THE SPACE ALMANAC

Q4 2020 - Q1 2021

ARCHIVING
S P A C E A THE
L M A SPACE
N A C . CITSELF
O M

COMPILED BY DZHOZEF KONRAD

DATA SOURCES:
NASA reports.
White House original documents.
Pentagon original documents.
Newsletters by:
- Payload Research;
- The Orbital Index;
- Space News;
- Quartz;
- NFX.
Other open-source data.
 FIREFLY AEROSPACE
RAISES $75 MILLION
SERIES A ROUND

Firefly Aerospace, nearing the first launch of its Alpha

rocket, announced May 4 it raised $75 million in a
Series A round that values the company at more than
$1 billion.

READ MORE
 ITALIAN COMPANY AVIO BUYS
10 MORE ENGINES FOR VEGA ROCKET
MADE BY THE UKRAINIAN YUZHNOYE

Italian company Avio S.p.A. will buy 10 engines for

VEGA rocket made by the Ukrainian Yuzhnoye State
Design Office. The lightweight launch vehicle Vega is
the joint project of the ESA - European Space Agency
and the Italian Space Agency.

READ MORE
MYSAT UA FINISHES CROWDFUNDING
FOR EXTRA CHEAP
SATELLITE MODELS

Ukrainian startup MySatUA raises 80 000 UAH for

educational satellite kit. Founded by Dmytro Khmara,
MySatUA will serve as a scientific and STEM kit to
explore the basics of programming, physics, and
orbital mechanics.

READ MORE
2020 OVERVIEW
For the first time, a commercially built and
operated spacecraft (courtesy of SpaceX)
launched NASA astronauts to the International
Space Station (ISS). The missions were the first
LAUNCH to lift off from the U.S. since NASA grounded its
space shuttle fleet in 2011.
There were 39 licensed commercial launches in
the U.S., surpassing 2018's record of 33 (see
chart below). A record 31 rockets launched from
Cape Canaveral alone by SpaceX and ULA,
shattering the previous record from the Apollo
era.
Rocket Lab became the third private company
(after SpaceX and Blue Origin) to achieve
operational reusability via its Electron rocket.
SpaceX has now launched more than 900 Starlink
SATELLITE satellites to date; 900 remain in orbit,
BROADBAND constituting the largest constellation ever
assembled.

INVESTMENT Public markets proved their willingness to take a

chance on the space industry. Year to date (YTD)
performance on newly public pure-play space
companies: Virgin Galactic (NYSE: SPCE) +107%
YTD, Momentus Space (NASDAQ: SRAC) +89%
YTD, AST & Science (NASDAQ: NPA) +41.5% YTD
.
Investors have poured a record $5.5 billion into
space infrastructure companies through Q3
2020. Investment in the space industry is
expected to reach record levels in 2020.
2020 OVERVIEW
GOVERNMENT The Space Force completed its first full year of
operation. The branch was established at the end
of 2019 as the newest of the eight U.S.
uniformed services.
EXPLORATION After a forty-year hiatus, rock samples were
brought back to Earth thanks to China's Chang'e-
5 mission.
July was the most crowded martian launch
window since the Space Race. A number of
spacecraft left for Mars including NASA’s
Perseverance rover, China’s Tianwen-1
orbiter+rover+lander combo, and the UAE's Hope
orbiter.
Japan’s Hayabusa-2 spacecraft successfully
returned samples from a carbonaceous asteroid
called Ryugu.
NASA’s OSIRIS-REx mission snagged a sample of
an asteroid called Bennu in October. It'll make its
way back to Earth in late 2023.

