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🚀 Privateer Exits Stealth Mode

🚀 Privateer Exits Stealth Mode

March 04, 2022

The Space Scoop

Week Ending 03.04.2022

Happy Friday and a warm welcome to our new readers! In what was a relatively quiet week, we saw Rocket Lab report Q4 / FY2021 earnings, Privateer release v1 of their software, ~$500M of debt and equity capital raised by space related companies and a new Canadian space industry group formed. Lets dive in!

Market Max-Q 📈

Rocket Lab Earnings

$RKLB reported fourth quarter and fiscal year 2021 financial results after market close on Monday. On Tuesday, Wall Street reacted with shares finishing the day -4.6% lower. Highlights:• Full year revenue of $62.2M, up +77% YoY.• Fourth quarter revenue of $27.5M, +420% QoQ.• Fourth quarter Launch Services and Space Systems QoQ growth of +1,126% and +229%.• Backlog increased of $183M to $241M QoQ; currently stands at $545M as of 2/28/22.• Fiscal year 2022 guidance: revenue of $42-47M, net loss of $32.5-34.5M, and adj. EBITDA of negative $3-5M.

Privateer Enters the Public Eye

Nearly six months after a mysterious tweet, Steve Wozniak and Alex Fielding's space venture has exited stealth mode debuting the first version of its software. Privateer's mission is to develop better tracking of objects in space and to use this data to help avert disastrous collisions. "We're at a clear inflection point and facing exponential growth of space commercialization," Wozniak told CNN Business. "Having a better, global understanding of what's already up in space is critical to powering the new space economy." Privateer declined to comment how much capital the company has raised to date.

Canaccord Genuity Initiates Coverage on Virgin Orbit

The firm initiated $VORB with a 'Buy' rating and price target of $20 per share. Canaccord's analyst noted that Virgin Orbit is one of just three commercial launch operators that has carried out multiple consecutive orbital missions - along with SpaceX and Rocket Lab ($RKLB). "While the company faces established competition in the satellite operator realm, Virgin Orbit’s ability to provide its own launch services with minimal delays enables it to deploy a constellation rapidly relative to competing satellite services companies." The analyst continued, "With a price of just $12M per rocket, LauncherOne is also a particularly affordable hypersonic vehicle relative to systems built by defense primes." Shares finished the day up +0.3%.

SDA Awards $1.8 Billion in Contracts for Space Internet Constellation

The DoD's Space Development Agency has chosen Lockheed Martin ($LMT), Northrop Grumman ($NOC) and York Space Systems contracts to produce 126 total satellites for the Transport Layer Tranche 1: a mesh network of optically interconnected space vehicles that will provide a resilient, low latency, high volume data transport communication system. The three awarded contracts breakdown includes: $700M to Lockheed, $692M to Northrop and $382M to York. Eight total bidders competed for the contracts and each company will have to deliver 42 satellites by 2024.

Chamath Palihapitiya Sued Over Insider Sale of Virgin Galactic

According to a new lawsuit seeking damages from $SPCE directors and officers, investors claim Chamath Palihapitiya "took advantage of his insider role as chairman to sell 10 million shares of the struggling space travel company for $315M before he abruptly quit the board." Palihapitiya announced his resignation from the board two weeks ago to "focus on other public company board commitments." The complaint also alleges that founder Richard Branson pocketed $301M by dumping shares while the stock price was “artificially inflated.” Investors will have to wait and see what comes of this, but this isn't the first complaint accusing Virgin Galactic executives for misleading investors..

In Other News 🛰️

SatelliteVu Expands Series A Round

(Company)

Participants in the second close of funding include Contrarian Ventures, Lockheed Martin ($LMT) and In-Q-Tel, bringing the total funding to $27.5M. The company last raised its seed round in April 2021.

Speedcast Closes $350M Debt Facility

(Company)

PSP Investments led the transaction composed of a $300M Term Loan B and $50M Priority Revolving Credit Facility. Both were privately placed among a select group of direct lenders. The investment will fuel further growth and innovation.

CesiumAstro Raises $60M Series B Round

(BusinessWire)

The oversubscribed round was co-led by Airbus Ventures and Forever Ventures, with participation from L3Harris ($LHX). The funding will help expand the startup’s airborne and in-orbit communications capabilities.

NCX Raises $50M Series B Funding

(VentureBeat)

The forest carbon marketplace startup funding was led by Energize Ventures, with participation from J.P. Morgan, Intercontinental Exchange, Dalus Capital and Clearvision Ventures. Company valuation was not disclosed.

Space Canada Formed

(YouTube)

The group will offer a “unified voice” for Canada’s space sector and raise awareness at a time when the industry is experiencing rapid growth. Founding members include: Calian, GHGSat, Magellan Aerospace, Maritime Launch ($CERAF), MDA ($MDA), Mission Control, NorthStar, SpaceBridge and Telesat ($TSAT).

Quick Links 🔗

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Planet Labs ($PL) Launches Next Generation PlanetScope with Eight Spectral Bands

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Viasat ($VSAT) Believes ‘Cyber Event’ Is Disrupting Satellite-Internet Service in Ukraine

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Lockheed Martin ($LMT) Plots U.K. Satellite Manufacturing Base

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Stifel Raises Rocket Lab ($RKLB) Price Target to $23 and Maintains 'Buy' Rating

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Telesat ($TSAT) Partners with Liquid Intelligent Technologies

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D-Orbit ($BREZ) Signs Launch Contract With Spaceflight Inc To Remanifest Four Satellites of Kleos ($KSS)

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General Atomics and Orion Space Win Contracts for Military Weather Satellites

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AICRAFT and Antaris Space Sign MoU For Artificial Intelligence and Machine Learning

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SpaceX Investment Venture’s Collapse Draws Suit by Chinese Firm

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Altius Space Machines To Contribute Technology to Robotic Arms for DoD On-Orbit Servicing

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Sidus ($SIDU) Announces Strategic Partnership With Aitech Systems

Opinion 🗣️

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Lunar Property Rights: Buy Me to the Moon

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The Russian Invasion Touches Outer Space

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Seraphim Space Fund ($SSIT) CEO Assesses the Ravaged SPAC Landscape

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Iridium ($IRDM): Looking Much Better

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Rocket Lab ($RKLB): Really Exciting But Priced for Perfection

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Is Virgin Galactic ($SPCE) A Buy After Opening Spaceflight Ticket Window?

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AST SpaceMobile ($ASTS): Broadband Internet Through Satellites

Calendar 📅

• $MNTS: March 8 - After Market Close• $SPIR: March 9 - After Market Close• $MDA: March 17 - Before Market Open• $ASTR: March 17 - After Market Close• $TWNT: March 22 - Merger Vote

*Company confirmed dates only.

🚀 Privateer Exits Stealth Mode