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☆ UK defense contractor BAE buying Ball's aerospace division for $5.6 billion
▼ + stars: | 2023-08-17 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +1 min

Ball Corp. agreed to sell its aerospace division to U.K. defense contractor BAE Systems for $5.6 billion in cash, the companies announced Thursday. The deal is expected to close in the first half of next year, pending regulatory approval. The aerospace unit of Colorado-based Ball, widely known for its beverage and household packaging products, deals in manufacturing spacecraft and specialized aerial systems. BAE noted that more than 60% of Ball's 5,200 or so aerospace employees hold U.S. security clearances. Ball began shopping around its aerospace division earlier this year, looking for a deal that would help trim its nearly $10 billion in debt.

Persons: Charles Woodburn, Ball Organizations: Aerospace, U.S . Space Force, Ball Corp, BAE Systems, NOAA, Pentagon, BAE, Ball Aerospace Locations: Colorado

☆ Investing in Space: A guide to satellites
▼ + stars: | 2023-08-17 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +6 min

CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. Last year I wrote about the key terms investors should know about the steps involved in a rocket launch, to give a guide for what phrases mean in context. A number of you found that launch guide helpful, so I'm back with another synthesized glossary – but this time for satellites! We've seen a couple of satellites going awry this summer, and I've gotten questions like: "Dang, I thought the launch was successful?" Processing: Mounting the satellite to the rocket and making sure the satellite is healthy, fueled up and ready for launch.

Persons: CNBC's Michael Sheetz, I've, it's Organizations: Manufacturers, Iridium Locations: Intelsat's, Americas

☆ Telesat stock surges 50% after satellite internet company swaps suppliers to save $2 billion
▼ + stars: | 2023-08-11 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +1 min

Shares of Canadian telecommunications satellite operator Telesat surged on Friday after the company announced it would swap suppliers for its planned Lightspeed global internet network. Canadian space company MDA will now build the Lightspeed satellites, taking the place of French-Italian manufacturer Thales Alenia Space and resulting in "total capital cost savings" of about $2 billion, Telesat announced. The company expects to begin launching the first Lightspeed satellites in mid-2026, with global service beginning once the first 156 satellites are in orbit. Telesat stock surged as much as much as 64% with heavy volume in early trading from its previous close at $8.45 a share, before slipping slightly to closer to 50%. "I'm incredibly proud of the Telesat team for their innovative work to further optimize ... resulting in dramatically reduced costs," Telesat CEO Dan Goldberg said in a release.

Persons: Telesat, Dan Goldberg Organizations: MDA, Lightspeed, Thales Alenia Space Locations: Italian

☆ Virgin Galactic launches first tourist flight to space
▼ + stars: | 2023-08-10 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +2 min

Virgin Galactic flew its second commercial spaceflight on Thursday, its first carrying private-paying tourists. Virgin Galactic uses a two-step system known as "air launch" to fly its passengers on a suborbital spaceflight. "We did not, in fact" see any fallout from Virgin Galactic customers, Colglazier said. The company completed its first commercial spaceflight, the Galactic 01 mission, in June carrying members of the Italian Air Force. Virgin Galactic has a backlog of about 800 passengers.

Persons: – CJ Sturckow, Kelly Latimer –, Beth Moses, Jon Goodwin, Keisha Schahaff, Anastatia Mayers, Elon Musk's, Virgin Galactic's, Michael Colglazier, Colglazier Organizations: Virgin Galactic, America, Space, Humanity, Virgin, VSS, Elon, Elon Musk's SpaceX, Italian Air Force . Virgin Galactic Locations: New Mexico, Caribbean

☆ Investing in Space: Americans think spotting asteroids should be NASA's top priority, Pew says
▼ + stars: | 2023-08-10 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +4 min

CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. CNBC's Michael Sheetz reports and curates the latest news, investor updates and exclusive interviews on the most important companies reaching new heights. Let's start with how Americans view the importance of U.S. leadership in space. If the Americans surveyed by Pew were in charge, it's doubtful the Artemis moon program would exist at all. About 70% of respondents said space companies offer a "mostly good" contribution to space exploration, and 63% saw companies as helping open up space travel to more people.