U.S. COMMERCIALLY SUCCESSFUL ORBITAL

LICENSED LAUNCHES LAUNCHES (BY
SINCE 1990 COUNTRY)
2020 OVERVIEW
EARTH OBSERVATION
The San Francisco-based startup's
Capella-2 synthetic aperture radar
(SAR) satellite has captured photos
featuring the sharpest commercial
SAR imagery available in the world.
How does it work? SAR sends pulses
of radio waves to the target area that
bounce off, creating an echo that can
be detected upon the waves return.
The echoes are then stitched
together by software to create an
POLICY image. Capella is working to establish
a constellation of SAR satellites to
The Senate passed by unanimous provide daily global imagery and data
consent the NASA Authorization Act of to government and commercial
2020 (check out fact sheet here), customers. SAR data is already in
which aims to set policy for the agency high demand from government
on a number of high-profile programs. agencies, but there is a fast-growing
Congress approved ~$23.3 billion in commercial market. Some potential
annual appropriations for the space use cases include crop yield
agency, about $2 billion less than predictions, oil inventory monitoring,
NASA requested. The cuts came construction activity monitoring, or
primarily from the Human Landing even deforestation alerts.
System, a key part of the Artemis
program. Congress only provided $850
million of the requested $3.3 billion.
NASA Administrator Jim Bridenstine
has alluded that the cut could pose a
risk to the current 2024 timeline to
land on the Moon. It's unlikely the bill
will pass the House. However, it does
set a starting point for a NASA
authorization bill in early 2021 under a
new Congress.
2020 OVERVIEW
OTHER NEWS
Viasat has petitioned the FCC for an
environmental review of SpaceX's
Starlink constellation
Citing concerns related to orbital debris and
atmospheric impacts of launch and reentry,
the petition asks to revisit the FCC
authorization of 12,000 Starlink satellites.
Japan planning to launch first wooden
satellite in 2023
Japanese timber firm Sumitomo Forestry and
the University of Kyoto will conduct basic
research for an eco-friendly satellite
campaign to minimize space junk pollution.
SpaceX to double launchpad usage for
Starship, SuperHeavy flights coming in 'a
few months'
Musk noted on Twitter that the cadence of
upcoming Starship tests will increase. The
company will also begin testing the
SuperHeavy booster with a series of low
altitude "hops."
Indian launch startup Skyroot Aerospace
tests solid propulsion rocket stage
The company said it test-fired a version of
the Kalam-5 motor which will be used on its
Vikram-1 launch vehicle in late 2021.
China space station on track for 2022
with core module to launch in spring
The station will be constructed over 11
missions in the next two years and
completed by 2022.
2021
MARCH STARSHIP
#1Last week, SpaceX was able to successfully land its Starship SN10 prototype
on just its third high altitude test flight. The vehicle exploded on the pad a few
minutes later.
The details: The SN10 prototype of Starship, SpaceX's next-generation
reusable launch vehicle, flew to an altitude of 10km, transitioned to a
horizontal orientation (i.e. "the belly flop") to slow its decent, and landed
vertically back onto its launchpad. Unfortunately, the SN10's landing legs
failed to lock into place, likely starting a methane leak that led to the explosion.
Why it matters: Starship is on the cusp of ushering in the next paradigm
shift in launch services and the propulsive landing was a significant step
forward. Remember that the construction of the first prototype
('Starhopper') occurred just two years ago. The breakneck speed of
progress has significant implications:Starlink will scale: With an operational
Starship, the rapid expansion of Starlink is the most realistic near-term use
case. A Falcon 9 can carry 60 satellites while Starship can carry up to 400.
SpaceX needed about twenty Falcon 9 launches for the current number of
Starlink satellites in orbit. Starship would theoretically take just three.
SpaceX would have a key advantage over competitors considering the
time required to fully deploy a mega-constellation of 12,000+ satellites.
Launch costs: The cost to reach low Earth orbit will soon drop by another
order of magnitude. The Falcon 9 price tag is currently $60 million. Musk
estimates the price of a fully reusable Starship will drop to $2 million.
Mars 2024: At the current pace, SpaceX's plan of an unmanned mission in
2024 looks entirely plausible. The real excitement around Starship
infrastructure will ultimately be for deep space exploration and hypersonic
point-to-point transportation.
There are key engineering differences between Starship and the Falcon
family that drive the significant performance variance highlighted above.
These include the souped-up booster ('Super Heavy'), the methane-based
Raptor engine (an incredibly efficient full-flow staged combustion cycle
engine), and much more that we unfortunately don't have time to dive into.
For that, we would like to direct you to our friends at The Everyday
Astronaut who have created a great guide.
What's next? SpaceX has already rolled out the SN11 prototype onto its
launch pad for a potential flight this week. Many other prototypes, as well
as the first Super Heavy booster, are in various stages of construction,
and are scheduled to perform their own test flights this year.
2021
MARCH THE DOWNLINK
#1 NASA significantly raises prices for commercial ISS
users
In a statement published on NASA's website, the agency
announced that it would be revisiting its commercial
pricing policy for the International Space Station (ISS).
The key change was the removal of a subsidy the agency
was providing commercial users. As an example, the cost
to transport 1kg of cargo up to the station increased
nearly 600% without the subsidy.
The agency's highlighted that its decision was related to
POLICY an analysis on the current market growth and
discussions with key stakeholders, but it likely has more
While we are still in the to do with Congress and NASA's budget bill.
early days of the
administration, this The report accompanying the final bill provided NASA
document is an with just $17 million for LEO commercialization efforts
important one in setting vs its request for $150 million. In addition, the report
future budgets and requested detailed data on costs and reimbursements
strategies for space on future commercial activities. The cost increase will
and the rest of the have significant near-term impacts on commercial
national security partners as they re-adjust their own pricing models, but
strategy of the US. NASA seems to expect no real changes in demand.
Biden issues national security guidance referencing space
This week the Biden administration released their "Interim National Security
Strategic Guidance". The document lays out the administration's strategy for
national security. Only two sentences directly comment on space policy but the
document help gleans some insight on how the administration will approach space
policy. We highlight:
China and Russia are specifically listed as "threats" to American interests.
While many in the defense community are focused on the cyber and military
threats, we believe this threat also extends to outer space. China, alone, is
focusing on launching 40+ rockets this year. This looming threat will encourage
American investment in the American space community (emphasis on
American, e.g. Momentus Space).
The administration's goal is to mend fences with diplomacy rather than force,
this includes space. The administration writes, "We will lead in promoting
shared norms and forge new agreements on emerging technologies, space,
cyber space, health and biological threats, climate and the environment, and
human rights."
2021
MARCH
#1
OTHER NEWS
China and Russia unveil joint plan to Japanese billionaire searches for
build lunar space station crew members for moon-bound
Russian space agency Roscosmos and mission on SpaceX's Starship
China's National Space Administration Yusaku Maezawa's Moon mission is
have signed an agreement to develop scheduled for 2023. He will pay all
research facilities on the surface of the costs for the entire crew.
moon and/or in orbit. SpaceX seeking FCC approval to
Chamath Palihapitiya sells remainder provide internet to moving
of his personal stake in Virgin vehicles
Galactic The FCC filing asked for “a blanket
The Virgin Galactic Chairman sold the license authorizing operation” of
$213 million stake notably before the Starlink terminals on so-called Earth
company has commercialized its core Stations in Motion — an umbrella term
business. for cars, trucks, maritime vessels, and
NASA and Blue Origin partner to aircraft.
simulate lunar gravity conditions Space Force plans for a future
Blue Origin's New Shepard will use its with smaller, cheaper satellites
reaction control system to impart a The Space Force has spent the last
rotation on the capsule essentially acting year helping the Pentagon’s Space
as a large centrifuge to create artificial Development Agency (SDA)
gravity environments for testing accelerate the procurement of small
payloads inside. satellites. The agency has embraced
Jeff Bezos visits headquarters of the SDA vision of smaller and cheaper
Relativity Space satellites.
Bezos toured Relativity's facility with
CEO and former Blue Origin employee Tim
Ellis. We can see a scenario where M&A A SIGNIFICANT
here could make sense. SHIFT IN COST
Space Acquisition I files for $300
million SPAC IPO
The SPAC will be led by Raphael Roettgen,
the founder of space-focused venture
capital firm E2MC, and Kevin Schubert,
the former SVP of Development and
Strategy at Red Rock Resorts.
2021
MARCH
#1
THE TERM SHEET CONTRACT RELEASES
Qiancheng Exploration, a Beijing-based Linquest Corp: $500 million from
developer of commercial satellite and the U.S. Space Force for
space exploration technology, raised CNY tradespace analysis support for
100 million ($15.4 million) of Series A the Space Acquisition
funding from Fuzhou High-tech Emerging Management Directorate
Industry Development Fund. ULA: $224. 2 million from the U.S.
Agnikul, a manufacturer of orbital-class Space Force for two National
launch vehicles, raised $11 million of Security Space Launch Phase 2
Series A venture funding from Mayfield missions scheduled for 2023
Fund. SpaceX: $159.7 million from the
U.S. Space Force for two National
Security Space Launch Phase 2
TOP 5 EUROPEAN SPACE VENTURE missions scheduled for 2023
DEALS OF 2020 (€ MILLIONS) Airbus: €100 million from the
French Directorate General of
Armaments for the construction
and upgrade of part of the ground
segment for the
telecommunications satellites
used by the French Armed Forces.
Northrop Grumman: $60.2 million
from NASA to provide propulsion
support and products for the Mars
Ascent Propulsion System (MAPS)
2021
MARCH ROCKET LAB & SPIRE GLOBAL
#2 TO GO PUBLIC VIA SPAC
1. Two major space SPAC transactions were
announced this week. Rocket Lab, a leading provider
of small launch services, announced an agreement
to go public via merger with Vector Acquisition Corp
(NASDAQ: VACQ) in a deal valued at $4.1 billion.
2. Spire Global, a data and analytics company utilizing a
global nanosatellite constellation, announced an
agreement to go public via merger with NavSight
Holdings (NYSE: NSH) in a deal valued at $1.6 billion.

