🚀 SpaceX Seeks $210B Valuation

Plus Jefferies Space Summit notes, Airbus' €900M loss, $PL lays off 17% of workforce, and more! The latest space investing news and updates.

June 28, 2024

The Space Scoop

Week Ended 06.28.2024

Happy Friday! SpaceX's valuation continues to grow, Jefferies hosted their Annual Space Summit and Airbus took a massive accounting loss. Lets dive in.

Market Max-Q

Forward

Top Stories

1) On Tuesday, investment bank Jefferies ($JEF) held their Annual Space Summit from 9:00am-5:30pm ET of which 12 companies participated. We were able to attend three of the presentations and while you can catch full coverage on our X account, highlights are below.

  • The 12 companies included: MDA ($MDA), HawkEye 360, AST SpaceMobile ($ASTS), Mynaric ($MYNA), Redwire ($RDW), Axiom Space, BlackSky ($BKSY), Firefly Aerospace, Terran Orbital ($LLAP), Intuitive Machines ($LUNR), York Space Systems and Ursa Major.

  • $MYNA:

    • Mynaric has positioned itself for a front-loaded volume-based manufacturing infrastructure, capable of ~2,000 terminals per year with a breakeven crossover at ~600 terminals. The current backlog of ~800 terminals will mostly be shipped in 2025.

  • $RDW:

    • Redwire has positioned itself as a part of the 'picks and shovels' strategy for space. The company is diversified, flight proven, as space continues on as a high growth industry, Redwire aims to benefit heavily as one of the few public, pure play scalable platforms.

  • $LLAP:

    • Terran Orbital defines itself as a NewPrime rather than NewSpace company, which makes over ~90% of their components and modules in-house. The company is "comfortable" with its current cash position, debt and capital structure. The strategic acquisition review from Lockheed Martin ($LMT) remains ongoing.

2) SpaceX is seeking a new share tender offer that will value the company at roughly $210B. 

  • Despite rumors in late May that were shot down by Elon, the space behemoth will sell insider shares at $112 per share in a tender offer valuing the private company at ~$210 billion, according to sources familiar with the matter.

  • The May rumors valued the company at ~$200B and would have sold shares at $108 to $110 each.

  • SpaceX was last valued at $180 billion in a transaction in December 2023.

In Other News

Airbus Takes €900M Charge in H1 2024 

The hit for $EADSY comes from "certain telecommunications, navigation and observation space programs" after "identifying further commercial and technical challenges." The company is assessing 'all strategic options' for its space division, including a merger and states that a review is about 70% complete.

Skynopy Secures $3.1M in Funding 

The Paris-based satellite satellite connectivity startup offers a seamless, simplified, worldwide service for satellite operators to connect their satellites using its hybrid network of ground antennas. The funding was led by Heartcore Capital, Kima Ventures, Better Angle and BPI France.

Sift Raises $17.5M Series A 

The California-based startup develop tools to accelerate the development and ensure the reliability of complex machines. Funding will be used to growth the team and accelerating platform development. The round was led by Google Ventures.

LiveEO Raises €25M Series B 

The Berlin-based earth observation startup noted the funds will accelerate the development of its solutions that turn satellite data into actionable insights. The round was led by NordicNinja and DeepTech & Climate Fonds (DTCF).

ExLabs Raises $1.9M Funding 

The California-based scale spacecraft startup will use the funding to accelerate the development of its Autonomous Capture & Acquisition Robot (ACQR) system.

Chart of the Week

June Space Stock Performance: AST SpaceMobile ($ASTS) and Redwire ($RDW) continue on their hot streak and closed the month as tied top performers, up +40% each. Virgin Galactic ($SPCE) was the biggest loser at -51%.

Links

• Rocket Lab’s ($RKLB) Peter Beck Unplugged: The Past and Future, Neutron and SpaceX• Terran Orbital ($LLAP) Receives NYSE Listing Notice• AST SpaceMobile ($ASTS) Welcomes AT&T Head of Network to the Board• ReOrbit Selects Mynaric’s ($MYNA) CONDOR Mk3 for S2S and S2G Laser Comms Demon• Sidus ($SIDU) and NamaSys Bahrain Sign MOU To Establish JV• AST SpaceMobile ($ASTS) Announces Revised Executive Leadership Team• Terran Orbital ($LLAP) and Hanwha Systems Sign MOU• Planet ($PL) Announces Layoff for ~17% of Workforce• MDA ($MDA) Awarded $1B Contract From Canadian Space Agency• Voyager Space and Palantir ($PLTR) Announce Strategic AI Partnership

Opinion

• Suborbital Space Flights Crossroads• The Mirage at the Core of Space Commerce, Space Stations, and Other Options• The Missing Piece of Satellite’s Multi-Orbit Ambitions: A Big-Picture Vision• BlackSky ($BKSY): Increasing Competition Could Be a Problem• Planet ($PL): Emerging Leader in a Questionable Market

Earnings Calendar

• $NOC: Jul 25 - Before Market Open• $HON: Jul 25 - Before Market Open

*Company confirmed dates only.