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The Space Investor - 🚀 Starlink Hits 4M Customers

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The Space Scoop
Week Ended 09.27.2024
Happy Friday! Big news and a congratulations to Starlink this week as the satellite internet provider has now crossed 4 million customers. Rocket Lab investors also had a week worth of celebrating as shares temporarily crossed back above the original $10 SPAC price. Lets dive in.

Market Max-Q
Forward Forward

Top Stories
1) BlackSky ($BKSY) announced a proposed public offering of common stock on Tuesday.
  • By Wednesday, the offering was upsized to $40M (10M shares at $4 per share) with a 30-day option for underwriters to purchase up to an additional 1.5M shares, and closed Friday with proceeds of ~$46M.
     
  • Shares fell -19% on Wednesday but have since bounced, closing the week -22% lower. BKSY has been struggling since post-reverse split, down -57% YTD.
     
  • This week, the company also announced the win of an undisclosed amount US Navy Research Contract for Gen-3 Advanced Optical Intersatellite Links
     
  • The firm's price target was also raised from $2.50 to $15 per share by H.C. Wainwright as analyst Scott Buck noted BKSY contract wins in September are driving confidence in its 2025 forecasts.

2) Momentus ($MNTS) received a Nasdaq notice of a delisting determination.
  • On Thursday, the notice from the Listing Qualifications Department of the Nasdaq notified the public company of their continued non-compliance with the minimum bid price requirement (<$1.00 per share) and the failure to file Form 10-Qs for Q1 and Q2 2024.
     
  • "These matters individually serve as separate and additional basis for delisting the Company’s securities from The Nasdaq Capital Market."
     
  • MNTS intends to request a hearing before a Nasdaq Hearings Panel, which will automatically stay the suspension of trading in the Company’s securities for 15 days from the date of the request.
     
  • The Company also intends to seek an extended stay pending the hearing, "although no assurance can be provided that such an extension would be granted."
     
  • MNTS shares fell -20% on the news and are down -72% YTD. Time will tell how long it has with the pushing of its luck...

In Other News
D-Orbit Closes €150M Series C Round (SpaceNews)
The Italian in-space logistics services closes out its Series C round with a September €50M raise following €100M raise in January. The new capital will “aid in creating a ‘circular space economy’, turning space debris into a valuable resource.” The round was led by Marubeni Corp., which will also have exclusive rights to distribute D-Orbit’s services in Japan.

Sateliot Raises €30M Series B Round (SatelliteToday)
The Spanish IoT satellite startup plans to use the capital to build-out a constellation of 100 IoT satellites that operate under 5G protocols. The company recently launched four satellites on the August SpaceX rideshare mission. The round was led by Global Portfolio Investments.

Reflect Orbital Raises $6.5M Seed Round (TechCrunch)
The Los Angeles-based startup plans to reflect sunlight from orbit to solar farms and large-scale lighting applications following sunset using a large constellation of in-space reflectors. The idea is to increase the amount of solar power delivered to the electricity grid instead of building more solar farms. The round was led by Sequoia, with participation from Starship Ventures.

Agile Space Industries Raises Undisclosed Funding (SpaceExplored)
The in-space propulsion solution provider will use the capital to expand the development of the company's Mobile Payload Processing Center, with the potential for additional matching support from the Air Force Work Project. The round was led by Lockheed Martin Ventures.

Longshot Space Raises $8M in Funding (TechCrunch)
The hypersonic launch startup emerged from stealth and is hoping to bring down the costs to orbit relative to a rocket as low as $10 per kg. The round was led by Starship Ventures and included non-dilutive funding from the US Air Force’s TACFI program. The new capital will be used to build a 500 meter long gun in the desert to push 100kg payloads to Mach 5.

Chart of the Week
Starlink's Continued Growth: SpaceX's Gwynne Shotwell announced that the company has crossed 4 million users across 100+ countries this week, backed by the addition of Hawaiian Air and AirFrance agreements following United Airlines announcement two weeks ago. (Source)

Links
• Rocket Lab ($RKLB) Successfully Launches 53rd Electron Mission Deploying Five Satellites for Kinéis

• Viasat ($VSAT) Awarded US Air Force DEUCSI Contract for Phased Array Antenna Technology Development

• Planet ($PL) Releases AI-Powered Forest Carbon Monitoring Product

• Planet ($PL) Releases Images From Its First Hyperspectral Satellite

• Iridium ($IRDM) Accelerates Direct-to-Device Service With Acceptance Into 3GPP Standards

• Rocket Lab ($RKLB) Completes Second Spacecraft for Varda Space Industries

• Rocket Lab ($RKLB) Price Target Raised From $8 to $11 at KeyBanc

Opinion
• Investors Once Again Star Gazing — Space Tech Funding Jumps

• The Satellite Spectrum Battle That Could Shape the New Space Economy

• Space Stock Review: July + August 2024

• Rocket Lab ($RKLB): A Winner in Space To Buy

• Redwire ($RDW): Weak Margins Raise Concerns Amid High Debt Levels

• Satellogic ($SATL): A Strong Sell As Company Fails To Scale Constellation

Earnings Calendar
• $NOC: Oct 24 - Before Market Open

*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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