SpaceX initiates new round to obtain from $500 to $750 million in additional private investment capital

SpaceX has opened another tender round to obtain from $500 to $750 million in additional private investment capital, with the company now valued at $175 billion, up from the previous valuation of $150 billion.

With this new capital, the company will have raised at a minimum around $12 billion from private sources, not including the undisclosed investment in October from Italy’s biggest bank.

Why are private investors willing to do commit so much cash to this company? This quote from the article says it all:

SpaceX is on track to book revenues of about $9 billion this year across its rocket launch and Starlink businesses, Bloomberg News reported last month, with sales projected to rise to around $15 billion in 2024. The company is also discussing an initial public offering for Starlink as soon as late 2024 — a bid to capitalize on robust demand for communications via space.

In other words, SpaceX is already earning enough to pay for the development of Starlink/Starship/Superheavy, with even bigger profits expected because it has such a lead on its competitors in the satellite broadband business.

These investors realize that SpaceX has captured the majority of this market share, and because of this it will be difficult for late arrivals like Amazon to enter the market. Amazon could charge less to gain market share, but SpaceX could then do the same. And SpaceX will already be in the black when it does so, while Amazon will instead be increasing its red ink.

This situation underlines the wisdom of Musk’s decision in 2018 to shake-up the management in SpaceX’s Starlink division because the management then was setting too slow a pace. As I wrote then:

Musk’s desire for speed here actually makes very good economic sense. There are other companies developing similar internet satellite constellations, and if SpaceX’s launches late they will likely lose a significant market share.

His concern about the slow pace seems to me also justified. This technology, while cutting edge, shouldn’t require as much testing and prototype work as it appears the fired managers wanted. Better to get something working and launched and making money, introducing upgrades as you go, as SpaceX has done so successfully with its Falcon 9 rocket.

Time has now proven Musk right.

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SpaceX launches more Starlink satellites

SpaceX tonight successfully launched another 23 Starlink satellites, its Falcon 9 rocket lifting off from Cape Canaveral in Florida.

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

The leaders in the 2023 launch race:

90 SpaceX
56 China
16 Russia
7 Rocket Lab
7 India

American private enterprise now leads China in successful launches, 102 to 56, and the entire world combined 102 to 90. SpaceX by itself is once again tied with the rest of the world (excluding other American companies) 90 to 90. The fast pace in launches continues, however, with five launches scheduled in the next five days.

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December 6, 2023 Quick space links

Courtesy of BtB’s stringer Jay.

 

 

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Big Martian gullies partly filled with glacial material

Overview map

Big Martian gullies partly filled with glacial material

Cool image time! The picture to the right, cropped, reduced, and sharpened to post here, was taken on August 18, 2023 by the high resolution camera on Mars Reconnaissance Orbiter (MRO). It shows what the scientists dub as “large gullies with infilled alcoves.”

Gullies on Mars were one of the first discoveries by orbiters of small-scalle potential water-caused features on the Red Planet. The favorite explanation for their formation today involves the seasonal freeze-thaw cycle, combined with the deposition of ice and dry ice frost in the winter. When that ice and dry ice sublimates away in the spring it causes collapse and erosion, widening the gullies.

These gullies also exhibit evidence that underground and glacial ice might contribute as well. The material in the largest gullies looks like a mixture of glacial material and dust and debris. It could also be that there is ice impregnated in the ground, which can cause large collapses when it sublimates away.

The white rectangle on the overview map and inset above marks the location of this picture, on the western rim of a 13-mile-wide unnamed crater inside the western portion of the 2,000-mile-long mid-latitude strip on Mars I dub glacier country, since every image from orbit shows evidence of glaciers.

This picture is no different, as the horizontal cracks at the base of the crater rim suggests the glacier that fills the crater floor is being pulled apart by gravity at its edges. The elevation drop from the top of the rim to the floor is about 3,200 feet, so any ice on that slope will definitely be stressed by gravity. Such cracks are therefore not surprising.

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Psyche takes its first pictures

The spacecraft Psyche — going to the metal asteroid Psyche — has successfully taken its first pictures, proving its camera and pointing system work as planned.

