This Week In Space Industry(18/11/2023)

Greetings Detectives

Welcome to Rocket Roundup, Your favorite Saturday space newsletter! We're here to share exciting space news and discoveries with you.

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

• Rumors of Starlink IPO?

• White House Releases Spectrum Strategy

• Firefly Aerospace reaches a valuation of $1.5 billion

• More Q3 earnings

Elon Musk Denies Reports of Starlink IPO in 2024

Elon Musk has denied rumors of a late 2024 Starlink IPO, which were initially reported by Bloomberg. The report claimed that SpaceX had been transferring the satellite unit's assets to a wholly owned subsidiary in preparation for a potential IPO. In response to the report, Musk called it "false" in a tweet.

While Musk has expressed intentions to take Starlink public when revenue growth and cash flow stabilize, he did not provide a specific timeline. Musk recently announced that Starlink achieved cash-flow breakeven. Meanwhile, Ron Baron, a prominent SpaceX investor, remains optimistic about the company, stating in an interview that he believes SpaceX could be worth around $500 billion by 2030.

Starship test flight 2: SpaceX rocket launch set for Saturday

SpaceX is scheduled for the second test launch of its Starship on November 18(today). The Starship is the largest rocket ever designed to carry 100 people to Mars, with Elon Musk envisioning it as a means to colonize Mars, while NASA anticipates a modified version for human lunar landings. The upcoming launch follows the first attempt in April, which ended in an explosion over the Gulf of Mexico. SpaceX views such explosions as part of the iterative development process.

As of the information provided, the SpaceX Starship launch is scheduled for November 18 at 7:00 am local time (1300 GMT). Note that the live launch will take place approximately one hour after this newsletter is sent. Viewers can tune in to the live stream on SpaceX's website and X, Elon Musk's social media platform, to follow the event.

White House Releases Spectrum Strategy: House Committee Considers Different Proposal

The White House revealed its National Spectrum Strategy for regulating commercial space activities, aiming to ensure adequate access to spectrum resources. Concurrently, the House Science, Space, and Technology Committee discussed its proposal, the Commercial Space Act of 2023 (HR 6131), which designates the Commerce Department's Office of Space Commerce as the "single authority" for novel space missions.

Lawmakers approved six amendments but postponed the final vote until after Thanksgiving. Democrats urged waiting to consider the National Space Council's plan, which splits authorities between the Transportation and Commerce Departments, with the FAA overseeing crewed activities' safety, and the Commerce Department handling uncrewed novel space activities.

Here is a summary of the Q3 earnings for several space-related companies:

• Intuitive Machines ($LUNR):

  • Cash & Equivalents: $41M

  • Revenue: $13M, +23% YoY

  • Operating Loss: $(23)M vs. $(12)M

  • Adjusted EBITDA: $(20)M vs. $(12)M

  • Contracted Backlog: $135M

• Terran Orbital's ($LLAP):

  • Cash & Equivalents: $39M

  • Revenue: $44M, +58% YoY

  • Net Loss: $(27)M vs. $(28)M

  • Adjusted EBITDA: $(13)M vs. $(14)M

  • Backlog: $2.6B ($2.4B = Rivada)

• AST SpaceMobile ($ASTS):

  • Cash & Equivalents: $136M

  • Revenue: $0 vs. $4M YoY

  • Operating Expenses: $59M vs. $42M

  • Gross Capitalized Costs: $266M

  • Net Loss: $(21)M vs. $(10)M

• Momentus ($MNTS):

  • Cash & Equivalents: $10M

  • Revenue: $339k, +163% YoY

  • Net Loss: $(15)M vs. $(21)M

  • Adjusted EBITDA: $(11)M vs. $(16)M

• SIDUS SPACE ($SIDU):

  • Cash & Equivalents: $1.6M

  • Revenue: $986k, -25% YoY

  • Net Loss: $(4)M vs. $(4)M

  • Operating Expenses: $4M, flat YoY

• ASTRA ($ASTR):

  • Cash & Equivalents: $14M

  • Revenue: $256k, -91% YoY

  • Net Loss: $(30)M vs. $(199)M

  • Adjusted EBITDA: $(25)M vs. $(42)M

These figures provide insights into the financial performance and position of these companies in the space industry during the third quarter of the year.
(Credits: thespaceinvestor)

Firefly Aerospace Closes Third Tranche of Series C Round

Firefly Aerospace has closed another financing round, raising approximately $300 million since February 2023 and reaching a valuation of $1.5 billion pre-money. Led by existing investors and joined by new investors, the funding comes after the successful launch of the VICTUS NOX mission. The company has secured contracts for multiple Alpha missions, signed agreements with Lockheed Martin and L3Harris, and won contracts for its Blue Ghost Lunar Lander product line. Firefly's on-orbit vehicle, Elytra, is set for its first National Reconnaissance Office mission, and the Medium Launch Vehicle co-developed with Northrop Grumman has upcoming milestones.

FOSSA Systems Closes Funding Round For IoT Birds

Satellite-based IoT startup FOSSA Systems has closed an undisclosed funding round led by Indico Capital Partners and Nabtesco Technology Ventures, with participation from existing investor Newmind Venture. FOSSA aims to expand its network of low-power satellites to enhance communication on Earth. The company plans to consolidate its industrial satellite and IoT commercial offering while extending its global reach. The use of low-power satellites in space facilitates efficient communication, data collection, and self-regulation for technologies in industries such as agriculture, manufacturing, and logistics, particularly in remote areas not covered by Earth-bound IoT solutions.

• Hughes JUPITER 3 Satellite Begins Over the Air Testing With the Ground System

• Eutelsat Lands LEO Deal in Taiwan

• Delay for Peru’s first telecoms satellite creates opportunity for the Philippines

• Starship lunar lander missions to require nearly 20 launches, NASA says

• European launch deal praised despite competition questions

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DISCLAIMER: (Rocket Roundup is an independent publication and is not affiliated with any government agency or space organization.11