🚀 Karman Eyeing $2.6B Valuation

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The Space Scoop

Week Ended 02.07.2024

Happy Friday! Space investors received more insight about our first non-SPAC space IPO coming to market this month and Mynaric is rumoredly preparing for bankruptcy in Germany. Lets dive in.

Market Max-Q

Top Stories

1) Earnings season (and the earnings calendar) continued on in a lighter week with Honeywell and Viasat reporting. Highlights include: 

• Honeywell's ($HON) Aerospace segment reported +13% YoY sales growth to $15.5 billion on $4.0 billion operating profit for FY 2024. The big news comes out of the decision to spin-out the segment into a standalone business in the second half of 2026. Shares fell -6% on the news and -8% for the week.

•  Viasat ($VSAT) reported $1.1 billion in Q3 2025 revenues, driven by growth in Defense & Advanced Technologies segment offset by Communication Services. Net loss was $(158) million primarily driven by a loss on the extinguishment of the Inmarsat 2026 senior secured notes. Shares closed +20% higher on Friday.

In Other News

ArkEdge Raises ¥8B Series B 

(Company)

The Japanese satellite startup is focused on standardized cube satellite buses and will use the funds to accelerate the development of commercial satellite constellations. The round was led by Incubate Fund KK, with participation from JIC Venture Growth Investments Co., WiL and 15 underwriters.

Urban Sky Raises $30M Series B 

(BW)

The navigable stratosphere balloons for Earth imaging startup will use the funds to develop and commercialize a connected suite of products for military and commercial customers. The round was led by Altos Ventures, with participation from New Legacy Ventures, Lerer Hippeau, Catapult Ventures, Lavrock Ventures, New Stack Ventures, TenOneTen, DA Ventures, Union Labs VC and Techstars.

Observable Space Formed via Merger 

(TC)

Two space startups -- OurSky and PlaneWave Instruments -- have merged to create a fusing space tracking data startup. They will leverage their position as the only US-based telescope manufacturer that already count NASA and Space Force as customers.

Mynaric Eye German Bankruptcy Protection 

(SIT)

Mynaric is reportedly getting ready to file for Germany Chapter 11 bankruptcy protection in "coming days" as the satellite laser comms cash position has fallen to sub-$9 million. $M0YN shares fell -40% this week while $MYNA shares fell -13%.

Chart of the Week

Karman Space & Defense IPO: $KRMN is currently eyeing February 14th for its IPO debut on the NYSE. Shares are expected to price between $18-20 per share, targeting ~$400M in proceeds at a $2.6 billion valuation. The company is offering 21 million shares of which 8.4 million are from the company and 12.6M are from existing shareholders. (Source)

Links

• Viasat ($VSAT) Wins Task Order Award To Provide US Space Force With LEO Services• BlackSky ($BKSY) Wins Multi-Year EMDYN Subscription Contract To Deliver Gen-2 Imagery Services to International Govt Customers• Intuitive Machines ($LUNR) Announces Redemption of Outstanding Warrants• Momentus ($MNTS) Selected by US Air Force for Space Demonstration of Rendezvous Using Low-Cost Multi-Spectral Sensor Suite• Blue Origin Completes 29th New Shepard Mission• Rocket Lab ($RKLB) Signs Multi-Launch Contract With iQPS• Satellogic ($SATL) and Telespazio Brasil Announce Multi-Year Contract for Low-Latency Satellite Imagery for the Brazilian Air Force• Globalstar ($GSAT) Transfers to Nasdaq Global Select Market• Canadian Space Agency Assigns $72M Contract to Spire ($SPIR) & OroraTech To Design WildFireSat Mission

Opinion

• Investors Advise Caution in Defense-Focused Space Boom• Don’t Compete With or Emulate SpaceX, Investors Urge• Peter Beck of Rocket Lab ($RKLB) Says Space Industry Benefited From SPAC Mania• AST SpaceMobile ($ASTS): Profit From High Expectations and High Volatility• Redwire ($RDW): More Fundamental Support for Space Growth

Earnings Calendar

• $IRDM: Feb 13 - Before Market Open• $RKLB: Feb 27 - After Market Close• $BKSY: Mar 6 - Before Market Open

*Company confirmed dates only.