One of the biggest space-related news stories in April was the test launch of SpaceX’s massive Starship vehicle. After months of anticipation, the test finally took place on April 20. Although the Starship tumbled and broke apart a few minutes into the flight, viewers had a positive reaction overall. NASA Administrator Bill Nelson even congratulated SpaceX on Twitter: “Congrats to SpaceX on Starship’s first integrated flight test!” Josef Aschbacher, Director General of the European Space Agency, also praised the company.

SpaceX had stated that the purpose of the uncrewed test was to collect data by sending the Starship on a long suborbital trajectory, splashing down near Hawaii 90 minutes after liftoff. The data collected would be used to improve the vehicle's design and technology for future use. For example, SpaceX’s webcast showed that several of the 33 Raptor engines in the Super Heavy booster did not appear to be firing about a minute after liftoff. The cause of the engine issues has not been officially stated yet, but some speculate that it might be due to debris from the launchpad hitting and damaging the engines. However, this is just speculation.

Elon Musk, the founder of SpaceX, has said that the company has been working on a “massive water-cooled steel plate” that would go under the launch mount and serve as a kind of flame diverter. The launch pad currently lacks a frame trench or other diverter system commonly used to channel exhaust away from the pad. Musk has further explained that the plate was not ready in time for the test. The company believed that the pad could survive the launch intact, but this test showed otherwise. Despite the setback, several other Starship and Super Heavy vehicles are in various stages of development. The company has already made some design changes based on the work done on this vehicle. With this in mind, Musk hopes to be ready for another launch in one to two months, although some see this as an aspirational target. According to a CNBC article, SpaceX plans to invest $2 billion in Starship in 2023.

Chart 1: Starship Launch on April 20

Source: Intro-act, SpaceX, SpaceNews

The Starship launch is unique because of the immense size of this vehicle. SpaceX’s Starship is the tallest and most powerful rocket ever built, capable of producing more thrust on liftoff than any other rocket in history, including NASA’s giant Space Launch System and the Saturn V that took astronauts to the Moon. When stacked on top of each other, Starship and Super Heavy stand 394 feet tall. That’s nearly 31 feet taller than the Saturn V, the next-tallest rocket ever built.

SPACE EXPLORATION

Virgin Galactic’s SpaceShipTwo flies for the first time in nearly 2 years. Virgin Galactic’s SpaceShipTwo VSS Unity flew for the first time since July 2021 as the suborbital tourism vehicle made a glide flight test at Spaceport America in New Mexico. CJ Sturckow and Nicola Pecile piloted VSS Unity to a landing after a glide flight that lasted 9 minutes. The WhiteKnightTwo VMS Eve carrier aircraft dropped the spaceplane over the New Mexico desert from an altitude of 47,000 ft (14,326 meters). The flight tested modifications to both vehicles to prepare them for commercial flights expected to begin by the end of June. Read more (Multiverse Media Inc)

DATA SERVICES

Maxar eyes summer launch of WorldView Legion imaging satellites. After years of delays, Maxar Technologies is preparing for the first launch this summer of its next-generation imaging satellites, WorldView Legion. “We’ve got everything we need at this point” to get the first pair of WorldView Legion high-resolution imaging satellites to orbit, the company’s president and CEO Daniel Jablonsky told SpaceNews April 20 at the Space Symposium in Colorado Springs. The Earth Observation satellites, equipped with Raytheon-made imaging payloads—are scheduled to launch on a SpaceX Falcon 9 rocket from Vandenberg Space Force Base, California. Read more (Space News)

COMMUNICATION SERVICES

AST SpaceMobile completes the first-ever space-based voice call using everyday unmodified smartphones. AST SpaceMobile, Inc., the company building the first and only space-based cellular broadband network accessible directly by standard mobile phones, recently announced the successful completion of the first-ever two-way voice calls, directly to everyday unmodified smartphones using the BlueWalker 3 (“BW3”) satellite. This is the first time anyone has achieved a direct voice connection from space to everyday cellular devices, demonstrating a significant advancement in AST SpaceMobile’s mission to provide connectivity to the nearly 50% of the global population who remain unconnected from cellular broadband. Read more (AST SpaceMobile)

