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The Space Investor - 🚀 The $570B Space Economy

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The Space Scoop
Week Ended 07.26.2024
Happy Friday! Space earnings szn has kicked off with Iridium and the Primes while the calendar has filled out for Space SPACs. $387M of venture capital was also raised this week. Lets dive in.

Market Max-Q
Forward Forward

Top Stories
1) Q2 space earnings highlights:
  • $IRDM
    • Revenue: $201M, +4% YoY
    • Net Income: $32M vs. $(31)M YoY
    • Oper. EBITDA: $114M, -2% YoY
    • Billable Subscribers: 2.413M, +13% YoY
    • Shares: +7%
       
  • $LMT Space Segment
    • Net Sales: $3B, +1% YoY
    • Oper Profit: $346M, +11% YoY
    • Oper Margin: 11% vs. 10% YoY
    • Total Equity Earnings (ULA): $10M
    • Shares: +6%
       
  • $GD Aerospace
    • Revenue: $3B, +50% YoY
    • Oper Earnings: $319M, +35% YoY
    • Oper Margin: 11% vs. 12%
    • Total Backlog: $20B
    • Shares: -3%
       
  • $NOC Space Systems
    • Sales: $4B, +2% YoY
    • Oper Income: $324M, +14% YoY
    • Oper Margin: 9% vs. 8%
    • Shares: +6%
       
  • $RTX Collins Aerospace
    • Net Sales: $7B, +10% YoY
    • Oper Income: $1B, +24% YoY
    • Oper Margin: 16% vs. 14%
    • Shares: +8%
       
  • $HON Aerospace
    • Sales: $4B, +16% YoY
    • Oper. Profit: $1B, +14% YoY
    • Oper. Margin: 27% vs. 28%
    • Shares: -5%

In Other News
The Global Space Economy Grew +7.4% in 2023 to $570B (Space Foundation)
Per the non-profit Space Foundation, the increase was driven by +11% increase in international government spending, with commercial revenues growing +5.4%. Commercial revenues topped $445B, accounting for 78% of the space economy that has nearly doubled in size in the past decade.

AST SpaceMobile First Commercial Satellites Complete Final Assembly (Business Wire)
$ASTS will be shipping Bluebird satellites to Cape Canaveral next month ahead of a September launch window. Shares soared +24.5% on the day and +46.7% on the week.

Saronic Raises $175M Series B Round (Breaking Defense)
The Texas-based defense tech startup plans to scale production of its three autonomous surface vessels. The round was led by Andreessen Horowitz, with participation from 8VC, Caffeinated Capital, Elad Gil and NightDragon.

Star Catcher Raises $12.25M Seed Round (Payload)
The space-based energy grid startup, founded by ex-Made in Space/Redwire execs, plans to sustain bigger and more complex missions in orbit. The round was co-led by Initialized Capital and B Capital, with participation from Rogue VC.

Astranis Raises $200M Series D Round (TechCrunch)
With the new capital, the GEO satellite startup has fully funded its next-gen satellite program, Omega. The round was led by Andreessen Horowitz and Balyansy Asset Management, with participation from Blackrock, Fidelity, and Baillie Gifford.

Chart of the Week
AST SpaceMobile: Despite a -92% de-SPAC move over from Feb'21 to Apr'24, $ASTS shares have been on a tear on the back of AT&T and Verizon partnerships and shipment of Bluebird satellites this week to be +93% since inception. Don't call it a comeback! (and RIP to the shorts)

Links
• Planet ($PL) Signs Seven-Figure Expansion With US-Allied Government Agency for SkySat High Resolution Data

• Terran Orbital ($LLAP) Announces up to $98M of New Capital Through At-the-Market Offering Program

• Blue Origin Announces Crew for New Shepard’s 26th Mission

• Rocket Lab ($RKLB) Sets Launch Window for 51st Electron Mission for Synspective

• Planet ($PL) and Taylor Geospatial Institute Extend Contract To Provide Data and Solutions to Consortium Through 2026

• Viasat ($VSAT) Announces New Reporting Segment Structure

Opinion
• The Space Consolidation That Didn’t Happen

• The Vital Role of GPS Backup Systems

• $ARKX: The Better ARK ETF

• AST SpaceMobile ($ASTS): A Moonshot Investment Opportunity in the Direct-to-Cell Race

• Intuitive Machines ($LUNR): Capitalizing on Strong Growth From NASA Service Contracts

Earnings Calendar
• $BA: Jul 31 - Before Market Open
• $SPCE: Aug 7 - After Market Close
• $RDW: Aug 7 - After Market Close
• $BKSY: Aug 8 - Before Market Open
• $MDA: Aug 8 - Before Market Open
• $GSAT: Aug 8 - Before Market Open
• $RKLB: Aug 8 - After Market Close
• $ASTS: Aug 14 - After Market Close
• $SPIR: Aug 14 - After Market Close

*Company confirmed dates only.
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