Search Results for: astra

Firefly wins three launch contract from L3Harris

9:25 am

Firefly today announced that the satellite company L3Harris has awarded it a three-launch contract as part of Space Force’s quick response satellite launch program.

Firefly will provide rapid launch capabilities for L3Harris to achieve direct access to low Earth orbit at a lower cost and support the responsive space needs of the U.S. government. The three missions will launch from Firefly’s SLC-2 launch site at the Vandenberg Space Force Base.

The missions are scheduled for 2026, which makes sense as Firefly has yet to make its Alpha rocket operational. It has attempted two launches, the first a failure and the second reaching orbit but at an altitude lower than planned. Its third attempt, also a rapid response launch for the Space Force, was officially declared ready for launch within 60 hours, anytime within the next six months when the Space Force demands it.

A side note: It has seemed to me that in 2023 the launch of new American rockets by launch startups has slowed considerably. Why this is occurring is likely the result of many factors. First, two companies (Astra and Relativity) have abandoned their first iteration of their rocket, and appear unready to launch again for several years, if ever. Second, we may be seeing evidence of the heavier regulatory fist under the Biden administration, making it more difficult for new rockets to get launch license approval.

Third, it appears investor enthusiasm for this new industry has cooled, partly because of the first two reasons above as well as the poor stock trends of the new rocket companies that went public.

It is also possible the slowdown is simply the normal fluctuation one sees in any new industry with a relatively small number of players. This could simply be a pause as they gear up for a string of new launches next year.

Only time will answer this question. Stay tuned.

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August 22, 2023 Quick space links

3:35 pm

Courtesy of BtB’s stringer Jay.

 

 

  • Video from Astra touting its rocket assembly line

    • Interesting but also unintentionally hilarious, as the company posted this yesterday, but that assembly line has been shut down for weeks and the company is no longer focused on building rockets.

 

  • Images taken by Vikram on August 20th

    • These images were taken after Vikram separated from its propulsion unit, and demonstrated that it could orient itself accurately and the camera was working.

 

 

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Astra scrambling to find investors as its cash reserves dwindle

9:27 am

Despite a major reorganization, including laying off a quarter of its workforce, Astra now appears to be scrambling to find new investors even as its available cash reserves shrink.

The company’s financial runway is diminishing even as the company finds new sources of capital, such as a loan announced Aug. 4 that will provide Astra with $10.8 million and plans announced in July to sell up to $65 million in Astra stock in an “at-the-market” transaction. The company forecasted an adjusted EBITDA loss of $25 million to $29 million in the third quarter, ending the quarter with $15 million to $20 million of cash and equivalents on hand.

One analyst on the call expressed frustration with those projections, asking Astra executives for the “upside” of the company’s plans. Kemp emphasized the backlog of orders for its thrusters, which Astra said Aug. 4 was valued at $77 million, as well as orders from the U.S. Space Force and the Defense Innovation Unit for the Rocket 4.

However, he suggested the company’s efforts to focus on thruster production were intended to buy time for Astra as the company looks for new investors. The company said Aug. 4 it was working with PJT Partners, an investment bank, to identify “potential strategic investments in the Astra Spacecraft Engine business” that would bolster its finances. “We are actively focused on finding investors in these two businesses,” he said, noting that the company’s launch and spacecraft propulsion business lines are distinct and “in different phases of their development.”

Essentially the company is approaching a make-or-break moment. What I think is likely to happen is it will either go bankrupt, or be purchased outright by a new big-money investor who will take over the company entirely, replacing its present management with new people.

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Astra lays off 25% of workforce, mostly in its rocket departments

10:07 am

Astra revealed yesterday that it has laid off 25% of its workforce, with most of those jobs coming from those working of developing its rocket, in order to focus the company on its rocket engine business, the only area it at present has a chance of earning revenue.

The reallocation and layoffs are expected to delay testing of the under-development Rocket 4 and Launch System 2.0, Astra said. The affected employees worked in the company’s launch, sales and administration and “shared services” departments. Workforce reductions are expected to save the company more than $4 million per quarter beginning in the fourth quarter of this year.

Astra, which is facing dwindling cash reserves, is no doubt looking for a way to further reduce operating expenses while also bolstering its spacecraft engine business, the only business unit that currently has a near-term chance of generating revenue. The spacecraft engine technology is sourced from Astra’s acquisition of propulsion developer Apollo Fusion, which closed the day Astra went public in July 2021.

