Tag: commercial

Original investors sue Firefly

8:41 am

Capitalism in space: The original investors in Firefly Aerospace, cut out when the company went bankrupt, have filed suit against the reborn company.

A group of original shareholders in the defunct Firefly Space Systems have accused co-founder and CEO Tom Markusic of fraudulently conspiring with Ukrainian billionaire Maxym Polyakov to force the rocket company into bankruptcy in 2017 and reconstitute it under a nearly identical name without giving them any stake in the new venture.

Markusic “betrayed the trust of his original co-founders and investors and committed fraud to cut them out of his aerospace company. Instead of managing the operations of the Original Firefly, a revolutionary rocket company with endless potential, Markusic schemed with…Maxym Polyakov…to rob Plaintiffs of their investments and form a new company called Firefly Aerospace, Inc. (the ‘New Firefly’),” the plaintiffs said in a lawsuit.

The article at the link has a lot more information. Read it all.

This is also not the first time Markusic has been sued. He left Virgin Galactic to found Firefly, and was then sued by Branson’s company for stealing proprietary technology. That lawsuit was settled when Markusic agreed to not use that technology in Firefly’s rockets.

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Soyuz rocket launches five satellites for Arianespace

8:30 am

A Russian Soyuz rocket, launching from French Guiana for Arianespace, successfully placed five satellites in orbit early this morning, including CHEOPS, a European space telescope designed to study exoplanets.

Though this was a Russian rocket, I count it as an Arianespace launch as that is the company under which the launch operates. I also realize this is open to debate.

The leaders in the 2019 launch race:

30 China
20 Russia
13 SpaceX
8 Arianespace (Europe)

China still leads the U.S. 30 to 26 in the national rankings.

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SpaceX successfully launches commercial satellite

9:59 pm

Capitalism in space: Using a first stage for the third time, SpaceX today successfully launched a commercial communications satellite while recovering that first stage.

Fun fact: This first stage recovery today was the 47th time that SpaceX has successfully completed a vertical landing.

The leaders in the 2019 launch race:

30 China
20 Russia
13 SpaceX
7 Europe (Arianespace)

China now leads the U.S. in the national rankings 30 to 26.

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Turkey buys machine gun toting drones

9:22 am

Our fascist future: Turkey has purchased shipment of an unspecified number of drones equipped with a machine gun capable of firing as many as 200 rounds.

Made by the country’s own Asisguard, the Songar drone can carry 200 rounds of 5.56 x 45 mm NATO class ammo, and can hit a 15-cm-square (6-inch-square) target from 200 m (650 ft) away with single shots, 15-bullet bursts or a full auto unloading.

The 25-kg (55-lb) drones use a four-armed carbon body design with two coaxially mounted large props on each arm. The automatic machine gun beneath rests in a tilting mount, allowing a remote operator to aim it using controls that would be familiar to anyone who’s used the camera on a DJI Phantom. It carries sufficient battery and powerful enough communications to fly 10 km (6.2 mi) on a mission, it’s GPS and GLONASS stabilized, and it offers twin camera operation for a pilot and gunner if required.

This is not the first or the most sophisticated killing drone ever built. Its simplicity however suggests that it is becoming very easy for governments and the power-hungry individuals who like to run them to obtain technology capable of killing their opposition, in a way that will be untraceable.

I have embedded below the fold a sales video produced by the company. If it doesn’t send chills up your spine you are very divorced from reality.
» Read more

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Vector files for bankruptcy

8:53 am

Capitalism in space: On December 13 the smallsat rocket company Vector officially filed for bankruptcy, a precursor to having its assets sold off.

The company filed a voluntary petition for bankruptcy with the United States Bankruptcy Court for the District of Delaware, the state where the company was incorporated.

…Vector had been one of the leading companies in the small launch vehicle market until August, when the company said that a “significant change in financing” led it to pause operations and lay off nearly all of its more than 150 employees. Jim Cantrell, Vector’s chief executive, also left the company at the time. That announcement came just two days after the company won an Air Force launch contract.

According to industry sources familiar with the company, the August layoffs were triggered when one of the company’s major investors, venture fund Sequoia, withdrew its support for the company because of concerns about how the company was managed. That came as Vector was working on a new funding round, and Sequoia’s decision had a domino effect, causing other investors to back out. Sequoia didn’t respond to a request for comment in August about any role it played in Vector’s problems.

