🚀 Starlink: "No Near-Term IPO"

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The Space Scoop

Week Ended 03.21.2025

Happy Friday! And a big welcome home to Suni and Butch. Lets dive in.

Market Max-Q

Top Stories

1) Planet ($PL) reported fourth quarter and annual 2025 earnings. Takeaways include: 

• The Company announced record quarterly and annual revenues of $61.6M and $244.4M, which attributed to a shift in strategy from selling data to selling solutions targeted at specific industries like defense and intelligence. 

• Planet improved various metrics compared to the prior year including gross margin of 57%, up from 51%, net loss of $(123)M vs. $(141)M, and adjusted EBITDA of $(11)M vs. $(55)M. 

• Ending the year with $222M in cash & equivalents, Planet also grew backlog +105% YoY to $498M and achieved its first quarter of profitability (via ... adjusted EBITDA) in the fourth quarter. Will this set the stage for other line items mentioned to follow? Time will tell.

• Following earnings release, the Company released its first light images from Pelican-2 and announced a $95M multi-year contract a primary subcontractor for California Air Resource Board's Satellite Data Purchase Program.

• Shares closed down -9% for the week.

In Other News

Pangea Raises €23M Series A 

(ESF)

The Spanish propulsion system startup will use the funding to “accelerate its expansion in the European market,” doubling its workforce and scaling up manufacturing, integration and testing capabilities. The round was led by the Hyperion Fund, with participation from Primo Space Fund, CDTI INNVIERTE programme and former ArianeGroup CEO André-Hubert Roussel.

ATLANT 3D Raises $15M Series A+ 

(VM)

The startup focused on developing atomic-scale manufacturing technology for optics, photonics, microelectronics, quantum computing, sensors and space applications will enable further development of direct atomic layer processing (DALP) technology. The round was led by West Hill Capital.

Remos Space Raises €1M Seed

(CNBC)

The Swedish startup focused on software-defined solutions for satellite ground operations will help strengthen their African market presence. Participating investors were not disclosed.

Image of the Week

Welcome Back: Not only were NASA Astronauts Suni Williams and Butch Wilmore relieved of their return back to earth, but so were the local dolphins after an 8-day mission turned into a 280-day unanticipated stint. A big thank you to the SpaceX team!

Links

• SpaceX CFO Says Starlink Is “Not Working on Any Near-Term IPO Efforts”• SatixFy ($SATX) Signs Over $10M in Further Agreements With MDA Space ($MDA)• Sidus ($SIDU) Launches LizzieSat-3• Rocket Lab ($RKLB) Launch Completes Deployment of Full Kinéis Constellation in <1 Year• BlackSky ($BKSY) Completes Critical Design Review Milestone With Major International Defense Customer• Globalstar ($GSAT) Expands Capabilities With New Satellite Operations Control Center• Spire ($SPIR) Launches Breakthrough AI Weather Models Built on NVIDIA ($NVDA) Omniverse Blueprint for Earth-2• Rocket Lab ($RKLB) Schedules Rapid Four Mnth Turnaround Electron Launch for OroraTech• Redwire ($RDW) Receives All Regulatory Approvals To Acquire Edge Autonomy

Opinion

• One Customer Does Not a Business Make• The New Wave of Asteroid Mining Ventures• A New Era for European Defense and Space• Rocket Lab ($RKLB) Is at a Critical Inflection Point• Planet ($PL) Continues To Pare Losses, but Q4 Miss Suggests Being Patient

Earnings Calendar

• $LUNR: Mar 24 - Before Market Open (Q4)• $LMT: Apr 22 - Before Market Open (Q1)

*Company confirmed dates only.