On a more amusing note, Beck Background: Founded in 2006 by Peter Beck, Rocket
once said that he would "eat his Lab is a vertically integrated provider of small launch
hat" if Rocket Lab ever made its services, satellites and spacecraft components.
boosters reusable. The change Since the company’s first orbital launch in 2018, its
of heart has led him to now fulfill Electron launch vehicle has become the second
his hat eating promise. You can most frequently launched U.S. rocket annually. To
watch it happen here (starts at date, Rocket Lab has launched 97 satellites to orbit
3:09). for government and commercial customers.
Transaction details: Rocket Lab Launch: At a cost of ~$6 million per launch (300 kg
expects to raise $740 million in to low Earth orbit or LEO), Rocket Lab currently
cash proceeds through the deal, caters to the global small satellite market.
including a $467 million private
placement in public equity (PIPE) Space Systems: In addition to launch, Rocket Lab
led by Vector Capital, BlackRock continues to grow its satellites-as-a-service
and Neuberger Berman. The business offering satellite and component
transaction reflects an implied manufacturing. Using the company's Photon satellite
pro forma enterprise value of bus family, customers can apply bespoke sensors
$4.1 billion, representing 9.1x for LEO or interplanetary configurations.
2024 projected revenue of
approximately $450 million. CEO Peter Beck has stated that a significant portion
of the SPAC proceeds would be used to develop its
medium-lift Neutron rocket—a reusable launch
vehicle with an 8-ton payload lift capacity tailored for
mega constellations, deep space missions and
human spaceflight. The company expects Neutron to
be operational by 2024 (we think too optimistic).
2021
MARCH ROCKET LAB & SPIRE GLOBAL
#2 TO GO PUBLIC VIA SPAC
Background: Spire is a space-based data and
analytics company utilizing a global nanosatellite
constellation. Formerly known as NanoSatisfi, Spire
Transaction details: Spire was co-founded in 2012 by Peter Platzer, Joel Spark
expects to raise $450 million in and Jeroen Cappaert. The company's services focus
cash proceeds through the deal, primarily on the maritime, weather and aviation
including a $245 million private industries.
placement in public equity (PIPE)
from Tiger Global, BlackRock and Maritime: Spire's three primary maritime
Hedosophia. The transaction products (all of which are APIs – Vessels,
reflects an implied pro forma Messages and Predict) allow customers to track
enterprise value of $1.23 billion, and filter ships using specific criteria and access
representing 2.6x 2024 current and historical location data.
projected revenue of Weather: Spire’s satellites use radio frequency
approximately $478 million. sensors to create a 3D profile of atmospheric
temperature, pressure, and humidity. The
company's radio occulation data helps generate
more accurate short-term weather forecasting,
particularly important in tracking and preparing
for extreme weather (think: navigation of
shipping routes). The addressable market from a
casualty/insurance perspective are in the tens
of billions of dollars.
Aviation: Spire can also reliably track global air
traffic over oceans and remote regions in a way
that ground-based air traffic surveillance cannot.
The company provides historical flight data, ADS-
B tracking (surveillance tech that allows aircraft
to be tracked), and up-to-date data on weather
that impacts aviation operations.
2021
MARCH THE DOWNLINK
#2 TOURISM
Virgin Galactic delays SpaceShipTwo test flights,
plans on SpaceShip III
On an earnings call last week, Virgin Galactic
(NYSE: SPCE) announced that it would be
delaying the next test flight of its SpaceShipTwo
suborbital vehicle by two months to address
technical issues (the original plan is now about 6
quarters behind schedule). The company will also
revamp its test flight program (i.e. begin testing
of the new SpaceShip III) and postpone flights of
space tourists to 2022.
CEO Michael Colglazier's ambitious vision of
higher flight frequencies (400 flights per year
per Spaceport) now relies on the newer, more
modular spacecraft. While the current schedule
remains fluid, the second powered test flight and
the Branson flight are both expected to occur
this summer. By early fall, the company plans to
conduct its first revenue generating passenger
flight as part of a training program for the Italian
Air Force. The company would then begin flying
private astronauts using its Unity spacecraft
COMMERCIAL before SpaceShip III enters commercial service
next year.
LAUNCH
Microlaunch startup Orbex commissions largest industrial 3D printer in
Europe
Scottish microlaunch startup Orbex has commissioned AMCM to build the largest
industrial 3D printer in Europe. The new printer will allow the startup to print its
rocket engines entirely in-house. The multi-million pound deal was made possible
after the company secured a $24 million funding round led by BGF (the UK’s most
active investment company) and Octopus Ventures. The 3D-printed rocket
components will be used for Prime, Orbex’s 19-meter long “micro launcher”
rocket. Prime is designed to be fueled by bio-propane, a clean-burning, renewable
fuel that reduces CO2 emissions by 90% compared to kerosene-based fuels. The
company has secured customers for six Prime launches thus far and expects its
first orbital launch attempt to take place in 2022.
2021
MARCH
#2
OTHER NEWS
Blue Origin pushes New Glenn's first flight Engine shutdown led to failed
to Q4 2022 SpaceX booster landing
According to Blue Origin, the slippage of SpaceX has concluded fatigue on an
roughly a year was caused by the Space engine cover caused the Falcon 9's
Force passing on using New Glenn to launch Merlin engine to shut down in the
national security payloads during a recent recent failed landing attempt.
contract bid process. Chinese automaker obtains
The Democratic chairs of the House and approval for satellite constellation
Senate Armed Services Committees are to support autonomous vehicles
in support of the U.S. Space Force China approved a facility license for
It would take an act of Congress to dissolve automaker Geely to begin
the branch and the political tide now appears manufacturing satellites for
to have turned in favor of the force. navigation, connectivity and
Boeing Starliner crew capsule test communications needed for self-
delayed after weather-related damage driving cars.
The test, which had previously been
postponed until early April, will be delayed
again due to damage to the avionics from a
power surge.
Relativity Space reveals plans for Terran
R, a larger and fully reusable rocket
The Terran R will have 20x the cargo capacity
of the company's first launch vehicle, the
Terran 1. The R is designed be fully reusable
across both first and second stages.
Iceye releases images from three newest
SAR satellites
The company plans to launch at least eight
additional satellites in 2021.
2021
MARCH
#2
THE TERM SHEET CONTRACT RELEASES
Rocket Lab, a leading provider of small L3Harris: $89 million from U.S.
launch services, will be going public via Space Command for option-year
SPAC merger with Vector Acquisition two of a contract to continue
Corp (NASDAQ: VACQ) in a deal valued at maintaining and modernizing
$4.1 billion. infrastructure to track objects in
Spire Global, a data and analytics space.
company utilizing a global nanosatellite SpaceX: $8.5 million from the Air
constellation, will be going public via Force Research Laboratory to
SPAC merger with NavSight Holdings investigate methods of
(NYSE: NSH) in a deal valued at $1.6 developing heat shields for
billion. hypersonic vehicles.
Gitai, a developer of robots designed for Astra: $7.95 million from NASA to
use in space stations, raised $17.1 launch six CubeSats for the
million in Series B funding led by SPARX agency’s TROPICS mission.
Innovation. Rocket Lab: $unknown from
Stoke Space Technologies, a developer General Atomics to launch an
of reusable launch vehicles, raised $9.1 Orbital Test Bed satellite carrying
million of seed funding in a round led by the Argos-4 Advanced Data
venture funds NFX and MaC Ventures. Collection System (A-DCS).

