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- 🚀 The $570B Space Economy
🚀 The $570B Space Economy
Plus Q2 space earnings kickoff, $ASTS shares soar, Astranis' $200M Series B, $LLAP $89M offering and more! The latest space investing news and updates
The Space Scoop
Week Ended 07.26.2024
Happy Friday! Space earnings szn has kicked off with Iridium and the Primes while the calendar has filled out for Space SPACs. $387M of venture capital was also raised this week. Lets dive in.
Market Max-Q
Top Stories
1) Q2 space earnings highlights:
Revenue: $201M, +4% YoY
Net Income: $32M vs. $(31)M YoY
Oper. EBITDA: $114M, -2% YoY
Billable Subscribers: 2.413M, +13% YoY
Shares: +7%
Net Sales: $3B, +1% YoY
Oper Profit: $346M, +11% YoY
Oper Margin: 11% vs. 10% YoY
Total Equity Earnings (ULA): $10M
Shares: +6%
Revenue: $3B, +50% YoY
Oper Earnings: $319M, +35% YoY
Oper Margin: 11% vs. 12%
Total Backlog: $20B
Shares: -3%
Sales: $4B, +2% YoY
Oper Income: $324M, +14% YoY
Oper Margin: 9% vs. 8%
Shares: +6%
Net Sales: $7B, +10% YoY
Oper Income: $1B, +24% YoY
Oper Margin: 16% vs. 14%
Shares: +8%
Sales: $4B, +16% YoY
Oper. Profit: $1B, +14% YoY
Oper. Margin: 27% vs. 28%
Shares: -5%
In Other News
The Global Space Economy Grew +7.4% in 2023 to $570B
Per the non-profit Space Foundation, the increase was driven by +11% increase in international government spending, with commercial revenues growing +5.4%. Commercial revenues topped $445B, accounting for 78% of the space economy that has nearly doubled in size in the past decade.
AST SpaceMobile First Commercial Satellites Complete Final Assembly
$ASTS will be shipping Bluebird satellites to Cape Canaveral next month ahead of a September launch window. Shares soared +24.5% on the day and +46.7% on the week.
Saronic Raises $175M Series B Round
The Texas-based defense tech startup plans to scale production of its three autonomous surface vessels. The round was led by Andreessen Horowitz, with participation from 8VC, Caffeinated Capital, Elad Gil and NightDragon.
Star Catcher Raises $12.25M Seed Round
(Payload)
The space-based energy grid startup, founded by ex-Made in Space/Redwire execs, plans to sustain bigger and more complex missions in orbit. The round was co-led by Initialized Capital and B Capital, with participation from Rogue VC.
Astranis Raises $200M Series D Round
With the new capital, the GEO satellite startup has fully funded its next-gen satellite program, Omega. The round was led by Andreessen Horowitz and Balyansy Asset Management, with participation from Blackrock, Fidelity, and Baillie Gifford.
Chart of the Week
AST SpaceMobile: Despite a -92% de-SPAC move over from Feb'21 to Apr'24, $ASTS shares have been on a tear on the back of AT&T and Verizon partnerships and shipment of Bluebird satellites this week to be +93% since inception. Don't call it a comeback! (and RIP to the shorts)
Links
• Planet ($PL) Signs Seven-Figure Expansion With US-Allied Government Agency for SkySat High Resolution Data• Terran Orbital ($LLAP) Announces up to $98M of New Capital Through At-the-Market Offering Program• Blue Origin Announces Crew for New Shepard’s 26th Mission• Rocket Lab ($RKLB) Sets Launch Window for 51st Electron Mission for Synspective• Planet ($PL) and Taylor Geospatial Institute Extend Contract To Provide Data and Solutions to Consortium Through 2026• Viasat ($VSAT) Announces New Reporting Segment Structure
Opinion
• The Space Consolidation That Didn’t Happen• The Vital Role of GPS Backup Systems• $ARKX: The Better ARK ETF• AST SpaceMobile ($ASTS): A Moonshot Investment Opportunity in the Direct-to-Cell Race• Intuitive Machines ($LUNR): Capitalizing on Strong Growth From NASA Service Contracts
Earnings Calendar
• $BA: Jul 31 - Before Market Open• $SPCE: Aug 7 - After Market Close• $RDW: Aug 7 - After Market Close• $BKSY: Aug 8 - Before Market Open• $MDA: Aug 8 - Before Market Open• $GSAT: Aug 8 - Before Market Open• $RKLB: Aug 8 - After Market Close• $ASTS: Aug 14 - After Market Close• $SPIR: Aug 14 - After Market Close
*Company confirmed dates only.