Tag: commercial

Pushback: Paypal’s blacklisting causes it to lose significant business

1:15 pm

Paypal: hostile to freedom

It never pays to antagonize your customers: Paypal announced last week that it is laying off 2,500 workers, a reduction of its work force by about 9%, repeating a similar round of layoffs one year ago.

In other words, the company has shrunk by almost 20% since January 2023. The article notes the following financial issues:

Shares of the payments giant have plunged more than 20% over the past year as earnings faltered and the company lowered its full-year guidance for adjusted operating margin. PayPal named [Chief Executive Officer Alex Chriss] last year to replace Dan Schulman.

PayPal was an early disrupter in the payments industry, but rivals including Apple Inc. and Zelle have since crowded the space, leaving PayPal struggling to keep pace. At least four analysts downgraded the stock this month, citing a range of concerns from rising competition to pressure on profitability.

What the article ignores is the blackballing and censorship by Paypal under the leadership of Dan Schulman that directly antagonized its customer base.
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Status of ULA sale offer, as seen by bankers

12:31 pm

Link here. The article outlines the perspective of the banking community to the sale, relative to the three potential known purchasers, Blue Origin, Cerberus, and Textron.

[M]ost contended that a deal should have been finalized years ago, as SpaceX now dominates the global rocket launch market and has grabbed share from ULA’s best customer, the U.S. military. The sticky part of a sale, those bankers said, is the need for new ownership that can both streamline ULA and invest in further innovation.

The price is another sticking point: Bankers suggested ULA’s owners initially sought more than $4 billion for the company, but the consensus of a reasonable winning bid was in the range of $2 billion to $2.5 billion. As one banker emphasized to me, there’s more competition among heavy launch vehicles like Vulcan today than there was a decade ago, and the rocket’s only just getting going now.

First, it appears that Textron has already dropped out. Second, the reason the sale was delayed was solely the fault of Blue Origin, as delays in delivering its BE-4 rocket engine to ULA caused the first launch of the Vulcan rocket to be delayed years. The sale couldn’t happen until that rocket was proven flightworthy.

The analysis between Blue Origin and Cerberus makes it hard picking either as the likely winner. It suggests that while Blue Origin, as a rocket company, might be able to more quickly take advanage of the ULA’s assets, Cerberus would be a better managerial fit, more able to trim the fat and make ULA more competitive. For sure, Blue Origin shows no ability to trim fat or work fast.

The bankers also indicated a dark horse could still appear.

Hat tip to BtB’s stringer Jay.

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Axiom commercial manned mission to ISS splashes down safely

10:15 am

The four astronauts on Axiom’s third commercial manned mission to ISS successfully splashed down safely today in the Atlantic off the coast of Florida, with SpaceX recovery crews quickly picking them and the capsule Freedom up from the water.

The crew, made up of three European passengers and one Axiom employee, spent 21 days in space, about 17 on ISS. Axiom sold the tickets, and then purchased the ride from SpaceX and the time on ISS from NASA.

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SpaceX denies Russian claim that Starlink terminals sold illegally will work in the Ukraine

9:48 am

Russian media sources have recently claimed that Starlink terminals are being sold illegally to Russians for use in the Ukraine and in Russia near the Ukraine border, where they will supposedly work. SpaceX has now denied that claim.

[A]ccording to a report from Russian media outlet ComNews, vendors have been selling the equipment because it allegedly works near the country’s borders and in Ukraine, including the Russian-occupied regions of Donetsk and Luhansk, along with Crimea.

That’s contrary to the official Starlink map, which shows the internet access restricted in Russian-occupied areas. Still, as evidence, ComNews cites the online pages of several vendors, including one that notes the Starlink dish can be used in the “CBO,” a reference to Russian military operation in Ukraine. Although the Russian military has a ban on using Starlink equipment, some volunteer military troops have been buying it up.

