🚀 Voyager & Karman File for IPO

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The Space Scoop

Week Ended 01.24.2024

Happy Friday! This week, the US saw the second inauguration of Donald Trump and space markets are continuing strong on the optimism. Two well known companies, Voyager Technologies & Karman Space and Defense, made the jump into public markets with an S-1 filing while Redwire made a near $1B acquisition. Here's to hoping 2025-2028 is a renaissance for the space industry. Lets dive in.

Market Max-Q

Top Stories

1) Redwire ($RDW) acquires Edge Autonomy for $925M. 

• RDW acquired the provider of uncrewed airborne system (UAS) technology for just shy of a billion dollars in a expansion play into defense markets. The transaction will be funded via $150M in cash and $775M in common stock at $15.07 per share.

• The transaction is expected to be immediately accretive to revenue, adjusted EBITDA and free cash flow. For TTM ending December 31, 2025 as a combined company, RDW is forecasting revenues of $535-$605M and adjusted EBITDA of $70-$105M with positive FCF.

• The acquisition was announced on Monday's afternoon during the stock markets closure for MLK Jr. Day. The next day shares were up +51% and finished the week +44%. 

2) Voyager Technologies confidentially files for an IPO.

• On Tuesday, Voyager, best known as the leading partner for the Starlab commercial space station project, stated it had confidentially filed for an initial public offering between a $2-3B valuation.

• The number of shares to be offered and the share price range have not yet been disclosed and the IPO is planned for later this year. In 2023, the company last raised $80M.

• Founded in 2019 by Dylan Taylor, the company rebranded from Voyager Space Holdings to Voyager Technologies. Voyager has 2,000 missions in space on behalf of commercial, civil, national security and non-profit customers from about 35 nations.

• Strategically announced one day after the Trump inauguration, it appears Voyager is hoping for a friendlier regulatory environment and continued strong equity markets.

3) Karman Space and Defense files for $100M IPO.

• Filing with the SEC under TCFIII Spaceco Holdings LLC, Karman Holdings disclosed $331M in revenue for the trailing twelve months ended September 30th 2024.

• The number of shares to be offered and the share price range have not yet been disclosed and the company intends to apply to list its shares on the New York Stock Exchange (NYSE) under ticker symbol $KRMN.

• In the prospectus, the company, which was founded in August of 2020, describes itself as specializing in the "upfront design, testing, manufacturing, and sale of mission-critical systems for existing and emerging missile and defense, and space programs."

In Other News

AST SpaceMobile Raises $400M via Convertible Notes 

(BW)

$ASTS is back with another debt deal raising $400M through convertible notes to continue building out its BlueBird constellation. The convertible debt can be converted into equity if shares  are over $45 or be cashed at the bond's maturity in 2032. Shares fell -12% on the news per dilution concerns but finished the week only down -2%. The Company now has $900M+ of cash on its balance sheet.

Spaceium Raises $6.3M Seed Round 

(Co)

The startup focused on building a network of in-space refueling stations will use the funding from the oversubscribed round to demonstrate refueling tech in orbit and build out its team. Spaceium was a member of Y Combinator’s Summer 2024 batch. The round was led by Initialized Capital, with participation from 10+ VC firms and angel investors.

Space Perspective Reportedly Facing Eviction 

(FLT)

Earlier this week the space tourism company received an eviction notice Friday at its facility at Space Coast Regional Airport in Florida due to failure to pay ~$90k in rent. Activity has nearly halted in recent weeks at the headquarters. During a recent interview, CEO Michael Savage said about ~75% of workers have been furloughed and the company is seeking new investors by the end of Q1.

Chart of the Week

Starlink Revenues: Per Quilty Space, SpaceX's Starlink is estimated to have done $7.8B in revenue last year, compared to an ~$2.9B in 2023. The research firm projects Starlink will near 8M subscribers in 2025, with revenue reaching $12.3B.

(Source)

Links

• President Trump Likely To Axe Space Council per Sources• Airbus ($EADSY) & Boeing ($BA) Predicted To Divest Their Space Divisions This Year, Says VC Firm Space Capital• Globalstar ($GSAT) To Delist From NYSE American and Transfer to Nasdaq Upon Reverse Stock Split• Viasat ($VSAT) Selected for $4.8B Ceiling NASA Near Space Network Services IDIQ Contract• Sidus ($SIDU) Appoints Former Terran Orbital CFO as New CFO• Rocket Lab ($RKLB) Schedules Next Electron Launch for Kinéis in February• Momentus ($MNTS) Files To Sell 1.5M Shares of Common Stock• Viasat ($VSAT) Announces Reorganization of Senior Executive Team• BlackSky ($BKSY) Ships First Gen-3 Satellite To Rocket Lab ($RKLB) for Launch in February• Intuitive Machines ($LUNR) Awarded $2.5M NASA Contract To Advance Lunar Logistics, Cargo, and Mobility Solutions

Opinion

• Which Space Stocks Will Soar in 2025?• How the Space Industry Is Preparing for Trump’s Tariffs• Make Space Great Again: Why Trump Could Launch $ARKX Into the Stratosphere• AST SpaceMobile ($ASTS) Is Addressing a Tiny Market• After Price Surge, Planet ($PL) Investors May Be Getting Ahead of Themselves

Earnings Calendar

• $BA: Jan 28 - Before Market Open• $LMT: Jan 28 - Before Market Open• $GD: Jan 29 - Before Market Open• $NOC: Jan 30 - Before Market Open• $HON: Feb 6 - Before Market Open• $IRDM: Feb 13 - Before Market Open

*Company confirmed dates only.