Equities
Stories about space companies’ finances, including earnings reports and M&A news.
Goldman Initiates Coverage of Planet
Goldman Sachs has initiated coverage of Planet (NYSE:PL) with a buy rating and $11 price target, implying an upside 80+%. $PL traded up ~10.5% on Wednesday. Earth observation (EO) company Planet went public (via SPAC, obviously) in early December, in a deal valuing the company at $2.8B. The company’s stock has fallen by ~50% since…
Virgin Orbit SPAC Receives Shareholder Approval; Air Launcher Prepares to Go Public
Virgin Orbit said Tuesday SPAC shareholders have voted to approve its SPAC merger with Nextgen Acquisition Corp. II. Virgin expects the de-SPAC to take place this year (so, this week). After the transaction closes, the combined entity will become a publicly traded company on the NASDAQ with the $VORB ticker. SPAC deets: Virgin Orbit expects to pull…
Planet Investor Day Recap
Planet Labs is nearly ready to take its talents to the public markets at a $2.8B valuation. Yesterday, Planet’s C-suite held court with investors to sell the vision. A decade of history in ~60 words: Planet set out to image and index all of Earth every day. The company developed a constellation of 200 satellites, created the…
Terran Orbital Announces $1.58 Billion SPAC Merger
Terran Orbital is the latest space company that will take its talents to the public markets (via SPAC, of course). SPACs, or special purpose acquisition companies, have become quite a popular vehicle for space companies looking to raise capital. The California-based satellite manufacturer said today that it would merge with Tailwind Two, a blank-check company…
Iridium Reports Q3 Earnings
With all the talk of satellite constellations in beta or build phase, we figured we’d check up on one that’s fully up and running. Satellite operator Iridium reported Q3 earnings Monday. The McLean, VA-based company generated ~$162 million in Q3 revenue, a 5.5% beat. Its net loss was $2.1 million. Commercial services revenue totaled ~$102 million, equal…