The company is currently being funded through “debtor in possession” financing from Lockheed Martin, according to a resolution by Vector’s board of directors included in the filing. Under a Nov. 20 agreement, Lockheed provided Vector with a $500,000 secured loan and proposed purchasing Vector’s assets associated with a satellite program called GalacticSky for no more than $2.5 million.

While companies sometimes recover from this situation, in this case Vector looks quite dead, for good. A real tragedy, but part of the reality of capitalism. The competition fuels innovation and success, but carries great risk and the real possibility of failure.

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Rocket Lab opens Wallops Island launchpad

8:55 am

Capitalism in space: Rocket Lab yesterday officially cut the ribbon on its first U.S.-based launchpad at Wallops Island, Virginia.

Rocket Lab aims to launch up to 12 missions a year from LC-2 [Wallops], about one a month, once flights begin in 2020. The first mission will launch in spring 2020 to deliver the U.S. Air Force’s Space Test Program 27RM (STP-27RM) mission into orbit. That mission will launch a microsatellite called Monolith to see if small satellites can effectively carry “large aperture” space weather payloads, said Lt. Col. Meagan Thrush, program element monitor for space launch and control for the Air Force, in a news conference here today.

The company has a similar launch rate capability at its New Zealand launch site. Thus, if they have the customers, Rocket Lab now has the ability to launch upwards of 24 times next year.

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Buyer of Stratolaunch revealed though unconfirmed

8:43 am

A news story today at Geekwire has revealed, based on business filings in Washington and California, the new owner of the company Stratolaunch.

Filings with regulators in California and Washington show that a new LLC business, also called Stratolaunch, was incorporated in late October, at Stratolaunch’s existing offices in Seattle and Mojave, Calif. The new Stratolaunch’s executive vice president is named as Michael Palmer, Cerberus’ managing director.

Private-equity firms typically replace existing managers as a prelude to realigning businesses they buy, which can involve firing, automation and offshoring. However, it appears that Jean Floyd, Stratolaunch’s president and CEO since 2015, remains in his roles for now.

It appears the new owners, who did not confirm the Geekwire story, are now marketing the huge Roc airplane as a launch platform for hypersonic test flights rather than orbital satellites.

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New Shepard completes another test flight

11:09 am

Capitalism in space: Blue Origin today successfully completed its sixth unmanned test flight (a new record) of its third New Shepard reusable suborbital spacecraft, the twelfth flight total and the ninth to carry commercial payloads.

The capsule reached an altitude of about 342,000 feet elevation.

Blue Origin’s success here is commendable. I just wish their launch pace was faster. At the pace they are setting I am beginning to think that SpaceX will be flying people to the Moon on Starship before Blue Origin flies its first commercial tourist suborbital flight.

I have embedded the video of the flight below the fold.
» Read more

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Morgan Stanley recommends buying Virgin Galactic stock

9:46 am

Capitalism in space: A report yesterday by Morgan Stanley recommended the purchase of Virgin Galactic stock because of its claim that it might repurpose its SpaceShipTwo suborbital spacecraft from space tourism to point-to-point transportation on Earth.

Morgan Stanley began coverage of Virgin Galactic’s stock on Monday with an overweight rating, saying the space tourism company’s shares will soar as it proves out a long-term plan of flying people around the world at hypersonic speeds. “A viable space tourism business is what you pay for today … but a chance to disrupt the multi-trillion-dollar airline [total addressable market] is what is really likely to drive the upside,” Morgan Stanley analyst Adam Jonas wrote in a note to investors.

…Morgan Stanley’s price target of $22 a share represents a 203% increase from Virgin Galactic’s current levels. The company outlined a three phase plan to investors during its roadshow earlier this year. While Morgan Stanley gave a $10 a share valuation to Virgin Galactic’s space tourism business, phases one and two of its plan, the firm sees $12 a share in value from phase three: Hypersonic point-to-point air travel.

The report caused the space company’s lagging stock to surge yesterday, though its value today ($9.41) remains well below its opening price ($12.53).

Personally I think anyone who takes Morgan Stanley’s advice is a fool. Virgin Galactic has spent fifteen years trying to develop this suborbital spacecraft, and has still not flown any customers. Moreover, the design is underpowered, which means I have serious doubts it could be used for any point-to-point transportation. To make that happen will require a complete redesign.

This recommendation by Morgan Stanley also suggests that this is not my investment firm of choice. The analysis here seems very poor and somewhat ignorant of the technology involved, and suggests instead that it was aimed merely to cause a jump in the price so that some of Morgan Stanley’s customers could get rid of their already-purchased stock without too much loss.