A SAR SURGE: CIVIL VS. COMMERCIAL

SAR SATELLITE LAUNCHES
2021
FEBRUARY THE DOWNLINK
#3 INFRASTRUCTURE
Orbit Fab establishes in-space refueling
partnership with Benchmark Space Systems
Orbit Fab, the SF-based start-up building in-orbit
refueling stations, has entered into a technology
partnership with small satellite propulsion
supplier Benchmark Space Systems (BSS) to
demonstrate refueling services. The refueling
solution is set for a technical demonstration in
space aboard Orbit Fab’s first operational tanker,
which is scheduled to launch on a SpaceX Falcon
9 later this year.
The Orbit Fab tanker will refuel Benchmark's
thrusters with hydrogen peroxide propellant in
low Earth orbit. A successful demonstration will
be a key step towards a more sustainable orbital
operating environment. Refueling stations can
help extend the life of spacecraft and reduce
COMMERCIAL open access to space for many new industries
debris. The technology will also be critical to
LAUNCH including tourism and manufacturing.
Firefly Aerospace extends its momentum with General Atomics contract
Texas-based Firefly Aerospace has had a string of key wins ahead of the first
orbital launch of its Alpha two-stage expendable rocket this spring. Last week,
General Atomics selected the company to launch a small Earth science satellite
for NASA in 2022. In addition, the company recently announced:
A $93.3 million contract from NASA’s Commercial Lunar Payload Services for
the 2023 launch of the company’s Blue Ghost lander.
A $9.8 million NASA Venture Class Launch Service contract to launch two
sets of cubesats into polar orbits.
Firefly is currently raising a financing round to fund production enhancements and
support future growth initiatives including a medium-class vehicle, a space utility
vehicle (i.e. a space taxi) and a lunar lander. The company has yet to reveal the
exact date of its first launch. The Alpha vehicle is currently undergoing
preparations at Vandenberg for a likely launch in March/April.
2021
FEBRUARY
#3
OTHER NEWS
Turkey announces plans to build a launch
site in Somalia India revises date for its lunar
The launch site in Somalia, a key Turkish lander and manned mission
security partner since 2011, will be used to COVID-related delays have forced
support the government's plan to land an Chandrayaan-3 (India’s third mission
unmanned Moon mission. to the moon) and its first manned
SpaceX and South Africa begin mission to a 2022-2023 timeframe.
discussions for Starlink service SpaceX announces second crew
The service is already expected to be member of its all-civilian space
available in Nigeria later this year and in South mission
Africa next year. Hayley Arceneaux, a physician
China's Landspace close to orbital launch assistant at St. Jude Children’s
with liquid methane rocket Research Hospital, will join the first all-
If successful, the company's two-stage civilian trip to space.
Zhuque-2 could be the first methane-fueled EOS Data Analytics to launch the
rocket to launch to orbit. first agriculture-focused satellite
Former Boeing CEO raises $240 million constellation by 2024
SPAC for future aerospace deal The company is targeting a satellite
Dennis Muilenberg, the former Boeing CEO data production vertical focused on
fired for the 737 Max crisis, will be Chairman the agriculture industry.
and CEO of New Vista Acquisition Corp. The
SPAC is widely expected to target an eVTOL
business.
SpaceX fires up SN10 Starship prototype
to prep for test flight
SN10 could fly as early as Thursday (Feb. 25).
2021
FEBRUARY
#3
THE TERM SHEET CONTRACT RELEASES
BlackSky, a provider of geospatialL3Harris: $137 million from
intelligence services, will be going public
Lockheed Martin for four
via SPAC merger with Osprey Technology
navigation payload Mission Data
Acquisition Corp (NYSE: SFTW) in a deal
Units for future GPS navigation
valued at $1.5 billion. satellites.
Telesat, a provider of satellite Agile Decision Sciences: $74.8
communication and integration services,
million from NASA for a variety of
received a CAD 400 million ($315 million)
management and engineering
investment from the Government of services.
Quebec to build out its low Earth orbit
Millennium Engineering and
satellite constellation. Integration: $13.2 million from the
Deployable Space Systems, a supplier of
U.S. Space Force to provide
deployable solar arrays, structures and
services to support certification
mechanisms for space applications,of United Launch Alliance’s Vulcan
reached an agreement to be acquired by
rocket.
Redwire for an undisclosed amount.Firefly Aerospace: $Unknown from
General Atomics to launch the
Orbital Test Bed (OTB) 2 satellite.
GeoOptics: $Unknown from the
National Oceanic and Atmospheric
Administration (NOAA) to expand
purchase of daily radio occultation
SPAC INDUSTRY SNAPSHOT: EV/MOBILITY data.
TECH VS SPACE ECONOMY
2021
FEBRUARY HIGHLIGHTS
#4
Houston-based Axiom Space, a developer of
space station modules, has raised $130 million
in Series B funding led by C5 Capital.
Why it matters: CEO Michael Suffrendi told CNBC
that Axiom's valuation is now "well past the
point" of unicorn status – placing the company
firmly among the top 10 most valuable private
US space companies. The new financing will help
accelerate the growth of Axiom’s workforce and
construction of its privately developed space
Why? Funding for the ISS station.
is scheduled to end this The deal crew: C5 Capital is joined by Declaration
decade. NASA has Partners (backed by David Rubenstein, the co-
certified the ISS through founder of The Carlyle Group), TQS Advisors,
2024 and its hardware Moelis Dynasty Investments, Washington
through 2028. University in St. Louis, The Venture Collective,
Commercializing the Aidenlair Capital, Hemisphere Ventures and
station could free up to Starbridge Venture Capital. As part of the deal,
20% of its annual budget C5 operating partner (and former Blue Origin
helping the agency focus President) Rob Meyerson will join the Axiom
on the Moon and Mars. Board.
By late 2028, Axiom plans to
detach its station from the Background: Axiom Space was founded in 2016
decommissioned ISS and to develop in-space infrastructure. Last year,
operate independently as its NASA awarded the company a $140 million
privately owned successor. contract to attach a crew habitation module to
They're not alone. Jeff Bezos the front of the International Space Station (ISS)
has stated Blue Origin's by 2024.
intention for laying
foundational infrastructure
for a low Earth orbit space
economy. According to the
career site, the company is
still looking for an "Orbital
Habitat Formulation Lead" to
focus on space station
development.
2021
FEBRUARY THE DOWNLINK
#4 COMMERCIAL LAUNCH
NASA to use commercial launch vehicle for
Jupiter moon mission
NASA has announced a key decision to only
consider commercial launch vehicles for its
upcoming Europa Clipper mission. The mission
will conduct detailed reconnaissance of Europa
and investigate whether the moon of Jupiter
could harbor conditions suitable for life. The
decision ends a prolonged dilemma for NASA,
which until recently was legally required to
launch the mission on the more expensive Space
Launch System (SLS).
The 2021 appropriations bill enacted in
December allowed NASA to use an alternative
system. The leading commercial contender for
the mission is the SpaceX Falcon Heavy, which if
selected would save the agency as much as $1.5
billion. The mission has a planetary launch
window from Oct. 10 to Oct. 30 in 2024, based
on a trajectory calculated by NASA that assumes
launch on a commercial rocket.
SpaceX raises $850 million at $74 billion
valuation
SpaceX completed an $850 million equity raise
last week at a $74 billion valuation (or $419.99
per share). The price represents a 60% increase
from last August's raise at a $46 billion
valuation.
Company insiders and existing investors were
able to sell an additional $750 million in a
secondary transaction. According to a CNBC
source, SpaceX could have raised a lot more –
the company received $6 billion in offers over
the course of just three days.
2021
FEBRUARY THE DOWNLINK
#4 PROPULSION SYSTEMS
National Academy of Sciences suggests NASA
accelerate nuclear propulsion tech
The new study concludes that NASA needs to
pursue aggressive development and investment
of nuclear propulsion technologies for human
missions to Mars. We highlight key takeaways:
Relying on chemical propulsion (i.e. how
we've always done it) to and from Mars could
be costly or infeasible
Nuclear propulsion systems have the
potential to substantially reduce trip time
suggesting exploration of nuclear-electric
propulsion (NEP) and nuclear thermal
propulsion (NTP)
The report recommends NASA make a
"significant set of architecture and
investment decisions in the coming year" if it
intends on meeting its Mars timeline
The report doesn't specify private-sector
companies focused on nuclear propulsion, but
we highlight a few involved worth monitoring:
Atomos Space, Interstellar Technologies, and
BWX Technologies.
OTHER NEWS
Intelsat announces reorganization plan to
reduce $15 billion debt load
Under the plan, 95% of newly issued stock will
go to unsecured creditors of the Intelsat
Jackson subsidiary. The company's debt will be
reduced to $7 billion.
SpaceX deploys 60 Starlink satellites, but
loses booster on descent
The company has yet to confirm what went
wrong in its first landing failure since March
2020.
2021
FEBRUARY OTHER NEWS
#4 ABL Space Systems signs first customer for
inaugural launch
L2 Aerospace signed a launch services
agreement for launch of two spacecraft on ABL's
first demonstration flight in Q2 2021.
RocketLab's next mission will carry a
CubeSat for battlefield surveillance
The Gunsmoke-J is an experimental U.S. Army
CubeSat that will be used to demonstrate
overhead data collection in direct support of
combat operations.
Lynk to soon begin cellular connectivity
tests using first satellite
Lynk is competing against AST SpaceMobile, a
company also developing a constellation of
satellites to provide cellular connectivity.
Indian Space Research Organization (ISRO)
opens satellite testing facility for the private
sector
In a first for the agency, satellites by two Indian
startups (SpaceKidz India and Pixxel) were
tested at the Bengaluru facility. ISRO helped the
companies fix issues with their solar panel
systems.
NASA's Perseverance rover set to land on
Mars this week
NASA's $2.4 billion Perseverance rover, by far
the most complex and ambitious of the recent
Mars missions (UAE & China), will attempt its
automated landing on Thursday.
2021
FEBRUARY
#4
THE TERM SHEET CONTRACT RELEASES
Axiom Space, a developer of commercial LinQuest Corp: $200 million from
space station modules, raised $130 the U.S. Space Command for
million in Series B funding led by C5 advisory and support services.
Capital. Firefly Aerospace: $93.4 million
Alpha Insights, a developer of a dual-band from NASA to deliver 10 scientific
synthetic aperture radar technology, experiments and technology
raised an undisclosed amount of seed demonstrations to the lunar
funding led by Prime Movers Lab. surface in 2023 using the
ConstellR, a developer of technology to company's robotic Blue Ghost
monitor land surface temperature, raised lander.
an undisclosed amount of venture Analytical Space Inc: $26.4 million
funding from OHB Venture Capital. from AF Ventures to develop and
Millennium Engineering, a provider of launch six cubesats and two
aerospace engineering services, was hosted payloads for the Fast Pixel
acquired by QuantiTech. Network for optical
communications.
Frontier Aerospace: $15 million
from Astrobotic and Masten
Space Systems to supply
propulsion systems.
FUEL EFFICIENCY IN SPACE: CHEMICAL VS.
ELECTRIC PROPULSION
Monopropellant: Fuel which does
not require a separate oxidizer.
Bipropellant: Fuel which does require
a separate oxidizer.
Eutelsat-7C: Satellite based on an
all-electric propulsion version of the
SSL-1300 satellite platform.
PPE: Power & Propulsion Element (PPE)
is a solar electric ion prupulsion module
being developed by Maxar Technologies
for NASA.
2021
FEBRUARY SpaceX has started accepting preorders for its
Starlink internet service for a number of
#5 countries including the US, Australia, New
Zealand, and Canada.
Why it matters: The Starlink project has
continued to widen its lead vs low-Earth orbit
(LEO) mega-constellation peers. Launching
first in several key regions will provide the
company with a significant advantage. How it
works: Prospective users can enter a service
address on the company’s website, with
preorders available for $99. Coverage is
region-dependent and will begin between
mid-2021 and 2022. Eligible users will
receive a Starlink setup kit on a first-come,
Inter-satellite linking: Last fall, first-served basis.
SpaceX confirmed successful Wait, there's more: Elon Musk reiterated that
