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The Space Investor - 🚀 Lockheed Acquires Terran

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The Space Scoop
Week Ended 11.01.2024
Happy Friday! In what was a generally quiet week, investors are gearing up for a big next two weeks of space earnings. Lets dive in.

Market Max-Q
Forward Forward

Top Stories
1) Lockheed Martin ($LMT) completes its acquisition of Terran Orbital ($LLAP).
  • The acquisition, which was first announced on August 15th, has officially closed with LLAP shares delisting from the NYSE this week. It was previously reported by Terran that Lockheed represented ~71% of Terran's revenue through H1 2024 so this acquisition makes a good deal of sense as Terrans post-SPAC dreams have soured.
     
  • Terran will reporting through Lockheed's Space business area moving forward and will remain a merchant supplier to the industry focused on satellite design, production, launch planning, mission operations, and in-orbit support.
     
  • "The addition of Terran Orbital's spirit of entrepreneurship to the scale of Lockheed Martin means there is a great deal of opportunity to keep pushing the boundaries of technology and space solutions together," said Robert Lightfoot, President of Lockheed Martin Space.
     
  • $LMT shares finished the week -3% lower.

In Other News
Matter Intelligence Raises $12M Seed Round (BW)
Emerging from stealth, the California based startup specializes in advancing sensor infrastructure that captures detailed, beyond-visible data of both natural and artificial materials. The round was led by Lowercarbon Capital, with participation from Toyota Ventures, Pear, Mark Cuban, and E2MC.

OceanSound Partners Acquires Antenna Research Associates (Company)
OceanSound, a growth-oriented tech-focused private equity firm bought Antenna, a provider of integrated radio frequency & advanced communications solutions for an undisclosed amount. ARA enables the U.S. DoD and other national security-focused customers "to modernize legacy platforms and deploy next-generation systems that enhance situational awareness."

Branford Castle Partners Acquires Hoffman Engineering (PRN)
Branford Castle, a North-American focused PE firm, bought Hoffman, a provider of proprietary situational awareness solutions for mission-critical aerospace and defense applications. Branford acquired Hoffman from Trident Maritime Systems for an undisclosed amount via its Fund II.

MaC Venture Capital Raises Third Fund (YH)
For the third time in four years, MaC announced the close of a $150M fund. Founded in 2019, MaC has roughly ~$600M in AUM and its initial check size has risen to $2-3M. Notable prior investments include Pipe, Stoke Space, Chef Robotics and Wonder Dynamics.

B. Riley Downgrades Redwire (Investing)
$RDW was revised to 'Neutral' from a 'Buy' rating with a price target of $9.50 per share, up from $8 as the Wall Street firm sees limited near-term upside. Redwire "continues to rapidly grow its opportunity set of potential future awards, with the company now bidding on a number of $100M-plus programs, which could ... lead to a substantial increase in backlog going forward," it told investors. Shares traded -10% this week on the news.

Chart of the Week
October Performance: This month was led by two beaten-down names of BlackSky ($BKSY) and Momentus ($MNTS) trading +33% and +18% higher. Sidus ($SIDU) led space names lower at -20%.

Links
• Hughes ($SATS) Electronically Steerable Antenna Successfully Completes Flight Test Using LEO

• EchoStar ($SATS) Announces Amendments To Exchange Offers for Outstanding Notes Issued by DISH for New DBS Notes

• Spire ($SPIR) and OroraTech Awarded NASA Concept Study Contract for Wildfire Monitoring

• Viasat ($VSAT) To Deliver Dual-Band Global Aero Terminals for Embraer C-390 Multi-Mission Airlifter

• Sidus ($SIDU) Announces Iridium-Powered Communication Upgrade for LizzieSat Platform

• Bridgestone Partners With Astrobotic To Develop Lunar Rover Tire

Opinion
• Whats Next for Starship?

• Inside Astra’s Rocket Reinvention

• Rocket Lab ($RKLB) CEO Reveals His Vision for the Space Industry’s Future

• EchoStar ($SATS): Brilliant Maneuver Means Company Gets Paid With or Without Merger Deal

Earnings Calendar
• $VSAT: Nov 6 - After Market Close
• $SPCE: Nov 6 - After Market Close
• $RDW: Nov 6 - After Market Close
• $BKSY: Nov 7 - Before Market Open
• $GSAT: Nov 7 - After Market Close
• $RKLB: Nov 12 - After Market Close
• $LUNR: Nov 14 - Before Market Open
• $ASTS: Nov 14 - After Market Close
• $MDA: Nov 15 - 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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