Market insight
Consolidation remains a focus for larger operators as does ensuring their balance sheets are healthy by deleveraging where possible. In the NewSpace segment, raising capital for ventures across both satellite and launch services remains the key target for many companies.
Launches remain strong particularly from SpaceX although both Blue Origin and SpaceX’s Starship tests resulted in failure.
Sustainability in space remains an area of investment with Lockheed Martin Ventures investing in Slingshot Aerospace and Orbit Fab, both of whom track space debris and refuel satellites.
The importance of clear contractual provisions remains with Ligado Networks starting proceedings against Inmarsat, alleging a breach of contract over failure to upgrade satellite terminals to prevent interference. Ligado Networks is seeking damages of US$1.7bn+.
M&A/Corporate
January 2025:
- Thaicom‘s board has urged shareholders to reject Gulf Energy Development/Intouch’s takeover bid if its stock stays above 11 baht per share until 6 2025;
- Redwire Corp. has agreed to acquire Edge Autonomy for US$925m to enter the autonomous UAS market;
- Gilat Satellite Networks has acquired Stellar Blu Solutions to boost its IFC market position, expecting US$120-$150m in annual revenues by 2025; and
- Slam Corp has extended its merger deadline with Lynk Global till March 2025 but must refund US$81m to investors who redeemed shares.
December 2024:
- Synspective, a Japanese satellite company, listed on the Tokyo stock Exchange;
- Gogo acquired Satcom Direct, forming a multi-orbit, multi-band, in-flight connectivity (“IFC”) provider for the business aviation and military/government mobility markets.
November 2024:
- Spire Global is planning to sell its maritime business to Kpler for US$241m to pay off all its debt; and
- Blacksky has acquired small satellite manufacturer Leostella.
Finance
January 2025:
- SES repurchased €100m of bonds, boosting its share price by 1.37% to €3.10;
- Shanghai Gesi Aerospace Technology (“Genesat”) secured US$137m in funding for potential R&D and market expansion;
- AST SpaceMobile raised US$400m through convertible debt for its direct-to-smartphone constellation;
- Stoke Space raised US$260m for a reusable launch vehicle;
- Loft Orbital raised US$170m to scale operations with inter-satellite links and AI; and
- Toyota invested in Japanese rocket startup Interstellar Technologies.
December 2024:
- Iceye closed US$65m in extension funding, consisting of a mix of debt and equity;
- Fleet Space Technologies (an Australian start-up) closed a Series D funding round worth US$100m; and
- Pixxel has brought in new investors and US$24m in a Series B extension round.
November 2024:
- Starfish Space announced a new funding round to facilitate development and build of three spacecraft that will be used for on-orbit docking and manoeuvring missions;
- Firefly Aerospace raised US$175m in new venture capital; and
- Apple is paying Globalstar up to US$1.1bn to fund a new constellation and will invest US$400m in a Globalstar LLC that will own the new constellation, for a 20% equity stake.
Launch overview
| Blue Origin’s inaugural New Glenn launch successfully reached orbit but failed to land the booster and will have to complete an FAA mishap investigation before its next launch due in spring; |
| SpaceX will also be liaising with the FAA after their seventh Starship test caused air travel disruption due to falling debris over the Caribbean. Quantas have also said they’ve had to delay flights between Australia and South Africa to avoid falling SpaceX rocket parts re-entering the atmosphere over the Indian Ocean; |
| SpaceX Falcon 9 launched SpainSat NG-1, a military communications satellite on behalf of Hisdasat; |
| ISRO F15 rocket launched NVS-02 satellite, this is the second of five planned satellites to make up India’s navigation with Indian constellation ("NavIC"); |
| SpaceX Falcon 9 launched ‘Ghost Riders in the Sky’ a pair of lunar landers to begin independent journeys to the Moon; |
| SpaceX Falcon 9 launched the company’s 12th rideshare mission to a sun-synchronous orbit. Onboard were a variety of customer satellites, including 35 satellites integrated by Exolaunch along with 36 SuperDoves and Pelican-2 from Planet Labs PBC; and |
| SpaceX Falcon 9 launched the Thuraya 4 satellite to a geostationary transfer orbit on behalf of Space42/Yahsat. |