Persons: CNBC's Michael Sheetz, –, It's, it'd, Artemis Organizations: Pew Research Center, Space Force, FAA, FCC, NOAA, NASA, Pew Locations: U.S

☆ Viasat revenue grows as investigation continues into malfunctioning $750 million satellite
▼ + stars: | 2023-08-09 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +3 min

Viasat has approximately $420 million in insurance on the malfunctioning satellite, "which is nearly half of the net book value" of ViaSat-3 Americas, putting its value at about $750 million. Viasat brought in $780 million in revenue during the quarter, a 36% increase compared to the same period last year. It reported a net loss of $77 million for the quarter, wider than a net loss of $21.6 million a year ago. As of the end of quarter, Viasat had $5.5 billion in net debt, with about $2 billion in cash and equivalents. Despite the issues, Viasat forecast that revenue will grow further in fiscal year 2025.

Persons: Mark Dankberg, K, Guru Gowrappan, Dankberg, Northrop Organizations: Viasat, ViaSat, Northrop Grumman, Inmarsat Locations: Americas, Africa

☆ Wall Street praises Rocket Lab's performance and sees stock climbing: 'Yet another strong quarter'
▼ + stars: | 2023-08-09 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +3 min

Wall Street was largely effusive about Rocket Lab's execution and growth, as analysts reacted to the space company's second-quarter results from Tuesday. Rocket Lab stock slid about 4% in early trading on Wednesday, after rising as much as 10% in premarket, from its previous close at $6.66 a share. Here's what analysts had to say about Rocket Lab's performance. Morgan Stanley — Overweight, $10 price target The firm's Kristine Liwag believes Rocket Lab stock "still has room to run" despite climbing about 70% so far this year. Roth Capital – Buy, $10 price target Analyst Suji Desilva also emphasized Rocket Lab's "steady launch execution" and expansion toward becoming an "end-to-end vendor" in the space market.

Persons: Ron Epstein, Epstein, Edison Yu, Morgan Stanley —, Kristine Liwag, Liwag, Stifel, Erik Rasmussen, Rasmussen, Roth, Suji Desilva, Jason Gursky, Gursky, Michael Bloom Organizations: Rocket, Bank of America, Deutsche, Citi Locations: premarket, U.S

☆ Rocket Lab results match Wall Street estimates, company adds contracts for 10 launches
▼ + stars: | 2023-08-08 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +3 min

Rocket Lab on Tuesday reported second-quarter results that largely met Wall Street's expectations, and the company said it added contracts for 10 more launches in 2023 and 2024. Revenue grew 12% year over year in the second quarter to $62 million, versus $61.8 million expected by analysts surveyed by Refinitiv. Rocket Lab's launch business saw $22.5 million in revenue in the second quarter, while its space systems unit brought in $39.6 million. For the third quarter, Rocket Lab expects revenue to grow to between $73 million and $77 million. Beck told CNBC that Archimedes features "new manufacturing technologies" that Rocket Lab "hasn't really disclosed in any great detail."

Persons: Peter Beck, Adam Spice, Spice, Beck Organizations: Refinitiv, Revenue, Rocket, Lab, CNBC Locations: Virginia

☆ Billionaire Charlie Ergen merging Dish and EchoStar to expand mobile and satellite telecom empire
▼ + stars: | 2023-08-08 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +1 min

Billionaire Charlie Ergen is consolidating his telecom empire, merging his satellite and broadband services companies Dish Network and EchoStar in an all-stock deal. "This is a strategically and financially compelling combination that is all about growth and building a long-term sustainable business," Ergen, chairman of both Dish and EchoStar, said in a statement. The deal reunites two businesses that have been separate for about 15 years, as Ergen spun EchoStar out of Dish in 2008. The merger will exchange 2.85 shares of Dish common stock for each share of EchoStar stock, a 12.9% premium for EchoStar shareholders as of the July 5 trading close. EchoStar CEO Hamid Akhavan will continue on as part of the combined company, as President and CEO.

Persons: Charlie Ergen, Ergen, EchoStar, Hamid Akhavan, Erik Carlson, Akhavan, CNBC's David Faber Organizations: Dish Network

☆ Boeing resets Starliner plan to be ready for first NASA crew flight by March
▼ + stars: | 2023-08-07 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +2 min

Boeing's Starliner spacecraft is seen before docking with the International Space Station on May 20, 2022 during the uncrewed OFT-2 mission. Boeing said Monday it aims to be ready to fly NASA astronauts with its Starliner capsule for the first time by March, resetting its timeline after the company delayed a planned launch this summer. "Based on the current plans, we're anticipating that we're going to be ready with the spacecraft in early March," Boeing VP and Starliner manager Mark Nappi said during a press conference. The company continues to work toward Starliner's crew flight test, which is planned to carry NASA astronauts to the ISS in a final demonstration before beginning regular spaceflights. NASA's Commercial Crew manager Steve Stich said that Starliner is 98% complete in terms of progress toward the agency certifying the spacecraft to carry its astronauts.

