Tag: capitalism

Axiom raises $350 million in private investment capital

11:53 am

Axiom's space station assembly sequence
The assembly sequence for Axiom’s space station while attached to ISS.
Click for original image.

Axiom announced today that in its most recent round of funding it raised an additional $350 million in private investment capital, almost tripling the private capital it has obtained in total.

Axiom Space announced today that it secured $350 million in its Series-C round of growth funding, lifting the total funds raised to over $505 million from investors and achieving more than $2.2 billion in customer contracts.

To date, Aljazira Capital and Boryung Co., Ltd., have anchored the round, paired with support from an array of diverse backers that include deep-tech venture capital funds and strategic brand partners, positioning Axiom Space as second to SpaceX for the most amount of money raised by a private space company in 2023, based on available pitchbook data.

The press release also reaffirms the company’s planned schedule for its space station project, with the first module launching and attaching to ISS in 2026. The graphic shows the assembly sequence, with the rear docking port the one linked to ISS. When assembly reaches the stage of the fourth image it will then be able to separate from ISS and fly independently in 2031. That last number however is one year later than NASA’s previous predictions for the retirement of ISS, suggesting Axiom knows something NASA has not yet told us.

Hat tip to Jay, BtB’s stringer.

4 comments

Regulatory problems for Saxavord spaceport in Shetland?

9:53 am

In a short statement reported in the local Shetland press, the under-construction Saxavord spaceport in Scotland has apparently laid off some construction workers, claiming it has done so “because the project was so far ahead of schedule.”

The statement however also alluded to the United Kingdom’s Civil Aviation Authority (CAA), which must issue a launch license before any launches can occur.

SaxaVord Spaceport said: “SaxaVord continues to have excellent dialogue with the authorities and is fully expecting to receiving its spaceport licence very soon from the Civil Aviation Authority. We are looking forward to hosting vertical rocket launches in the coming months.”

The application for this launch license was submitted in November 2022. It appears that the CAA still needs a year or more to approve any launch license, a slow and endless process that if not corrected will make launches from the United Kingdom completely unprofitable.

Saxavord had hoped to get its first launch off this year, by fall. It now appears that will not happen.

1 comment

Commercial spaceport in Australia signs its first launch contract

9:42 am

Australia map showing ELA spaceport location
The red dot marks ELA’s location, on the north coast of Australia.

Australia’s first commercial spaceport, Equatorial Launch Australia (ELA), has signed a multi-launch contract with a South Korean startup rocket company, Innospace, with the first launch targeting April 2025.

Though Innospace successfully launched a suborbital test flight in March, it has not yet launched a rocket to orbit. Meanwhile, ELA is negotiating with a number of other rocket companies, but it also appears it is having problems with the administrative state in the U.S.

The South Korean company is first off the blocks as it is not subject to the strict technological transfer regulations applied by the United States.

[ELA’s CEO Michael] Jones says delays to the signing of a Technological Safeguards Agreement (TSA) between Canberra and Washington is holding up several potential US customers. “We’re still waiting with bated breath for the TSA, despite a bilateral announcement by Biden and Albanese in Japan in early June that the deal was done and dusted,” he explains. “We were all expecting it to be released by the end of the financial year and the process of being endorsed by Parliament begun”.

A pattern of delay and intransigence in Washington, blocking commercial space, does seem to be developing since Joe Biden took over as president.

1 comment

Ball Aerospace purchased by BAE Systems

9:57 am

BAE Systems today announced it has purchased from Ball Corporation its aerospace division, Ball Aerospace, for $5.6 billion.

It appears that the Ball corporation wants to focus its business plan around its “circular aluminum packaging for global beverage and household brands,” rather than aerospace. This sale essentially concludes the company’s slow transition away from its long time space business, which began just prior to Sputnik in 1956. It is essentially out of that business now, and instead has returned entirely to its packaging roots from the late 1800s.

BAE meanwhile strengthens its focus on space, both in the commercial and defense markets, with the addition of the Ball Aerospace division, which has been in the space business for decades.

4 comments

The ups and downs of capitalism in space

9:44 am

Two stories today illustrate how allowing freedom and capitalism to rule in the development of America’s aerospace industry carries with it the potential for wonderful achievements as well as depressing failures.

First the potential failure. Despite having successfully flown several missions demonstrating its orbital tug and service module for cubesats, the company Momentus has been forced to lay off 30% of its staff because of dwindling cash reserves.

Momentus reported a record quarterly revenue of $1.7 million in the second quarter, the first time it reported revenues of more than $1 million in a quarter. However, the company reported a net loss of $18.8 million and ended the quarter with $21.6 million of cash and equivalents on hand.

The company is presently scrambling to find new sources of investment capital, as it does not expect its income to grow sufficiently in the next year to keep itself above water, even though it should successfully fly more flights of its Vigoride orbital tug as well as a new service module version.

Next we have the potential achievement: The financial status of the startup satellite company Terran Orbital appears healthy and strong, mostly because of a $2.6 billion contract to build 300 satellites for the wireless communications company Rivada Space Networks. The first $180 million payment under that contract is expected this year.

