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Newsletter #4: Planet's de-SPAC, Rocket Lab's Neutron Rocket


New Space Activity


New Space Listings

Planet has completed the SPAC transaction with dMY Technology Group and has started trading on the NYSE today, Wednesday December 8th, with the ticker PL.


Planet expects to receive proceeds of approximately $590M, and saw SPAC redemption rates that were much lower than many other recent new space/deep-tech SPAC transactions - approximately 2% of SPAC shareholders have redeemed their shares prior to the merger with Planet.


Planet will be added to our New Space Index and tracked going forward.


Industry News

Rocket Lab provided an update on the development of their large launch vehicle Neutron on December 2nd, with the first launch scheduled for 2024. Neutron will be capable of delivering up to 15 tons of payload into Low Earth Orbit, and is targeting the large numbers of satellites needed by the many proposed mega constellations under development.


Rocket Lab's Neutron Rocket

Launch company Astra Space announced December 6th that it will conduct its next launch from a pad at Cape Canaveral in January, carrying a set of cubesats for NASA.

Earnings Reports

No companies in our New Space Index have reported results in the past two weeks.


 

Share Price Movements

The top performing new space companies in our index, from a share price perspective, in the last two weeks are highlighted below, followed by the top five legacy space companies that we are tracking.


New Space Companies - Top Five Share Price Performers


Legacy Companies - Top Five Share Price Performers


 

Revenue Multiples

As many of the newly listed New Space companies currently do not report meaningful revenue multiples (either forward or backward looking) we caveat that the revenue multiple numbers below should be considered carefully. As revenue multiple data becomes more meaningful for the New Space ecosystem it will allow for more in-depth analysis and comparison with the Legacy space ecosystem.


New Space Companies - TTM Revenue Multiples


Legacy Space Companies - TTM Revenue Multiples


New Space Companies - Forward (FY2021) Revenue Multiples


Legacy Space Companies - Forward (FY2021) Revenue Multiples


All market data from end of trading day Tuesday, 12/07/2021.

 

Promus Ventures invests in early-stage deep tech startups solving complex problems to advance everyday lives across the world. Some of Promus Ventures’ other leading portfolio investments include Rocket Lab (Nasdaq: RKLB), Whoop, Spire (NYSE: SPIR), Mapbox, ICEYE, Bellabeat, Swift Navigation, AngelList, Behavox, Gauss Surgical, Figure Eight, Isotropic Systems, Halter, Cobalt, Safehub, and numerous others.


Recipients of this post are not to construe it as investment, legal, or tax advice, and it is not intended to provide the basis for any evaluation of an investment in any fund. Prospective investors should consult with their own legal, investment, tax, accounting, and other advisors to determine the potential benefits, burdens, and risks associated with making an investment in any fund.


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