Portfolio Company News
SpaceX
SpaceX said Monday it raised nearly $1.7 billion in its latest funding round.
The Starlink launch is the first of three SpaceX is planning this weekend.
Now that SpaceX is an official part of Starbridge’s wider portfolio (it is not a part of any Fund portfolio but a standalone co-investment) we will include some additional SpaceX-specific news items. In this case, it has been a strange week to be closing these deals, especially in light of the letter circulated by some unknown number of SpaceX employees objecting to Elon Musk’s public behavior over the past year. That news broke Thursday afternoon. On Friday morning SpaceX sent an email to the company staff letting them know the employees behind the letter had been dismissed. All of this occurred the day before the company attempts three launches in one weekend.
General Space News
House Armed Services chairman calls on Space Force to change how it buys launch services
House Armed Services Committee Chairman Rep. Adam Smith (D-Wash.) pushed for changes in military launch services procurement. The 2023 National Defense Authorization Act (NDAA) urges the Space Force to consider other procurement approaches in Phase 3 of the National Security Space Launch (NSSL) program in 2024 so more than two companies can win launch contracts.
NASA assigns two astronauts to Starliner test flight
On June 16th, NASA announced that veteran astronauts, Butch Wilmore and Suni Williams, will fly the first crewed Boeing CST-100 Starliner mission. Mike Fincke will fly as a backup.
SpaceX and OneWeb coordinate spectrum
SpaceX and OneWeb have decided to semi-bury the hatchet and cooperate with each other on the use of neighboring spectrum. Noticeably absent is ViaSat who has preferred to take a belligerent regulatory approach by attempting to create court decisions that apply terrestrial environmental review law from the Environmental Protection Act to space.
House Appropriators Markup Space Budgets
The House Appropriations Commerce, Justice, and Science Subcommittee will markup the FY 2023 appropriations bills this coming week on June 22. Behind the scenes, there is a significant fight between budget appropriators on both sides of Congress and NASA over the lack of information from NASA on the Artemis programs plans and budgets. Apparently veiled threats have been made to significantly cut non-SLS-related commercial contract budgets unless NASA starts providing very detailed plans and budgets across the board. There is also a disconnect between authorizers and appropriators when it comes to the amount of ‘control’ the US Government has over commercial providers of infrastructure like space stations and landers. The general mood of the appropriators was summed up as “NASA has not explained to the Subcommittee how its requirements and LEO access and operations are 100% guaranteed in a time when NASA will not control a single facility asset in LEO. If Congress is providing funds then Congress should be in control, not the companies.” The authorizers feel differently but that part of the US budgeting process has tilted heavily in favor of the appropriations committees in recent decades.
An In-Orbit Game of Cat and Mouse: Close approaches prompt calls for communications and norms
More countries, China and Russia, are taking part in ‘counterspace’ - meaning they’re actively taking action to avoid disclosure of their satellite capabilities and/or activities while trying to cozy up to US military satellites.
D-Orbit charts ambitious course for space logistics business
Italian company, D-Orbit, announced that ESA will fund their campaign to improve the performance and reduce the cost of ION, their cubesat and microsatellite transportation vehicle. The contract is worth $2M.
Planet reveals $146 million NRO award and quarterly revenues
During Planet’s earnings call on June 14th, they revealed they won their largest contract to date with the National Reconnaissance Office’s (NRO) Electro-Optical Commercial Layer (EOCL) which is worth $146M over 5 years with the possibility of extending the contract up to 10 years.
Explosion at Chinese space launch center revealed by satellite imagery
Commercial satellite imagery revealed that an explosion back in October 2021 severely damaged China’s Jiuquan Satellite Launch Center. China’s Shenzhou human spaceflight missions launch from this spaceport. It is unclear as to what caused the explosion or what the facilities were used for.
FAA environmental review to allow Starship orbital launches after changes
The FAA issued a ‘Finding of No Significant Impact’ (FONSI) for SpaceX’s Starship vehicle to be launched from Boca Chica, Texas after they implement over 75 measures to mitigate environmental effects. Even after SpaceX completes the mitigations, they will still have to obtain an FAA launch license.
Sierra Space to start astronaut training program
Former NASA astronaut and president of Sierra Space, Janet Kavandi, is set to lead Sierra Space’s new commercial human spaceflight training center and astronaut training academy at Kennedy Space Center. The center plans to train professional astronauts; including NASA astronauts who will operate the Orbital Reef commercial space station; “specialist” astronauts to do research and other work on the station, and “experiential” astronauts akin to space tourists. Sierra Space plans on flying the first flight of their Dream Chaser vehicle in 2026.
Other Space News
SpaceX's Starlink system has played a key role in Ukraine during Russia's invasion.
The Russian government will allow Roscosmos to negotiate a seat barter agreement with NASA.
South Korean ground station operator Contec has raised $47.3 million in a Series C funding round.
Spire announced a $120 million credit facility to support its growth plans.
The co-founder of Firefly Aerospace is stepping down as CEO but remaining with the company.
John Hyten, former vice chairman of the Joint Chiefs of Staff, is joining Blue Origin as an adviser.
A Euroconsult study sees growing demand for orbital transfer vehicles.