The Space Investor - 🚀 Relativity Valuation Plummets

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• On January 6th, Ligado filed for Chapter 11 bankruptcy in Delaware noting that the Company incurred “large operational losses” from the U.S. government’s “unlawful taking” of its spectrum rights without compensation.
   
• The restructuring included a deal with AST SpaceMobile that will allow for 80+ years of access to up to 45 MHz of premium lower mid-band spectrum for 4.7M warrants worth $113M and a $550M long-term deal for L-Band spectrum in the US and Canada as part of a Restructuring Support Agreement (RSA).
   
• Ligado has also sued Viasat by seeking more than $1.7B in damages and restitution from Viasat’s Inmarsat, alleging unresolved terminal interference issues. Their shares were down -8.5% this week.

• Per ArsTechnica, the 3D printing-focused launch company is under duress. In November 2023, Relativity last raised a Series F round at $22.67 per preferred share at a $4.5B valuation.
   
• Prior to that, the Company raised a $650M Series E round in June 2021. With the Series E raise, Relativity pivot to sole Terran R production and focus which also meant no near-term revenue opportunities.
   
• According to Fidelity Investments quarterly reports, Fidelity valued its 1.67M shares at $31.8M in March 2024. In a more recent report dated November 29, 2024, Fidelity's stake was estimated to be worth only ~$0.867M, or $0.52 cents per share while other fundraising rounds shares were also valued at sub-$1.00 per share.
   
• Per Bloomberg, Eric Schmidt the former CEO of Google ($GOOGL) is reportedly financing the Company via a significant but undisclosed investment.


• Once a hot darling ready to take the public markets by storm, it appears the 2022 space SPAC market haunting has come for some private companies.. More to come.

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