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The Space Investor - 🚀 Northrop's New Space Station

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The Space Scoop
Week Ended 10.06.2023
Happy Friday! It was a big week for space startup capital raises. The Q3 earnings calendar has also started filling out for later this month, beginning with the Primes. Lets dive in.

Market Max-Q

Top Stories
1) Northrop Grumman ($NOC) is out on its NASA ISS replacement and will team up with Voyager Space.
  • Two years ago, NASA turned to four companies - Blue Origin, Nanoracks, Northrop Grumman and Axiom Space - for a commercial space station alternative as the agency plans to retire the International Space Station (with its partners) after 2030.
     
  • There was some speculation earlier this week that Northrop was dropping out of the race. This was confirmed on Wednesday as the Company plans to team up with Voyager Space on a teaming agreements for its Starlab space station.
     
  • Lets see how this space continues to play out as there is a lot riding on these initiatives.. This announcement follows August's news between Voyager and Airbus announcing their transatlantic JV.
     
  • Even last week, it was reported that Blue Origin and Sierra Space were on "rocky" footing for their Orbital Reef space station.

In Other News
Starpath Robotics Raises $2.5M Pre-Seed (TechCrunch)
The startup emerged from stealth this week with a plan to mine and refine water for rocket propellant using resources on the moon and Mars. Hummingbird Ventures and Valhalla Ventures led the round.

Castelion Raises $14.2M Funding (TechCrunch)
The 11-month old startup's round was co-led by Andreessen Horowitz and Lavrock Ventures. The capital along with existing US Govt contracts, will accelerate their efforts "to design, build, and test capabilities that make affordable and timely overmatch possible."

Mach Industries Raises $79M Series A (TechCrunch)
The startup is developing a suite of hydrogen-powered platforms and munitions for the military and is now valued at $335M. The round was led by Bedrock Capital, DCVC, Marque "and others to build defense hardware" and follows four months after its $5.7M seed round led by Sequoia Capital.

Stoke Space Raises $100M Series B (Company)
The funding comes shortly after the Company’s successful vertical takeoff and vertical landing test flight of its reusable second stage. The round was led by Industrious Ventures, with participation from the Univ of Michigan, Sparta Group, Long Journey and others along with existing investors.

Pale Blue Raises $7.5M Funding (SpaceNews)
The Japanese-based small sat thruster developer raised the capital "to establish a mass production facility for its water vapor propulsion systems." The financing comprises of loans and a Series B backed by existing investors, Mitsui Sumitomo Insurance Venture Capital and Incubate Fund.

Machina Labs Secures $32M Series B (Business Wire)
The LA-based startup combines AI and robotics to rapidly manufacture advanced composite and metal products. The round was co-led by NVentures, $NVDA's venture arm, and existing investor Innovation Endeavors and others.

Chart of the Week
September 2023 Performance: With the S&P 500 down -5% in September, space stocks followed suit but worse. Sidus ($SIDU) outperformed by only falling -2% while Momentus ($MNTS) got hit hard, even after its reverse-split, crashing -80%.

Links
• SpaceX’s Surprise New Investor? Italy’s Biggest Bank

• Momentus ($MNTS) Announces Closing of $4M At-the-Market Offering

• Planet ($PL) Gains Business Across Canadian Provincial Governments

• Rocket Lab ($RKLB) Opens Engine Development Center at Prior Virgin Orbit HQ

• Spire ($SPIR) Selected for NASA IDIQ Contract with $476M Ceiling

• Momentus ($MNTS) Signs Contract for Orbital Delivery Services with C3S

• Virgin Galactic ($SPCE) Completes 5th Successful Human Spaceflight

Opinion
• How Wrong Were Space SPAC Projections?

• When Funding Is Down, Shore Up Your Brand

• How Orbital Refueling Will Unlock Humanity’s Potential in Space

• Why the First-Ever Space Junk Fine Is Such a Big Deal

• Impulse Space CEO Tom Mueller Talks Early Days at SpaceX

• Redwire ($RDW): The Roll-Up to Success

Earnings Calendar
• $PL: Oct 10 - 2023 Investor Day*
• $LMT: Oct 17 - Before Market Open
• $IRDM: Oct 19 - Before Market Open
• $BA: Oct 25 - Before Market Open
• $GD: Oct 25 - Before Market Open
• $NOC: Oct 26 - 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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