Space SPAC Index: SatixFy Stock Surges 96%, Terran Orbital Gets $100M Investment, Cornwall Awarded Spaceport License and More (Image Credit: Payload)
After a short hiatus, Space Space Index is back.
SatixFy Stock Surges
The stock of the world’s newest space SPAC, SatixFy Communications (NYS: SATX), surged more than 96 percent on Wednesday for reasons that are not entirely clear. The stock opened at $25.21 before surging to $51.70 at the end of the trading day. The price declined to $51.01 in after-hours trading.
The reason in the sharp increase is unclear. The Florida-based supplier of satellite antennas, payloads and modems didn’t issue any press releases or make any filings with the Securities and Exchange Commission today.
Satixfy Communications began trading trading on Oct. 28 after merging with Endurance Acquisition Corp., a special purpose acquisition company (SPAC). The stock had been trading at $8.29, and it closed at $29.39 on that first day.
Space SPACs
We’re now tracking 14 space SPACs with the addition of SatixFy Communications.
Space SPAC Index
| Company | SPAC | First Trading Day | Opening Share Price | High | Current Price (11/17/22) |
|---|---|---|---|---|---|
| Arqit (NAS: ARQQ) | Centricus Acquisition Corp. | Sept. 7, 2021 | $9.25 | $41.52 (9/23/21) | $7.64 |
| Astra Space (NAS: ASTR) | Holicity, Inc. | July 1, 2021 | $12.30 | $16.95 (7/2/21) | $0.57 |
| AST SpaceMobile (NAS: ASTS) | New Providence Acquisition Corp. | April 7, 2021 | $11.63 | $15.48 (6/30/21) | $6.76 |
| BlackSky (NYS: BKSY) | Osprey Technology Acquisition Corp. | Sept. 10, 2021 | $11.80 | $13.20 (9/16/21) | $1.82 |
| Momentus (NAS: MNTS) | Stable Road Acquisition Corp. | Aug. 13, 2021 | $10.85 | 12.87 (9/7/21) | $1.32 |
| Planet Labs (NYS: PL) | dMY Technology Group, Inc. IV | Dec. 8, 2021 | $11.25 | $11.65 (12/8/21) | $5.37 |
| Redwire (NYS: RDW) | Genesis Park Acquisition Corp. | Sept. 3, 2021 | $10.70 | $16.98 (10/25/21) | $2.47 |
| Rocket Lab (NAS: RKLB) | Vector Acquisition Corporation | Aug. 25, 2021 | $11.58 | $21.34 (9/9/21) | $4.52 |
| Satellogic (NAS: SATL) | CF Acquisition Corp. V | Jan. 26, 2022 | $9.19 | $10.92 (5/4/22) | $4.78 |
| Satixfy (NYS: SATX) | Endurance Acquisition Corp. | Oct. 28, 2022 | $8.29 | $51.70 (11/17/22) |
$51.01 |
| Spire (NYS: SPIR) | NavSight Holdings, Inc. | Aug. 17, 2021 | $10.25 | $19.50 (9/22/21) | $1.36 |
| Terran Orbital (NYS: LLAP) | Tailwind Two Acquisition Corp. | March 28, 2022 | $12.69 | $12.69 (3/28/22) | $2.67 |
| Virgin Galactic (NYS: SPCE) | Social Capital Hedosophia | Oct. 28, 2019 | $11.79 | $62.80 (2/4/21) | $5.31 |
| Virgin Orbit (NAS: VORB) | NextGen Acquisition Corp. II | Dec. 30, 2021 | $8.525 | $11.28 (1/11/22) | $2.98 |
Terran Orbital Gets Investment, Loses Staff
Lockheed Martin invested $100 million in Terran Orbital (NYS: LLAP) to expand the company’s satellite manufacturing operations. The two companies also signed a new strategic cooperation agreement that runs through 2035. The two companies will “share their expertise and relationships to advance emerging technology across military, commercial, and civil customers.”
The moves shifted Terran Orbital’s focus to serving the national security market. The company plans to offer additional products and services as follows:
- payloads including synthetic aperture radar (SAR), electro-optical, hyperspectral, infrared, and secure communication,
- high-reliability satellite subassemblies and component offerings, including, but not limited, to star trackers, flight computers, reaction wheels, battery solutions, and guidance, navigation and control solutions,
- mission operations for satellites using Terran Orbital and partner ground networks, and
- other defense-related products.
Terran Orbital revealed it was ending development of its PredaSAR synthetic aperture radar satellite constellation. The company also announced that it would expand manufacturing facilities in Irvine, Calif., instead of expansion on Florida’s Space Coast as previously planned.
SpaceNews reports that Terran Orbital’s decision to focus on the national security market led to the departures of three executives who disagreed with the move: Adam Thurn, vice president of engineering; Austin Williams, chief technology officer; and John Abel, senior technology fellow.
Virgin Orbit Still Waiting for License
Spaceport Cornwall received the first spaceport license issued by the UK Civil Aviation Authority (CAA) that will allow Cornwall Airport Newquay to host an upcoming launch by Virgin Orbit. It will be the first orbital launch to originate from UK soil.
But, Virgin Orbit can’t operate from the spaceport just yet. CAA said it is in the “very advanced stages with Virgin Orbit on its applications for launch and range licences, as well as the satellite operators, ahead of a proposed first UK launch.”
Virgin Orbit is scheduled to launch 8 small satellites using its LauncherOne rocket, which will be dropped over the Atlantic Ocean by the Cosmic Girl Boeing 747. The flight was originally scheduled to take place during the summer, but it has been delayed as CAA works through licensing procedures.
Virgin Orbit officials revealed during their third quarter earnings on Nov. 7 that the Cornwall flight will be the company’s third and final launch of the year. Virgin Orbit had originally targeted four to six launches in 2022.
Virgin Orbit also received a $25 million investment from Richard Branson’s Virgin Group three days before the earnings call. The company’s cash and cash equivalents declined from $122 million to $71.2 million in the third quarter as it ramped up rocket production.
BlueWalker 3 Antenna Expands
AST SpaceMobile announced on Monday that the 693-square foot (64.4 square-meter) array on its BlueWalker 3 communications satellite had fully deployed in orbit.
BlueWalker 3 is a test satellite for a constellation that would provide 5G communications services to smart phones around the world. The phones would not require modifications.
Earnings Calls
Parabolic Arc has posts about third quarter earnings reports by most of the space SPACs.
- Astra Space to Lay Off 16 Percent of Employees, Reports $199 Million 3rd Quarter Loss
- BlackSky Reports Higher Revenues, Narrower Loss for 3rd Quarter
- Momentus Announces Net Loss as Company Gears Up for Next Launch
- Rocket Lab Ramps Up Operations, But Profitability Remains Elusive as Company Spends to Develop New Booster
- Spire Global Reports Increased Revenues, Narrows Loss
- Terran Orbital Reports Record 3rd Quarter Revenue
- Virgin Galactic Reaffirms Plans to Begin Commercial Service in Q2 2023, Delays More Capable Second Spacecraft to 2024 as Quarterly Net Loss Triples
- Virgin Orbit Quarterly: $30.9M in Revenues and $43.6M Net Loss; Virgin Group Makes $25M Investment as Cash Reserves Shrink
There will be more to come in the days ahead.