Indeed, Astra said that it had closed 278 committed orders of the Astra Spacecraft Engine product through the end of March, which totals around $77 million in contracts once the engines are delivered. A “substantial majority” of these orders will be delivered through the end of 2024, the company said.

What these actions mean is that Astra is no longer a rocket company. It might return eventually, but for now there is little chance it will resume launches for years.

It is interesting that this action was revealed only one day after a class-action lawsuit was dismissed by investors against the company for claiming that it would soon be launching 300 times per year.

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To raise cash Astra will sell off some of its stock

10:15 am

Short of cash, Astra officials have now decided to sell about $65 million worth of the company’s existing stock.

In a filing with the U.S. Securities and Exchange Commission published after the markets closed, Astra said it had signed a sales agreement with Roth Capital Partners under which it will sell up to $65 million of its stock in an “at-the-market” offering, where shares are sold at the going market rate.

Net proceeds from the stock sale, the company said, would go towards working capital and general corporate purposes. That includes development of its next-generation launch vehicle, Rocket 4, as well as continued production of its Astra Spacecraft Engine electric thrusters.

The stock sale comes as the company was running low on cash. Astra reported having $62.7 million in cash as of the end of the first quarter, with a net loss of $44.9 million. The company reported no revenue in the first quarter.

The $65 million figure is based on the present value of the stock. If the market price drops, a good possibility, the company will raise less.

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King Charles III proposes his own vision for space, focused not on private enterprise but on achieving a globalist utopia

10:47 am

We’re here to help you! King Charles III yesterday announced a major space policy concept which he dubbed Astra Carta, aimed at making the leftist utopian vision the prime guidance for any future exploration or settlement of the solar system.

The statement from the Palace says the “Astra Carta aims to convene the private sector in creating and accelerating sustainable practices across the global space industry. It also recognises the unique role that space can play in creating a more sustainable future on Earth and the need for the space industry to consider environmental and sustainability impacts beyond our planet. Its ambition encourages a focus on placing sustainability at the core of space activity.”

You can read a detailed summary of Astra Carta’s goals here [pdf]. Its aims however make clear Charles’ globalist and Marxist goals, as previously outlined by his 2021 Terra Carta proposal for Earth:
» Read more

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June 12, 2023 Quick space links

4:50 pm

After a week break BtB’s stringer Jay returns!

 

 

 

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Rocket Lab’s Electron rocket lifts two more NASA hurricane monitoring satellites into orbit

8:58 pm

Rocket Lab today successfully used its Electron rocket to place the last two of NASA’s four-satellite Tropics hurricane monitoring constellation into orbit.

The first launch occurred about two and a half weeks ago, on May 7, 2023. Both launches were originally contracted to Astra, but when that company discontinued operations of its Rocket-3 rocket, NASA turned to Rocket Lab.

The leaders in the 2023 launch race:

34 SpaceX
19 China
7 Russia
5 Rocket Lab

The U.S. now leads China 39 to 19 in the national rankings, and the entire world combined 39 to 33. SpaceX by itself now trails the entire world, including American companies, 34 to 38.

Note that at this moment SpaceX and Rocket Lab are the only American companies that have launched. The established rocket companies, ULA and Northrop Grumman, have launches planned but none as yet, while two American companies have ceased operations, Astra (supposedly temporarily) and Virgin Orbit (permanently).

American freedom resulted in the competition in rocketry which has lowered costs but taken business from the established companies. Freedom has also caused the death of two companies, because the success that freedom brings also carries risks. Failure can happen, but the sum total of achievement is always greater than when competition is squelched.

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Air Force awards Ursa Major rocket engine development contact

9:13 am

The Air Force Research Laboratory (AFRL) has awarded the rocket engine startup Ursa Major a contract to develop two different rocket engines.

Under the contract, the Colorado-based firm will build and test a prototype of its new Draper engine for hypersonics, and further develop its 200,000-pound thrust Arroway engine for space launch.

…Under the AFRL contract, for which neither the lab or company provided a value, Ursa Major will also build a dedicated test stand for Draper and plans to hotfire the engine within 12 months.

Arroway, on the other hand, is a reusable liquid oxygen and methane staged combustion engine for medium and heavy launch vehicles. Ursa Major first announced development the 200,000-pound thrust engine last August, explaining that when clustered together, Arroway engines could replace the Russian-made RD-180 and RD-181, which are no longer available to US launch firms.

According to Ursa Major’s press release, the AFRL contract will allow further development of Arroway with a hotfire expected in 2025.

