The Space Investor - 🚀 Sierra Space Preps For IPO

View this email in your browser
The Space Scoop
Week Ended 02.02.2023
Happy Friday! The Q4 earnings calendar continued to fill out this week as the Primes have completed reporting, Rocket Lab launched Electron for the first time in 2024 and Star Lab plans to launch via Starship. Lets dive in!

Market Max-Q

Top Stories

1) Sierra Space continues to prepare for and ahead of an IPO listing.
  • The Colorado-based cargo space plane and LEO habitat company is making preliminary plans to hit the public markets while also exploring potential acquisitions. 
     
  • The company has begun laying the groundwork internally, CEO Tom Vice told Bloomberg News on Thursday. While exact timing has yet to be determined in this quiet period for IPOs, Sierra plans to take the step “when the market looks like it’ll give us the right credit for valuation.”
     
  • "We want access to the public markets. We’ve been working for a year and a half to make sure that we are public company ready," Vice said. The Company is looking to a successful inaugural Dream Chaser spaceplan flight to “give us another data point that the Board will take into consideration as we look at a potential IPO,” Vice concluded.
     
  • Sierra's valuation hit more than $5B as of September 2023 after its latest capital raise.
     
2) Q4 2023 space earnings continued with Boeing reporting as well as Rocket Lab providing preliminary results following the first Electron mission of 2024. 
  • $BA Defense, Space & Security:
    • Revenue: $25B, +8% YoY
    • Oper. Earnings: $(1.7)B vs. $(3.5)B YoY
    • Oper. Margin: (7.1)% vs. (15.3)% YoY
    • Backlog: $520B, +29% YoY
       
  • $RKLB (Preliminary):
    • Revenue: $59 - 61M
    • Net Loss: $(53) - (49)M
    • Adj. EBITDA: $(30) - (28)M
       
3) Momentus ($MNTS) has completed all necessary requirements of its National Security Agreement.
  • The Company has been informed by the U.S. Dept of Treasury that the Committee on Foreign Investment in the United States (CFIUS) has approved the exit from the agreement and its termination, following the completion all requirements of the NSA entered into July 2021.
     
  • “The end of the CFIUS process is an enormous positive step for Momentus that culminates more than two years of intensive work by everyone in the Company. . . Momentus has now emerged from this rigorous process clear of any lingering security concerns," said CEO and Chairman John Rood.
     
  • Shares closed +41.8% on Wednesday and finished +30.4% for the week.

In Other News

Quindar Raises $6M Seed Extension Round (Company)
The satellite operations automation startup provides the ability to operate multiple satellite busses and payloads from their single platform. The oversubscribed round was led by FUSE, with continuing investment from Y-Combinator and Funders Club.

Shanghai Spacecom Satellite Technology Raises ¥6.7B Series A (Reuters)
SSST, the Shanghai municipal government-backed company, raised $933M USD for the construction of a low-orbit satellite constellation, one of its investors stated. The raise was led by a fund set up by the National Manufacturing Transformation and Upgrading Fund (NMTUF). Other participants include Guosheng Capital, Hengxu Capital, and CAS Capital, an investment firm associated with Chinese Academy of Science.

Chart of the Week

January 2024 Performance: The first month of the new year has concluded and Intuitive Machines ($LUNR) is off and running at +45% YTD while certain usual suspects like Momentus ($MNTS) and Sidus ($SIDU) are down -40% and -50%. AST SpaceMobile ($ASTS) leads them both to the downside at -52%.

Links

• Sidus ($SIDU) Announces Closing of $5.6M Public Offering

• Northrop Grumman ($NOC) Prices $2.5B Debt Offering and $1B Share Repurchase Agreement

• EchoStar ($SATS) Announces Termination of Exchange Offers and Consent Solicitations for Certain Existing Senior Notes Issued by DISH

• BlackSky ($BKSY) Wins Third and Final Phase Contract From IARPA of Multi-Year SMART Program

• Rocket Lab ($RKLB) Successfully Launches First Electron Mission of 2024

• Starlab Space Station Buys Starship Launch for Later This Decade

• Rocket Lab ($RKLB) Announces Pricing of Upsized Offering of $300M Convertible Senior Notes

• SDA Awards Momentus ($MNTS) Contract Modification To Develop Defense Applications for Vigoride Orbital Service Vehicle

• National Geospatial-Intelligence Agency Awards IDIQ Contract With $794M Ceiling to Solis Applied Science Team

