The Space Investor - 🚀 SpaceX Seeks $250B Valuation

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• A report from the Financial Times cites sources familiar with the discussions, noting that Elon Musk's company is preparing to launch a tender offer in December to sell existing shares at ~$135 per share, leading to valuation increase of +$40B to $250B.
   
• This +19% increase is up from $210B during May 2024's last tender offer and is riding the successful fifth launch of Starship with the sixth launch looming for next week.
   
• This news also follows COO Gwynne Shotwell's comments earlier today that she "wouldn't be surprised if the company conducted 400 launches of Starship over the next four years."

• The space-based data, analytics and space services provider announced the following initiatives: 
  • The sale of its Maritime business to Kpler for ~$241M
  • A shift in focus on data analytics & radio frequency geolocation solution offerings
     
• The Company intends to use the proceeds of the business sale "to retire all outstanding debt and invest in near-term growth opportunities."
   
• This seems like the right next steps for SPIR following a few months of accounting reviews and delayed reported financials. Markets agreed as shares finished the week +25%.

• $SATS
  • Cash & Equivalents: $675M
  • Revenue: $4B, -5% YoY
  • Net Income: $(142)M vs. $(138)M YoY
  • OIBDA: $317M, -13% YoY
  • Shares: -13%
     
• $RKLB
  • Cash & Equivalents: $443M
  • Revenue: $105M, +55% YoY
  • Net Loss: $(52)M vs. $(41)M
  • Adj. EBITDA: $(31)M vs. $(16)M
  • Backlog: $1B
  • Signed multi-launch contract for Neutron
  • Shares: +29%
     
• $TSAT
  • Cash & Equivalents: $1B
  • Revenue: $138M, -21% YoY
  • Net Income: $68M vs. $(4)M YoY
  • Adj. EBITDA: $96M, -28% YoY
  • Backlog: $1.1B
  • Shares: +5%
     
• $LUNR
  • Cash & Equivalents: $90M
  • Revenue: $59M, +359% YoY
  • Net Income: $(80)M vs $14M
  • Adj. EBITDA: $(7)M vs. $(22)M
  • Contracted Backlog: $316M
  • IM-2 mission targeting February launch window
  • Shares: -13%
     
• $ASTS
  • Cash & Equivalents: $519M
  • Revenue: $1.1M vs. $0 YoY
  • OpEx:  $67M, +4% YoY
  • Gross Capitalized Costs: $374M 
  • Net Loss: $(172)M vs. $(21)M
  • Shares: -6%
     
• $SIDU
  • Cash & Equivalents: $1M
  • Revenue: $2M, +90% YoY
  • Net Loss: $(4)M, flat YoY
  • Adj. EBITDA: $(3)M vs. $(4)M
  • Shares: -6%
     
• $MDA
  • Cash & Receivables: $283M
  • Revenue: $283M, +38% YoY
  • Net Income: $30M, +217% YoY
  • Adj. EBITDA: $56M, +30% YoY
  • Backlog: $4.6B, +49% YoY
  • Shares: -5%

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