The Space Investor - 🚀 2023 Space Investment Up 34%

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The Space Scoop
Week Ended 01.19.2023
Happy Friday! The S&P 500 and Dow Jones closed at new all time highs. AST SpaceMobile received an investment from AT&T, Google and Vodafone. Space Capital released their 2023 space investment report and KeyBanc initiated coverage on Rocket Lab. Lets dive in.

Market Max-Q

Top Stories

1) Space Capital released their Q4 2023 Space Investment Quarterly report
  • According to the New York-based VC fund, 2023 space investment crossed $12.5B, +34% higher than 2022's $9.3B investment but still -18% off the highs set in investment set in 2021.
     
  • Space infrastructure companies remained resilient through two-year downturn accounting for ~70% of 2023 investment.
     
  • The top capital raises of Q4 included funds announced by Firefly Aerospace, Ursa Major, D-Orbit, Stoke Space and True Anomaly.
     
  • Speaking with CNBC, Space Capital CEO Chad Anderson noted that 2023 was “a year of consolidation,” with 39 M&A deals. He continued “We expect to see even more in 2024. The prospect of declining interest rates is boosting equity valuations and improving math, making M&A more likely in 2024.”

2) AST SpaceMobile ($ASTS) received a $155M strategic investment from AT&T ($T), Google ($GOOG) and Vodafone ($VOD).
  • The $155M investment will be broken down into the following: $110M 10-year subordinated convertible notes with 5.50% interest and conversion price of $5.75 per share, $20M revenue commitment from AT&T, and $25M minimum revenue commitment from Vodafone.
     
  • The additional $51.5M will come from the company’s existing senior-secured credit facility, with a planned future draw.
     
  • "With this strategic investment, we are gaining capital, invaluable expertise, and strategic partnership," said Abel Avellan CEO. Clearly Abel does not care to capitalize on what would have been a profitable next day/week for the stock on initial excitement as 32 minutes later, ASTS announced a $100M common stock offering at $3.10 per share... Shares closed Friday down -26%.

In Other News

KeyBanc Initiates Coverage on Rocket Lab (Benzinga)
With an 'Overweight' recommendation and $8.00 per share price target, Keybanc analyst Michael Leshock cite a viable path to profitability in 1-3 years and ample capital to achieve free cash flow breakeven in the 2H 2025.

Chart of the Week

$SPCE Round Trip: From its Oct 2019 IPO to Dec 2023, Virgin Galactic turned a $10k investment into $58k on the back of a space SPAC bubble and first flight hype before falling down to earth. +1 for long-term investing right?..

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Links

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

• Mynaric ($MYNA) Selected for Phase 2 of DARPA Space-BACN Program

• Sidus ($SIDU) Announces Technology Hosting Payload Contract With ASPINA for Q2 2025 Mission

• John Deere ($DE) Announces Strategic Partnership with SpaceX

• Space Development Agency Awards Three T2TL Contracts Worth $2.5B to L3Harris ($LHX), Lockheed Martin ($LMT) and Sierra Space

• Viasat ($VSAT) Demonstrates UK Satellite-Based Augmentation System for the First Time

• Sidus ($SIDU) Unveils Multi-Material 3D Printed Space Hardware Division

Opinion

• The Starship Report

• This Startup Aims To Rival SpaceX With Reusable Rockets

• Axiom and SpaceX Are Disrupting Europe’s Traditional Pathway to Space

• Its the Valuation That Kills You

• EchoStar ($SATS): Taking a Look Post Dish Deal

Earnings Calendar

$LMT: Jan 23 - Before Market Open
$GD: Jan 24 - Before Market Open
$NOC: Jan 25 - Before Market Open
$BA: Jan 31 - Before Market Open
$HON: Feb 1 - Before Market Open
$RKLB: Feb 27 - 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.

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