tests featuring inter-satellite Starlink will list publicly once the cash flow of
links or “space lasers." The the business can be predicted.“SpaceX
tests helped de-risk Starlink's needs to pass through a deep chasm of
ability to offer service over negative cash flow over the next year or so
oceans and areas not well- to make Starlink financially viable,” Musk
served by fiber networks. wrote in a tweet. “Every new satellite
FCC RDOF recipient: SpaceX constellation in history has gone bankrupt.
recently won $885 million in the We hope to be the first that does not.
First Phase of the FCC's Rural
Digital Opportunity Fund (RDOF) Key developments to note. Starlink
auction and is one of the top continues to show why it's best positioned
recipients of funds. to succeed in this winner take-most
Risks remain: Though market:Launch lead: SpaceX has placed over
meaningful progress has been 1,000 Starlink satellites into orbit so far.
made, it's important to OneWeb is the closest at 110 and others are
remember the long road ahead. still in the single digits. In addition, Amazon's
The scale of this venture Kuiper project has yet to reach space and
creates extraordinary technical Telesat's service isn't scheduled to start
challenges, the propensity for until 2023.
the consumer to pay is
unknown, and regulatory
guidelines around global
spectrum priority rights remain
vague at best.
 2021
FEBRUARY THE DOWNLINK
#5 COMMERCIAL LAUNCH
Jeff Bezos stepping down as Amazon CEO will
mean big things for Blue Origin
Jeff Bezos announced last week that he
would be stepping down from his CEO role at
Amazon to "pursue personal projects." Bezos,
a lifelong space enthusiast, will likely shift
much more of his time to Blue Origin. In 2018,
Bezos publicly said that his annual $1 billion
EARTH OBSERVATION stock sale to fund Blue Origin was "the most
important work that I'm doing." In the last few
GHGSat delivers the first image years, the company has fallen behind SpaceX
of a methane plume missing out on billions dollars of U.S.
GHGSat is a Montreal-based government launch contracts. However,
satellite operator whose mission is 2021 will be a critical year for the company
to become the global leader in hence why Bezos' timing is no surprise. We
remote sensing of greenhouse gas highlight key initiatives:
(GHG), air quality gas, and other Competing against SpaceX and Dynetics
trace gas emissions from targeted to win NASA's lunar lander contract
industrial facilities. Last week, Beginning New Shepard’s primary
Hugo, the company's third satellite business of taking tourists to the edge of
delivered its first image of a space. Test flights should begin by this
methane plume from an oil and gas summer
facility in Asia (exact location not Launching New Glenn, a larger rocket that
released). Hugo is equipped with a would compete with SpaceX’s Falcon
sensor able to detect methane Heavy, on its maiden flight later this year.
emissions sources 100 times
smaller than any other satellites
currently in orbit.
By the end of 2022, the company
will have a constellation of 10
emissions monitoring satellites
delivering data to commercial and
governmental customers
worldwide. Real-time monitoring of
facilities is particularly important
for customers living in jurisdictions
where lack of emission-caps result
in hefty fines.
2021
FEBRUARY OTHER NEWS
#5 UAE's Hope Probe has successfully entered
orbit around Mars
The probe marked the UAE as the fifth country in
history to reach the red planet and a first for the
Arab world.
ABL Space to launch the first orbital rocket
from Britain
Lockheed Martin has selected ABL Space
Systems to launch the first orbital rocket from
the UK—a mission that's expected to take place
from Scotland in 2022.
Swarm begins commercial satellite data
service
Swarm, which currently operates 81 orbiting
sandwich-sized satellites, announced this week
that its network service is live and available to
commercial customers.
Chinese Long March 3B launches secret
satellite
China launched another secretive experimental
communications system last week aboard the
Long March 3B launch vehicle
SpaceX Crew Dragon sets NASA record in
space
The Crew-1 spacecraft broke the record for
longest time in orbit by a spacecraft, 84 days,
originally set by the Apollo spacecraft in 1974.
The Crew-1 will remain in orbit for another three
months.
Investors see multiple avenues for space
sector exits
Money will continue flowing into the space
industry from government agencies, private
equity firms and public markets, according to
panelists at the 2021 SmallSat Symposium.
Virgin Galactic's window for its next test
flight opens this Saturday
After an aborted test in December, Virgin
Galactic will try again to launch SpaceShipTwo
into suborbital space.
2021
FEBRUARY
#5
THE TERM SHEET CONTRACT RELEASES
Isotropic Systems, a UK-based developer Thales Alenia Space: $3 billion
of satellite antenna technology designed from Telesat to manufacture 298
for increased accessibility, raised £29 satellites for its low-Earth orbit
million ($40 million) of venture funding in broadband network.
a deal led by SES alongside 7 other SpaceX: $331.8 million from NASA
investors. to launch the foundational
Commsat, a Beijing-based designer and elements of the lunar Gateway
operator of commercial IoT satellites, station.
raised CNY 100 million ($15.5 million) of Eutelsat: €100 million ($121
venture funding from China Internet million) from the European GNSS
Investment Fund. Agency to develop and operate
Kubos, an OR-based developer of an the EGNOS satellite navigation
open-source space-flight software overlay service.
platform raised $2.88 million of venture L3 Harris: $43.8 million from the
funding from undisclosed investors. National Oceanic and Atmospheric
Administration (NOAA) to develop,
deploy and operate a command
and control system for NOAA’s
Space Weather Follow On-
Lagrange 1 observatory.
THE INFLECTION POINT: GLOBAL
SATELLITES LAUNCHED
2021
FEBRUARY Astra announced an agreement to go public via
merger with Holicity (NASDAQ: HOL), a special
#6 purpose acquisition company (SPAC) run by
telecommunications legend and billionaire Craig
McCaw.
Why it matters: Astra, a manufacturer of small
launch vehicles, is another space business that
has opted to go public via a SPAC. The deals
(including SPCE, SRAC, & NPA) continue to
validate the mechanism as an efficient method
for businesses in the industry to go public.
Background: Founded in 2016 by Chris Kemp
and Adam London, Astra manufactures small
Launch landscape: Notable launch vehicles at its factory in Alameda,
small launch business that California. Astra’s rockets are capable of
remain private, but could be carrying up to 100 kilograms to low Earth
SPAC candidates include orbit for $2.5 million ($25,000/kg).
(valuations per last financing The company expects to begin commercial
round)Relativity Space (EV: service of its rocket business this summer,
$2.3 billion) with monthly launches expected to begin by
Rocket Lab (EV: $1.4 billion) year-end. Astra aims to have a daily launch
Virgin Orbit (EV: $1 billion) cadence by 2025.
Firefly Aerospace (EV: $750 Transaction details: Astra plans to raise
million - $1.3 billion est) $500 million through the merger with
Don't forget. The ARK Space Holicity, which includes a $200 million
Exploration ETF (ARKX) launching private investment in public equity (PIPE) led
later this year should continue to by BlackRock and $30 million from a
drive investor flow and provide concurrent Series C round. The deal will value
price support to public space Astra at a $2.1 billion enterprise value (EV).
companies. Valuation: As of yesterday's close, the fully
diluted pro forma enterprise value of $3.77bn,
represents 15.8x 2024E Adj. EBITDA of $238mn.
We've benchmarked the deal against the three
public space SPACs below. In the interest of
brevity, we have not included the full breadth of
our analysis. Please feel free to reply to us
directly with any questions or comments.
 2021
FEBRUARY THE DOWNLINK
#6 COMMERCIAL LAUNCH
Firefly Aerospace looks to raise up to $350
million, targets first launch in March
Texas-based Firefly Aerospace is planning
to raise up to $350 million in additional
financing. The company is also targeting
the first orbital launch of its Alpha two-
stage expendable rocket in March. The
company intends on using $125 million of
SPACE TOURISM funding towards production
enhancements. The remaining $225
SpaceX announces million would support future growth
Inspiration4, the first all-civilian initiatives including a medium-class
mission to orbit vehicle, a space utility vehicle (i.e. a space
SpaceX has announced the launch taxi) and a lunar lander. Payload has
of Inspiration4 – the world’s first followed Firefly closely for the last couple
all-commercial astronaut mission years and we expect the company to
to orbit – from Kennedy Space start gaining significant traction with
Center at the end of this year. customers in the coming months. The
Jared Isaacman, founder and CEO company has told us that the target raise
of Shift4 Payments, is donating the may be completed in multiple tranches.
three seats alongside him aboard iSpace's Hyperbola-1 fails in second orbital
Dragon to individuals from the launch attempt
general public who will be The failed launch attempt comes 18
announced in the weeks ahead. months after iSpace became the first
Isaacman is using the mission to private Chinese launch company to
raise money for St. Jude Children's achieve orbit with the first Hyperbola
Research Hospital. The first crew rocket. The Hyperbola-1 four-stage solid
member will be a healthcare worker rocket on Monday was carrying the
from St. Jude, the second will be CubeSat-6U Fangzhou-2 satellite. The
decided by raffle, and the third will satellite’s mission was to serve as a
be selected from a contest held by verification platform for technologies to
Shift4 Payments. be used on future Fanzghou spacecraft.
SpaceX will provide the crew commercial astronaut training for the Falcon 9
and Dragon spacecraft as well as various forms of stress testing (orbital
mechanics, operating in microgravity, zero gravity, etc.). The crew will then
spend two to four days in low Earth orbit but not dock with the International
Space Station.
2021
FEBRUARY OTHER NEWS
#6 SpaceX’s Starship prototype explodes again
on landing attempt
Starship prototype SN9 flew as high as 10
kilometers, but exploded on impact during the
attempted landing.
Former Boeing CEO files to raise $200 million
SPAC
Dennis Muilenburg's SPAC, New Vista
Acquisition, will focus on finding a target in the
space, defense and communications and the
advanced air mobility and logistics industries.
Virgin Galactic reschedules test flight
window to Feb 12
Virgin Galactic announced that the window for its
next SpaceShipTwo test flight will open mid-
February, two months after a technical problem
aborted an earlier launch attempt.
NASA to redo SLS Green Run hot-fire test
NASA will redo the static-fire test of the core
stage’s four RS-25 engines no earlier than the
last week of February
SiriusXM and Maxar Technologies reveal
problems with newest satellite
Ground teams are evaluating a payload failure on
a Maxar-built SiriusXM radio broadcasting
satellite.
SpaceX valuation to reach at least $60
billion in new funding round
Insiders are reporting a valuation of $60 to $92
billion as SpaceX finalizes a funding round
expected to close in February
Next SpaceX commercial crew mission to
launch in April
The second operational SpaceX commercial crew
mission to the ISS will now launch in mid-April,
carrying astronauts from NASA, the ESA, and
JAXA.
Startup bluShift Aerospace launches its first
commercial biofuel rocket
Stardust 1.0 is a small rocket powered by a "bio-
derived" solid fuel.
2021
FEBRUARY
#6
THE TERM SHEET CONTRACT RELEASES
Astra, a manufacturer of space launch L3 Harris: $121 million from the
systems, will be going public via SPAC U.S. Missile Defense Agency to
merger with Holicity (NASDAQ: HOL) in a demonstrate the Hypersonic and
deal valued at a $2.1 billion enterprise Ballistic Tracking Space Sensor
value. (HBTSS) program.
Omnispace, an operator of non- Viasat: $50.8 million from the Air
geostationary satellite infrastructure to Force Research Laboratory to
provide mobile satellite services, raised develop a broad range of space
$60 million of venture funding in a deal systems.
led by Fortress Investment Group. Wavestream: $50 million from a
Tiger Innovations, a manufacturer of leading satellite operator to
spacecraft and satellite systems, signed support the gateways for a low
an agreement to be acquired by General Earth orbit (LEO) broadband
Atomics for an undisclosed amount. satellite constellation.
Nebula Space Enterprise, a provider of a Eutelsat: Unknown by TelOne (Pvt)
high performance computing platform for Limited to deliver Ka-band
space technology, raised $550,000 of satellite broadband services.
angel funding.