GOVERNMENT POLICY

China to establish organization to coordinate international Moon base. The China National Space Administration will soon set up an organization to oversee and coordinate the China-led International Lunar Research Station. Wu Weiren, Director General of the Deep Space Exploration Laboratory (DSEL), said during an exploration conference April 25 that the International Lunar Research Station Cooperation Organization (ILRSCO) would soon be established to coordinate and manage the construction of the ILRS moon base. Founding members are expected to sign the agreement on ILRSCO before June. Read more (Space News)

CAPITAL MARKETS

Hydrosat collects $20 million in investment and grants. Geospatial data analytics company Hydrosat announced $20 million in recent government grants and investment for its campaign to measure water stress in plants and other indicators of climate change. Statkraft Ventures led the funding round. Participants included Blue Bear Capital, Hartree Partners, OTB Ventures, Freeflow Ventures, Cultivation Capital, Techstars, Santa Barbara Venture Partners, Expon Capital, and Hemisphere Ventures. The funding Hydrosat announced April 25 includes $5 million in government grants and $15 million in Series A investment. Read more (Space News)

Space investors see a return in industry growth capital. Investment activity is picking up again for young space companies as growth-stage capital returns following market uncertainty in 2022, according to investors on an April 18 Space Symposium panel. The “space industry is thriving at the moment,” Seraphim Space CEO Mark Boggett said, pointing to the venture capital firm’s research showing a record 25 growth rounds in the three months to the end of March. However, he said these growth rounds—Series B, Series C, Series D, and beyond—remain smaller in value than previously seen in the industry. Read more (Space News)

Orbit Fab closes Series A funding round of $28.5 million. Orbit Fab, the leading provider of on-orbit refueling services, recently announced it has completed a successful Series A round of $28.5 million in funding during an up-round that will allow the company to accelerate fuel sales and the deployment of fuel delivery and storage infrastructure in GEO, LEO, and VLEO orbits. The milestone funding round is led by 8090 Industries, with major investments by Stride Capital, Industrious Ventures, Lockheed Martin Ventures, Tribe Capital, Good Growth Capital, and Massive Capital Partners, enabling Orbit Fab to drive the integration of its RAFTI™ refueling ports aboard more satellites and servicing vehicles. Read more (Orbit Fab)

Kepler Communications raises $92 million for optical data relay network. Canadian small satellite operator Kepler Communications said April 13 it has raised $92 million to start deploying an optical data-relay constellation next year. Early-stage investor IA Ventures led the Series C round, which brings the total amount Kepler has raised by selling equity to more than $200 million. The company currently operates 19 satellites in sun-synchronous orbits that provide low-data-rate connectivity for devices out of range of terrestrial networks. Read more (Space News)

Chart 2: The Kepler Network Aims to Streamline On-orbit Communications with a Network Infrastructure

Source: Intro-act, Space News, Kepler Communications

Startup aims to fill technology gaps in space warfare. True Anomaly, a startup based in Denver, is building two small satellites that it plans to launch into orbit later this year. One of the spacecraft will attempt to chase down an “uncooperative” object and take pictures up close. This is the type of technology that the U.S. military needs to compete with rival powers in space, True Anomaly’s CEO and co-founder Even Rogers told SpaceNews. The startup, formed a year ago to focus on the national security market, announced April 6 it has raised $30 million in pre-seed, seed, and Series A funding. It built a 35,000 square-foot factory where it’s producing the Jackal Autonomous Orbital Vehicle. Read more (Space News)

Thuraya invests in Astrocast’s LEO constellation. Thuraya is providing Swiss small satellite operator Astrocast a $17.5 million financial lifeline in a deal that marks the Emirati company’s first investment in a Low Earth Orbit (LEO) constellation. The companies said April 3 they had agreed on terms for a convertible loan that Thuraya could later turn into shares in cash-strapped Astrocast, which saw plans to raise money for its constellation on the stock market fall apart last year. Astrocast currently operates 18 satellites and is looking to expand its fleet to improve connectivity services for Internet of Things (IoT) devices. Read more (Space News)

