Sidus Space ($SIDU) announced yesterday that it has acquired Exo-Space, an AI computing startup focused on space applications. Sidus said the deal will help it to bolster its talent pool, secure contracts, advance its tech, and integrate edge computing with its satellite sensors.
“This transaction provides the opportunity for us to enhance our presence in the Earth and space observations markets by providing actionable solutions for our customers’ needs as opposed to just raw data,” Sidus chief Carol Craig said in a statement.
- The company acquired Exo-Space with a combination of cash, stock, and performance incentives, and is projecting the transaction to positively impact EBITDA.
Sidus, the acquirer: Sidus is a satellite manufacturing and space data-as-a-service business. The Florida-based startup is building its LizzieSat satellites, which will be used as multi-mission platforms. Sidus plans to launch its first LizzieSat aboard a SpaceX transporter mission later this year.
Exo-Space, the acquiree: Exo-Space is an AI-tech business providing on-orbit hardware and software computing solutions to customers. The California-based startup has commercial and governmental contracts secured through 2025.
“By joining the Sidus team and integrating our AI capabilities into LizzieSat, we can now better deliver the benefits of space-based AI to more customers and on a shorter timeline than was previously possible,” said Exo-Space CEO Jeremy Allam.
Down to Earth: Since Sidus went public during the SPAC boom of 2021, its stock has cratered 99% due to profitability and liquidity concerns.
- Despite jumping 36% in pre-market trading upon news of the acquisition, the stock ended the day up just 3%.
- Post-acquisition, Sidus’ market cap sits at $12M.
