Research

Iridium provides a good example of the sector’s R&D lifecycle.

There were 63 total global launches in Q2 2024, a 40% YoY increase. The usual suspects, SpaceX and China, are once again leading the charge.

Last week, SpaceX unveiled the Starlink Mini terminal, a laptop-sized device capable of delivering high speed internet nearly anywhere in the world. 

Late last year, the World Radio communication Conference (WRC-23) approved a proposal to review EPFD (Equivalent Power Flux Density) limits, a critical juncture in rights negotiations between GEO and LEO operators that sets the stage for regulatory action by 2027 or 2031.

Over the last decade, China has grown its military presence in space to include sophisticated space planes, recon birds, secure comms, SSA, and ASAT capabilities.

EchoStar reported another quarter of declining revenue last week as its Hughes Network satellite broadband, TV (Dish + Sling), and retail wireless (Boost Mobile) subscriber base continues to shrink. 

With Starliner slated to transport crew to the ISS for the first time next week, we’re digging into all the money spent to get here—from NASA’s contributions and seat pricing to the total development expenditures.

China held its annual Space Day conference last week, unveiling new insights into the space program’s hardware development.

Last week, we covered ABL, Relativity, and Stoke funding, three launch startups that have yet to reach orbit. This week, we are focusing on a business that has hit its orbital proof point, Firefly Aerospace. 

The next few years are make or break for launch startups—either achieve orbit and scale or go the way of Astra and Virgin Orbit. 

The first three months of 2024 was another busy year for the space industry, underscored by continued growth in SpaceX’s launch cadence and a solid VC funding environment. Below are the four charts defining the quarter.

NASA’s SBIR funding—particularly its Phase I & II tracks—has become a vital source of non-dilutive capital for early-stage space startups. At the same time, it has gained a reputation for coming up short in delivering on its larger Phase III programmatic contracts, leaving companies to navigate the “valley of death.”