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ESA hires private company to remove space junk

9:12 am

Capitalism in space: The European Space Agency has hired the private company ClearSpace to fly an unmanned mission aimed at de-orbiting a large no-longer-needed launch component of its Vega rocket.

The European Space Agency signed a debris-removal contract with Swiss startup ClearSpace tasking the company with deorbiting a substantial piece of a Vega rocket left in orbit in 2013.

The mission, dubbed ClearSpace-1, is slated to launch in 2025 to capture and deorbit a 100-kilogram Vespa payload adapter an Arianespace Vega left in orbit after deploying ESA’s Proba-V remote-sensing satellite.

ClearSpace will lead a consortium of European companies in building a spacecraft equipped with four robotic arms to capture debris and drag it into Earth’s atmosphere.

The real importance of this contract is its nature. ESA is not taking the lead in designing or building the robot to do this work. Instead, it is acting merely as a customer, hiring ClearSpace to develop and build it. Afterward the robot design will belong to ClearSpace, which will then be able to sell that design for further space junk removal contracts.

[Luc Piguet, co-founder and chief executive of ClearSpace] said that while this first mission will destroy both the debris and the servicer spacecraft, future plans call for servicers that could deorbit multiple objects without also destroying themselves.

It seems that the ESA is following the recommendations I put forth in Capitalism in space, shifting power and ownership of its space missions from the agency to the private sector. This is excellent news.

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New Shepard test flight delayed to tomorrow

8:58 am

The sixth flight of Blue Origin’s second New Shepard reusable suborbital capsule has been delayed today until tomorrow due to weather.

As they have done on the last few flights they are launching a number of commercial payloads, including winning high school art chosen as part of a contest sponsored by both Blue Origin and the music band OK Go.

I have embedded below the fold the live stream for tomorrow’s launch, set to go live at around 8 am (Eastern).
» Read more

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Dragon launch abort test set for January 4

11:41 pm

NASA announced on December 6 that the launch abort test of SpaceX’s crew Dragon capsule will occur no earlier than January 4.

SpaceX and NASA originally hoped to launch the test flight, called an In-Flight Abort Test, sometime this month, but an exact launch date was never released. In a statement Friday, NASA officials said the mission will now lift off no earlier than Jan. 4 from Pad 39A of NASA’s Kennedy Space Center in Cape Canaveral, Florida, pending launch range approval from the U.S. Air Force.

The new launch target will push the SpaceX flight beyond the year-end holidays, as well as a planned Boeing launch of its first uncrewed Starliner astronaut taxi for NASA, which is slated to launch Dec. 20.

The article does not explain why a December test was not possible. The second paragraph of the quote above however might give a hint, in that a December launch might have interfered with those Christmas/New Year holidays, and both the agency and the company might have decided it was better for all to wait an extra week or so.

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Inmarsat bought out and delisted from stock exchange

9:07 am

Capitalism in space: The long established communications satellite company Inmarsat has been bought out by a consortium called Connect Bidco and delisted from stock exchange.

Nor is Inmarsat alone:

Inmarsat is the third satellite operator to delist from public markets this year, following Hong Kong-based AsiaSat and London-based Avanti in September.

Inmarsat reported a loss of $89.1 million on $1.06 billion in revenue for the first nine months of the year. The company claimed $36.1 million in profits on $327.3 million in revenue for the months of July, August and September — it’s last public quarter before the buyout.

This story and the quote above explain what is happening. Established satellite companies, that traditionally have built big geosynchronous satellites, are having increased trouble making money as the industry shifts to smaller satellite and constellations in low Earth orbit.

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Successful Russia and Rocket Lab launches

8:52 am

Two launches successfully took place in the early morning hours today. First Rocket Lab launched seven small satellites into orbit, including one that will release an artificial meteor shower. During that launch they also obtained telemetry of their first stage as it fell to Earth.

Rocket Lab CEO Peter Beck just tweeted that the Electron’s first stage performed well during today’s re-entry experiment. “Electron made it through wall! Solid telemetry all the way to sea level with a healthy stage. A massive step for recovery!!” Beck tweeted.

Russia in turn launched a Progress cargo capsule to ISS.

The leaders in the 2019 launch race:

27 China
19 Russia
12 SpaceX
7 Europe (Arianespace)
6 Rocket Lab

China now leads the U.S. 27 to 25 in the national rankings.

