The Space Investor - 🚀 Innospace Goes Public

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The Space Scoop
Week Ended 07.03.2024
Happy Wednesday! With the shortened 4th of July holiday here in the States, we are hitting your inboxes today rather than Friday due to the long weekend. Lets dive in.

Market Max-Q

Forward Forward

Top Stories

1) Boeing ($BA) is set to acquire Spirit AeroSystems ($SPR) in an all-stock transaction.
  • The merger has an equity value of ~$4.7 billion, or $37.25 per share. The total transaction value is ~$8.3 billion, which includes Spirit's last reported net debt.
     
  • Each share of common stock will be exchanged for a number of shares of Boeing common stock with an exchange ratio of 0.18-0.25.
     
  • Both Boeing and Spirit shares closed higher at +2.6% and +3.4%.
     
  • To clear any confusion, the Spirit that was acquired is NOT Spirit Airlines (ticker: $SAVE).

2) Innospace ($462350) went public on the KOSDAQ Tuesday and shares fell -20.4%.
  • The South Korean launch vehicle startup closed its first trading day at ₩34,450, down from its high end of the price ranged offered to investors of ₩43,300. The close gave the company a market cap of ₩323 billion.
     
  • The Company said in June it saw strong interest in its IPO, which led to ₩57.6 billion raised for the company.
     
  • The funding is expected to go towards expanding vehicle production and work on incorporating reusability into its vehicles, along with hiring more employees.
     
  • “Innospace is committed to accelerating the development of our launch vehicles to achieve early market entry and providing stable, customized launch services, ultimately growing into a competitive player in the global space market," said Soojong Kim, CEO.
     
  • Shares fell another -9.6% on Wednesday.

In Other News

Intuitive Machines Coverage Initiated by B. Riley (SeekingAlpha)
$LUNR received Wall Street approval from the Los Angeles-based firm with a 'Buy' rating and a twelve month price target of $8.00 per share price target, stating "Intuitive has superior capabilities and trade secrets relative to other competitors also vying for a piece of NASA's multi-billion dollar programs like CLPS."

ISPTech Raises €2M Pre-Seed Round (Company)
 InSpacePropulsion Technologies GmbH announces funding as it addresses the development of innovative propulsion systems based on non-toxic, “green” propellants. The round was led by HTGF and backed by co-investors First Momentum Ventures and Possible Ventures.

Chart of the Week

SpaceX Valuation Change: Since its founding in 2002, SpaceX has grown into one of the highest valued private companies in the world. The real hockey stick growth has come in over the last four years since 2020. Valuation has grown from $10 billion, 10 years ago, to $210 billion today.
(Source: Charlie Bilello)

Links

• AST SpaceMobile ($ASTS) CEO Publishes Letter to Partners, Shareholders, and Future Space-Based Cellular Broadband Network Users

• Sidus ($SIDU) and NASA Stennis Space Center Complete Primary Objectives of In-Space Payload Mission

• MDA ($MDA) Announces Board Appointment and Interim CFO

• Momentus ($MNTS) Board Members Lend the Company $500K via Secured Notes

• Procure Space ETF ($UFO) Declares Quarterly Distribution

• Direxion Moonshot Innovators ETF ($MOON) Declares Semi-Annual Distribution

Opinion

• The Overlap Between the Space and Longevity Industries

• Europe’s Space Funding Gap Threatens Industry Potential

• Space Stock Review: June 2024

• Even Virgin Galactic ($SPCE) Loyalists Are Starting To Lose Faith

•  AST SpaceMobile ($ASTS): Uncertainty Shouldn't Be Downplayed

• Redwire ($RDW): Strong Growth Expected but Dilution Risk Keeps Away

• Iridium ($IRDM): Facing a Shifting Competitive Landscape

Earnings Calendar

$IRDM: Jul 23 - Before Market Open
$GD: Jul 24 - Before Market Open
$NOC: Jul 25 - Before Market Open
$HON: Jul 25 - Before Market Open
$BA: Jul 31 - Before Market Open
$RKLB: Aug 8 - 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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