Tag: commercial

A detailed look at SpaceX’s investors and its stock valuations

8:52 am

Link here. The article provides a good review of some of SpaceX’s major investors as well as the recent rounds whereby employees who hold common stock are allowed to sell some shares as a bonus.

Secondary sales like this remain one of the only ways that employees have to sell their shares. Another bit of good news for employees in this sale [in December] was that the $70 per share price was an improvement over the previous tender of $56 when adjusting for the stock split, Bloomberg reported at the time. And Bloomberg also reported last month that the next tender offer may be as high as $108 to $110 apiece.

SpaceX remains a private company however. This is not stock that can be traded on the stock market, but privately issued (under strict rules) to raise money without giving stock-holders rights to operate the company.

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Seventh Starship/Superheavy test launch now targeting January 10, 2025

9:55 am

Based on a single word tweet by Elon Musk as well as the FAA’s license approval, it now appears that SpaceX is targeting January 10, 2025 for the seventh Starship/Superheavy test orbital launch.

According to the FAA license, the launch window that day opens at 4 pm (Central), with backup launch opportunities each day through January 15th.

Reading that license is very illuminating. The depth in which the FAA now demands compliance from SpaceX is beyond daunting, and illustrates the mission creep the agency has used to grow its power. Based on a recent Supreme Court ruling, the company likely has grounds to sue and win, correctly claiming that Congress never gave it such power over so many things, and that its regulatory oversight is unconstitutional.

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Space Force starts environmental impact study of SpaceX’s launches at Vandenberg

3:35 pm

In mid-December the Space Force initiated a new environmental impact study (EIS), reviewing SpaceX’s request to significantly increasing the number of launches it would do out of Vandenberg, an increase that could climb to as much as a hundred launches per year.

The EIS will examine the environmental impacts from the redevelopment of Space Launch Complex (SLC) 6 for use by SpaceX for Falcon 9 and Falcon Heavy launches. The Space Force awarded SpaceX access to SLC-6, aka “Slick Six,” in 2023 after the final launch of United Launch Alliance’s Delta 4 from the site.

SLC-6 was built in the 1960s for the Air Force’s Manned Orbiting Laboratory program, which was canceled in 1969 before any launches took place. It was later converted to support Space Shuttle launches, but mothballed after the Challenger accident in 1986 before hosting a single launch. ULA took over the site in 2006.

The EIS would also allow SpaceX to conduct up to 100 launches annually between SLC-6 and its existing launch pad at Vandenberg, SLC-4. That includes booster landings at both launch sites as well as droneships downrange.

This is where we are are in the first quarter of the 21st century. Nothing new can be done anywhere without detailed environmental impact statements that take months, sometimes years, to complete, and almost always conclude that the proposed work can proceed without harm. Often however that conclusion can only come if the government and the private sector agree to funnel cash to environmental causes and organizations, if only to shut them up and prevent further lawsuits. (That’s exactly what happened in Boca Chica. Expect the same now in California.)

It must be noted again that we now have almost eight decades of empirical proof in both Florida and California that rocket launches do no significant harm to the environment, and that if anything they act to protect wildlife by creating large undeveloped refuges in the surrounding land. These new impact statements forced on SpaceX in California, in Florida, and in Boca Chica are therefore nothing more than a government power play, done in order to tell everyone who really is boss.

A new boss however takes over the executive branch of the federal government in only a few weeks. I suspect he will not look kindly at these games. Expect some quick changes almost immediately.

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Italian government awards former Ukrainian startup a $1.14 million development loan

10:07 am

A former Ukrainian startup, Kurs Orbital, has won a $1.14 million loan from Italy’s National Agency for Investment Attraction and Business Development (Invitalia) in order to build and sell its module providing rendezvous and docking capabilities for satellites.

