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The Space Investor - 🚀 Starship Nears Launch #2

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The Space Scoop
Week Ended 11.17.2023
Happy Friday! Space SPACs earnings took us home for Q3 reporting and all eyes are on Starship tomorrow morning. Lets dive in.

Market Max-Q

Top Stories
1) Q3 space earnings continued (and concluded) this week with 6 SPACs reporting. Highlights include:
  • $LUNR
    • Cash & Equivalents: $41M
    • Revenue: $13M, +23% YoY
    • Oper. Loss: $(23)M vs $(12)M
    • Adj. EBITDA: $(20)M vs. $(12)M
    • Contracted Backlog: $135M
       
  • $LLAP
    • Cash & Equivalents: $39M
    • Revenue: $44M, +58% YoY
    • Net Loss: $(27)M vs. $(28)M
    • Adj. EBITDA: $(13)M vs. $(14)M
    • Backlog: $2.6B ($2.4B = Rivada)
       
  • $ASTS
    • Cash & Equivalents: $136M
    • Revenue: $0 vs. $4M YoY
    • OpEx:  $59M vs. $42M
    • Gross Capitalized Costs: $266M
    • Net Loss: $(21)M vs. $(10)M
       
  • $MNTS
    • Cash & Equivalents: $10M
    • Revenue: $339k, +163% YoY
    • Net Loss: $(15)M vs. $(21)M
    • Adj. EBITDA: $(11)M vs. $(16)M
       
  • $SIDU
    • Cash & Equivalents: $1.6M
    • Revenue: $986k, -25% YoY
    • Net Loss: $(4)M vs. $(4)M
    • Oper Expense: $4M, flat YoY
       
  • $ASTR
    • Cash & Equivalents: $14M
    • Revenue: $256k, -91% YoY
    • Net Loss: $(30)M vs. $(199)M
    • Adj. EBITDA: $(25)M vs. $(42)M
       
2) A late 2024 Starlink IPO rumor was spread, but ultimately shot down by Elon. 
  • First reported by Bloomberg, SpaceX has "been moving the satellite unit’s assets to a wholly owned subsidiary that would ultimately be spun off in the IPO," said one unidentified source.
     
  • Following Bloomberg’s report, Musk called it “false” in a tweet.
     
  • He previously said he intended to publicly list Starlink when revenue growth and cash flow became smooth and predictable. Two weeks ago, Elon announced Starlink "has achieved breakeven cash flow." Time will tell..
     
  • On another note, Ron Baron, a popular SpaceX investor, remains bullish on the company stating in an interview that he believes the Company "could worth around ~$500 billion by 2030."

In Other News
Firefly Aerospace Raises Third Tranche Series C Round (PR Newswire)
Following a successful Space Force Alpha launch, the Company has "seen heightened interest from new investors." The round was led by AE Industrial, valuing the company at a $1.5B pre-money valuation. Firefly has now raised ~$300M in funding since February 2023.

FOSSA Systems Raises Undisclosed Financing Round (Payload)
The Spain-based satellite IoT startup announced the raise, which aims to use the capital to build a network of low-power satellites to facilitate communications on Earth. The round was led by Indico Capital Partners and Nabtesco Technology Ventures, with participation from current investor Newmind Venture.

ULA Rumored To Be Nearing an Acquisition (ArsTechnica)
The Lockheed Martin ($LMT) and Boeing ($BA) joint venture are rumored to be close to selecting a buyer for United Launch Alliance. Per sources, the 2006 founded Company has been up for sale most of 2023. Sources say three buyers have emerged: a PE fund, Blue Origin, and a well-capitalized aerospace firm interested in increasing its space portfolio.

World View SPAC Approval Postponed Again (TechCrunch)
The stratospheric balloon tourism startup is still awaiting a merger with the Leo Holdings Corp. II ($LHC) following this weeks vote by shareholders to extend. Leo has extended the deadline seven times since announcing the deal, and 88% of shareholders voted to allow 11 more month-long extensions.. until October 12, 2024. If WV is be unable to complete the transaction, it must return the money to shareholders and liquidate.

Image of the Week
Starship is Stacked: And ready for its second orbital launch queued to take place tomorrow morning bright and early. Go Starship! (Source) 

Links
• Virgin Galactic ($SPCE) Appoints Luigi Brambilla to Board of Directors

• Momentus ($MNTS) Continues Testing of Sustainable Spacecraft Engine and New Type of Solar Array

• Spire ($SPIR) Unveils Satellite Mission Operations Platform

• Northrop Grumman ($NOC) Board Declares Quarterly Dividend

• Hughes ($SATS) JUPITER 3 Satellite Begins Over the Air Testing With the Ground System

• Viasat ($VSAT) and Skylo Technologies Launch First Global Direct-to-Device Network

• Sierra Space Lays Off 165 in Push Toward First Dream Chaser Spaceplane Launch

• MDA ($MDA) Initiates Work on Non-Geostationary Orbit Digital Satellite Constellation

• Rocket Lab ($RKLB) to Establish Space Structures Complex in Baltimore County, MD

Opinion
• October Space Stock Review + 3Q23 SPAC Earnings Reactions

• The Prognosis for Planet Labs ($PL)

• Telesat ($TSAT): Highly Undervalued and Getting Better

• Iridium ($IRDM) Descent Doesn’t Change the Bigger Picture

• Space Competition Enters the Gray Zone
Forward Forward
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