The pictures, taken on December 4, 2023 from about 16 million miles from Earth, are actually quite boring, merely showing a field of stars. However,

The imager instrument, which consists of a pair of identical cameras, captured a total of 68 images, all within a star field in the constellation Pisces. The imager team is using the data to verify proper commanding, telemetry analysis, and calibration of the images. …The imager takes pictures through multiple color filters, all of which were tested in these initial observations.

At this moment all looks good for Psyche’s eventual arrival at Psyche in 2029.

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Iran and China complete orbital launches

Iran's launch December 6, 2023
Iran’s Salman rocket lifting off today.
The launch site itself was not disclosed.

According to the official state-run press of each country, both Iran and China yesterday completed successfully launches, both of which appeared to test new capabilities of some note.

First Iran announced that it had used its Salman rocket to put a 500-kilogram capsule that it said was carrying biological samples, and was also “has the ability to carry a human,” though the mass of this capsule makes that highly unlikely. Little other information was provided. Nor has this orbital launch as yet been confirmed by the orbital monitoring services of the U.S. military. The image to the right is a screen capture from the launch video at the link, and appears to show that this rocket has only one stage, thus making an orbital launch impossible.

Assuming this orbital launch is confirmed, it was Iran’s second orbital launch in 2023 and will therefore not show up on the launch race leader board below. If further information is obtained I will update this post appropriately.

China in turn announced the successful launch today of a test satellite, using its new Smart Dragon-3 solid-fueled rocket lifting off from a barge in the South China Sea 1,300 nautical miles off the coast of Guangdong province, where Hong Kong is located. To arrive at this ocean launch location took five days. The launch thus tested the use of this mobile floating platform from remote ocean locations.

The leaders in the 2023 launch race:

89 SpaceX
56 China
16 Russia
7 Rocket Lab
7 India

American private enterprise still leads China in successful launches, 101 to 56, and the entire world combined 101 to 90. SpaceX by itself now trails the rest of the world (excluding other American companies) 89 to 90, though it has another launch planned for tonight, with the live stream here.

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Mars Reconnaissance Orbiter takes another look at the non-face on Mars

The non-face on Mars
Click for original image

In 2007, shortly after it began science operations in Mars orbit, the science team for Mars Reconnaissance Orbiter (MRO) pointed its high resolution camera at the so-called “Face on Mars”, taking a picture that confirmed (as had Mars Global Surveyor several years earlier) that this “face” was a non-face, simply a mesa whose features made it appear roughly facelike in low resolution imagery.

Now, more than sixteen years later, scientists have used MRO to take a new picture of the non-face mesa. That picture is to the right, cropped, reduced, and sharpened to post here. Compared to the 2007 photo the new photo has far better lighting conditions, revealing many details on the mesa’s eastern half that were mostly obscured by shadows previously.

In fact, these new details strongly suggest that the depression on the mesa’s eastern slopes harbors a decaying glacier. At least, that is what the features there resemble.
» Read more

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Ingenuity completes its 67th flight on Mars

Overview map
Click for interactive map.

Almost immediately after communications were re-established with Mars after the monthlong solar conjunction — where the Sun stood between the Earth and Mars — the Ingenuity engineering team uploaded instructions for Ingenuity’s 67th flight, and on December 2, 2023, the helicopter successfully completed that flight, traveling 1,289 feet to the west at a height of 39 feet for 136 seconds, almost exactly what the flight planned dictated.

The overview map above shows with the green dot the helicopter’s new position after that flight. It has moved ahead of Perseverance into Neretva Vallis, the gap out of Jezero Crater through which the rover will eventually travel. At the moment however Perseverance sits much farther east, as indicated by the blue dot, where it has been studying the surface geology of the delta that once flowed through that gap into the crater.

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Stratolaunch completes first test captive carry flight with powered Talon hypersonic vehicle

Test engineering vehicle attached below Roc
Test engineering vehicle attached to Roc during
a flight in October 2022

Stratolaunch has successfully completed the first test captive carry flight with its prototype Talon hypersonic vehicle fueled and powered, carried by its giant Roc airplane.

The flight was the twelfth for the company’s launch platform Roc and the first in which the aircraft carried a Talon vehicle with live propellant as part of a buildup approach for Talon-A’s first powered flight.