The terminals are supposedly obtained secretly through Dubai. The SpaceX denial on X noted that they would deactivate any unauthorized terminal and that…

Starlink also does not operate in Dubai. Starlink cannot be purchased in Dubai nor does SpaceX ship there. Additionally, Starlink has not authorized any third-party intermediaries, resellers or distributors of any kind to sell Starlink in Dubai.

This story however does raise the long-standing question of how SpaceX can control the use and ownership of its terminals. Once shipped to a legal customer, what is to stop that customer from selling that terminal to anyone who can then ship it and sell it to some third party in a blocked region? SpaceX can probably identify the location of its terminals, and if one is found not to be where it should be, deactivate it. But could smugglers eventually block SpaceX from getting this location data?

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India to do 19 launches through March 2025

9:41 am

India's planned launches through March 2025

According to India’s space bureaucracy IN-SPACe, that nation has planned as many as 19 launches through March 2025.

The image to the right shows the manifest that IN-SPACe released. That agency is tasked with encouraging India’s private and independnt space industry, and it claims that 30 missions in total are planned, with half by commercial companies. This number however includes payloads and suborbital test missions, not just orbital launches. Based on the manifest to the right it appears that 19 of these missions are launches, with six being entirely private launches. One of those private launches, the first of Agnikul’s commercial Agnibaan rocket, will be suborbital.

It thus appears that in 2024 India hopes to complete 14 orbital launches. If so, this would double that nation’s previous record of seven launches in a single year. This schedule is very aspirational, with those six entirely commercial launches likely not all happening as planned.

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Vibration testing of Sierra Space’s Tenacity mini-shuttle completed

9:01 am

NASA engineers have now completed vibration testing of Sierra Space’s Tenacity mini-shuttle, set to launch on a Vulcan rocket later this year.

Reading between the blather in the NASA press release at the link, it appears that testing was successful, proving that the Dream Chaser spacecraft can survive the vibrations of launch. This conclusion by me however remains unconfirmed. Engineers are now preparing the mini-shuttle for environmental testing.

Next up, Dream Chaser will move to a huge, in-ground vacuum chamber that will continue to simulate the space environment Dream Chaser will encounter on its mission. The spaceplane will be put through its paces, experiencing low ambient pressures, low-background temperatures, and dynamic solar heating.

Previously the launch date had been targeting April 2024, according to ULA officials. It now appears, from the vagueness of recent reports, as well as the actual testing now in progress, that the launch date has slipped. They appear to be targeting the first half of 2024, but are as yet unwilling to commit to a date.

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Freedom capsule undocks from ISS with AX-3 commercial crew

10:06 am

SpaceX’s Freedom capsule today undocked from ISS at 9:20 am (Eastern), carrying three European passengers and one commander, with a planned splashdown in the Atlantic off the coast of Florida at 8:30 am (Eastern) on February 9, 2024.

Ax-3 astronauts Michael López-Alegría, Walter Villadei, Marcus Wandt, and Alper Gezeravci will complete 18 days aboard the orbiting laboratory at the conclusion of their mission. The SpaceX Dragon will return to Earth with more than 550 pounds of science and supplies, including NASA experiments and hardware.

Live stream for that splashdown can be found here. The mission is a private one. Axiom sold the tickets, and purchased from SpaceX the Falcon 9 launch and use of its Freedom capsule. It also rented time on ISS from NASA for its crew and passengers.

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SpaceX’s revenue estimate for 2024 is $13.3 billion

10:56 am

According to an independent analysis of SpaceX’s announced launch plans for 2024, the company’s revenue in 2024 is predicted to be somewhere around $13.3 billion, including earnings from Starlink subscribers.

This independent estimate is less than SpaceX’s own projection of $15 billion, but what is important is that the revenue in 2024 equals approximately the total amount of investment capital that SpaceX has raised for Starship/Superheavy and Starlink. Add to this the estimated revenues from 2023, $8 billion, and it appears SpaceX is in a very healthy position to complete the construction of Starship and begin flying it regularly for profit.

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