🚀 Q3 Space Investment Hits $5B

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The Space Scoop

Week Ended 10.11.2024

Happy Friday! We hope you all had a great World Space Week. In what was a generally quiet space investment news front, Q3 earnings are slated to kick off next week with the Primes, Rocket Lab plans to return Mars rock samples to Earth for NASA, and Momentus shares closed above $1.00 for one day. Lets dive in.

Market Max-Q

Top Stories

1) Space Capital released their Space Investment Quarterly Report.

• Q3 of 2024 saw $5.0B of investment across 98 space-related companies, a growth of +43% in dollars while number of rounds fell by -13% quarter over quarter.

  • Infrastructure sub-sector accounted for $1.9B and 51% of transactions by volume.

  • US accounted for $3.5B, or 70% of investment on a geographical basis.

  • 40% of funding rounds were at the Seed level, with 26% at Series A.

• There have been 16 acquisitions with $3.5B of net proceeds in Q3 and only 3 IPOs.

• Through Q3, the space economy has seen more acquisitions this year than any in the past two decades, but the average value of those transactions is near the lowest on record.

In Other News

Valinor Emerges from Stealth

(X)

Founded by former Palantir employees, Valinor plans to develop a go-to-market engine for the technologists building products for defense, U.S. Government and its allies. The startup's mission is "to get more products into the hands of warfighters and public servants who need them." The undisclosed round was led by Founders Fund, General Catalyst and Red Cell Partners.

Aetherflux Emerges from Stealth 

(TC)

Founded by Robinhood ($HOOD) co-founder and co-ceo Baiju Bhatt in late 2023, the startup will focus on space-based solar power via a massive constellation of satellites in LEO, that will transmit the power down to the ground. As for funding, Bhatt has invested “millions” of his own capital into the startup and is committed to funding through its first demonstration mission.

AIKO Space Raises €3.5M Series A 

(ESF)

The Italy-based AI-powered satellite and space infrastructure software solutions startup secured €3.5M of funding to expand its presence in Europe and extend its reach into the US market. Investors include Deep Blue Ventures and Primo Space amid a rolling €5M raise that is still underway. Total funding to date is €6.5M.

Volta Space Technologies Raises Undisclosed Seed Round 

(SN)

Based in Montréal with offices in the US, Volta's LightGrid will help spacecraft on the lunar surface survive the two-week lunar night or operate in the permanently shadowed craters at the poles. The lunar power satellite network startup emerged from a class project at the International Space University. Investors in the funding round include MaC Venture Capital and Industrious Ventures.

Interlagos Targeting $550M First VC Fund 

(TC)

The El Segundo-based VC firm founded by former senior SpaceX leaders  Achal Upadhyaya and Tom Ochinero, is currently raising its first deep tech focused fund. The firm plans to back startups from inception through Series B at 18-25% stakes, deployed across 26-32 investments, according to a TechCrunch viewed fundraising presentation.

Chart of the Week

YTD 2024 Space Investment: Per Space Capital, investments in space via funding dollars and number of rounds have yet to fully recover. Through Q3, the ecosystem is tracking to be on par with 2023 following 2021's year of euphoria.

(Source)

Links

• Rocket Lab ($RKLB) Awarded Study Contract for NASA Mars Sample Return Program• Planet ($PL) Partner SatAgro Signs Undisclosed Contract With American Crystal Sugar Company for Sugar Beet Crop Monitoring• EchoStar ($SATS) Mobile and Connected Partner To Deliver Reliable Off-Grid Connectivity• BlackSky ($BKSY) Wins Seven-Figure Contract for Advanced Space Domain Awareness Solutions• ViaSat-3 ($VSAT) F1 Begins Delivering Service for Government Customers• Momentus ($MNTS) Selected by NASA To Provide Launch Services• Anduril and Impulse Space Partner on Highly-Maneuverable Space Missions

Opinion

• Bloomberg Technology Special, Live From the Rocket Lab ($RKLB) Facility• SpaceX Wields Power Over Satellite Rivals To Boost Starlink• Amazon’s ($AMZN) Costly Space Race Is Grounding Profit Margin Hopes• UK Space Industry Struggling To Leave the Launchpad• Talking Earth Observation Companies ($PL $BKSY $SPIR)• AST SpaceMobile ($ASTS) Is at the Edge of Viability• Rocket Lab ($RKLB): Captain, We Have Liftoff• Iridium ($IRDM): Still a Solid Long-Term Play on Steady Growth

Earnings Calendar

• $IRDM: Oct 17 - Before Market Open• $LMT: Oct 22 - Before Market Open• $BA: Oct 23 - Before Market Open• $NOC: Oct 24 - Before Market Open• $RKLB: Nov 12 - After Market Open

*Company confirmed dates only.