GOVERNMENT CONTRACTS AND PARTNERSHIPS

X-Bow announces $60 million STRATFI agreement. X-Bow Systems, an Albuquerque, N.M., solid propulsion startup, announced a $60 million U.S. Air Force Strategic Funding Increase, or STRATFI, agreement. To Jason Hundley, X-Bow CEO and founder, the STRATFI agreement “is a very good signal from AFWERX that a new approach to solid rocket motors can be looked at as real, viable and competitive in aerospace applications in the near term.” AFWERX, the Air Force innovation arm, established the STRATFI program in 2021 to provide small businesses with $3 million to $15 million to help bridge the valley of death between technology development and commercial adoption. Read more (Space News)

Astra wins $11.5 million contract to launch military experimental payloads. Astra Space won a task order worth $11.5 million to launch experimental payloads for the Defense Department’s Space Test Program. The company was awarded the contract under the U.S. Space Force’s Orbital Services Program OSP-4, the Space Systems Command announced April 21. The OSP-4 program is run by the Space Systems Command’s Small Launch and Targets Division at Kirtland Air Force Base, Albuquerque, New Mexico. The mission, named STP-S29B, is scheduled to fly in April 2025 on Astra’s new launch vehicle called Astra 4. Read more (Space News)

Chart 3: Artist Render of Astra Rocket 4

Source: Intro-act, Space News, Astra Space

U.S. military buying SES mPower satcom services under new NATO agreement. The U.S. Space Force in its 2024 budget allocated $59 million to buy satellite communications services from SES’ new broadband constellation in Medium Earth Orbit known as O3b mPower. The purchase was made under a NATO contracting vehicle established last year for countries to acquire commercial satcom services. Both the U.S. and Luxembourg have agreed to buy mPower satcom services under NATO’s Global Commercially Contracted Satellite Communications. Under the agreement, a portion of the O3b mPower constellation will be assigned to the U.S. and Luxembourg for defense and security uses. Read more (Space News)

U.S. Space Force will be the first customer for BlueHalo’s mobile ground station. The U.S. Space Force in 2025 plans to start replacing decades-old parabolic satellite dishes with electronic phased array antennas developed by BlueHalo. The company’s CEO Jonathan Moneymaker said the Space Rapid Capabilities Office (RCO) is the first customer for a new phased array antenna the company developed for the military and commercial markets.  Based in Arlington, Virginia, BlueHalo last year won a $1.4 billion contract from the RCO to update 12 military ground stations with modern systems. The company, founded in 2019, specializes in space-based communications, directed energy and missile defense technologies. Read more (Space News)

Aerospace CEO: More startups seek DoD work amid cash crunch. Aerospace Corp.’s commercial space office, established to facilitate connections between startups and government technology buyers, is seeing a surge in activity. With a downturn in venture capital, a growing number of companies are turning to the government for opportunities, Aerospace CEO Steve Isakowitz told SpaceNews. In light of a somewhat cooled-off space economy, “more and more we’re finding that companies that had been raising rounds of funding are now looking much more to the government as an important customer,” he said. Read more (Space News)

DoD strengthens supply chain for solid rocket motors. The Department of Defense's (DoD) Office of Manufacturing Capability Expansion and Investment Prioritization (MCEIP) has entered into a $215.6 million agreement with Aerojet Rocketdyne (AR) to expand and modernize AR's facilities in Camden, Arkansas; Huntsville, Alabama; and Orange County, Virginia, where the company manufactures complex rocket propulsion systems. These systems propel DoD missiles and missile defense interceptors, along with space launch vehicles and national security satellites used in civil and commercial applications. The funds will modernize manufacturing processes at the company's facilities, consolidate production lines, purchase equipment, build systems to process data, and increase production and delivery speed for Javelins, Stingers, and the Guided Multiple Launch Rocket System (GMLRS). Read more (DEFENSE.GOV)