Persons: Mark Nappi, Nappi, We're, Boeing's Nappi, Steve Stich, Starliner, Stich, It's Organizations: International, Station, Boeing, NASA Locations: ULA

☆ Space company Redwire trims quarterly losses, builds order backlog past $270 million
▼ + stars: | 2023-08-07 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +1 min

Space infrastructure company Redwire said Monday that it nearly erased its net losses during the second quarter and further grew its contract backlog. Its backlog of contracted orders increased nearly 70% year over year, to $272.8 million from $162.1 million a year prior. The company trimmed its net loss to $5.5 million, dropping the amount 93% from $77 million in the quarter a year ago. Redwire stock rose as much as 8% in after-hours trading from its close at $3.43 a share. The company also reaffirmed full-year revenue guidance, saying it expects to bring in between $220 million and $250 million in 2023.

Persons: Redwire, Jonathan Baliff Organizations: New York Stock Exchange

☆ Astra conducts layoffs, raises debt and shifts focus to spacecraft engines in bid to survive
▼ + stars: | 2023-08-04 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +3 min

Astra is cutting about 70 employees, as well as reallocating about 50 personnel from its rocket development program over to its space products unit, which builds the company's spacecraft engines. Astra noted that it had 278 total orders for spacecraft engines, as of four months ago, worth about $77 million in contracts. In a separate filing Friday, Astra said it raised $10.8 million in net proceeds from selling debt to investment group High Trail Capital. Astra stock was little changed in after-hours trading Friday from its close at 38 cents a share. In Friday's filing, Astra said it hired PJT Partners as a financial advisor, with the company "focused on thoughtfully pursuing opportunities to raise additional capital."

Persons: Chris Kemp, It's, Riley, PJT Organizations: Astra, High, Capital, Systems, Roth Capital, PJT Partners

☆ Investing in Space: Rocket Lab stock leads the sector in year-to-date gains
▼ + stars: | 2023-08-03 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +2 min

CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. Rocket Lab is up 85% so far this year, closing back in on its $10 a share starting point two years ago, while Redwire is close behind, up 78%. Rocket Lab is the index's No. Chanin noted that with many of these space stocks having debuted at $10 a share they're largely still trying to get back to where they started. Rocket Lab has a healthy lead but we'll see who ends up on top come the end of the year – with the market watching closely for continued execution.

Persons: CNBC's Michael Sheetz, Redwire, it's, Andrew Chanin, –, Stocks, Chanin Organizations: Rocket Lab Locations: ProcureAM

☆ Virgin Galactic banks $2 million in quarterly revenue after first commercial spaceflight
▼ + stars: | 2023-08-01 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +2 min

Virgin Galactic flew two spaceflights during the second quarter: Its final test spaceflight and its first commercial spaceflight, the latter a long-awaited step to bring its service to market. It expects to fly its second commercial spaceflight on Aug. 10. Virgin Galactic stock slipped about 3% in after-hours trading from its close at $4.14 a share. Virgin Galactic had cash and securities totaling $980 million at the end of the quarter, up from about $874 million at the end of the first quarter. That increase came as Virgin Galactic brought in funds through "at the market" sales of common stock.

Persons: Michael Colglazier Organizations: Virgin Galactic, America, VSS Unity, Galactic Locations: New Mexico, U.S

☆ Planet lays off about 10% of workforce as satellite imagery company restructures
▼ + stars: | 2023-08-01 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +1 min

Traders work on the floor of the New York Stock Exchange (NYSE) on December 08, 2021 in New York City. Satellite-imagery and data-analysis company Planet is restructuring and laying off 117 employees, it announced on Tuesday. "This action was taken to increase the company's focus on its high priority growth opportunities and operational efficiency, which the company believes will further support its long term strategy and path to profitability," Planet wrote in a securities filing. Planet's stock was little changed in premarket trading from its previous close of $3.75 a share. Marshall noted that Planet's expansion since the company went public in December 2021 "increased cost and complexity, which slowed us down in some regards."

