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The Space Investor - 🚀 Electron's 50th Launch

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The Space Scoop
Week Ended 06.21.2024
Happy Friday! The newswires were hot this week with two acquisitions, six fundraising rounds, and a 50th flight from Rocket Lab's Electron. Lets get right to it.

Market Max-Q
Forward Forward

Top Stories
1) Rocket Lab's ($RKLB) Electron had a record breaking week.
  • Electron successfully completed its 50th launch, with the ‘No Time Toulouse’ mission for Kinéis, making it the fastest commercially developed rocket to hit this milestone (~7 years). This feat beat out the industry workhorse, SpaceX's Falcon 9. Checkout last weeks 'Chart of the Week' for a visual glimpse!
     
  • Rocket Lab also announced the signing of a 10 Electron launch deal with the Japanese EO company Synspective, the largest launch agreement to date for the RKLB. 
     
  • When asked about reusability, CEO Peter Beck said "reuse is not that important to the business on a margin standpoint, even from a technology standpoint. The reusability team and the recovery team are 100% focused on other things, mainly Neutron, of course."
     
  • Shares finished the week +14.1% higher.

2) Honeywell ($HON) plants to acquire CAES Systems Holdings for ~$1.9B.
  • Honeywell will acquire the Company from PE firm Advent International in an all-cash transaction that represents a 14x 2024 EBITDA on a tax-adjusted basis.
     
  • The acquisition will enhance Honeywell's defense technology solutions across land, sea, air and space, including new electromagnetic defense solutions for end-to-end radio frequency (RF) signal management.
     
  • The transaction is not subject to any financing conditions and is expected to close in H2 2024.

3)  Gilat ($GILT) plans to acquire Stellar Blu for $245M.
  • The acquisition plans to position Gilat as a market leader in In-Flight Connectivity (IFC) technologies and solutions for Commercial and Business Aviation. 
     
  • Gilat expects its annual revenues from Stellar Blu to range $100-150M beginning in 2025, based on backlog.
     
  • The transaction is subject to regulatory approvals, including clearance from Committee on Foreign Investment in the United States (CFIUS) and the US Federal Trade Commission (FTC) and the Department of Justice (DOJ).

4) Mynaric ($MYNA) announced preliminary 2023 results and provides 2024 outlook
  • FY 2023:
    • Backlog: 794 units
    • Cash in from Contracts: €49.2M
    • CONDOR Mk3 Shipment: Q1 2024
    • Secured $20M deferred term loan
       
  • FY 2024: 
    • Revenue: €50-70
    • Oper. Loss: (€40)-(30)
    • Backlog: 800-1,000
    • Cash in from Contracts: €65-100

In Other News
Isar Aerospace Extends Series C (Company)
The €65M extension led by the NATO Innovation Fund (NIF) now brings the satellite launch service company's round to  €220M. This marks the first-ever direct investment in a satellite service launch provider from NIF.

Synspective Raises ¥7B Series C (Company)
The SAR satellite data and analytics provider will use the new capital to develop, manufacture, launch, and operate satellites fleet and expand globally. The round was led by Japan Growth Capital Investment Corporation and investment limited partnerships operated by JAFCO Group and Mizuho Capital.

CesiumAstro Raises $65M Series B+ (Company)
The oversubscribed round was led by Trousdale Ventures and will be used to accelerate R&D, expand manufacturing, and support global expansion and talent acquisition.

Exoterra Raises $8M Funding (SpaceNews)
The Colorado-based startup will utilize the capital to expand production of microsatellite propulsion systems. The round was led by The Lago Innovation Fund, part of Lago Asset Management.

FOSSA Raises €6.3 Series A (SpaceNews)
The Spain-based operator of tiny picosatellites secured the funds to start offering commercial connectivity services for remote monitoring and tracking devices. The round was led by Indico Capital Partners and Nabtesco. 

IENAI Raises €3.9M Funding (Payload)
The Spanish space mobility startup will utilize the funding to grow its headcount and continue developing its in-space propulsion system. Participants in the round included Inveready, WA4STEAM, DPM, GED Conexo Ventures and CDTI.

Chart of the Week
(Source)

Links
• Bogus Offer for Virgin Orbit ($VORB) by Investor Triggers SEC Suit

• Redwire ($RDW) Awarded DARPA Prime Contract for SabreSat Spacecraft VLEO Demonstration

• SatixFy ($SATX) Announces $20M+ Order for Prime2 Space Grade Digital Beam Former Chips

• Virgin Galactic ($SPCE) Announces New Research Flight Contract with IIAS

• Iridium ($IRDM) STL Service Activated in Europe and Asia Pacific Regions

• Planet’s ($PL) Expands Contract with Govt of New South Wales

• Starlab Space Station Announces Strategic Partnership with Palantir ($PLTR)

• Comcast ($CMCSA) and Starlink Collaborate to Expand Enterprise Managed Connectivity Portfolio

Opinion
• Musings on Space Business Models, Market Estimation and Lessons from Silicon Valley

• Planet ($PL) Business Continues on Well Financially And Operationally

• Spire ($SPIR): Reasonably Priced Data Play

• Virgin Galactic ($SPCE): Final Descent

• Rocket Lab ($RKLB): Ticket To Ride The Space Economy Boom

Earnings Calendar
• $NOC: Jul 25 - Before Market Open

*Company confirmed dates only.
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