A New Crop of Early Stage Space Startups Emerges
Introducing the new crop of early-stage space startups.
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Satellite Manufacturer Transaction Valuations
MDA Space announced last week that it plans to buy Blue Canyon Technologies from RTX for $620M at a 4x revenue multiple.
Will the Space Industry Consolidate Like Defense Did in the 90s?
The year was 1993, and Lockheed was without Martin, Northrop was without Grumman, and Boeing had not yet acquired McDonnell Douglas. The defense industry had a diverse set of suppliers, with over 50 defense primes competing for government contracts.
Space Stocks Bull Run Chills Out
When Rocket Lab’s valuation matched that of Northrop’s on May 22nd—despite Rocket Lab having 60x less revenue—antennas went up. The company had another few days of bull before falling 30%+.
A similar trend was seen across space stocks, including BlackSky, Planet, Intuitive Machines, Firefly, and AST SpaceMobile, as the SpaceX IPO and general space hype take a breather.
SpaceX’s Rapidly Declining Revenue Multiple and Final Insights Leading Up to the IPO
SpaceX should be able to clear $100B in revenue by 2028, particularly when you consider the company is to reach $60B of annualized revenue by the end of this year (more on that later).
Planet’s Revenue Growth
Planet Labs reported strong 42% YoY Q1 revenue growth last week.
There Are Too Many Satellite Bus Manufacturers In The Market
Eighteen months ago, something strange happened in the space industry: everywhere you looked, satellite bus manufacturers (new, old, pivoted, or expanded into) started raising capital at astronomical levels and valuations.
Nuggets in the SpaceX S-1 and Our Thoughts on the Business
SpaceX’s IPO prospectus is here.
BlackSky Revenue
BlackSky generated $21M of revenue in Q1, a 29% YoY decline.
Optical Links: When to Incorporate Them? When Not To?
For many satellite applications, optical links are not worth their cost (often hundreds of thousands of dollars).
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LATEST REPORT
Rocket Lab Report
Rocket Lab’s thesis centers on becoming a fully integrated space infrastructure company, controlling every step from satellite production and launch to space-based data services
