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🚀 Acquisitions Galore + $DMYQ Earnings

🚀 Acquisitions Galore + $DMYQ Earnings

September 18, 2021

The Space Scoop

Week Ending 09.17.2021

Hello from New York and a warm welcome to our new readers!

We have an action packed week to cover, including: 3 acquisitions, 1 PE majority stake sale and 1 Apple co-founder getting into the Space biz.

Market Max-Q 📈

Presented by:

Apple Co-Founder Teases New Space Company ‘Privateer’

Steve Wozniak announced via a tweeted YouTube video that he is co-founding a new private space company with Alex Fielding. Wozniak is known for co-founding Apple ($AAPL) and Fielding the robotics company Ripcord. There isn't much information available yet, but what we do know is that Privateer is “working to keep space safe and accessible to all humankind." The company plans to provide a limited look to some private audiences at the Advanced Maui Optical and Space Surveillance Technologies (AMOS) conference. We'll keep our eyes out for any information that arises.

BlackSky Rings the NYSE Opening Bell, Officially Becoming a Public Company

Embarking on the right of passage as a New York Stock Exchange IPO, BlackSky was on premise Monday morning to sound the 9:30am ET bell that wakes up Wall Street from its weekend nap. The geospatial intelligence platform company officially began trading under ticker symbol $BKSY on the prior Friday, following completion of it's SPAC merger with Osprey Technology Acquisition Corp. The company raised $283M in capital from the process, which will go to hiring employees, building and launching satellites, and developing more advanced data analytics software. The CEO was on TD Ameritrade Network to discuss the company’s growth outlook and partnership with investor Palantir ($PLTR). The stock closed the day -7.0% lower.

Bank of America Analyst Rips Virgin Galactic

ICYMI Virgin failed to disclose that its suborbital flight carrying Richard Branson flew outside of the assigned airspace on July 11, resulting in an investigation by the FAA and grounding of the company’s only operational space plane. On Wednesday, BofA analyst Ronald Epstein wrote in a note: “Point blank, in our view, it is unacceptable to have an event during a flight that, per FAA regulations, is considered a mishap and then claim that the mission was a full success. The old adage, it’s easier to ask for forgiveness than permission, generally is a poor strategy in aviation.” BofA gave $SPCE an 'Underperform' rating as it calls the selective disclosure "a potential red flag." Shares closed the day lower by -0.4%.

Planet Reports Q2'2022 Financial Results

Planet Labs delivered their first earnings report since announcing their SPAC merger with dMY Technology IV to become a publicly traded company later this year ($DMYQ to $PL). The private Earth imaging company achieved Q2 Revenue of $30.4M, up +19% YoY and reiterated a $130M Revenue outlook for FY2022. Planet also announced an upsized Private Investment in Public Equity, or PIPE, from $200M to $250M+ per a commitment led by the Canada Pension Plan Investment Board and co-investor Cypress Point Investment Management. Planet's PIPE is led by BlackRock, with participation from Marc Benioff’s TIME Ventures and Google ($GOOGL). The stock finished up +0.7% on the news.

Deutsche Bank Initiates Coverage and Has High Praise for Rocket Lab

On Friday, Deutsche Bank analyst Edison Yu initiated coverage of Rocket Lab with a 'Buy' rating and $18 price target. The analyst views Rocket Lab as the "highest quality space asset to enter the public market so far." The company has established itself as a reliable small rocket launcher and has garnered "strong momentum" in satellite buses and related components, enabling access to space in multiple ways, Yu wrote to investors in a research note. He "anticipates share price volatility in the near term as the S-1 PIPE registration should occur by September 22." $RKLB finished the day down -3.0%. The company has been a hot topic among Wall Street analysts lately. Last week, Cowen issued a 'Market Perform' rating and a price target of $18. On Monday, Canaccord Genuity issued a 'Buy' rating and a price target of $30.

In Other News 🛰️

The Billionaire Space Race Launches A New VC Solar System

(Forbes)

"Sixty years after the original space race, the latest competition is the backbone of a future wave of innovation and the billionaires leading the way are bringing venture capitalists and entrepreneurs along for the run."

Voyager Space Adds VP of Marketing Ahead of IPO Listing

(PRNewswire)

Abby Dickes was appointed to lead the company's brand strategy and provide marketing leadership for it's subsidiaries (Altius Space Systems, Pioneer Astronautics, The Launch Company and Nanoracks). This move comes on the back of Voyager preparing for a public markets debut in early 2022.

BAE Systems to Acquire In-Space Missions

(Company)

In-Space Missions placed its first small-sat into orbit in June and won a contract from the British military in August to build an experimental small-sat to test optical communications. The terms from $BAESY were not disclosed.

Spire Global to Acquire exactEarth

(Company)

The companies have entered into a definitive arrangement agreement under which $SPIR will acquire exactEarth for $161.2M in cash and stock, implying a ~9.1x Enterprise Value to LTM Revenue multiple.

Raytheon to Acquire SEAKR Engineering

(SpaceNews)

Pending regulatory approval, SEAKR, a supplier of Space electronics, will become a wholly owned subsidiary of Raytheon ($RTX) Intelligence & Space.

HySpecIQ Raises $20M+ From Peter Thiel in Series B Round

(Bloomberg)

Founded in 2015, the startup provides hyperspectral imagery, from state-of-the-art satellites to mission-critical solutions. “HySpecIQ’s superior satellite sensor technology meets the urgent need of government to provide security and has the potential to provide great value across industries.”

Quick Links 🔗

Apax Partners Sells Majority Stake in Marlink to Providence Equity PartnersThe Great Space Company SaleStuck Below SPAC Price, Astra Space ($ASTR) Stock Can Still Get off the GroundWhy the Billionaire Space Race Is a Good ThingBlue Origin SVP Joins Kepler Communications as COONASA Selects Five U.S. Companies To Mature Artemis Lander ConceptsSpaceX Successfully Launches Inspiration4 Crew, Marking a New Era for SpaceBloomberg Interview With Dylan Taylor on What the Inspiration4 Mission Means for the Future of Space TravelCNBC Interview With Space Capital on What SpaceX’s All-Civilian Launch Means for Investors$UFO Procure Space ETF’s CEO on the Importance of SpaceX’s Civilian LaunchABL Space Selected for NASA Cryogenic Demonstration MissionStarlink Internet Will Exit Beta Status Next Month, Says Elon Musk$ARKX: The Space Exploration ETF Is Supported by U.S. Defense Spending

Chart of the Week 📊

Showing stable growth, the global Space economy was valued at $3.8T in 2020 and is expected to grow to $10T by 2030. According to the most conservative estimates, it accounts for 0.5% of the global GDP.

🚀 Acquisitions Galore + $DMYQ Earnings