seed (SpaceNews)
The German startup focused on space-based measurements of greenhouse gas emissions raised the funding, which is part investment and part ESA contract. Airmo will launch the first of 12 satellites to measure atmospheric carbon dioxide and methane in 2024.

Ramon.Space Raises $25M (Company)
The space computing infrastructure startup will use the capital to continue growth and commercialization of its platform, reach new markets, and solidify its global presence. The round was led by Ingrasys, a subsidiary of Foxconn Technology Group and the Strategic Development Fund (SDF), with participation from existing investors.

Chart of the Week
June 2023 Performance: The numbers are in. BlackSky ($BKSY) took the prize this month trading +62.0% higher while Planet ($PL) and Spire ($SPIR) underperformed, falling -29.9% and -30.5%.

Links
• BlackSky ($BKSY) Added to Russell 3000 Index

• OroraTech Selects Spire ($SPIR) To Provide 8 Satellites for Wildfire Monitoring Constellation

• Redwire ($RDW) Wins Follow-On Contract for Additional Roll-Out Solar Arrays for ISS

• Virgin Galactic ($SPCE) Completes Inaugural Commercial Spaceflight

Opinion
• The Future of Space Is Now: Why All Companies Need a Space Strategy

• Rocket Lab ($RKLB) CEO Peter Beck on the New Space Age

• Live From MarketSite: Voyager Space

• Ensuring Our Success in the Growing Space Sector Remains Sustainable

• The Global Industrial Arms Race Is Just What We Need

• $MOON: An ETF To Avoid

• Virgin Galactic ($SPCE) Shareholder Value Deterioration Set To Continue

Earnings Calendar
• $IRDM: Jul 25 - Before Market Open
• $NOC: Jul 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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