Ursa Major already has several contracts for its smaller Hadley engine, from the rocket startups Phantom, Vector, Astra, and the Air Force, and has built more than a hundred so far. The Arroway meanwhile is being developed as an American replacement for the Russian engines used by Northrop Grumman in its Antares rocket.

All in all, it appears Ursa Major is becoming a major challenger to Aerojet Rocketdyne, which in recent years had a lock on most government contracts for rocket engines. That lock resulted in very expensive engines that took years to build. The government (and others) are now finding someone else to provide this service at a better cost and far more quickly. We shall see whether Aerojet Rocketdyne responds to this competition properly, or goes the way of the horse carriage.

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May 16, 2023 Quick space links

4:49 pm

Courtesy of BtB’s stringer Jay.

 

 

 

 

  • Astra and Momentus face cash crunch

    • Both have serious financial issues, but Momentus probably a better chance of surviving since it is actually flying its Vigoride tugs. Astra has nothing flying at the moment.

 

 

 

 

 

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April 27, 2023 Quick space links

4:59 pm

Courtesy of BtB’s stringer Jay.

 

 

 

 

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Rocket engine company Ursa Major raises $100 million in private investment capital

9:06 am

The American rocket engine company Ursa Major recently raised an additional $100 million in private investment capital, on top of the $85 million it raised last year.

All told, the company has raised $234 million. Its Hadley engine presently has contracts with rocket startups Astra and Phantom, the hypersonic missile testing company Stratolaunch, and the Air Force. It is also developing two larger engines, the Ripley and the Arroway, the latter designed to replace Russian engines previously used by American companies.

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Astra confirms it is buying Ursa Major rocket engines for its Rocket-4 upper stage

9:55 am

Astra yesterday confirmed that it will be buying Ursa Major’s Hadley rocket engine for the upper stage of its Rocket-4, now tentatively scheduled for a first test launch later this year.

Astra has been tight-lipped about the new upper stage engine that would power its new Rocket 4, with CEO Chris Kemp only telling investors last year that the rocket’s substantially increased payload capacity was thanks in part to engine upgrades. Outsourcing the engine helps clarify how Astra was able to so quickly pivot its plans for Rocket 4, including doubling the launch vehicle’s payload capacity from 300 kilograms to 600 kilograms.

Ursa Major has already sold engines to several rocket companies and the government, including Phantom, Vector, Stratolaunch, and the Air Force. It is also building two different larger engines, Ripley and Arroway, with the latter aimed at replacing the engines Russia provided to ULA and Northrop Grumman.

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April 21, 2023 Quick space links

2:46 pm

Courtesy of BtB’s stringer Jay.

 

 

 

Next, a whole bunch of post-flight items relating to the Starship/Superheavy test launch:

The last story from Politico suggests first that the Biden administration and the federal bureaucracy fully intends to treat SpaceX and Starship/Superheavy differently than all other rocket startups, and second Politico is all-in on that effort.

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Starship/Superheavy did not explode!

1:41 pm

Starship/Superheavy at T+4:02, just after the self-destruct command was issued
Starship/Superheavy at T+4:02, just after the self-destruct command
was issued

In the past twenty-four hours we have another wonderful demonstration of the utter bankruptcy of the American press in the manner in which it has decided to describe yesterday’s first test launch of Starship/Superheavy. Here are just a few headline examples:

Every single one of those headlines implies that the explosion was the launch’s failure. If you read the linked articles you find that many repeat that implication in their reports.

None are correct. » Read more

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NASDAQ gives two more space companies delisting warning

10:25 pm

NASDAQ yesterday told the space companies Momentus and Spire they have six months to get their stock price over $1 or the stock exchange will delist each.

Small satellite builder and data specialist Spire Global received a notice from the New York Stock Exchange, while spacecraft delivery company Momentus received a notice from the Nasdaq. Under the respective exchanges’ compliance rules, the companies have 180 days, or about six months, to get their stock prices back above $1 a share.

Spire’s stock closed at 69 cents a share on Friday, having first slipped below $1 a share on Mar. 7. Momentus’ stock closed at 63 cents a share, slipping below $1 a share on Feb. 7.

Both companies now join Astra under the same threat. Both also have indicated they will consider a reverse-stock split, combining stocks to reduce the total number in order to bring the price above one dollar.