REDDITORS TARGET VIRGIN GALACTIC

(SPCE): PRICE VS. SHORT INTEREST
2021
JANUARY GOOGLE SHUTS DOWN
#7 INTERNET BALLOON COMPANY
ICYMI: Google's parent company Alphabet is
shutting down Loon, a high-profile subsidiary
that uses helium balloons to deliver internet
access.
Why it matters: There are many startups trying
to democratize internet access. Loon's
shutdown has highlighted that solving the
problem requires not just capital, but patient
investors and a commercial business model.
The technology: Loon’s technology sent gas-
filled polyethylene balloons into the
stratosphere. An onboard communications
Loon was rumored to have been system beamed signals back down covering an
raising a second round before area 200x greater than a typical ground-based
Alphabet ultimately pulled the cell tower. It worked well:
plug. It's likely that the growth
of Starlink and Amazon's plan to Loon provided internet to areas affected by
launch a service of its own natural disasters, deploying balloons to
played a role in the decision. Puerto Rico in 2017 following Hurricane
Maria and Peru in 2019 after an earthquake.
The company launched its first commercial
internet service last summer in Kenya with a
fleet of 35 balloons covering 50,000 square
kilometers.
The issues: Loon's path to profitability was
uncertain. After becoming an independent
Alphabet subsidiary in 2018, the company
burned through all its capital from previous
financings and started relying on its parent to
keep it afloat. The company was spending $100
million per year.
Infrastructure costs were significantly
higher than originally estimated
Customers in target regions could only
afford internet service at a much lower price
2021
JANUARY THE DOWNLINK
#7 INVESTMENT
2020 was a record year for private space
investment
According to a report by Space Capital,
the fourth quarter of 2020 saw $5.7
billion of private investment in space
companies, bringing the year's total up to
PROPULSION $25.6 billion. Space Capital divides
TECHNOLOGY investment in the industry into three
technology layers: application,
NASA CubeSat to demonstrate in- distribution, and infrastructure. The
space water-based propulsion infrastructure layer is what many would
typically consider to be traditional space
A NASA CubeSat, Pathfinder companies, which include launch services,
Technology Demonstrator-1, will aerospace manufacturing, and Earth
launch later this month into low- observation. Infrastructure investment
Earth orbit to demonstrate water- totaled $8.9 billion led by SpaceX's $1.9
based propulsion technology. Using billion raise and Blue Origin's $1 billion
liquid water as fuel, the system will capitalization from Jeff Bezos. The report
split the water into hydrogen and ultimately showcases the resilience of
oxygen in space and burn them in a the space industry despite the major
tiny rocket engine for thrust. The pandemic-driven slowdown in Q2 2020.
CubeSat’s solar arrays harness We expect 2021 to be another significant
energy from the Sun to supply the year for investment with major raises
electric power needed to operate expected across a number of global
the miniature electrolysis system. launch businesses and the ARK Invest ETF
Water-based propulsion systems driving further proliferation of space
are advantageous for CubeSats SPACs.
mainly because of cost and safety.
The use of traditional rocket fuels
for propulsion increase mission risk
to other payloads as well as the
launch vehicle. The success of the
mission will show that water is
safer to integrate and more
efficient as a propulsion system for
small spacecraft missions.
2021
JANUARY OTHER NEWS
#7 SpaceX targets today for Starship SN9 test flight
SN9's upcoming flight is expected to be similar to the
one performed last month by its predecessor (SN8), but
with the added hopes of a controlled landing.
Momentus CEO resigns prior to SPAC debut, Dawn
Harms takes over in the interim
CEO Mikhail Kokorich’s resignation came in “an effort to
expedite the resolution of U.S. government national
security and foreign ownership concerns surrounding
the company."
Virgin Orbit will launch first Dutch defense satellite
Importantly, the mission will showcase the company's
ability to offer "late-load integration" capabilities in
which a payload can be added to the LauncherOne
rocket just prior to launch.
Axiom announces the crew for its first private ISS
mission
An American entrepreneur, Canadian investor and Israeli
investor, along with a former NASA astronaut, are set to
make up the first fully private mission to the
International Space Station.
Former NASA Administrator Jim Bridenstine joins
private equity firm
Bridenstine joined Acorn Growth Companies, a private
equity firm investing exclusively in aerospace, defense
and intelligence.
Pentagon's SDA asks space industry for list of
technologies for military use
The Space Development Agency (SDA) is looking for
technologies that could lead to the development of new
capabilities for the National Defense Space
Architecture meant to address emerging warfighting
needs.
China’s surging private space industry is out to
challenge the US
MIT's Neel Patel reviews the growth of China's space
industry driven by new startups and a U.S. blueprint.
2021
JANUARY
#7
THE TERM SHEET CONTRACT RELEASES
JZYZ Technology, a Beijing-based Airbus/Thales Alenia: €1.47 billion
manufacturer of launch systems, raised ($1.78 billion) by the European
an undisclosed amount of venture Comission to build an initial set of
funding in a deal led by Qihang Capital. next-generation Galileo navigation
General Aeronautics, a Bangalore-based satellites.
aircraft engineering and design platform, Northrop Grumman: $155 million
raised INR 65 million ($900,000) of seed by the Missile Defense Agency to
funding in a deal led by Mela Ventures. provide space-based sensor
technology for defending against
hypersonic weapons
Airbus: €6.5 million ($7.9 million)
by the European Space Agency
(ESA) for two payload missions to
be launched to the Bartolomeo
payload hosting facility on the
International Space Station (ISS)
in 2022 and 2024.
SpaceX: Multi-launch agreement
with Satellogic to provide services
for multiple launches through next
Q4 2020 SPACECRAFT LAUNCHED VS. year.
UPMASS CARRIED
2021
JANUARY CATHIE WOOD'S ARK INVEST TO
#8 LAUNCH SPACE ETF
ICYMI: Cathie Wood's ARK Investment
Management is launching the ARK Space
Exploration ETF (Ticker: ARKX).
What to expect: According to Why it matters? The ARK suite of ETFs were
its SEC filing, the ARK Space some of the best performers in 2020 and drew
Exploration ETF (ARKX) will
primarily track U.S. and global significant capital inflows from investors. ARKX
companies engaged in space should increase the liquidity of space companies
exploration and innovation. The and provide future SPACs in the industry a path
filing highlights four categories: towards investor flow. Even the news of the
future listing was enough to spark considerable
Orbital aerospace rallies in companies like Virgin Galactic (NYSE:
Suborbital aerospace SPCE) and Maxar Technologies (NYSE: MAXR).
Enabling technologies
Aerospace beneficiaries More background: The firm's flagship ARK
Don't forget! There are two Innovation ETF (NYSE: ARKK) has returned nearly
other space-focused ETFs: 177% in the last year and grew its assets under
Procure Space ETF (NASDAQ: management (AUM) ten-fold to over $22 billion.
UFO) and Kensho Final Frontiers ARKK became the largest active ETF in the world
last month.
ETF (NYSE: ROKT). The
difference however is that
neither of those funds have
Cathie Wood. Her belief in
disruptive innovation and the IS SPACE NEXT? ARK INNOVATION ETF
growth potential of market (ARKK) MONTHLY FLOWS (USD
leading companies have earned MILLIONS)
her a significant fan base. Even
ARK's smallest fund is over 2x
larger than the total assets of
the UFO ETF.
2021
JANUARY THE DOWNLINK
#8 COMMERCIAL LAUNCH
Blue Origin successfully demonstrates
crew capsule upgrades
Last week Blue Origin completed its
fourteenth test flight (NS-14) of its New
Shepard rocket. "The success of this
flight puts us one big step closer to flying
astronauts," said Blue Origin's Ariane
Cornell, director of astronaut and orbital
Virgin Orbit successfully reaches sales, during a live webcast. New Shepard
orbit using its novel air launch is designed to carry people on rides past
system the edge of space, spending several
minutes in zero gravity before returning to
Virgin Orbit's LauncherOne rocket Earth. Both the rockets and the capsules
finally reached orbit carrying 10 are reusable, with the boosters returning
payloads for NASA's Launch to land vertically and the capsules landing