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Lloyd’s introduces new insurance policy for smallsats

10:57 am

Capitalism in space: The insurance company Lloyd’s today introduced a new insurance policy expressly designed for the emerging smallsat launch industry.

The solution – called “Llift Space” – is only available in the Lloyd’s market and allows customers to cover their assets from the pre-launch phase, including transit and placement on the launch vehicle, through to the launch phase and in-orbit operation. It is designed for satellites that weigh less than 300 kilograms (661.4 pounds).

The policy is modular so customers can choose the elements within each phase that are most relevant to their coverage needs.

The product is backed by a consortium of 18 syndicates, led by Brit and Hiscox MGA, with $25 million capacity per risk, and is targeted at the NewSpace sector.

NewSpace is characterized by lower cost, easier routes to space, opening up the sector to private enterprise, wealthy entrepreneurs and innovative start-ups. This is increasing the need for space insurance.

This action is a strong endorsement by the investment business in the future of the new smallsat launch industry.

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SpaceX targets December for launch abort test, early 2020 for 1st manned Dragon mission

10:22 am

According to SpaceX officials, the company is aiming to perform its Dragon launch abort test before the end of this month, and then follow-up with the first manned Dragon mission to ISS in early 2020.

“We’re targeting December,” said [Jessica Jensen, director of Dragon Mission Management at SpaceX] today (Dec. 3) during a news conference discussing tomorrow’s (Dec. 4) planned launch of a robotic Dragon cargo mission to the International Space Station (ISS). “We’ll see if we can get there.”

SpaceX holds a multibillion-dollar NASA contract to ferry astronauts to and from the ISS using Crew Dragon and the Falcon 9. The capsule has already visited the orbiting lab once, on the landmark uncrewed Demo-1 mission this past March. If everything goes well with the [launch abort test], the company will be cleared for the first crewed mission — a test flight known as Demo-2 that will carry NASA astronauts Doug Hurley and Bob Behnken.

Demo-2 is targeted for early 2020, SpaceX founder and CEO Elon Musk has said. Contracted, operational ISS flights would follow shortly thereafter.

NASA officials have repeatedly said that early 2020 is too soon because of the paperwork that SpaceX has to complete prior to launch. It could be that Musk is gently applying pressure on them here to speed up this make-work so that the real business of spaceflight can proceed.

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SpaceX to test upper stage endurance as part of Dragon launch

12:52 pm

Capitalism in space: SpaceX plans to perform a six hour orbital coast test of its Falcon 9 upper stage following the release of the Dragon cargo capsule tomorrow (scrubbed today due to high winds).

This is why the first stage will land on a drone ship rather than at Kennedy.

According to SpaceX the test is at the request of “other customers”, unnamed. The article adds this speculation:

Jensen says that the coast test will be performed for unspecified “other” customers, presumably referring to the US Air Force (USAF) and other commercial customers interested in direct-to-geostationary (GEO) launch services. Direct GEO launches require rocket upper stages to perform extremely long coasts in orbit, all while fighting the hostile vacuum environment’s temperature swings and radiation belts and attempting to prevent cryogenic propellant from boiling off or freezing solid. In simple terms, it’s incredibly difficult to build a reliable, high-performance upper stage capable of remaining fully functional after 6-12+ hours in orbit.

Although SpaceX said that the test was for “other” customers, that may well have been a cryptic way to avoid indicating that one such customer might be NASA itself. NASA is in the midst of a political battle for the Europa Clipper spacecraft’s launch contract, which is currently legally obligated to launch on NASA’s SLS rocket. Said rocket will likely cost on the order of >$2 billion per launch, meaning that simply using Falcon Heavy or Delta IV Heavy could save no less than ~$1.5 billion. Incredibly, that means that simply using a commercial launch vehicle could save NASA enough money to fund an entire Curiosity-sized Mars rover or even a majority of the cost of building a dedicated Europa lander. Such a launch would demand every ounce of Falcon Heavy’s performance, including a very long orbital coast.

These speculations could all be true. SpaceX might merely be doing what it always does, testing new engineering upgrades during operational missions. It will then be able to sell its rocket’s enhanced capability to all these customers.

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A home-made plane

6:04 pm

An evening pause: Another example of someone who decides he wants to do something, and then goes out and does it. This STOL (short take-off and landing) home-built plane, dubbed Draco, was apparently a big hit in the small plane community. Sadly, in September the plane was totaled (no injuries) during a take-off with strong cross winds (video here).

Hat tip Cotour.

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