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Astra asks for more time from Nasdaq before its stock is delisted

8:54 am

The rocket startup Astra has now asked Nasdaq to give it an extra six months beyond the early April deadline to get its stock price above $1 in order to avoid getting delisted from the stock market.

With its share price at $0.42 upon closing Thursday, Astra Chief Financial Officer Axel Martinez wrote in a blog post that the space company formally requested on Monday another six-month window to raise the share price above $1 for 10 consecutive business days as required to stave off a delisting.

It appears the company might be considering a reverse-stock split, whereby stocks are combined with the total number reduced, thus artificially raising the stock price. Nasdaq will consider this tactic an acceptable solution, though it is also considered a last-ditch approach.

Right now Astra is no longer an operational rocket company, having discontinued its Rocket-3 rocket. It says it is developing a new rocket, dubbed Rocket-4, but whether it can get this operational before it runs out of money or gets delisted remains unknown.

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Space startups get their SVB assets back when Feds move in

9:34 am

Because of the decision of the federal government to guarantee all deposits at the failed Silcon Valley Bank (SVB), even those above the $250K limit set by the FDIC law, several space rocket startups are no longer threatened with failure, for now.

Astra for example is now seeking to move as quickly as it can its assets, equaling about 15% of the company, to other financial institutions.

I would expect this incident will cause every company to make sure their assets are distributed more widely, as a hedge against the failure of one bank.

19 comments

Some space startups threatened by Silicon Valley Bank failure

9:41 am

Link here. The companies mentioned in the article are Astra, BlackSky, Planet, Redwire, Rocket Lab, and Space Perspective.

Rocket Lab has about 8% of its cash assets now trapped by the closure. All the companies had loans from Silicon Valley Bank, some of which were paid off prior to the crash. This quote suggests the situation is critical for some space startups:

“It’s a very serious situation,” said a space sector entrepreneur who asked not to be identified. “Our balance is suddenly only $450. There has been no communication from SVB even after the event became known. Our primary SVB liaison, who has been very attentive in the past, is unreachable by any means. It’s appalling.”

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March 3, 2023 Quick space links

5:03 pm

Courtesy of BtB’s stringer Jay.

 

 

  • A graph showing the steady and slow decay of Hubble’s orbit

    • The decay was brought up because Hubble now orbits just below SpaceX’s Starlink satellites, and thus some are concerned its work will be hindered by them. I think this is a non-issue. More important is that decay. If Hubble is going to be remain in space, work on a rescue mission must begin soon.

 

 

 

  • Astra identifies the cause of its last launch failure

    • In reading their conclusions, I came away with the impression that this rocket had a lot of weak links, any one of which could cause a failure. No wonder the company abandoned it after this launch to focus on a new rocket.

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Investment in space dropped 58% in 2022

8:49 am

According to a new report by Space Capital, a New York venture capital firm, overall investment in space dropped 58% in 2022, dropping from the $47.4 billion peak in 2021 to $20.1 billion in 2022.

Space Capital, a New York-based venture capital firm, published its Space Investment Quarterly Jan. 19 for the fourth quarter of 2022. The report notes that early-stage startups fared better than later-stage and growth companies.

One exception was SpaceX, which raised $2 billion in 2022, or 32 percent of the total 2022 private investment in space infrastructure. SpaceX was also in the minority because it raised capital in both 2021 and 2022. Only 38 percent of the space infrastructure companies that raised capital in 2021 sought additional funding in 2022.

Essentially, if you remove SpaceX from the picture, major investment in space startups largely came to a halt in 2022. Furthermore, the report states that it also expects further investment in 2023 to be parsimonious. Apparently the venture capital community has realized how risky many of these space startups are (as seen by the loss of stock value for companies like Virgin Galactic, Astra, and Virgin Orbit), and is becoming more careful where it puts its money.

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Rocketry went BOOM! in 2022, but in a good way

12:44 pm

In my 2021 annual report on the global launch industry, I noted that while 2021 was a banner year for the global launch industry:

Not all is sweetness and light of course. Competition and freedom always includes risk. Some of these new companies will certainly fail. The demand for launch services might not be enough to sustain them all. And factors outside the control of anyone, such as war and further panics like the Wuhan panic, could shut them all down.

In 2022 the launch industry not only topped 2021, setting a new record for successful launches in a single year, the industry was reshaped and changed by the very factors I warned about one year ago. The Russian invasion of the Ukraine resulted in Russia losing its one remaining satellite customer from the west, OneWeb, while the challenges of rocketry caused one already successful launch company, Astra, to suspend its launch services in order to develop a more competitive rocket.