Services Program (LSP). The flight via parachute. Included in the capsule
marked the first successful air- component is a solid fueled abort motor
launch of an orbital class, liquid- provided by Aerojet Rocketdyne. The
fueled rocket into space. Virgin motor is activated in the event of an
Orbit's LauncherOne system is anomaly on the booster in order to
unique in that it consists of three protect any crew on board. The company
primary segments: a two-stage aims to launch a second test flight by late
liquid propulsion rocket February before shifting to crewed
(LauncherOne), a Boeing 747 jet missions later in the year. You can watch
(Cosmic Girl) that carries the rocket a recap of the launch here.
under its wing, and a mobile ground
support segment. The next mission
is slated to begin commercial
operations, with customers
including the U.K.’s Royal Air Force
and communications provider
Swarm Technologies. You can
watch a recap of the flight here.
2021
JANUARY OTHER NEWS
#8 NASA suffers potential major setback with SLS test
failure
The core stage engine shut down after about 60
seconds (out of the 493-second full duration test).
NASA has not yet determined the cause of the
shutdown.
OneWeb adjusts target constellation size down to
7,000
The drastic reduction from the proposed 48,000-
satellite constellation may be a direct result of
OneWeb's new cost-conscious owners.
China's private launch company iSpace is planning
an IPO
The company is planning to file an IPO on the Shanghai
Stock Exchange's STAR market.
Colorado lawmakers urge Biden to review Space
Command decision
Colorado lawmakers are urging the reversal of the
Trump administration's decision to base the HQ of U.S.
Space Command at Alabama's Redstone Arsenal.
White House issues policy directive on GPS reliance
The directive highlights US’ growing dependence on GPS
suggesting plans for backup technologies.
Boeing completes Starliner software requalification
Boeing has requalified software for the company’s
Starliner crew capsule after programming errors led to
issues with its first orbital test flight in 2019.
Startup Aurora Insight will launch cubesats this
week for radiofrequency sensing
The company will launch the two cubesats on a SpaceX
Falcon 9 rideshare mission scheduled for this week.
2021
JANUARY
#8
THE TERM SHEET CONTRACT RELEASES
OneWeb, an operator of a global satellite SpaceX: Undisclosed by Intuitive
broadband network, raised $400 million Machines to launch IM-1 and IM-2
from Softbank and Hughes Network lunar lander missions.
Systems. National Security Technology
Satrec Initiative, a manufacturer of Earth- Accelerator (NSTXL): TBD by the
observation satellites, will receive a $100 Space and Missile Systems
million investment from Hanwha Center to manage the U.S. Space
Aerospace in exchange for 30% of the Force’s Space Enterprise
company. Consortium.
Ursa Major Technologies, a developer of
propulsion technologies, raised $15
million of funding from undisclosed
investors.
Leaf Space, a provider of ground station
services, raised €5 million (~$6 million) of
Series A funding led by Whysol
Investments.
Exos Aerospace, a developer of reusable
launch vehicles, raised $2 million of
funding from undisclosed investors.
Oakman Aerospace, a provider of
products and services related to space
systems architectures, signed a
definitive agreement to be acquired by THE CISLUNAR ECONOMY: NEAR
Redwire for an undisclosed amount. LIMITLESS RESOURCES
2021
JANUARY NASA READIES SLS FOR
#9 CRITICAL TEST
ICYMI: NASA will be conducting its last full-
duration static-fire test of the Space Launch
System (SLS) core stage on Saturday. If
What's next? Delays will have a successful, the core stage will be officially sent
domino effect on an already to Kennedy Space Center to be prepared for the
over-budget program. Getting Artemis 1 mission.
the SLS ready quickly is critical A static who? A static-fire test is effectively a
to meet NASA's ambitious dress rehearsal for a rocket. It's when the
schedule. Though Artemis 1 will engines are fired at full-thrust while being firmly
have no crew onboard, the third attached to the launch mount. Full-duration
Artemis mission, planned for reflects the time the engines will fire for during
2024, will land the first humans the actual mission — in this case 493 seconds.
on the Moon since the Apollo 17 You can watch the last test here.
mission in 1972.
The big deal: This is a significant moment for
NASA. This final test (part of a campaign
called the Green Run) is the culmination of
nine years of design, development,
production, and testing of the SLS core
stage. It not only continues to prove the
success of NASA's industry partnerships,
but also sets the stage for Artemis 1:A
combined effort: Boeing is the prime
contractor for the core stage and Aerojet
Rocketdyne is the lead contractor for the
RS-25 engines.
Artemis 1: NASA is aiming to launch Artemis
1, an uncrewed Moon mission by the end of
2021. The mission is meant to prove that the
Orion spacecraft and SLS rocket can send
humans to the lunar surface.
2021
JANUARY THE DOWNLINK
#9 COMMERCIAL LAUNCH
ABL Space Systems aims for maiden
launch as early as March
POLICY
ABL Space is in the final stages of
White House issues executive preparation for the first launch of its RS1
order promoting nuclear reactors two-stage rocket from Vandenberg Air
for defense and space Force Base. ABL's key difference from
exploration other small launch startups is how it
The executive order directs intends on building its launch sites.
NASA and the Department of Vertical launches of rockets generally
Defense to coordinate R&D of occur from fixed sites, which limit
small nuclear reactors for military flexibility. ABL is trying to solve the
and space use. According to the flexibility issue by developing portable
White House, "the sustainable ground-based launch systems. The
exploration of the Moon, Mars, systems are modular and containerized
and other locations will be enabling the entire launch system to be
enhanced by small modular mobile (see below). The RS1 requires only
reactors deployed from Earth for a flat pad to achieve orbital launch, which
operations across the solar means that ABL can theoretically operate
system." Small nuclear reactors from all FAA-licensed launch sites. The
can be critical power sources RS1's max capacity is 1,350 kg to low
where solar power is not Earth orbit at a price of $12 million per
practical. The order goes on to launch (~$9,000/kg).
direct NASA to prepare a report
detailing nuclear energy
utilization for humans robotic
missions through 2040 as well
as the associated costs and
benefits.
2021
JANUARY OTHER NEWS
#9 SpaceX Cargo Dragon makes first-ever autonomous
undocking from the ISS
The undocking — the first by an uncrewed U.S. supply
ship, saw the CRS-21 Cargo Dragon depart from the ISS'
Harmony module on Tuesday.
Finnish startup Iceye plans to launch three more
SAR satellites this month
Iceye is planning on sending the Synthetic Aperture
Radar (SAR) satellites into orbit on January 21 via a
SpaceX Falcon 9 rideshare mission.
FCC allows SpaceX to launch 10 Starlink satellites
into polar orbit
However, the FCC has not not yet responded to
SpaceX's broader request to lower the altitude of 2,824
satellites in the upper shell of its Starlink system from
1,100-1,300 km to 540-570 km.
Delta Airlines selects Viasat for in-flight
connectivity
Delta will begin installing Viasat’s Ka-band In-Flight
Connectivity system on its aircraft starting this
summer.
U.S. intelligence community expands with addition
of the Space Force
The branch became the 18th member of the intelligence
community which hasn't expanded since 2006 after the
addition of the DEA.
Russia may fine citizens who use SpaceX’s Starlink
service
The proposed law seeks to prevent accessing the
Internet by means of SpaceX's Starlink service,
OneWeb, or other non-Russian satellite constellations
under development.
2021
JANUARY
#9
THE TERM SHEET CONTRACT RELEASES
PlanetiQ, a developer of a constellation of Thales Alenia Space: €296 million
weather satellites, raised $18.9 million of ($362 million) by the European
funding led by New Science Ventures and Space Agency (ESA) to build a
AV8 Ventures. European module for NASA’s lunar
Umbra, a developer of synthetic aperture Gateway space station.
radar (SAR) satellites, raised $32 million SpaceX/L3 Harris: $149
of funding from undisclosed investors. million/$193.5 million by the
Space Development Agency (SDA)
to build and launch a series of
missile warning and data relay
satellites.
Airbus: Undisclosed amount by
Intelsat for two geostationary
communication satellites.