Kurs Orbital was founded in 2021 by the former director of Ukraine’s space agency, Volodymyr Usov. After Russia invaded Ukraine in 2022, the company relocated to Turin, Italy. The company is currently developing its ARCap system, a rendezvous and proximity operations module that can be integrated with a wide range of vehicles, including satellites, orbital transfer vehicles, and even cargo or crew spacecraft. Possible applications for the technology include satellite life extension missions, in-orbit servicing, and space debris removal.

On 30 December, the company announced that it had secured a €1.1 million soft loan from Italy’s National Agency for Investment Attraction and Business Development (Invitalia). A soft loan provides the borrower with more favourable terms than traditional lenders typically offer. The loan was awarded through the agency’s Smart&Start programme, which focuses on supporting the growth of innovative startups by providing financing of between €100,000 and €1.5 million.

The Kurs rendezvous and docking system was first developed in the Ukraine for the Soviet-era space stations. When the Soviet Union broke up it continued to sell them to Roscosmos, but over time the Putin government increasingly worked to block these deals as it tried (and generally failed) to develop the capabilities within Russia. The Ukrainian companies then began marketing their products, with some success, in the west. Following Russia’s 2022 invasion of the Ukraine those companies have either died, or done what Kurs Orbital did, move to the west.

While this story might resemble the actions of the Chinese government as described in my previous post, there is one very fundamental difference. In Italy the law protects the property rights of this company. The Italian government might provide it loans and assistance, like the Chinese, but it does not have the power or right to take it over, at its whim, as the Chinese communists can.

The story also illustrates the foolishness of Russia’s power-hungry policies. It not only has wasted its youth and industry on a useless war, it has driven away companies and technology that formerly gave it capabilities it now lacks.

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SpaceX launches another set of Starlink satellites

10:48 pm

SpaceX tonight completed its last launch of 2024, successfully placing 21 Starlink satellites into orbit, including 13 with direct-to-cell capabilities, its Falcon 9 rocket lifting off from Kennedy in Florida.

The first stage completed its sixteenth flight, landing successfully on a drone ship in the Atlantic.

Though there is always a chance that China will fly one more unannounced mission in the next day, it looks like the numbers below will be the final totals in the leader board for the 2024 launch race:

137 SpaceX
65 China
17 Russia
14 Rocket Lab

American private enterprise now leads the rest of the world combined in successful launches 157 to 98, while SpaceX by itself leads the entire world, including American companies, 137 to 118.

My full annual global launch report, showing the full set of launches in 2024, will be posted later this week.

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Toronto Bach Festival Orchestra – So sheep may safely graze

6:01 pm

An evening pause: A song for the coming new year by J.S. Bach. The words speak strongly to the leadership we choose, but they also speak strongly to us, for the choices we make. Our leaders can be bad or good, but either way the fault in the end in our Constitutional government lies with us, not them.

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India gets nine bids involving 30 companies on proposal to build satellite constellation

4:01 pm

Capitalism in space: India’s space agency in charge of promoting commercial space, In-Space, has received nine different bids involving 30 Indian companies on its proposal that an Earth observation satellite constellation be built by a private company, not by the country’s space agency ISRO.

The regulator had sought “expressions of interest” (EoI) in July to build home-grown satellite constellations as part of a broader strategy to monetize the sector and ensure data sovereignty.

India is doubling down on its small satellite and data services market to carve out a leading role in the global commercialization of space. The market for such services, increasingly key for industries ranging from telecoms to climate monitoring, is projected to reach $45 billion by 2030.

The applicants for IN-SPACe’s latest effort in this regard include startups such as Google-backed Pixxel and Baring Private Equity-backed SatSure, as well as larger entities like Tata Group’s Tata Advanced Systems. The companies did not immediately respond to requests for comment.

This is all part of the Modi government’s effort to shift from a government-run space program, controlled by ISRO, to the capitalist model where private companies compete for business and there is no “program” at all, at least not one that controls everything. The government becomes nothing more than one of many customers, buying services and products from the private sector to achieve its “program”. The companies in that sector then follow their own goals, and profit and innovation dictate who succeeds best. The result under this freedom model is always more development faster for less cost.