The flight lasted a total of three hours and 22 minutes and represented a significant step forward in the company’s near-term goal of completing a powered flight with the Talon-A vehicle, TA-1. A primary objective was to evaluate Talon-A’s propulsion system and the Talon environments while carrying live propellant. A second objective was to verify Roc and TA-1’s telemetry systems, which provides the situational awareness to ensure all systems are ready for powered flight during the release sequence.

The company has two contracts to do hypersonic test flights using flightworthy Talon vehicles, one with the Air Force and the second with the Navy. It is not clear however when those flights will occur.

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China launches two satellites

The Chinese pseudo-company Galactic Energy today successfully launched two satellites, its Ceres-1 rocket lifting off from China’s Jiuquan spaceport in northwest China.

China’s own state-run press illustrates how pseudo this company is by not even mentioning its name in its reporting. It mentions the launch was “commercial,” but that’s as far as it goes. China’s press knows the government runs and owns this company, and only allows it the superficial appearance of a private company to enhance competition within its space industry.

No word on where the rocket’s lower solid-fueled stages crashed inside China.

The leaders in the 2023 launch race:

89 SpaceX
55 China
16 Russia
7 Rocket Lab
7 India

American private enterprise still leads China in successful launches, 101 to 55, and the entire world combined 101 to 88. SpaceX by itself still maintains its lead over the entire world (excluding other American companies) 89 to 88.

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Italian subcontractor for Arianespace misplaces two rocket tanks

This story is hard to believe but true: The Italian company Avio, one of the subcontractors for Arianespace that builds its smaller rockets Vega and Vega-C, apparently misplaced two rocket tanks that were to be used on the Vega rocket’s last launch, thus preventing that launch entirely.

The two propellant tanks that went missing were housed in an Avio production department in Colleferro that had undergone renovation work. At some point following the completion of the renovations, the two tanks were found to be missing.

According to the initial source, the tanks had not been entered into a company-wide asset management system that tracked the location of all vital Avio components. This ensured that the teams tasked with investigating the disappearance had very little to go on when beginning their search for the missing tanks.

Despite the futility of the search, the tanks were eventually found. This was, however, not the good news Avio had hoped for. The tanks are, unfortunately, not in a usable state. They had been crushed and were found alongside metal scraps in a landfill.

The tanks power Vega’s fourth stage that deploys satellites in orbit. They were to be used on the final flight of Vega, which has been delayed repeatedly for unexplained reasons. We now know the reason.

Because this was the final flight, however, the tanks cannot be replaced because the Vega production line has been shut down. The company is considering using two of the four qualification tanks first built more than a decade ago when Vega was first being tested, but those were test tanks and have been sitting unused for as long. It will be difficult to determine their reliability.

Europe’s government-run rocket program thus at present has no rocket capable of launching. Its Ariane-5 is retired. Its Vega cannot launch. Its Vega-C, which replaces the Vega, remains grounded due to a launch failure in December 2022, with the next launch expected no earlier than late in 2024. And its new Ariane-6 rocket won’t do its first launch until the summer of 2024, at the earliest.

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South Korea successfully test launches a new solid-fueled rocket

South Korea today successfully launched a new solid-fueled rocket on its third test launch and first orbital flight.

The space launch vehicle was launched from a barge floating in waters about 4 kilometers south of Jeju Island at 2 p.m. and placed a small Earth observation satellite into orbit at an altitude of about 650 km, the ministry said.

The 100-kilogram synthetic aperture radar satellite, made by Hanwha Systems, succeeded in sending signals to a ground station at 3:45 p.m., which means it is operating normally, the company said. The rocket is designed to put a small satellite into a low Earth orbit for surveillance operations.

This four-stage rocket uses solid fuel for its first three stages and liquid fuel for the final stage. That it launched from a barge is as significant, as having this ability gives South Korea an added launch flexibility.

This was South Korea’s second launch in 2023, so the leader board for the 2023 launch race remains unchanged:

89 SpaceX
54 China
16 Russia
7 Rocket Lab
7 India

American private enterprise still leads China in successful launches, 101 to 54, and the entire world combined 101 to 87. SpaceX by itself still leads the entire world (excluding other American companies) 89 to 87.

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