LARGE CAP DEFENSE COMPANIES: 2020

REVENUE EXPOSURE TO SPACE
2021
JANUARY THE SPACE MISSIONS TO
#10 WATCH THIS YEAR
ICYMI: 2021 is setting up to be another big year for the space industry. What
will we look out for?
The continued maturation of launch services
Space agencies forging ahead with robotic and human exploration
New business models being put to the test
Crewed Launch: Boeing's second Starliner test will take place on March 29th. If
successful, NASA will have another spacecraft outside of SpaceX's Crew
Dragon to ferry astronauts to and from the ISS. Axiom, a company planning to
build a private space station, is also working to launch its first crewed mission
to the ISS, but using a Crew Dragon.
Tourism: Virgin Galactic (NYSE: SPCE) and Blue Origin's New Shepard may send
tourists into space on suborbital flights. Virgin Galactic is scheduled for three
more powered test flights in the first half of this year before a civilian can fly.
New Shepard has launched 13 times now and the booster has proven its
reusability through vertical landings after flight.
Lunar Exploration: NASA plans to launch its first uncrewed Artemis mission to
orbit the Moon by the end of the year. The agency will use its Space Launch
System rocket and Orion crew capsule. The mission will test out the Orion
vehicle hardware, software, and life support systems.
Astrobotic Technology’s Peregrine lander will take 28 of NASA's Commercial
Lunar Payload Services (CLPS) payloads to the moon in June via ULA's Vulcan
rocket. If successful, it will be the first private spacecraft to successfully land
on the moon.
Mars Exploration: Three missions will reach Mars in February
:NASA’s Perseverance rover will perform the most extensive search for life
on Mars to date
UAE's Hope mission (the first Arabian mission to Mars) will enter orbit and
study the climate
China’s Tianwen-1 will also search for life and assess the planet's
environment
Deep space: NASA plans to launch the Double Asteroid Redirection Test (DART)
probe in July to help learn more about how to prevent an impact of Earth by a
hazardous asteroid
2021
JANUARY THE DOWNLINK
#10 COMMERCIAL LAUNCH
The next Starship prototype is
almost ready for launch
POLICY
Just last month, the SN8 prototype
The White House has released a new became the first vehicle to
national strategy for planetary protection successfully test aerodynamic
The document outlines policy goals to flaps in-flight. Now, SpaceX is
address terrestrial contamination of other already readying SN9. Preflight
planets. To meet the policy goals, the testing is underway and partially
agencies have to meet three categories of complete. The SN9 has passed the
objectives which include avoiding: cryogenic tank test, which is used
to simulate the kind of pressure the
1. Forward contamination: By developing vehicle would experience in-flight.
and implementing risk assessment and The next test involves a static-
science-based guidelines and updating firing of its Raptor engine trio, after
the interagency payload review which it should be ready to fly. The
process. Starship SN9 will be a repeat of the
2. Backward contamination: By SN8 launch with the added goal of
developing a Restricted Return actually landing in one piece.
Program to protect against adverse SpaceX is currently targeting as
effects on the Earth environment due early as Friday for the launch
to the potential return of attempt. You can watch the fiery
extraterrestrial life. recap of the SN8 launch here.
3. Coordination with the private sector:
By incorporating the perspective and
needs of the private sector by
soliciting feedback and developing
guidelines regarding private sector
activities with potential planetary
protection implications.
The third objective is becoming
increasingly more important as NASA is
utilizing the private sector for help in
launch services and exploration.
You can find the truncated fact sheet here.
2021
JANUARY OTHER NEWS
#10 Chinese startup Spacety releases images from
Hisea-1 satellite
Hisea-1 is the world’s first miniaturized C-band
Synthetic Aperture Radar (SAR) satellite.
Saudi Arabia to announce space partnerships soon
The Kingdom is planning an SR8 billion ($2.13 billion)
boost for its space program as part of its Vision 2030
reform plan. The Saudi Space Commission (SCC) will be
announcing a set of preparatory partnerships soon.
China's key space contractor CASC targets 40
launches for 2021
The China Aerospace Science and Technology
Corporation (CASC) announced the target at a meeting
on Monday.
U.S. Space Command has narrowed the potential
location of its headquarters to six candidates
They include Kirtland Air Force Base in New Mexico,
Offutt Air Force Base in Nebraska, Patrick Air Force Base
in Florida, Peterson Air Force Base in Colorado, Port San
Antonio in Texas and Redstone Army Airfield in Alabama.
Virgin Orbit sets launch window for next orbital flight
attempt
The window to test its LauncherOne rocket opens on
Sunday, January 10.
SpaceX will attempt to catch Super Heavy booster
using launch tower
According to Musk, SpaceX will try to “catch” the future
Super Heavy booster using the launch tower arm, with
the grid fins (used to help control the descent)
shouldering the load.
2021
JANUARY
#10
THE TERM SHEET CONTRACT RELEASES
A bankruptcy judge is giving Black Lockheed Martin: $4.9 billion by
Diamond Capital Management a chance the Department of Defense for
to make an offer to buy Speedcast the manufacturing, assembly,
International Ltd., a provider of satellite- integration, test, and delivery of
based communication networks, out of three Next Generation
Chapter 11 bankruptcy. Geosynchronous (NGG) Earth
orbiting satellites.
SpaceX: $150.4 million by the
Space Development Agency (SDA)
to launch a series of missile
warning and data relay satellites

GLOBAL LEADER IN ORBITAL LAUNCHES:

SPACEX VS CHINA AEROSPACE (CASC)
THE SPACE ALMANAC
ARCHIVING THE SPACE ITSELF

2021