NRO awards contract extensions to Hawkeye 360 and Maxar’s Aurora Insight for radio-frequency data. HawkEye 360 and Maxar Technologies have been awarded contract extensions by the National Reconnaissance Office (NRO) for commercial radio-frequency (RF) data. The NRO also awarded similar contracts to Kleos Space and Spire Global. All four companies last year were selected for cooperative agreements that give the NRO access to their business operations and help the agency understand the quality of commercially available data. RF signals monitoring from space is an emerging sector of the remote sensing industry that uses low-orbiting satellites to track ships, vehicles, electronic jammers or any devices that emit radio frequency signals. Read more (Space News)

L3Harris awarded $145 million contract to modernize U.S. space domain awareness capabilities. L3Harris Technologies (NYSE:LHX) announced the award of option year four of the Maintenance Of Space Situational Awareness Integrated Capabilities (MOSSAIC) program. The $145 million contract from the U.S. Space Force continues the modernization and sustainment of critical space infrastructure enabling the Space Force core competency of Space Domain Awareness (SDA).  In support of the U.S. military's space surveillance and command centers in Colorado, California and Virginia, MOSSAIC detects, tracks and identifies deep space objects to provide timely and accurate space surveillance information for military, civil and commercial users. Read more (L3Harris Technologies)

Fleet Space Technologies secures Australian Defence Space Command contract. Fleet Space Technologies has signed an AUD$6.4 million contract with Australia’s Defence Space Command, marking their first defence contract. The agreement will see Fleet's next-generation of Centauri satellites used to develop and demonstrate a Low Earth Orbit (LEO) satellite communications system focused on tactical communications and data transmission where connectivity is limited. The program, named ASCEND2LEO, will make use of Fleet's commercial satellites. Read more (Fleet Space Technologies)

U.S. Space Force and DISA awards USD 27.54 million CTC contract to SES Space & Defense. SES Space & Defense, a wholly-owned subsidiary of SES, will provide satellite communications capabilities in support of the U.S. Army Warfighter Information Network-Tactical (WINT-T) training activities. The five-year Commercial Satellite Communications (COMSATCOM) Transponded Capacity (CTC) contract worth USD 27.54 million has been awarded by the U.S. Space Force’s Commercial SATCOM Communication Office (CSCO) through Defense Information Systems Agency’s (DISA) Defense Information Technology Contracting Organization (DITCO). Read more (SpaceRef)

NASA awards agencywide digital, information technology contract. NASA has selected Rothe Ares Joint Venture of San Antonio to manage digital communication services, as well as information technology services, for all agency centers and headquarters. Enterprise Multimedia and Integrated Technical Services (eMITS) is a hybrid contract that includes cost-plus-award-fee core services and indefinite-delivery/indefinite quantity task orders. Task orders can be cost-plus or firm-fixed price. The contract period of performance consists of an initial 90-day phase-in that begins May 2, followed by a 12-month base period, with seven 12-month option periods, as well as a six-month extension, which would extend the full period of performance to Jan. 31, 2032, if all options are exercised. Read more (NASA)

S&K Engineering and Research awarded NASA Intelligent Robotic and Control System Services (IRCSS) III contract. The National Aeronautics and Space Administration (NASA) announced that S&K Engineering and Research, LLC was awarded the Intelligent Robotic and Control System Services (IRCSS) III task order, supporting the Engineering Directorate – Software Robotics and Simulation Division at Johnson Space Center (JSC) in Houston, TX. This single-award task order is administered under the General Services Administration’s One Acquisition Solution for Integrated Services (OASIS) multiple award contract. Services include technology development, maturation, and applied research and engineering in automation, robotics, robot control, advanced vision systems, perception, advanced software technologies, and intelligent control systems. Read more (SpaceRef)

Intuitive Machines bolsters orbital services business line with $719 million NASA award. Intuitive Machines, Inc. (Nasdaq: LUNR, LUNRW), recently announced The National Aeronautics and Space Administration (NASA) awarded Space & Technology Solutions, the DBA for Space Networks Solutions LLC, a joint venture led by Intuitive Machines with KBR (NYSE: KBR), a cost-plus-fixed-fee indefinite-delivery, indefinite-quantity contract meant to support work related to the Joint Polar Satellite System, NASA’s Exploration and In-space Services. The single-award contract has a five-year base performance period and a maximum ordering value of $719 million. Read more (SpaceRef)

