This Week In Space Industry

Greetings Intergalactic Detectives!

In this second edition of Rocket Roundup, we're about to take you on a ride even wilder than an alien dance party (yes, those exist in this universe!). So, fasten your seatbelts and secure your helmets because we've got an interstellar surprise waiting for you in the cosmos of space business. 🚀🌌👽

Let's embark on this cosmic journey together! In This Issue:

• Astra Space Announces Reverse Stock Split

• Prewitt Ridge Raises $4.1M Seed Round

• Spaceium and The Exploration Company Partner for In-Space Servicing

• Open Cosmos Raises $50M

Astra Space Pulls a Cosmic Financial Maneuver

Astra Space Pulls a Cosmic Financial Maneuver: In a bid to dodge delisting from the stock exchange, Astra Space has initiated a reverse stock split at a striking ratio of one for 15, promptly elevating their stock price from the celestial depths of $0.0001. Once a star on NASDAQ's stage in the 2021 SPAC frenzy, Astra's meteoric rise hit turbulence when its share price plummeted below NASDAQ's $1 minimum. This financial maneuver, akin to a rocket's boost stage, is a familiar lifeline for struggling companies like Momentus and Spire.

Challenges in Orbit: Astra Space, facing financial gravity, witnessed an exodus of talent amid tightening venture funding and concurrently ventured into spacecraft thruster production. CEO Chris Kemp is on the hunt for strategic investors to ensure a smooth financial trajectory while grappling with delays in Rocket 4 development, deferring its interstellar debut. Yet, Astra remains in orbit, a stark contrast to the now-defunct Virgin Orbit, which became a financial black hole in April.

Prewitt Ridge Secures $4.1M to Propel Verve Software Beyond the Stars

Prewitt Ridge has successfully closed a $4.1 million seed round, fueling their mission to expand their go-to-market team and develop new integrations for their Verve requirements management software. Squadra Ventures led the funding round, joined by investors like Stage Venture Partners, Aurelia Foundry, and techStars. With the backing of Squadra Ventures' Guy Filippelli, who joins Prewitt Ridge's board, the company is set to enhance efficiency for engineers, addressing the growing demand for digital engineering in sectors like the US Department of Defense.

Navigating the Verve Frontier: Prewitt Ridge, founded in 2019, provides engineers with Verve, a tool designed to streamline and expedite complex projects by organizing and managing requirements. Having secured $2.2 million in DoD SBIR awards and collaborating with the Air Force Research Laboratory, the company is now eyeing broader applications for Verve beyond the space industry, including potential adoption by the automotive sector. Muon Space and Hydrosat are already benefiting from Verve's capabilities in the space sector, marking Prewitt Ridge's trajectory toward interdisciplinary expansion.

Spaceium and The Exploration Company: A Cosmic Collaboration

In a celestial partnership, Spaceium, a startup focused on creating in-orbit pit stops for interplanetary missions, is joining forces with The Exploration Company for a groundbreaking demo mission. Their goal? To showcase the future potential of in-space servicing. Spaceium is diligently crafting a modular refueling, charging, and debris storage station set to launch next year, aligning perfectly with The Exploration Company's Nyx craft, which is designed for pit stops during lengthy Earth or lunar journeys. Together, they've inked a bilateral letter of intent to demonstrate cryogenic refueling using Nyx and the forthcoming orbiting service station, loaded with cryogenic bio-methane and oxygen.

A Thrilling Space Odyssey: Nyx, not content with mere pit stops, has grand plans on its horizon. The Exploration Company recently secured an agreement with Axiom Space to employ Nyx for a cargo mission to Axiom's future space station. After Nyx's demo flight in the coming year, The Exploration Company has an ambitious flight schedule, including its first operational flight to and from Earth orbit in 2026 and a planned lunar voyage just two years thereafter. The stars align as these ventures navigate the uncharted realms of in-space servicing and exploration.

Open Cosmos Raises $50M to Expand Global Satellite Initiatives

UK-based Open Cosmos, known for its work in developing satellites for climate change and humanitarian efforts, has secured a significant $50 million in Series B funding. Led by ETF Partners, Trill Impact, and A&G, with participation from Accenture Ventures, Banco Santander InnoEnergy Climate Tech Fund, and others, this latest funding brings Open Cosmos's total funding to $57 million. Open Cosmos offers its Open Orbit service, facilitating satellite operations and data collection without client intervention, from design and manufacturing to launch and operation until end-of-life disposal. The company plans to expand internationally into Latin America, the Middle East, and the Asia Pacific, while enhancing its data collection capabilities and developing larger satellites to meet growing market demand.

Navigating the Cosmos with Open Cosmos: Open Cosmos is a trailblazer in simplifying satellite deployment and data collection, making it an affordable and accessible tool for understanding Earth, especially in light of climate change and the rise of AI/ML solutions for data insights. With six missions already launched and three more on the horizon, Open Cosmos's OpenConstellation platform aims to democratize satellite data sharing, unlocking the full potential of space data. As they look to the future, Open Cosmos is poised to extend its global footprint and technological capabilities, taking the world closer to a more interconnected and data-rich orbit.

🚀 Bits of Space Bites 🛫

• Firefly Aerospace's lightning-fast launch sends VICTUS NOX into space, proving that even in the vast cosmos, time is of the essence! 🚀🌌

• China's new space situational awareness base poses celestial challenges and opportunities for the U.S. in the cosmic chess game.

• Virgin Galactic's 'Galactic 04' mission rockets into space, achieving their fifth spaceflight in just five months, making it a celestial pace-setter! 🚀🌌

• Ball Aerospace secures $489.6 million contract to create a cutting-edge weather satellite sounder, bringing us closer to accurate cosmic weather forecasting! 🌦️🛰️

• Telesat and SpaceX team up for a stellar 14-launch agreement to illuminate the skies with advanced Telesat Lightspeed LEO satellites!" 🌠

• Rocket Lab gears up for a quartet of Leidos HASTE missions, launching us into a new era of space exploration! 🚀🌌

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DISCLAIMER: (Rocket Roundup is an independent publication and is not affiliated with any government agency or space organization.)