🚀 SpaceX's 10-For-1 Stock Split (2024)

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The Space Scoop

Week Ending 02.18.2022

Happy Friday and a warm welcome to our new readers! It was a busy week that began on Sunday evening with Lockheed terminating their proposed acquisition of Aerojet Rocketdyne. Maritime Launch Services is rumored to be eyeing public markets via a SPAC merger. Virgin Galactic opened up tickets to the public for a cool $450,000 along with a company rebranding. Rocket Lab also announced a new logo. Firefly Aerospace founder (and bankruptcy savior) has been ousted from the company for $1 and SpaceX will performa 10-for-1 stock split. Lets dive in.

Market Max-Q📈

Maritime Launch Services SPAC Rumors

Late last week, Bloomberg reported that Maritime Launch Services is said to be in discussions to go public through a deal with Ceres Acquisition Corp. ($CERAF) at a~$530M valuation. Maritime is a Canadian aerospace startup with plans for commercial rocket launches that is developing Spaceport Nova Scotia, which will be the first commercial orbital launch complex in Canada. Ceres Acquisition is backed by ScooterBraun and comes after a deal to take cannabis retailer Parallel public was mutually terminated last year.

Lockheed Calls Off Aerojet Rocketdyne Acquisition

Ahead of Superbowl LVI kickoff, Lockheed Martin ($LMT) announced it had terminated the agreement to acquire Aerojet Rocketdyne ($AJRD). The decision follows the FTC's lawsuit filed last month seeking a preliminary injunction to block the acquisition. "We determined that in light of the FTC's actions, terminating the transaction is in the best interest of our stakeholders," said President and CEO James Taiclet. Aerojet reaffirmed its strong foundation for substantial value creation following the termination of its merger agreement.

Morgan Stanley Warns on Virgin Galactic Execution Risk

On Tuesday, $SPCErevealeda new look and opened a limited opportunity for the general public to purchase future spaceflight reservations for $450,000, with a $150,000 deposit. Shares rallied +31.9% on the day, but Morgan Stanley was out with a note highlighting that despite the expected demand, execution risk is still alive. “We see the core challenge for Virgin Galactic centering on execution of its plans to scale operations to 400 flights per year per spaceport,” said analyst Kristine Liwag. “Recent schedule delays and potential technical issues highlight the risk that commercialization and high-volume operations could take longer than anticipated."

Week 2 of Space Q4 / FY2021 Earnings

This week, Iridium Communications ($IRDM), AAC Clyde Space ($ACCMF) and Airbus ($EADSY) reported fourth quarter and annual results. Highlights include:Iridium:•Q4 total revenue of $155.9M, +6% YoY.•Service revenue, or subscriber base recurring revenue, was 81% of total revenue.•1,723,000 total billable subscribers, +16.7% YoY driven by growth in commercial IoT.AAC Clyde Space:•Q4 and FY2021 net sales rose +116% and +83%, respectively.•Q4 order backlog increased +161%.•FY2021 loss after tax was SEK -39.5M.Airbus Defence and Space Segment:•FY2021 revenues of €10.2M, -2.5% YoY.•Q4'21 revenues of €3.3M, -6.2% YoY.•Order intake rose +15.1% to 13,656.

Hedge Fund Q4'21 13F Summary

13F season has arrived. The 13F is a quarterly report filed by investment managers to the SEC disclosing their U.S. equity holdings. Fourth quarter highlights include:•Ken Griffin of Citadel Advisors doubled the firms $SPCE stake to 2.6M shares QoQ.•Jim Simons of Renaissance Technologies initiated a $1.3M position in $ASTR.•David Einhorn of Greenlight Capital made no changes to the firms $4.5M position in $ASTS.•Glen Kacher of Light Street Capital Management increased the firms $RKLB stake by +73% to a 2.8% portfolio position.•Dinakar Singh of Axon Capital initiated a 2.8% portfolio position in $MNTS.•Chase Coleman of Tiger Global Management maintained the firms $16.9M position in $SPIR.•Israel Englander of Millennium Management initiated a $11.8M position in $PL.

In Other News🛰️

Aerospacelab Raises €40M Series B Round

(Company)

The Belgian satellite manufacturer round was co-led by Airbus Ventures and XAnge. Other participants included Octave & Miroslaw Klaba, SRIW, Noshaq, BNP Paribas Private Equity, Sambrinvest and Belaero.

Jared Isaacman Reveals "Polaris Program" With SpaceX

(Company)

The program consists of up to three human spaceflight missions that will demonstrate new technologies, conduct research and culminate in the first human flight of SpaceX’s Starship.

Max Polyakov Selling Firefly Aerospace Stake

(Facebook)

The company's Ukranian founder is selling his 58% stake to CEO Tom Markusic for $1. While nothing official has been released yet, it was previously reported that he was under pressure from the U.S. government citing national security concerns.

ABB Signs Contract with EarthDaily Analytics

(SpaceNews)

The Switzerland-based technology provider is supplying multispectral imaging systems for EDA's planned fleet of 10 satellites for $30M. The deal is ABB’s largest space hardware order to date from a private customer.

Terran Orbital To Build Microsatellite Program for Lockheed Martin

(PR Newswire)

$TWNT was awarded a contract by $LMTAeronautics to provide three microsatellite class satellites, launch procurement, integration, and operations in support of product demonstration. Terms were not disclosed.

Quick Links🔗

• SpaceX Will Perform a 10-for-1 Stock Split, From $560 to $56 per Share

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Planned £5.4B Takeover of Inmarsat ($VSAT) Seeks To Overcome U.K. Government Opposition

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Jio Platforms and SES Announce JV To Deliver Satellite-Based Broadband Services Across India

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Terran Orbital ($TWNT) Announces $170M in New Contracts and Sets ShareholderMeeting Date

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Anuvu Secures Major Satellite Capacity Deal With Telesat ($TSAT)

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How Vodafone ($VOD) and AST SpaceMobile ($ASTS) Plan To Connect for a Better Future

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ICEYE Partners With New Light Technologies To Provide Critical Flood Data to Government Agencies

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Terran Orbital ($TWNT) To Expand Manufacturing Capability in California

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Space Force Wants To Create a More Welcoming Environment for Private Industry

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Firefly Aerospace Successfully Tests Stage 2 Hotfire of Alpha Rocket

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Chamath Palihapitiya Steps Down From Virgin Galactic ($SPCE) Board of Directors

Opinion🗣️

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A Headlong Rush Into Space Investing Should Be Met With Caution

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How America Can Become a Leader in Cleaning Up Space

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The Challenges of Space Traffic Management

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Trimble ($TRMB): Finding Its Way

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Virgin Galactic ($SPCE): A Strong Bounce Is Inevitable

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Space Stocks to Buy in This New Era of "Paying Customers"

Calendar📅

• $BKSY: February 22 - Before Market Open• $MAXR: February 22 - After Market Close• $SPCE: February 22 - After Market Close• $SATS: February 24- 3:00 P.M. EST• $GSAT: February 24- After Market Close• $RKLB: February 28 - After Market Close

• $TWNT: March 22- Shareholder Merger Vote

*Company confirmed dates only.