NASA awards agreement for High-Resolution Synthetic Aperture Radar. NASA has awarded a sole source Blanket Purchase Agreement (BPA) to Capella Space Corporation of San Francisco to provide high-resolution Synthetic Aperture Radar (SAR) (0.5 meter to 1.2 meters) commercial Earth observation data products. Under this agreement, the government will issue fixed-price BPA Calls for these products, at a not-to exceed value of $7 million per Call. The work will be performed at the contractor’s facilities, and other locations as specified in individual Calls issued. The period of performance is for five years from the effective date of the agreement. Read more (NASA)

D-Orbit pens IRIDE contract worth €26 million. The European Space Agency (ESA) inked a contract with the Italian space transportation company D-Orbit for the development and demonstration of its In-Orbit Servicing (IOS) platform, called IRIDE. The contract is worth €26 million. The contract between ESA and D-Orbit includes the development and launch of a demonstration mission using the IRIDE platform, which is expected to take place in 2024. Read more (OrbitalToday.com)

PRIVATE CONTRACTS AND PARTNERSHIPS

Astrobotic purchases Falcon Heavy launch services. Astrobotic announced during the spring Lunar Surface Innovation Consortium (LSIC) its purchase of launch services aboard a SpaceX Falcon Heavy rocket for its third upcoming lander mission to the Moon. This mission will launch an Astrobotic lander to the Moon’s South Pole in 2026 to deliver payload customer instruments and cargo from around the world. The lunar South Pole is an area of increasing interest and planned activity, and Astrobotic is rising to meet the demand for missions to this key destination with the purchase of a Falcon Heavy to deliver medium-class payloads. Read more (Astrobotic Technology)

DISH TV adding to fleet with new Maxar satellite order. Maxar Technologies (NYSE: MAXR) (TSX: MAXR), provider of comprehensive space solutions and secure, precise, geospatial intelligence, received an order for a direct broadcast satellite from DISH, designated ES XXV. This geostationary (GEO) communications satellite will be operated by DISH and deliver content across North America. ES XXV will be built on the proven Maxar 1300TM series platform at the company’s manufacturing facilities in Palo Alto and San Jose, California. ES XXV will be equipped with a high-power, multi-spot beam payload, allowing DISH to provide high-quality content to its customers. Read more (Maxar Technologies)

Sierra Space and ILC Dover partner on inflatable modules and spacesuits. Sierra Space and ILC Dover announced April 18 they will cooperate on the development of inflatable space station modules and spacesuits. Under the partnership, ILC Dover will be the exclusive partner in providing soft goods for Sierra Space’s Large Integrated Flexible Environment (LIFE) modules, which it is developing for commercial space stations. Sierra Space also plans to offer versions of LIFE modules for lunar and Mars applications. Read more (Space News)

Chart 4: Series of Progressively Larger Inflatable Modules Called LIFE

Source: Intro-act, Space News, Sierra Space

Inmarsat and MediaTek expand direct-to-device partnership. Inmarsat and Taiwanese chipmaker MediaTek announced plans April 12 to jointly develop technologies needed to enable more mass-market devices to connect directly to the British satellite operator’s network. The companies said they are significantly expanding a three-year partnership that culminated in February with the release of Android smartphones from ruggedized handset maker Bullitt, which is offering satellite-enabled text messages with their technology via service provider Skylo. Read more (Space News)

PickNik Robotics and Motiv Space Systems announce partnership for development of advanced robotics capabilities. PickNik Robotics, a leader in advanced robot arm software solutions, and Motiv Space Systems, a leading designer and manufacturer of space-rated robotic systems, motor controllers, and mechanisms, recently announced a partnership to develop advanced robotics for space applications. The partnership aims to advance In-Space Servicing, Assembly, and Manufacturing (ISAM) capabilities through the integration of PickNik’s MoveIt Studio technology for robot arm control and Motiv’s xLink robot arm product line. Read more (SpaceRef)

Astra, Exotrail win satellite propulsion orders. Astra Space and Exotrail have won orders for satellite electric propulsion systems as they work to scale up production of those products. Astra announced April 27 it won an order for five of its Astra Spacecraft Engines from Apex, a company developing a line of standardized smallsats. The companies did not disclose the terms of the contract but Astra said it would start delivering the engines later this year. Read more (Space News)

