🚀 Firefly's $855M Acquisition

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The Space Scoop

Week Ended 10.10.2025

Happy Friday! You usually hear from us after markets close on Friday but we had to switch it up today based on a prior commitment. We'll be tweeting any news or major developments on our X account. Lets dive in.

Market Max-Q

Top Stories

1) Firefly ($FLY) acquires SciTec for $855M in a Sunday afternoon announcement.

• The newly IPO'd company, whose shares are down -50%, announced the large acquisition that is expected to close by year-end. SciTec develops missile tracking, remote sensing, ISR and autonomous systems technologies, and will help to grow launch, lunar, and in-space services business areas.

• The transaction consists of $300M in cash and $555M in shares (at $50..). SciTec is roughly ~20% of FLY's size at today's $4.4B market cap, but is projecting $164M of revenues from this past June 30th.

• It hasn't been mentioned yet whether FLY will plan to use the new tech to bid on Golden Dome contracts via SciTec, which secured a $259M contract in May to assist with the Space Force’s ground missile tracking systems.

2) AST SpaceMobile ($ASTS) announces definitive commercial agreement with Verizon ($VZ).

• The agreement will support space-based cellular broadband across the continental US.

• The deal enables Verizon to provide direct D2D connectivity to its customers in 2026, building on a strategic partnership announced in May 2024 that included plans for a $100 million investment in AST. Shares in AST closed up +8% Wednesday and +28% through Thursday.

• The day prior, shares that initially dropped, were gobbled up by hungry investors despite the $800M equity distribution pact news. Bullish? Yes..

3) Space Capital releases the Q3 Space IQ report. Highlights include:

• $5.3B was invested across 115 companies in the third quarter of 2025.

• 2025 activity has surpassed 2024 and is on track to rank among top 3 space investment year since 2009, driven by defense demand.

• VCs accounted for 86% of Q3's rounds and 38% of capital contributed YTD.

• Infrastructure investment surged to a five-quarter high of $4.4B, led by a breakout year in U.S. satellite manufacturing.

  • ~60% of all satellite manufacturing funding rounds tracked over the past 15 years have occurred since 2021.

• Emerging Industries set new highs amid growing demand in orbital servicing, space situational awareness, and energy systems for deep-space operations.

In Other News

Stoke Space Raises $510M Series D (Co)The round was led by US Innovative Technology Fund in conjunction with a $100M debt facility led by Silicon Valley Bank. This new financing, which doubles the Company's total capital raised to date, will be used to accelerate the fully reusable Nova rocket product development and expansion.Iceye Considering New Capital Raising Round (FT)The European satellite startup is rumoredly exploring raising new funding at a valuation of ~$2.5B to capitalize on surging defense spending in the region. Iceye manufactures ~25 satellites annually and wants to increase this to 100-150, noting it will need “substantial additional capital”.ispace To Issues Shares in Fund Raising Effort (PS)The company announced this week that it would issue up to 49M new common stock shares, to both public and private investors, in an effort to raise ¥18.3B to complete hardware improvements for the success of Missions 3 and 4, and also assist with widening company financial losses.

Image of the Week

Blue Origin’s New Glenn booster journeys to LC-36 at Kennedy Space Center

(Source)

Links

• Planet ($PL) & VITO Extend Long-Term EO Solutions Partnership• Redwire ($RDW) Announces CFO Succession and Board Refreshment• Rocket Lab ($RKLB) Sets Launch Schedule for Latest Mission with Synspective• Intuitive Machines ($LUNR) Receives CMMI Maturity Level 3 Rating for Software Development• Planet ($PL) Awarded $7.5M US Navy Contract Renewal for Vessel Detection and Monitoring• Rocket Lab ($RKLB) Secures Three Dedicated Electron Launch Contract with iQPS• EUMETSAT Awards Spire ($SPIR) €3M Contract Renewal for Satellite Weather Data• Momentus ($MNTS) Awarded Both $2.5M and $5.1M Contract From NASA

Opinion

• A Perspective on Space: Preparing for 2075• $LUNR: Priced for Failure, Poised for Acceleration• $RKLB’s True Value Story Starts After 2030• $ASTS: Is in the Stratosphere After Its Move With Verizon ($VZ)

Earnings Calendar

• $LMT: Oct 21 - Before Market Open• $NOC: Oct 21 - Before Market Open• $HON: Oct 23 - Before Market Open• $IRDM: Oct 23 - Before Market Open• $GD: Oct 24 - Before Market Open• $BA: Oct 29 - Before Market Open*Company confirmed dates only.