Persons: Will Marshall, Marshall Organizations: New York Stock Exchange Locations: New York City

☆ SpaceX aims to break a 56-year rocket record with back-to-back launches
▼ + stars: | 2023-07-27 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +1 min

SpaceX on Thursday night may break a record that's stood for over half a century, with back-to-back launches set to fly from Florida's Space Coast. ET for the launch of its Falcon 9 rocket from the Space Force's Space Launch Complex 40 (SLC-40), carrying Starlink satellites. SpaceX said the Falcon Heavy launch window opens at 11:04 p.m. SLD 45 noted in social media posts on Thursday that the pair of SpaceX launches may break a record set by the Gemini 11 mission in September 1966. That NASA mission used an Atlas-Agena D rocket and a modified Titan II rocket, which launched 1 hour, 37 minutes and 25 seconds apart.

Persons: Kennedy Organizations: SpaceX, Kennedy Space Center, Canaveral's, Falcon, U.S . Space Force, Gemini, NASA Locations: Cape Canaveral , Florida, U.S, Cape Canaveral

☆ Barclays says to buy this satellite stock, seeing 29% upside ahead
▼ + stars: | 2023-07-27 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +1 min

Barclays upgraded satellite communications company Iridium to overweight Thursday, saying there's 29% upside for the stock after its "solid" second quarter and attractive outlook. This is in line with the scenario we had in mind, and so we now consider the risk/reward attractive," Barclays analyst Mathieu Robilliard wrote in a note to clients. Barclays has a $65 price target on Iridium's stock, or 29% above Thursday's close of $50.58 a share. Iridium's stock is flat year to date. "We believe this will represent a strong source of revenues for Iridium, but will be gradual (c. $90m by 2027)," Robilliard wrote.

Persons: Mathieu Robilliard, Robilliard, — CNBC's Michael Bloom Organizations: Barclays, Iridium

☆ Investing in Space: What to watch for in Q2 earnings reports
▼ + stars: | 2023-07-27 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +2 min

CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. As Wall Street works its way through second-quarter earnings reports, investors are getting a closer look at first-half performance from the space sector — and setting expectations for the second half of the year. Wall Street continues to be jazzed about the opportunity in the direct-to-device satellite market, but Iridium cautioned that it will take time for the nascent vertical to mature. Most of the other space stocks will report results over the first two weeks of August (aside from Planet , which follows a fiscal year calendar, and Mynaric , Satellogic , Intuitive Machines and Sidus Space ). As a guide for the upcoming Q2 space results, I'm roughly separating companies into two groups: No surprises wanted, and good surprises needed.

Persons: CNBC's Michael Sheetz, Lockheed Martin, Northrop Grumman Organizations: Boeing, Northrop, Iridium, Barclays, Fed

Boeing's Starliner spacecraft is seen before docking with the International Space Station on May 20, 2022 during the uncrewed OFT-2 mission. Boeing on Wednesday reported a $257 million charge in the second quarter for its Starliner astronaut spacecraft program, bringing the program's to-date overrun costs to $1.5 billion as delays continue. The aerospace giant blamed the charge on its decision last month to indefinitely delay the first crewed Starliner launch. Starliner was scheduled to launch in late July and carry a pair of NASA astronauts to the International Space Station. Since 2014, when NASA awarded Boeing with a nearly $5 billion fixed-price contract to develop Starliner, the company has recorded losses on the program almost every year.

Persons: Starliner Organizations: International, Station, Boeing, NASA, International Space

☆ Space Force raises the stakes as rocket companies compete for lucrative military missions
▼ + stars: | 2023-07-22 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +2 min

The U.S. military is raising the stakes — and widening the field — on a high-profile competition for Space Force mission contracts. The Space Force plans to buy even more rocket launches from companies in the coming years than previously expected, granting more companies a chance at securing billions in potential contracts. Earlier this year the Space Force kicked off the process to buy five years' worth of launches, under a lucrative program known as National Security Space Launch (NSSL) Phase 3. Pentecost said Space Force hosted an industry day in February to go over the program's details and had 22 companies show up. That's split into "Launch Service," meaning how much it costs to build and launch a rocket, and the "Launch Service Support," which covers special requirements the military may have for launch.