At the same time, there are storm clouds in the distance, as there remain unanswered questions about whether Rivada has the resources sufficient to fulfill the contract.

During Terran Orbital’s Aug. 15 earnings call, H.C. Wainwright & Co analyst Scott Buck said Rivada’s vagueness about its plans for financing the constellation has caused “investor hesitation around the contract.”

Terran Orbital has already a number of successes building satellites for others, with its most significant achievement the CAPSTONE lunar orbiter it built for NASA. If the Rivada contract falls through I suspect the company will still be able to garner plenty of customers to survive.

For Momentus the situation is more dire, especially because it already faces strong competition from a number of other orbital tug companies.

10 comments

SpaceX launches another 22 Starlink satellites from Cape Canaveral

8:59 pm

SpaceX tonight successfully launched another 22 Starlink satellites into orbit. its Falcon 9 rocket lifting off from Cape Canaveral at 11:36 pm Eastern.

The first stage completed its thirteenth flight, landing on a drone ship in the Atlantic. The two fairings completed their 10th and 11th flights, respectively. As of posting the satellites had not yet deployed.

SpaceX has another launch scheduled only hours hence, at midnight (Pacific) from Vandenberg Space Force Base in California, aiming to put another 22 Starlink satellites in orbit using a first stage flying for its fifteenth time.

Until that second launch, the leaders at this moment in the 2023 launch race are as follows:

56 SpaceX
35 China
11 Russia
6 Rocket Lab
6 India

In successful launches, American private enterprise now leads China 64 to 35 in the national rankings, and the entire world combined 64 to 57. SpaceX by itself trails the rest of the world combined (excluding American companies) 56 to 57, but this will become a tie if the second launch occurs as planned.

0 comments

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.

1 comment

Intuitive Machines sets mid-November launch date for its Nova-C lunar lander

9:16 am


Click for interactive map.

Intuitive Machines announced yesterday that the launch of its lunar lander, Nova-C, is now targeting a November 15-20, 2023 window, lifting off on a SpaceX Falcon 9 rocket.

The yellow dot on the map to the right indicates the landing site, Malapert A, in the southern latitudes of the Moon. The white cross indicates the south pole.

The lander had originally planned to launch in 2021, but delays in construction pushed the launch back two years. A second company, Astrobotics, has its own lander, Peregrine, that though also delayed two years, has been ready to launch since early this year. It won’t launch until the end of this year at the earliest, however, due to delays in readying its rocket, ULA’s Vulcan on its first flight.

Both India’s Chandrayaan-3 and Russia’s Luna-3 are right now on their way to the Moon, with each planning a landing next week.

1 comment

Axiom signs deal with Poland and ESA to send Polish astronaut to Axiom’s future space station

9:22 am

Capitalism in space: Axiom last week signed an agreement jointly with Poland and the European Space Agency (ESA) to send Polish astronaut to Axiom’s space station, expected to launch sometime in 2026.

This was the second European astronaut Axiom has signed a deal to fly to space, with the ESA in both cases providing support.

In April 2023, Axiom Space and the Swedish National Space Agency signed a letter of intent to send an ESA astronaut to the ISS. Through this agreement, the upcoming Axiom Space mission, Ax-3 now targeting launch in January 2024, will be the first commercial mission to the ISS to include an ESA project astronaut.

The date for the flight of the Polish astronaut was not announced. Nor is it clear whether this astronaut will fly to Axiom’s first module, attached to ISS, or wait until Axiom’s completes its station and separates from ISS entirely.

1 comment

SpaceX launches another 22 Starlink satellites

10:27 pm

In what is turning into routine clockwork, SpaceX tonight completed its fourth launch in only the first ten days of August, placing 22 Starlink satellites into orbit using its Falcon 9 rocket lifting off from Cape Canaveral.

The first stage completed its ninth flight, landing safely on a drone ship in the Atlantic. The two fairings completed their tenth and eleventh flights respectively. At the time of posting the satellites themselves had not yet been deployed.

The leaders in the 2023 launch race:

55 SpaceX
33 China
11 Russia
6 Rocket Lab
6 India

American private enterprise now leads China in successful launches 63 to 33, and the entire world combined 63 to 55. SpaceX by itself is now tied with the entire world (excluding American companies) 55 to 55.

3 comments

Update on the development of a new first stage for Northrop Grumman’s Antares rocket

9:01 am

Link here. The first stage of the Antares rocket has previously relied on Russian engines in a Ukrainian-built body. The Ukraine War made getting both impossible, and thus Northrop Grumman hired Firefly to provide it a new first stage, presently targeting mid-2025 for its first flight. In the meantime in order to meet its contractual obligations with NASA, it has hired SpaceX’s Falcon 9 rocket to fly the next three Cygnus freighters to ISS.

The report at the link gets some interesting details about Firefly’s engines and first stage. Both will raise the payload capabilities of Antares, which as yet has failed to garner any commercial payloads outside of Northrop’s own Cygnus capsule. That increase in capability might make it more appealing to commercial satellite companies.

0 comments
1 … 174 175 176 177 178 … 676