Nonetheless, 2022 remained the most successful year ever in rocketry, smashing the record for successful launches in a single year, set the previous year, by more than 33%. The graph below illustrates well the unprecedented success of 2022.
» Read more

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December 12, 2022 Quick space links

3:27 pm

Courtesy of Jay, BtB’s stringer.

 

  • A look at Chinese pseudo-company Landspace

    • The review treats all these Chinese companies like private American companies, without recognizing that they do nothing without the approval and full supervision of the government.

 

 

 

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December 2, 2022 Quick space links

3:09 pm

Courtesy of Jay, BtB’s intrepid stringer, trolling Tweeter so we don’t have to.

 

 

 

 

 

 

 

  • Major management organization at Astra

    • According to CEO Chris Kemp, the reorganization has four engineering and manufacturing managers reporting directly to him, reducing a layer of management. Of the four managers involved, two once worked at Blue Origin, one at SpaceX, and one at Google.

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Rocket Lab wins launch contract abandoned by Astra

10:32 am

NASA yesterday awarded Rocket Lab the contract to put its constellation of TROPICS satellites into orbit, on two different launches.

This contract replaces Astra as the launch provider, which has abandoned launches while it develops a new rocket.

Astra’s contract, valued at $7.95 million, was for three launches on its Rocket 3.3 vehicle – a rocket that Astra later announced would be discontinued, in favor of a larger and more powerful Rocket 4.

But Rocket 4 is still under development – and may not be ready to launch until 2024. NASA decided not to wait that long, and said in September that it would modify the TROPICS launch contract with Astra for “comparable scientific payloads” on the new rocket.

Moreover, the launches will occur at Wallops Island, strengthening Rocket Lab’s presence there. The company will attempt its first launch there in early December, a launch delayed for two years because of holdups created by NASA’s bureaucracy. With this new contract, NASA’s management will now have an incentive to speed use of Wallops by Rocket Lab, not slow it down.

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November 11, 2022 Quick space links

4:01 pm

Courtesy of BtB’s stringer Jay.

 

 

3 comments

Astra to lay off 16% of its workforce

9:59 am

Astra, having abandoned its Rocket-3.3 in order to develop its larger Rocket-4 smallsat launcher, announced yesterday that is laying off 16% of its workforce as part of this change in direction.

The decision to abandon Rocket-3.3 has at this time removed the company as an operational rocket company, and has thus put it behind several other competitors which are now gearing up for launch. Its third quarter report also showed a $41 million loss this year, 26% larger than the same quarter last year.

As a result, the company’s stock value has declined 94%, and is now selling for 58 cents per share. If that price does not rise above $1 before April of next year, NASDAQ has said it would delist it.

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October 17, 2022 Quick space links

3:55 pm

Courtesy of BtB’s stringer Jay, who trolls twitter so we don’t have to.

 

 

 

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October 11, 2022 Quick space links

4:31 pm

Courtesy of Jay, BtB’s stringer.

 

 

 

  • Upcoming schedule of launches to Tiangong-3

    • Mengtian on a Long March 5B on October 31st, Tianzhou-5 freighter on a Long March 7 on November 6th, and the next manned mission on Shenzhou-15 on a Long March 2F on November 26th.

 

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Firefly successfully completes first orbital launch of its Alpha rocket

12:19 am

Alpha 1:48 into flight

Capitalism in space: Firefly, a company that just two years ago had gone into bankruptcy, tonight successfully launched their new Alpha rocket into orbit on its second test launch. The screen capture to the right shows the rocket 1:48 minutes into flight, its first stage still firing.

A final 2nd stage engine burn has completed, and we now have confirmation of deployment of the payload satellites. My sources tell me that the second stage under-performed, putting the satellites into a 223x283km orbit, rather than the planned 300km orbit, which will shorten the lifespan of the smallsats. As this was a test launch, not an operational one, this issue does not to my mind make the launch a failure.They reached orbit and the satellites were successfully deployed.

Thus, Firefly now joins SpaceX, Rocket Lab, ULA, Virgin Orbit, and Northrop Grumman as an operational American commercial rocket companies. Astra had been operational, but it has stepped down as it builds a new rocket.

The leaders in the 2022 launch race:

43 SpaceX
41 China
12 Russia
7 Rocket Lab
6 ULA

American private enterprise now leads China 61 to 41 in the national rankings, and is tied with the entire world combined, 61 to 61.

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