Newsletter #5: More de-SPACs and Rocket Lab Acquires SolAero
New Space Activity
New Space Listings
Planet Labs listed on NASDAQ with the ticker NASDAQ:PL on December 8th, and has traded down since the de-SPAC merger. Broadstone Acquisition Corp completed its merger with Vertical Aerospace, a company in the eVTOL sector, on December 16th and has listed on the NYSE with the ticker NYSE:EVTL. Vertical Aerospace saw similar redemption rates to other recent New Space SPAC transactions that we have tracked - close to 95% of SPAC shareholders elected to redeem their shares. Vertical Aerospace will be added to our New Space Index and tracked going forward.
Rocket Lab announced that it will acquire solar power system manufacturer SolAero Holdings for $80 million in cash on December 13th. The deal is scheduled to close in the first quarter of 2022. Blacksky launched two satellites with SpaceX on December 2nd, and an additional two satellites with Rocket Lab on December 9th as the company continues to build out its earth observation constellation.
No companies in our New Space Index have reported results in the past two weeks.
Our Musings on Space
Mike Collett, Founder and Managing Partner at Promus Ventures, wrote about funding in the New Space sector for Via Satellite in early December, and his thoughts can be found here on our 'Go Build' blog - Space Investment Has Moved Past Max-Q, Can It Continue to Ascend?
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 Space Companies - Top Five Share Price Performers
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, 12/21/2021.
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.
Promus Ventures is a trademark of Promus Holdings, LLC. Used under license.
Copyright 2021 Promus Ventures, all rights reserved.