COMPANY NEWS AND EARNINGS

Lockheed Martin declares success demonstrating tech for in-orbit satellite servicing. A pair of Lockheed Martin cubesats that flew to geostationary Earth orbit in November performed maneuvers in close proximity and demonstrated other technologies for in-orbit servicing operations, company officials said April 17. The Linuss experiment—short for Lockheed Martin’s In-space Upgrade Satellite System—went to orbit on the USSF-44 national security mission launched by a SpaceX Falcon Heavy. The two cubesats, each the size of a toaster, were deployed 300 kilometers above geostationary orbit from a ring-shaped secondary payload that carried multiple smallsats. Read more (Space News)

SpaceX to spend about $2 billion on Starship this year, as Elon Musk pushes to reach orbit. Elon Musk expects SpaceX to spend about $2 billion on its Starship rocket development this year, as the company pushes to build on its first launch earlier this month. “My expectation for the next flight would be to reach orbit,” Musk said, speaking during a discussion on Twitter Spaces. While SpaceX does secondary rounds about twice a year, to give employees and other company shareholders a chance to sell stock, Musk said the company does “not anticipate needing to raise funding” to further bolster the Starship program and its other ventures. Read more (CNBC)

Planet Labs revenue increases 46% in 2022. Planet Labs revenue increased by 46% year-over-year from $131.21 million to $191.26 million as the company forecast higher revenue over the next 12 months. Planet’s fourth quarter net loss decreased from $45.97 to $37.8 million year over year. Net loss for the year increased from $137.1 million to $162 million. Planet’s fourth quarter adjusted EBITDA was $17.65 million, an increase from $16.69 million. Full-year adjusted EBITDA increased from $41.1 million to $56.8 million. Read more (Multiverse Media Inc)

 

 

Chart 5: Recent Funding Activity in the SpaceTech Sector (In Prior Month)

Company Latest Fund Raise ($ Mn) Round Use of Funds Investors Hydrosat 15 Series A Build two satellites, expand its staff and bring a new commercial data fusion and analytics product to market. Statkraft Ventures, Blue Bear Capital, Hartree Partners, OTB Ventures, Freeflow Ventures, Cultivation Capital, Techstars, Santa Barbara Venture Partners, Expon Capital and Hemisphere Ventures Orbit Fab 28.5 Series A Accelerate fuel sales and the deployment of fuel delivery and storage infrastructure in GEO, LEO, and VLEO orbits 8090 Industries, Stride Capital, Industrious Ventures, Lockheed Martin Ventures, Tribe Capital, Good Growth Capital, and Massive Capital Partners Kepler Communications 92 Series C Start deploying an optical data-relay constellation next year IA Ventures, Costanoa Ventures, Canaan Partners, Tribe Capital, and BDC Capital’s Industrial Innovation Venture Fund Astrocast 17.5 Convertible loan Looking to expand its fleet to improve connectivity services for Internet of Things (IoT) devices Thuraya

Source: Intro-act, Multiple Web Sources

Chart 6: Government Contracts and Grants (In Prior Month)

Awardee Company Awarding Agency Country Contract Value (in $ mln) Project / Program X-Bow System U.S. Air Force U.S. 60 STRATFI Astra Space U.S. Space Force U.S. 11.5 OSP-4 Aerojet Rocketdyne Department of Defense U.S. 215.6 Strengthens supply chain for solid rocket motors Hawkeye 360 and Maxar NRO U.S. Contract extensions Commercial Radio-Frequency (RF) data L3Harris Technologies U.S. Space Force U.S. 145 MOSSAIC Fleet Space Technologies Australia’s Defence Space Command Australia AUD$6.4 ASCEND2LEO SES Space & Defense US Space Force and DISA U.S. 27.4 CTC contract Rothe Ares Joint Venture NASA U.S. 814 eMITS S&K Engineering and Research NASA U.S. N/A IRCSS III contract Intuitive Machines NASA U.S. 719 OMES III contract Capella Space Corporation NASA U.S. $7 million per Call Blanket Purchase Agreement D-Orbit ESA Europe € 26 IRIDE

