Astra Stock Drops with No End in Sight

Image: Astra

Astra ($ASTR) stock dropped another 19% yesterday to 75 cents a pop as it continues its downhill march. 

The startup executed a stock split a month ago in an effort to elevate its share price above $1.00 and keep its place on the NYSE. But share prices have again plummeted, dropping 70%, back to below a buck. 

With investors exiting stage left, the launch startup’s market cap sits at just $14M—a far cry from the $2.1B valuation the company garnered when it went public during 2021’s SPAC-apalooza. 

Heart of the issue: The company reported $36.7M of cash flow burn in Q2 alone, leaving it with just $26.3M in the bank. In an attempt to keep the lights on, the company slashed G&A expenses in half and redoubled focus on spacecraft thruster production.  

Bloomberg reported last week that Astra is looking to sell 51% of its space propulsion business at a $100M valuation. The news did nothing to stop Astra’s freefall, with investors likely deeming the a potential sale as unrealistic. 

Small launch: Small rocket startups have had a rough year with Virgin Orbit going under, Rocket Lab suffering a launch anomaly, and the market struggling to compete with SpaceX’s rideshare business. Despite the challenges, small launch continues to pick up solid wins, including Firefly’s recent 24-hour Victus Nox launch and Spanish rocket startup PLD’s first launch.  

Related Stories

Aerospace and Defense Primes Q3 Earnings Roundup

The aerospace and defense primes had a busy Q3 marked by massive SDA contracts, growing space divisions, and a few hiccups along the way.


Payload Pioneers 2023: Stephanie DelPozzo

Stephanie DelPozzo is making a name for herself in the business of space as an associate specializing in aerospace and defense at Nextfed, an M&A firm.


Antaris Raises $3.5M In Seed Funding

Antaris is hoping to bring enterprise tech concepts to space—and now it has additional seed funding to try to make that a reality.  Antaris, a SaaS platform for space, announced Wednesday that it raised $3.5M in seed funding. Streamlined Ventures, which specializes in early-stage investments, led the round, which brings Antaris’s total funding to $10M. […]


India’s Lunar Landing Sends its Space Stocks Soaring

Yesterday’s successful Chandrayaan-3 lunar landing sparked a wave of national pride and enthusiasm across India. The country’s fervor for space has spilled over into its stock market, where its space stocks are surging. While India hasn’t caught the space pure-play SPAC bug like the US, it has several prominent publicly traded industrial companies that have […]