🚀 Rocket Lab to Buy Mynaric

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The Space Scoop

Week Ended 03.14.2025

Happy Friday! It was a busy week so lets dive right in.

Market Max-Q

Top Stories

1) Rocket Lab ($RKLB) to acquire a distressed Mynaric for $75M.

• On Tuesday afternoon, Rocket Lab announced the intent to acquire Mynaric, the recently delisted optical communications terminal supplier, following completion of the Company's pending StaRUG restructuring proceedings.

• Rocket Lab will buy a majority stake in Mynaric for $75M in either cash or stock, with an additional $75M tied to future revenue targets. Prior to its bankruptcy filing, $300M had been invested into Mynaric. Who doesn't love a 50% off sale?

• In the press release, Rocket Lab noted that "A key driver for this proposed acquisition is that Mynaric is already a subcontractor to Rocket Lab, providing CONDOR Mk3 optical communication terminals for the Company’s $515M prime contract with the Space Development Agency to produce 18 satellites for the Tranche 2 Transport Layer-Beta."

• The agreement would give RKLB a foothold in Europe to target growth opportunities in the region while further vertically integrating the company. CEO Peter Beck noted “We have been very clear about this strategic direction for several years now – pursuing every part of the space value chain."

• Also this week, Rocket Lab announced:

  • $500M at-the-market equity offering program to fund future growth, including potential future acquisitions.

  • A contract to power 100 OneWeb LEO constellation satellites for Eutelsat via Airbus ($AIR.PA).

  • InterMission and MAX Constellation -- two satellite software suites for ground data, spacecraft operations and constellation management.

2) Our second-to-last earnings report of the season came Monday after markets closed with Redwire ($RDW) reporting. Takeaways include: 

• The company announced $304 million of revenue, a +25% increase over the prior year. However, net loss, adjusted EBITDA and free cash flow all worsened compared to 2023.

  • Net Loss: $(114)M vs. $(27)M

  • Adj. EBITDA: $(1)M vs. $15M

  • FCF: $(28)M vs. $(7)M

• Management provided further detail about its Edge Autonomy acquisition. EA is generating $72M of annual adjusted EBITDA , which Redwire believes will lead to cash flow positivity in 2025. The acquisition will also diversify their business into lower aerial / orbital domains and defense.

• Total liquidity finished the year at $64 million and backlog totaled $281 million, down -25% YoY. Shares closed -9% lower the following day.

In Other News

Fleet Space Acquires HiSeis 

(Company)

Fleet, the satellite-based mineral exploration capabilities, is acquiring HiSeis, the seismic exploration company, for an undisclosed amount. Fleet's platform, ExoSphere, will accelerate the processing of high-quality passive and active seismic datasets into AI-enabled insights worldwide. Fleet last raised a AUD$150M Series D round in December 2024.

iSpace Raises “Several Hundred Million" Series D 

(SN)

Also known as Beijing Interstellar Glory Space Technology, the Chinese startup will utilize the funds for the R&D of their Hyperbola-3 methane-liquid oxygen rocket. The round was led by the Sichuan Tianfu Xinyun Digital Economy Development Fund.

Deep Blue Aerospace Raises ¥500M in Funding

(SN)

The Chinese startup is gearing up for its first orbital launch and recovery attempt in mid-2025 and will mainly use the funds for R&D and commercialization of its Nebula series of reusable launch vehicles. The round was led by the state-owned Taian Yuanwang New Energy Industry Investment Fund.

Spire Announces $40M Private Placement 

(Company)

$SPIR entered into a Securities Purchase Agreement that is expected to result in gross proceeds of ~$40.0M (selling 5.0M shares of common stock at $8.00 per share). The proceeds will be used for working capital and general corporate purposes.

Chart of the Week

2024 Global Launch Activity: According to BryceTech, in 2024 259 orbital launches were conducted and ~60% of all launches were conducted by U.S. providers. (Source)

Links

• Rocket Lab ($RKLB) Schedules Two Electron Launches Three Days Apart• Voyager and Palantir ($PLTR) To Develop AI-Powered Solution for Space Domain Awareness Applications• Intuitive Machines ($LUNR) Announces Completion of Redemption of Its Outstanding Warrants• Momentus ($MNTS) and Solstar Space Announce Strategic Partnership for On-Demand Communication for Space Systems• Planet ($PL) and Syngenta Announce Multi-Year Expansion of Strategic Partnership• Sidus ($SIDU) and Warpspace Sign MOU To Launch JV To Develop Advanced Optical Space Communication• BlackSky ($BKSY) Delivers AI-Enabled Analytics Derived From Gen-3 Imagery Three Weeks Following Launch• SES Invests in Lynk Global to Break Into Direct-to-Device Market• Sporos Capital Partners Invests in Quantum Space LLC

Opinion

• Space Stock Gains Deplete Post-Election• What’s Behind the Recent String of Failures and Delays at SpaceX?• Intuitive Machines ($LUNR) Failed Moon Landing Will Test the Company• Rocket Lab ($RKLB): Their Rockets Won’t Blow Up, but the Stock Might..• Redwire ($RDW): More Reasonably Valued Following Q4 Earnings

Earnings Calendar

• $PL: Mar 20 - After Market Close

*Company confirmed dates only.