Hat tip to BtB’s stringer Jay.

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ESA approves a slightly smaller preliminary budget for 2025

9:26 am

The council running the European Space Agency (ESA) has now approved a preliminary budget for 2025 of $8 billion, a very slight reduction from the 2024 budget.

According to [ESA’s director general Josef] Aschbacher, the budget includes €4.8 billion in contributions from ESA member states, approximately €1.7 billion from the European Union, and €1.2 billion from “some other sources.” A more detailed breakdown of the 2025 ESA budget will be released during the DG’s annual press briefing, which is expected to occur on 9 January 2025.

It is also expected that the final budget will be higher once the legislatures of ESA’s numerous member states approve their contributions to the agency. Right now German, France, and Italy are the largest contributors. All three governments have in the past two years clearly signaled their determination to support commercial space. This should translate into support for ESA, though the two are becoming increasingly separated. Those nations could also decide there is no reason to give cash to this bureaucracy, and instead use it to directly fund their new private rocket startups.

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SpaceX completes two launches tonight from opposite coasts

10:09 pm

SpaceX tonight successfully completed two launches. First it placed 20 Starlink satellites into orbit (including 13 configured for direct-to-cell capabilities), its Falcon 9 rocket lifting off from Vandenberg in California. The first stage completed its sixteenth flight, landing on a drone ship in the Pacific.

Next SpaceX successfully launched four satellites for the smallsat startup Astranis, its Falcon 9 rocket lifting off from Cape Canaveral in Florida. The first stage completed its seventh flight, landing on a drone ship in the Atlantic, while the two fairing halves completed their 12th and 22nd flights.

Astranis had previously launched one demonstration satellite, proving that its smallsat design could do the work in geosynchronous orbit traditionally done by much larger and more expensive satellites. The four satellites on this launch are its first attempt to provide commercial service. If successful it places this American company in a good position to grab the market share from the older geosynchronous companies like Intelsat, SES, and Eutelsat.

The leaders in the 2024 launch race:

136 SpaceX
65 China
17 Russia
14 Rocket Lab

American private enterprise now leads the rest of the world combined in successful launches 156 to 97, while SpaceX by itself leads the entire world, including American companies, 136 to 117.

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Roscosmos buys Earth observation data from private Russian satellite company

11:05 am

According to a report today by Russia’s state-run news agency TASS, Roscosmos has awarded a commercial contract to a private Russian satellite company, dubbed Sputnix, to purchase earth observation data its satellites have already collected.

“In 2024, up to 1.4 billion rubles [around $14.285 million] were allocated in budget funds to conclude forward contracts with private companies on buying out Earth’s remote sensing data obtained from their satellites and created under the federal project ‘Developing the Advanced Space Systems and Services High-Tech Sector.’ The first contract on buying out data has been concluded with the Sputnix Group of Companies,” Roscosmos said in a statement.

The Sputnix Group confirmed to TASS that the contract had been signed.

“Under the contract, the data already loaded into the database were bought out. We hope that next year we will be able to sign a forward contract as part of implementing the roadmap for the ‘Advanced Space Systems and Services’ project,” the company said, emphasizing that cooperation with Roscosmos remained a priority for Sputnix.

Sputnix was founded in 2011, and has so far launched 20 satellites into orbit, though many were short-lived cubesats. While on the surface this company appears real, it is not unlike the pseudo-companies in China. Its contracts appear to be almost all with the Russian government, all its work appears supervised by that government, and at any moment the Russian government can take it over, as it essentially did with the effort of the so-called private rocket startup S7 to launch from the Sea Launch ocean platform.

In other words, this news piece is simply the Russian government’s attempt to convince the world and its own people that there is a competitive and independent private sector in Russia, when in reality it doesn’t exist.

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