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The Space Investor - 🚀 SpaceX Eyeing $350B Valuation

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The Space Scoop
Week Ended 12.06.2024
Happy Friday! Jared Isaacman will be your new NASA administrator. What a nomination and congratulations Jared! In other news, it was a busy week for capital raises and funding rounds. Lets dive right in.

Market Max-Q
Forward Forward

Top Stories
1) SpaceX is now seeking a $350B valuation in its latest secondary / tender offer.
  • Three weeks back, we reported on the Financial Times report Elon Musk's company was preparing to launch a tender offer in December to sell existing shares at ~$135 per share or a valuation increase of +$40B to $250B from the last tender offer earlier this year.
     
  • This week, Bloomberg upped the ante with rumors of a $350B valuation, or a +66% increase from last month, which would make SpaceX the most valuable private company.
     
  • This jump in valuation follows successful Starship fifth and sixth test flights. More to come here!

In Other News
SatVu Raises £10M Funding Round (Payload)
The London-based thermal imaging company announced the round last week, which was essentially doubled by a £10M insurance payout as well. The startups goal is to build a satellite constellation to provide near-real-time thermal data. The round was led by Adara Ventures Energy and Molten Ventures, with participation from NOA, Lockheed Martin ($LMT), Seraphim ($SSIT), Ridgeline, and Stellar Ventures.

SpinLaunch Raises $11.5M in Funding (TechCrunch)
The kinetic launch system and satellite constellation startup has raised nearly half of a planned $25M funding round, per SEC documents. Sources say the company was previously hoping to raise a $350M round at a $2B valuation. The funding aims to “help accelerate the commercialization and advance SpinLaunch’s integrated suite of low-cost, sustainable space solutions.”

FibreCoat Raises €20M Series B (SpaceNews)
The German materials startup “will apply the insights gained from terrestrial applications of our material to work with the space industry." Space-related applications include radiation shielding, temperature regulation and reducing of satellite weight. The round was led by NewSpace Capital and Goose Capital.

Turion Space Raises $20M Series A (PR Newswire)
The space domain awareness and non-earth imaging startup closed out its oversubscribed investment round with a strategic investment from Veteran Ventures Capital, a VC firm focused on dual-use national security tech. The capital will be used to expand satellite fleet and further develop autonomous docking and maneuvering systems.

Sateliot Receives €30M Venture Loan (Company)
The Spanish satellite startup received the funding from the European Investment Bank (EIB) to co-finance its constellation of 100+ LEO satellites. The loan is guaranteed by InvestEU, the EU program supporting public and private sector investment of EU policy goals from 2021 to 2027.

Raven Space Systems Raises $2M Pre-Seed (TechCrunch)
The Kansas City-based startup is currently developing a process to 3D-print off-the-shelf thermoset composite components. The round was led by Backswing Ventures, with participation from 46 Venture Capital, Mana Ventures, What If Ventures and Cape Fear Ventures.

Orbite Raises $4M Series A (Business Wire)
The space training startup has plans to expand and build its “Spaceflight Gateway Campus" - bringing astronaut training and luxury hospitality together. The company also revealed a strategic partnership with Accor. The round was backed by existing and new investors.

Intuitive Machines Prices $110M Offering (Company)
The upsized offering of ~9.5M shares of Class A common stock was enacted at $10.50 per share. There was also a concurrent private placement of ~952k shares to Boryung Corporation, an accredited investor. $LUNR shares fell -10% on the news.

Chart of the Week
Future Heavy-Lift Launch Market 2024-2033 (Source)

Links
• Redwire ($RDW) Expands European Operations and Opens Regional Office in Warsaw

• Spire ($SPIR) Appoints New CEO and Makes Executive Team Changes

• Planet ($PL) Partners With Laconic To Deliver AI-Powered Forest Carbon Insights

• FCC Issues 15-Year Renewal of Globalstar’s ($GSAT) Blanket Mobile Earth Terminal Authorization

• Telesat ($TSAT) & MDA Space ($MDA) Complete Key Milestone for LEO Lightspeed Constellation

• AST SpaceMobile ($ASTS) & Cadence ($CDNS) Collaborate To Advance the Space-Based Cellular Broadband Network

• Anduril & OpenAI Partner To Advance AI Leadership and Protection of US & Allied Forces

• Trump Administration Nominates Jared Isaacman of Shift4 ($FOUR) CEO for NASA Chief

• Parsons ($PSN) & Globalstar ($GSAT) Partner To Demonstrate Software Defined Satellite Communication Solutions in LEO

• Rocket Lab ($RKLB) CEO Peter Beck To Exchange 50.9M Shares of Common Stock to Convertible Preferred Stock

• Rocket Lab ($RKLB) Sets Launch Window for Next Synspective Flight

• Mynaric ($MYNA) Enters Into Negotiation for Further Funding with Existing Lender

Opinion
• Three VC Investors Weigh In on the State of Investing in Space

• Trump’s Choice for NASA Will Help the Space Industry

• Jeff Bezos Believes Blue Origin Will Be Bigger Than Amazon ($AMZN)

• Rocket Lab’s ($RKLB) $1B Backlog Powerhouse

• From Data to Dollars: Planet Labs ($PL) Expanding Universe

• Viasat ($VSAT): A Mispriced Space Play

Earnings Calendar
• $PL: Dec 9 - After Market Close

*Company confirmed dates only.
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