🚀 $IONQ To Acquire Capella

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The Space Scoop

Week Ended 05.09.2025

Happy Friday! This week its all about earnings season with five names reporting and a six names joining the calendar for next week. Lets dive in.

Market Max-Q

Top Stories

1) First quarter earnings turned from Aerospace primes to NewSpace and SPAC names this week, with a full slate coming next week. High level highlights below:

• $TSAT

  • Revenue: $117M, -23% YoY

  • Net Income: $(51)M vs. $(52)M YoY

  • Adj. EBITDA: $67M, -39% YoY

  • Contracted Backlog: $2B

  • Shares: -1%

• $MDA

  • Revenue: $351M, +68% YoY

  • Net Income: $33M, +138% YoY

  • Adj. EBITDA: $69M, +63% YoY

  • Backlog: $5B, +46% YoY

  • Shares: -1%

• $BKSY

  • Revenue: $30M, +22% YoY

  • Net Loss: $(13)M vs. $(16)M

  • Adj. EBITDA: $(1)M vs. $2M

  • Backlog: $336M, +40% YoY

  • Shares: +31%

• $GSAT

  • Revenue: $60M, +6% YoY

  • Net Loss: $(17)M vs. $(13)M

  • Adj. EBITDA: $31M, +3% YoY

  • Shares: -13%

• $RKLB

  • • Revenue: $123M, +32% YoY • Net Loss: $(61)M vs. $(44)M • Adj. EBITDA: $(30)M vs. $(22)M • Neutron first flight on schedule • Shares: -11%

• $SATS

  • Revenue: $4B, -4% YoY

  • Net Loss: $(203)M vs. $(107)M YoY • OIBDA: $400M, -15% YoY • Broadband Subs: 853k • Shares: +1%

2) IonQ ($IONQ) announced plans to acquire Capella Space. 

• Capella, the operator of synthetic aperture radar (SAR) satellites, will be acquired by the publicly traded quantum computing company. The all-stock deal valued Capella at $311M, according to SEC filings and IonQ closing share price. 

• The acquisition will support IonQ's plans to develop a space-based quantum key distribution network. IonQ's has its sights on radar Capella's classified contracts and secure facilities for a pathway into intelligence and defense markets.

• Capella has raised $320M in equity capital since founding in 2016 and was the first US firm to launch a commercial radar imaging satellite. The transaction is expected to close in the second half of 2025.

• IonQ shares closed +9% higher on the day.

In Other News

True Anomaly Raises $260M Series C

(Co)

The defense focused startup will use the capital to increase headcount, ramp up production capacity, and support future missions to GEO and cislunar space. The oversubscribed round was led by Accel, with participation from other investors. The round also included debt financing through Stifel Bank. The split between debt and equity financing was not disclosed.

Near Space Labs Raises $20M Series B 

(BW)

The New York-based stratospheric remote sensing startup will utilize the funding to accelerate the delivery of its ultra-high-resolution, frequent aerial imagery with a focus on insurance markets. Bold Capital Partners led the round, with participation from USAA, Climate Capital, Gaingels, River Park Ventures, and existing investors.

mPower Technology Raises $21M Series B

(PS)

The space cell developer startup will "expand its automated manufacturing line for its flexible solar array tech as well as grow its workforce," said CEO Kevin Hell. Razor’s Edge Ventures led the round, with participation from Shield Capital.

Alexspace Filed for an IPO 

(RT)

The Japanese satellite imagery and manufacturing company has filed with the Tokyo Stock Exchange to go public as soon as June. The company is working on a set of seven imaging satellites for 2026 and a prototype slated for launch next month. Axelspace would join four other Japanese IPOs in the last two years including Astroscale, ispace, iQPS and Synspective.

Chart of the Week

Novaspace's Space Economy Report - In 2024, the global space economy was valued at $596B and is estimated to hit $944B by 2033.

(Source)

Links

• Rocket Lab ($RKLB) Schedules Next Mission for iQPS on May 17th• BlackSky ($BKSY) Completes Commissioning of First Gen-3 Satellite & Prepares To Ship Second Unit• Planet ($PL) Signs 7-Figure Contract Expansion with the German Government• Rocket Lab ($RKLB) Partners with US Air Force for Neutron Rocket Cargo Mission• Voters Approve Incorporating SpaceX’s Starbase as a City

Opinion

• A Resilient Europe Means Learning From the US Model• Rocket Lab ($RKLB): Still a Buy Despite High Valuation• Intuitive Machines ($LUNR): Execution Risk Likely Caps Near-Term Upside• Virgin Galactic ($SPCE): One Spark Could Set This Doomed Stock on Fire

Earnings Calendar

• $RDW: May 12 - Before Market Open• $ASTS: May 12 - After Market Close• $LUNR: May 13 - Before Market Open• $SPIR: May 14 - After Market Close• $SPCE: May 15 - After Market Close• $SIDU: May 15 - After Market Close• $PL: June 4 - After Market Close

*Company confirmed dates only.