Persons: Doug Pentecost, Pentecost Organizations: U.S, Space Force, Force's, Systems Command, Security Locations: U.S

☆ Astranis internet satellite malfunctions before beginning Alaska service, backup planned for spring
▼ + stars: | 2023-07-21 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +1 min

Satellite internet service provider Astranis said Friday its first commercial satellite in orbit, which was intended to provide coverage to Alaska, has malfunctioned. The company's Arcturus satellite suffered an issue with both its solar arrays, the company said. On Monday the company identified the root cause, which was solar array drive assembly made by a vendor and not by Astranis. "Solar array drives are motors that rotate the solar arrays to make sure they're always pointed at the sun, and they go transmit that power back into the spacecraft. Gedmark confirmed on Friday that – until the solar array issue – the Astranis-built parts were working.

Persons: Astranis, It's, Arcturus, John Gedmark, Gedmark Organizations: CNBC Locations: Alaska, Alaskans

☆ Amazon to build $120 million facility in Florida to prep Kuiper internet satellites for launch
▼ + stars: | 2023-07-21 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +1 min

Amazon will invest $120 million to build a satellite processing facility at NASA's Kennedy Space Center in Florida, as the company prepares to launch the first satellites for its Project Kuiper internet network, the tech giant announced Friday. The facility will be built at the Launch and Landing Facility that was once where NASA landed Space Shuttle missions. The LLF is now leased and operated by Space Florida, which serves as the state's space economy development arm. "I am thrilled that Amazon is the first major tenant to locate [at the LLF]," Frank DiBello, CEO of Space Florida, told CNBC. We'll be processing our first production satellites through this facility in early 2025," Steve Metayer, Amazon's vice president of Kuiper production operations, told CNBC.

Persons: Frank DiBello, Jeff Bezos, Steve Metayer Organizations: Amazon, Kennedy Space Center, NASA, Space Shuttle, Space, CNBC, United Launch Alliance Locations: Florida, Space Florida

☆ Investing in Space: How corporate VC is a double-edged sword
▼ + stars: | 2023-07-20 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +3 min

CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. Airbus Ventures is one of the most prolific investors in the space sector. Airbus Ventures maintains an "air gap" between itself and its eponymous corporation, according to Lewis Pinault, space-focused partner at the firm. While the latest data indicates the sector is stabilizing in terms of investment, Pinault noted that there is still "pressure on valuations." According to PitchBook, as many as 100 space companies have taken investment from CVCs, including from the venture arms of Lockheed Martin , Toyota , Raytheon , Honeywell and Boeing .

Persons: CNBC's Michael Sheetz, it's, Lewis Pinault, Pinault, It's, newness, PitchBook, Lockheed Martin, we've Organizations: Airbus Ventures, Airbus, Lockheed, Toyota, Raytheon, Honeywell, Boeing Locations: Silicon Valley, CVCs

☆ Rocket Lab's stock has doubled this year — and Deutsche Bank sees it climbing even higher
▼ + stars: | 2023-07-19 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +1 min

Rocket Lab's stock has been on a tear, more than doubling this year. Deutsche has a buy rating on Rocket Lab and a $10 price target that is nearly 28% above Tuesday's close of $7.83 a share. Rocket Lab's stock is up 107% year to date. Deutsche expects Rocket Lab's revenue and profitability to continue to climb, thanks to more launches by its Electron rocket. Additionally, Yu highlighted Rocket Lab's recent purchase of former Virgin Orbit assets — bought at an 80% discount in an auction.

Persons: Edison Yu, Yu, —, – CNBC's Michael Bloom Organizations: Deutsche Bank, Rocket, Deutsche, Space, Electron, Apple, SpaceX, United Launch Alliance, Virgin Orbit

☆ Private investment in space firms shows 'signs of stabilization' in Q2 after steady decline
▼ + stars: | 2023-07-17 | by ( Michael Sheetz | In Michaeljsheetz | ) www.cnbc.com time to read: +1 min

Private investment in space companies, especially from venture capital, showed "signs of stabilization" in the second quarter after steady declines over the past year, according to a report Monday by New York-based Space Capital. Investment in space companies had dropped steadily since its peak in 2021, as companies felt the macroeconomic effects of a tightened funding environment and rising interest rates. Space infrastructure companies brought in $4.9 billion of private investment in the second quarter, including the close of Maxar's recent go-private sale at a $4.1 billion equity value. The quarterly Space Capital report divides investment in the industry into three technology categories: infrastructure, distribution and application. Infrastructure includes what would be commonly considered as space companies, such as firms that build rockets and satellites.

Persons: Chad Anderson Organizations: New, Capital, Investment, Space Capital, Space, Infrastructure Locations: New York

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