🚀 Blue Origin Makes History

Plus Q3 earnings finale, IonQ to acquire Skyloom, Project Kuiper rebrands to Amazon Leo, and more. The latest space investing news and updates.

November 14, 2025

The Space Scoop

Week Ended 11.14.2025

Happy Friday! Congrats to the Blue Origin team on an incredible achievement yesterday. Also, lets say a (welcomed?) goodbye to earnings season. Lets dive in. 

Market Max-Q

Forward

Top Stories

1) Q3 earnings season finishes strong with reporting from internet favorites AST and Rocket Lab among others. Highlights include:

  • $ASTS$RKLB

    • Cash: $1.2B

    • Liquidity: $3.2B

    • Revenue: $15M, +1,240% YoY

    • OpEx:  $94M, +28% YoY

    • Gross Capitalized Costs: $1.2B

    • Net Loss: $(123)M vs. $(172)M

    • Shares: -1%

    • Cash: $977M

    • Revenue: $155M, +48% YoY

    • Net Loss: $(18)M vs. $(52)M

    • Adj. EBITDA: $(26)M vs. $(31)M

    • Neutron launch slips to 1H 2026

    • Shares: -1%

  • $SATL

    • Cash: $29M

    • Revenue: $4M, +29% YoY

    • Net Income: $4M vs. $(12)M YoY

    • Adj. EBITDA: $(5)M vs. $(7)M

    • Shares: +1%

  • $GILT

    • Cash: $155M

    • Revenue: $118M, +58% YoY

    • Net Income: $8M, +19% YoY

    • Adj. EBITDA: $16M, +46% YoY

    • Shares: +7%

  • $FLY

    • Cash: $996M

    • Revenue: $31M, +38% YoY

    • Net Loss: $(140)M vs. $(46)M

    • Adj EBITDA: $(46)M vs. $(28)M

    • FCF: $(62)M vs. $(45)M

    • Shares: +17%

  • $SPCE

    • Cash: $424M

    • Revenue: $0.4M, flat YoY

    • Net Loss: $(64)M vs. $(75)M YoY

    • Adj. EBITDA: $(53)M vs. $(59)M YoY

    • FCF: $(108)M vs. $(118)M YoY

    • Shares: +11%

  • $MDA

    • Cash: $198M

    • Revenue: $410M, +45% YoY

    • Net Income: $46M, +33% YoY

    • Adj. EBITDA: $83M, +49% YoY

    • Backlog: $4.4B, -4% YoY

    • Shares: +4%

  • $SIDU

    • Cash: $13M

    • Revenue: $1.3M, -31% YoY

    • Net Loss: $(6)M vs. $(4)M

    • Adj. EBITDA: $(4)M vs. $(3)M

    • Shares: -8% after hours

2) Blue Origin's New Glenn successfully launched NASA’s ESCAPADE and landed a fully reusable booster. 

  • Following a scrubbed Sunday evening launch, Blue did not disappoint with a successful and exciting mission. On its second ever flight attempt, New Glenn successfully deployed its first NASA mission -- the Escape and Plasma Acceleration and Dynamics Explorers project -- to orbit and made history becoming the second commercial space company (along with SpaceX) to land an orbital rocket booster back from space. 

    • Watch the replay here.

  • The smallsats will spend the next year around the Earth-sun L2 point before swinging back by the Earth to head to Mars, where they will study space weather conditions.

  • Blue plans to reuse this booster on the next / third New Glenn launch in early 2026, in hopes of propelling their first unpiloted Blue Moon lander toward the Moon.

  • Our friends at Mach33 evaluated just how fast the company can scale the heavy lift rocket. Their 2026-2027 model (which includes bear, base, and bull cases) projects between 15-36 total launches. The team notes that launch growth depends more on production capacity -- BE-4 engine flow and upper-stage output -- than on reuse tempo. Read more here.

3) IonQ ($IONQ) to acquire Skyloom for an undisclosed amount.

  • The quantum computing firm that acquired Capella Space in July will next acquire the optical communication systems for space-based quantum networks in a move to expand its reach across quantum computing, networking and sensing.

  • Skyloom develops optical data transport links that enable high-bandwidth data transfer between satellites and ground stations. Its terminals have been deployed on US military satellites produced by York Space Systems.

  • "We continue to really focus on building the ecosystem at IonQ. We want to be the market share leader in all things quantum,” said CEO Niccolò de Masi on CNBC Tuesday.

In Other News

U-Space Raises €24M Series A (ESF)The French satellite manufacturer plans to use the new capital to invest in “software developments” to considerably ramp up production. The round was led by crowdfunding platform Blast, the French Armed Forces’ Definvest fund, and Expansion Aerospace & Defence Ventures, with participation from Primo Capital, Karot Capital, ARIS, and Vertech Finance.Extellis Raises $6.8M Seed Round (N10)The satellite imaging startup will support an orbital demonstration and expanding headcount, facilities and partnerships. The oversubscribed round was led by Oval Park Capital, with participation from Duke Capital Partners, First Star Ventures, New Industry VC, Front Porch Venture Partners, EGB Capital, Blue Lake VC, and others.

Image of the Week

NG-2 Booster on Jacklyn in the Atlantic Ocean, November 13, 2025 (Source: Blue Origin)

Links

• Project Kuiper Rebrands to Amazon Leo• Redwire ($RDW) Announces Contract for Uncrewed Aerial Systems to Croatian Border Patrol• Voyager ($VOYG) & Infleqtion ($CCCX) Partner To Advance Dual-Use Quantum in LEO and Beyond• SES ($SESG) & Relativity Expand Multi-Launch Agreement for Terran R• Edge Autonomy ($RDW) Announces Partnership with Eurolink Systems To Provide Uncrewed Aerial Systems to the Italian Defense Sector• Viasat ($VSAT) Confirms Successful Launch of ViaSat-3 F2

Opinion

• Isaacman’s Second Chance• Will Data Centers Orbit in Space?• Why BlackSky ($BKSY) Stock Is Just Too Cheap To Ignore• AST SpaceMobile ($ASTS) Could Break the Carrier Playbook