Opinion

• Rocket Lab ($RKLB): A Strong Buy on Growth Prospects and Backlog Strength

• SpaceX & Blue Origin Race to the Moon Pays Off for Manufacturers

• Space Applications for Large Terrestrial Markets – Thinking About Space Investing

• Space, the Final (Construction) Frontier

• Interview with Jonathan Lacoste of The Space.VC

Earnings Calendar

$VSAT: Feb 6 - After Market Close
$IRDM: Feb 15 - Before Market Open
$RKLB: Feb 27 - After Market Close

$MDA: Feb 28 - Before Market Open
$LLAP: Mar 26 - Before Market Open


*Company confirmed dates only.
Forward Forward
Questions? Feedback? Just 'Reply' to this email.
Copyright © 2024

TheSpaceInvestor
400 E 20th St
New York, NY 10009-8101

Add us to your address book!

Unsubscribe

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

🚀 Q4'2023 Space Earnings

Saturday, January 27, 2024

Plus $RDW is supplying Blue Origin's Blue Ring, Albedo's $35M Series A-1, Aldoria €10M Series A and more! The latest space investing news and updates. View this email in your browser The Space

🚀 2023 Space Investment Up 34%

Friday, January 19, 2024

Plus $ASTS's $155M investment from AT&T, Google and Vodafone, KeyBanc is bullish on $RKLB, and more! The latest space investing news and updates. View this email in your browser The Space Scoop

🚀 RKLB's $500M Prime Contract

Saturday, January 13, 2024

Plus $MNTS is running out of cash fast, $SIDU regains Nasdaq price compliance and D-Orbit raises $110M. The latest space investing news and updates. View this email in your browser The Space Scoop Week

🚀 Terran Receives Rivada Cash

Saturday, January 6, 2024

Plus EchoStar and Dish complete merger, $RKLB and $ASTS funding updates, SynMax raises $13M, and more! The latest space investing news and updates. View this email in your browser The Space Scoop Week

🚀 Lynk To Go Public via SPAC

Friday, December 22, 2023

Plus ULA sale process down to 3 bidders, $RKLB soars on $515M agreement, $SIDU reverse split and more! The latest space investing news and updates. View this email in your browser The Space Scoop Week

Reddit's unusual IPO plans; Rivian's layoffs; and Techstars backs out of Seattle, citing a lack of VC activity

Thursday, February 22, 2024

View in browser Top News On its Q4 earnings call today, Nvidia said it pulled in a stunning $22.1 billion in quarterly revenue as more and more companies use its chips for their AI models. The company

Founder CEO churn

Thursday, February 22, 2024

The rise of mental fatigue among founders, the latest on the Sequoia-Klarna saga and how TikTok cost a startup €10m View in browser Morgan Stanley flagship logo Good morning there, The last year has

4K Image Compressor, Workflow.design, Ai Keeda, BoostMark.io, WisperSEO, and more

Wednesday, February 21, 2024

Collaborative agendas, notes, and tasks, all in your calendar BetaList BetaList Weekly BoostMark.io Personalized browser start page UpVPN Exclusive Perk Serverless VPN on WireGuard®, Unlimited Devices,

I just found the perfect business idea

Wednesday, February 21, 2024

You've been lied to… ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Ends soon: Say goodbye to your 9 to 5 job

Wednesday, February 21, 2024

Only a few spots left... ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Founder Weekly - Issue 625

Wednesday, February 21, 2024

View this email in your browser Founder Weekly Welcome to issue 625 of Founder Weekly. Let's get straight to the links this week. General Tech Strikes Back “Accelerationism” is an overdue

💰 70+ proven ecommerce trainings

Wednesday, February 21, 2024

Use them to replace your 9-5 income I won't lie to you, ... Starting an online business is not always “easy.” There will definitely be obstacles to overcome. There will definitely be some late

Yong-Soo Chung — Surviving Serial Entrepreneurship — The Bootstrapped Founder 296

Wednesday, February 21, 2024

Yong-Soo Chung (@yongsoochung) is a champion of the Personal Holding Company: he owns several businesses, and doesn't lose his mind. How?! ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

Magic AI conjures $117 million round, the frenzy around Anthropic, and the fluffy friend more families might consider

Wednesday, February 21, 2024

View in browser We're about 10 days out from our first StrictlyVC event in LA We are SO EXCITED. We love LA We also love our line-up of speakers, all of whom will undoubtedly have a lot to say

Silence of the rounds 🐑

Wednesday, February 21, 2024

Downrounds are on the up, so are founders raising on the down-low? | The ambition for one-person unicorns | An LLM for biotech View in browser Logo - Zoom_flagship (1) Good morning there, In days gone