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The Space Investor - 🚀 Astroscale Soars in IPO Debut

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The Space Scoop
Week Ended 06.07.2024
Happy Friday! And welcome back, we've missed you all! We're jumping right back into things with a busy week that included Starliner CFT and Starship IFT-4 launches as well as an Astroscale IPO and Planet Labs Q1 earnings. Lets dive in.

Market Max-Q
Forward Forward

Top Stories
1) Astroscale ($186A) soars in IPO debut on Wednesday.
  • Astroscale priced at the top of ¥750-850 range and opened trading on the Tokyo Stock Exchange Growth Market at ¥1,281 per share, with an implied valuation of ~¥145B ($934M).
     
  • Over 22M shares were traded, with demand of 30x the original offering size.
     
  • The listing is "just a milestone, though a big step, of our long path to solve a global commons problem" of increasing space debris, said Astroscale CEO Nobu Okada.
     
  • Shares retreated to ¥1,009 by Friday's close, leading to a +19% return during its first week of trading following its +50% initial pop.
     
  • Astroscale now joins ispace and iQPS on the Japanese public markets.

2) Planet ($PL) reported Q1 2025 earnings on Thursday after market close. Highlights include:
  • Cash & Equivalents: $276M
  • Revenue: $60M, +15% YoY
  • Net Loss: $(29)M vs. $(34)M
  • Adj. EBITDA: $(8)M vs. $(19)M
  • Shares: +11%
     
  • Tanager-1, their first hyperspectral satellite, also arrived at Vandenberg in preparation for liftoff the Transporter-11 rideshare mission with SpaceX.

In Other News
AALTO Raises $100M in Funding (Company)
A consortium of Japanese businesses led by NTT DOCOMO and Space Compass will invest in Airbus subsidiary and manufacturer / operator of the stratospheric, solar-powered Zephyr High Altitude Platform Station.

Nara Space Technology Raises $14.5M Series B (Satellite Today)
The South Korean smallsat manufacturing and data analytic startup plans to expand its EO satellite constellation and accelerate the development of its methane-monitoring satellite.

Pale Blue Raises ¥2.5B Series B (Company)
The space propulsion startup will use the continuation funding round to accelerate R&D and manufacturing of propulsion systems for smallsats.

Ethos Space Resources Emerges from Stealth (Payload)
The startup focuses on developing technology to melt lunar regolith to create flat lunar landing and takeoff surfaces. The company sees future offerings by expanding into other resources like metals, power, and water.

Space Pioneer Raises $207M Series C+ (SpaceNews)
The China-based commercial launch company raised the funding for its reusable Tianlong-3 rocket. Participants include a combination of PE firms and state-linked investment vehicles.

Astra Determines Merger Buyout (SEC)
$ASTR shareholders will get $0.50 per share upon closure of the agreement dated as of March 7th, a far cry from when it once traded as high as $209 per share (per reverse split). This comes as the Company is consolidating its operations from Sunnyvale to headquarters in Alameda likely due to continued cash constraints.

Chart of the Week
Starship IFT-4: In what was another impressive and mesmerizing test launch, Starship built upon learnings of its prior successes with a Super Heavy booster launch and landing, orbital ship controlled entry, relight and splashdown. Go Starship!
(Source: SpaceX)

Links
• Two Terran Orbital ($LLAP) Space Vehicles Added to $6B Multi-Participant Rapid IV IDIQ Contract Vehicle

• Iridium ($IRDM) Awarded Five-Year, $94M Contract by Space Systems Command

• AST SpaceMobile ($ASTS) Welcomes Johan Wibergh to Board of Directors

• Rocket Lab ($RKLB) Successfully Completes 2nd Launch for NASA Climate Science Mission

• Redwire ($RDW) Breaks Ground on New Microgravity Payload Development & Space Operations Facility

• BlackSky ($BKSY) Awarded Electro-Optical Commercial Layer Contract Extension From NRO

• Lockheed Martin ($LMT) Purchases up to 25 Rocket Launches From Firefly Aerospace

• Dish ($DISH) Is in Talks With Some Bondholders for New Financing

• Rocket Lab ($RKLB) Sets June 19th Launch Window for 50th Electron Mission

Opinion
• Space Stock Review: May 2024 + AST SpaceMobile's ($ASTS) Vibe Shift

• SpaceX and the Categorical Imperative to Achieve Low Launch Cost

• Starlink’s Disruption of the Space Industry

• Rocket Lab ($RKLB): Expanding Space Capabilities and Scale Drive Growth

• Intuitive Machines ($LUNR) Represents The Basis of the Lunar Economy

• AST SpaceMobile ($ASTS): Short-Term Driven By Milestones, Long-Term Backed By Large Customers
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