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The Space Scoop

Week Ended 06.06.2025

Happy Friday! What a week.

Market Max-Q

Top Stories

1) Voyager Technologies announced the kick-off of its IPO roadshow.

• On Monday morning, Voyager commenced a roadshow for its underwritten initial public offering. Following blank S-1 filings, we learned the Company plans to offer 11M shares of Class A common stock at a public offering price of $26-$29 per share. This would target a ~$1.6B valuation and ~$300M+ in gross proceeds.

• Pending listing approval, Voyager will trade on the New York Stock Exchange (NYSE) under ticker symbol $VOYG.

• Net proceeds will fund strategic growth initiatives, including investment in R&D programs, acquisition of capital assets, pursuit of potential M&A aligned with core business areas, and general working capital and corporate purposes, such as repayment of outstanding debt, administrative expenses and systems improvements.

• To catch up on Voyager's IPO, check out the S-1 here and our prior newsletter here. 

2) iRocket announced a $400M valuation SPAC merger IPO.

• The New York-based launch startup announced on Monday it signed a letter of intent to merge with BPGC Acquisition Corp., a blank-check company sponsored by former Commerce Department chief Wilbur Ross.

• The business combination proposed a transaction values of ~$400M before potential earnouts. The company is currently performing on a $1.8M TACFI and $18M CRADA with the DoD for its patented reusable rockets.

• If closed, the parties expect to apply to list on Nasdaq. No ticker symbol exists for BPGC Acquisition Corp. at this time nor was a future one mentioned in the press release.

• "The team has developed breakthrough technology, and we believe iRocket is uniquely positioned to serve the U.S. defense industrial base, support allies and drive innovation across space and national security," said The Hon. Wilbur Ross.

3) On Wednesday after market close, Planet ($PL) reported positive Q1 2026 earnings.

• The main news and takeaway from the +49% move in the stock was that Company reported its first positive free cash flow quarter of $8M (driven by $17.3M of net cash from operating activities) for the first time as a public company. 

• Revenues increased +10% YoY to $66.3M while net loss decreased from $(29.3)M to $(12.6)M YoY. Adjusted EBITDA turned positive from $(8.4)M to $1.2M and backlog grew +4% to $527.0M.

• CFO Ashley Johnson noted, “We continue to have good visibility to meaningful revenue growth rate acceleration.”

• CEO Will Marshall highlighted his trip to customers in Europe and stated that he had “never seen the urgency I felt on that trip” from governments seeking access to Planet’s data.

4) Elon Musk and President Donald Trump feuded with each other on social media Thursday. 

• Unless you've been living under a rock, you heard about or saw live yesterday's social media spat. This wasn't Kendrick vs. Lamar, but rather the President of the United States and the richest man on the planet. It all started on Tuesday when Mr. Musk called the proposed One Big Beautiful Bill a "disgusting abomination."

• Musk continued pointing out flaws related to fiscal deficit increases on Wednesday and Thursday until it got spicy with claims about the election cycle. President Trump suggested the government should terminate "Elon's governmental contracts and subsidies"  to slim down the budget.

• Musk responded (in a now deleted tweet) that SpaceX would begin decommissioning the Dragon spacecraft “effective immediately.” He did back off those comments a few hours later, thankfully.

• Sadly, this is not what anyone wants to see. How their relationship changed for good and what comes of SpaceX winning of future government contracts we shall see.. $TSLA shares fell -14% on the day.

In Other News

Impulse Space Raises $300M Series C (Co)The in-space mobility startup led by early SpaceX employee Tom Mueller will use the capital to hire and rapidly scale to meet surging demand. The round was led by Linse Capital with participation from DFJ Growth, Valor Equity Partners, Founders Fund, Lux Capital, $RTX Ventures, DCVC, Airbus Ventures, Spring Tide, First Principles Group, Balerion Space Ventures, Tamarack Global and Trousdale Ventures.Anduril Raises $2.5B Series G (TC)The round doubles the company's prior valuation and was over 8x times oversubscribed. The round was led by Founders Fund, which included $1B of capital itself, with existing investors also participating. Chairman Trae Stephens noted on Bloomberg TV that: "Long-term, we continue to believe Anduril is the shape of a publicly traded company. We're not on any rapid path to doing that (yet)." 

Chart of the Week

Q1 2025 Upmass by Provider: SpaceX continues to dominate.

(Source)

Links

• Blue Origin’s New Shepard Completes 32nd Flight• FCC Space Bureau Accepts Filing Globalstar’s ($GSAT) C-3 Petition for Advancing Mobile Satellite Services Network Expansion• Rocket Lab ($RKLB) Successfully Launches 10th Electron Mission for BlackSky ($BKSY)• Redwire ($RDW) Awarded Contract From Aspera Biomedicines for Pharmaceutical In-Space Laboratory Technology• Planet ($PL) Announces Six-Figure Expansion with Welsh Government• Voyager ($VOYG) Closes $200M Credit Facility with JP Morgan ($JPM)• Redwire's ($RDW) Lunar & Martian Manufacturing Technology Passed Critical Design Review with NASA Participation

Opinion

• NASA’s Future in the Balance• Jared Isaacman: What Went Wrong at NASA | All-In Podcast• What’s the Future for SpaceX?• Trump-Musk Feud Could Open Up Rocket Lab ($RKLB) Opportunities• Op-Ed: Comms Failure Is a Threat to Space Ambitions• AST SpaceMobile ($ASTS): Differentiation Taking Shape