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🚀 2021 Sets Space Investment Record

🚀 2021 Sets Space Investment Record

January 21, 2022

The Space Scoop

Week Ending 01.21.2022

Happy Friday and a warm welcome to our new readers! Space SPACs continued their move lower (this time accompanied by the overall market), Satellogic announced $150M PIPE funding for their delayed merger, Loft Orbital announced a $150M contract and $29.8M seed round funds were raised. Bank of America came out and lowered their guidance on a few space companies due to "changing market dynamics." Lets dive in.

Market Max-Q 📈

Satellogic Receives Additional $150M PIPE Funding

Following two months of shareholder meeting delays, $CFV has secured an additional $150M commitment from Liberty Strategic Capital - the PE firm founded and led by former U.S. Secretary of the Treasury Steven Mnuchin. Cantor Fitzgerald is also increasing their commitment to $58M from $33M, bringing the total committed capital to ~$265M. Why the delay? Besides being one of the last space SPACs to the game, high redemption rates and a dried up of the PIPE market are to blame. Shares finished -0.5% lower on the news.

Space Capital Publishes FY2021 Report

The firm's 'Space Investment Quarterly' report has tracked 1,694 companies since 2012 that have raised $252.9B in equity investments across the three categories: infrastructure, distribution and application. Highlights include:• A total of $46.3B was invested across 512 rounds in 2021, with $14.7B in 134 companies in Q4 alone• VC's invested $17.1B into 328 companies during the year, with space accounting for 3% of all VC funding flows• $14.5B was invested in space infrastructure, of which Launch & Satellite account for 95%• $0.9B was invested in emerging space industries, led by Biospheres• The U.S. accounts for 62% of investment of emerging categories, followed by Japan at 30% and Italy at 2%

Bank of America Lowers Space SPAC Guidance

On Wednesday, BofA Securities adjusted their equity research ratings and price targets for a few space companies due to changing market dynamics, including higher interest rates. Highlights include:• Astra ($ASTR) upgraded from 'Underperform' to 'Neutral' and price target lowered from $9 to $7. "Astra's orbital accomplishment is just the beginning of the journey toward a consistent launch cadence."• Rocket Lab ($RKLB) price target cut from $20 to $15 while ‘Buy’ rating remained. "Rocket Lab presents one of the most affordable and consistent launch services available to U.S. customers in our view."• Virgin Galactic ($SPCE) price target cut from $20 to $10. "We see downside pressure from a lack of catalysts, upcoming equity raises and expiration of the lock-up period."Astra and Virgin both slid -3.0% while Rocket Lab fell -2.4% on the news.

Axiom Space To Build Inflatable Microgravity Media Venue

The commercial space station company has entered into contract with Space Entertainment Enterprise (S.E.E.) to manufacture SEE-1, an inflatable, multipurpose entertainment and content studio in space. It is targeted to launch to Axiom's segment of the ISS at the end of 2024 and will equal one-fifth of the company's configuration. “SEE-1 will expand the station’s utility ... and highlight the range of opportunities the new space economy offers,” said Axiom President and CEO Michael Suﬀredini.

OneWeb and Hughes Partner To Bring LEO Broadband to India

The two companies announced Friday a strategic six-year distribution partner agreement to provide low Earth orbit connectivity services across India. The arrangement follows a MoU signed by OneWeb and $SATS in September 2021. As of December, OneWeb has launched more than 60% of its 648 LEO satellite fleet. This news interestingly follows Starlinks government halt in India and Country Director & Chairman of India's resignation.

In Other News 🛰️

Wyvern Space Raises $4.5M of Funding

(TechCrunch)

The hyperspectral imaging startup raise includes a $2.25M seed round, led by MaC Venture Capital, and $2.25M from pre-seed and government funding. The company is also joining YCombinator’s Winter 2022 cohort.

EarthDaily Taps Loft Orbital for $150M Constellation

(Company)

EDA has selected Loft Orbital to build, launch and operate a fleet of 10 Earth observation satellites on its behalf. Loft, in turn, has contracted with Airbus ($EADSY) to supply the satellite buses based on their OneWeb heritage and production lines.

Radian Aerospace Raises $27.5M Seed Round

(PR Newswire)

The single-stage, reusable horizontal takeoff and landing startup has emerged from stealth mode. The spaceplane will be capable of delivering people and light cargo to LEO. The round was led by Fine Structure Ventures of Fidelity Investments.

ABL Space Systems' RS1 Test Anomaly

(Space News)

On Wednesday afternoon, the company “lost Stage 2 of RS1 in a test anomaly" at Mojave Air and Space Port in California. RS1 is the small launch rocket the company is currently developing, but has yet to launch.

Redwire Delivers Tranche 0 L-Band Helical Antenna

(Business Wire)

$RDW successfully delivered its L-Band Link-16 Helical Antenna system to the Space Development Agency. The L-band helical antenna is a lightweight, compact and ultra-wideband for space-based tactical communications.

Quick Links 🔗

• GM Motors ($GM) and Lockheed Martin ($LMT) Reveal New Lunar Rover• Rocket Lab ($RKLB) Readies First 2022 BlackSky ($BKSY) Flight• Sidus Space ($SIDU) Appoints Gerry Schaafsma as Chief Sales and Revenue Officer• ICEYE and Capella Space Awarded Commercial Radar Contract by NRO• The Strategy Behind the Viasat ($VSAT) Inmarsat Merger• Viasat’s ($VSAT) New Large-Aperture Antennas To Support Lunar, Cislunar, Deep Space and DoD Missions• Mission Space and EnduroSat Sign Commercial Agreement To Launch Space Weather Payload• Rocket Lab ($RKLB) Announces Extension of Redemption Date for WarrantsSpire ($SPIR) and Dragonfly Aerospace Partner To Support Australian Office of National Intelligence

Opinion 🗣️

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Why We Should Democratize Private Space Investment

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To Infinity and Beyond: Seraphim Space's 2022 Predictions

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Starship Could 'Make or Break' Space Industry

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Seraphim Space Trust ($SSIT) CEO: Space Companies Face ‘Wave of Consolidation’

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The China-US Space Race Is a Myth

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Reflections From Spire's ($SPIR) CEO

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Taking Your Investment to the Moon

Calendar 📅

• $CFV: Merger Vote - 1/24 11:00am EST• $LMT: Q4'21 Earnings - 1/25 11:00am EST• $GD: Q4'21 Earnings - 1/26 BMO• $NOC: Q4'21 Earnings - 1/27 BMO

*Company confirmed dates only.

🚀 2021 Sets Space Investment Record