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The Space Investor - 🚀 Lockheed Drops Terran Bid

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The Space Scoop
Week Ended 05.03.2024
Happy Friday! In what was a generally quiet week first half of the week, SES acquired fellow GEO operator Intelsat (due to reasons definitely not named Starlink..), Astroscale is preparing for an IPO and Lockheed dropped their Terran Orbital bid. Lets dive in.

Market Max-Q
Forward Forward

Top Stories
1) SES to acquire 100% of Intelsat for $3.1B.
  • The fellow GEO satellite operators will merge to create a satellite giant that can better compete with Elon Musk’s Starlink.
     
  • The combination will "create a stronger multi-orbit operator with greater coverage, improved resiliency, expanded suite of solutions, enhanced resources to profitably invest in innovation."

2) Astroscale is planning to go public next month.
  • Astroscale announced this week that it will start trading on the Tokyo Stock Exchange next month and plans to offer 20.8M shares in the IPO.
     
  • The satellite servicing and debris removal company has not announced a share price yet. According to exchange filings, Astroscale will set that price May 27th.

3) Lockheed Martin ($LMT) withdraws Terran Orbital ($LLAP) takeover offer.
  • On Thursday afternoon, Lockheed filed a revised Schedule 13-D with the SEC withdrawing their potential takeover bid to purchase all outstanding shares for $1 each announced on March 1st.
     
  • The filing did not disclose a reason behind the withdrawal. Terran Orbital followed up shortly after "confirming its ongoing strategic review [process] to maximize shareholder value. The review allows us to explore all options."
     
  • Shares fell double digits on Friday's trading day.

In Other News
Spire Secures Multi-Million Dollar Deal (Company)
$SPIR's undisclosed deal is with a "financial firm" and will provide access to its High-Resolution Weather Forecast model and develop an AI-powered model for long-range forecasting. Through this deal, the Company will build off of its recent collaboration with NVIDIA. 

Portal Space Systems Emerges from Stealth (SpaceNews)
The startup formally exited stealth mode this week unveiling plans for highly maneuverable spacecraft. It also announcing more than $3M in awards from the Defense Department. This funding along with an undisclosed private investment will support the buildout of a spacecraft bus named Supernova.

Chart of the Week
April 2024 Performance: Momentus ($MNTS) and Mynaric ($MYNA) led the pack at +11% and +11% while Planet ($PL) and Virgin Galactic ($SPCE) lagged at -34% and -41%.

Links
• Dish Network ($SATS) Bondholders Sue Over Asset Transfers

• Rocket Lab ($RKLB) Prepares Back-to-Back Launches for NASA

• Satellogic ($SATL) Releases Open Dataset for AI Model Training

• Terran Orbital’s ($LLAP) RUNNER-1 Satellite Surpases 300 Days of Uninterrupted Operation

• Virgin Galactic’s ($SPCE) ‘Galactic 07’ Mission Launch Window Opens June 8th

• Sidus ($SIDU) Successfully Delivers Two Electronic LCS Cabinets to Bechtel as Part of NASA’s Mobile Launcher 2

Opinion
• Internet Constellations Are Still Not Understood

• Telecom Tycoons Feel Pain From Rising Mobile Woes

• China’s Interest in the Far Side of the Moon: Scientific, Military, or Economic?

• Rocket Lab ($RKLB): Winning Contracts and Neutron Coming, Prepare for Takeoff

Earnings Calendar
• $RKLB: May 6 - After Market Close
• $SPCE: May 7 - After Market Close
• $BKSY: May 8 - Before Market Open
• $SATS: May 8 - Before Market Open
• $RDW: May 7 - After Market Close
• $MDA: May 9 - Before Market Open
• $TSAT: May 10 - Before Market Open
• $LUNR: May 14 - Before Market Open
• $ASTS: May 15 - After Market Close
• $SPIR: May 15 - After Market Close
• $SIDU: May 15 - 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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