Source: Intro-act, Multiple Web Sources

Chart 7: Space Launches Across the Globe (as of 05/03/2023) Date Company Rocket Mission Launch Site May  SpaceX Falcon 9 Starlink 5-9 SLC-40, Cape Canaveral Space Force Station, Florida May SpaceX Falcon 9 Starlink 6-3 SLC-40, Cape Canaveral Space Force Station, Florida Early May SpaceX Falcon 9 OneWeb & Iridium Next SLC-4E, Vandenberg Space Force Base, California May 10  China Long March 7 Tianzhou 6 Wenchang, China May China Long March 2F Shenzhou 16 Jiuquan, China May 15 Rocket Lab Electron TROPICS 5 & 6 Launch Complex 1, Mahia Peninsula, New Zealand May 17 SpaceX Falcon 9 Axiom Mission 2 LC-39A, Kennedy Space Center, Florida May  SpaceX Falcon 9 Starlink 2-9 SLC-4E, Vandenberg Space Force Base, California TBD United Launch Alliance Delta 4-Heavy NROL-68 SLC-37B, Cape Canaveral Space Force Station, Florida May 21/22  SpaceX Falcon 9 Badr 8 SLC-40, Cape Canaveral Space Force Station, Florida May 24 Russia Soyuz Progress 84P Baikonur Cosmodrome, Kazakhstan 2nd Quarter SpaceX Falcon 9 O3b mPOWER 5 & 6 SLC-40, Cape Canaveral Space Force Station, Florida May  United Launch Alliance Vulcan Centaur Peregrine SLC-41, Cape Canaveral Space Force Station, Florida

Source: Intro-act, Spaceflight Now

ARK Space Exploration & Innovation ETF (ARKX)

Closing Price (05/02/23)	$13.27	1 Week NAV Change	-1.92%	NAV Change (YTD)	7.1%
AUM (as of 05/02/23)	$280.91 Mn	Fund Inception	3/30/2021	Expense Ratio	0.75%

ARKX is an actively managed Exchange Traded Fund (ETF) that seeks long-term growth of capital by investing under normal circumstances primarily (at least 80% of its assets) in domestic and foreign equity securities of companies that are engaged in the Fund’s investment theme of Space Exploration and Innovation. The advisor defines “Space Exploration” as leading, enabling, or benefitting from technologically enabled products and/or services that occur beyond the surface of the Earth, including 1) Orbital Aerospace Companies:  companies that launch, make, service, or operate platforms in orbital space, including satellites and launch vehicles; 2) Suborbital Aerospace Companies:  companies that launch, make, service, or operate platforms in suborbital space; 3) Enabling Technologies Companies: companies that develop technologies used by Space Exploration-related companies for successful value-add aerospace operations, including AI, robotics, 3D printing, materials, and energy storage; and 4) Aerospace Beneficiary Companies: companies whose operations stand to benefit from aerospace activities, including agriculture, Internet access, GPS, construction, imaging, drones, air taxis, and electric aviation vehicles.”

Monthly Market Performance (Month Ending 04/30/2023)

One Month	Three Months	Six Months	YTD	One Year	Inception
-4.1%	-4.1%	-0.22%	12.99%	-12.35%	-33.89%

Quarterly Market Performance (Quarter Ending 03/31/2023)

One Month	Three Months	Six Months	YTD	One Year	Inception
0.79%	12.99%	13.26%	12.99%	-21.9%	-31.03%

Top 10 Holdings (Updated as of 05/02/23)

Ticker	Company	% of Fund	Market Value
IRDM	IRIDIUM COMMUNICATIONS INC	9.23%	$24,162,047.04
TRMB	TRIMBLE INC	7.96%	$20,849,585.02
KTOS	KRATOS DEFENSE & SECURITY	7.90%	$20,690,048.30
AVAV	AEROVIRONMENT INC	7.87%	$20,597,142.72
PRNT	THE 3D PRINTING ETF	5.70%	$14,930,305.17
LHX	L3HARRIS TECHNOLOGIES INC	5.13%	$13,441,650.42
6301	KOMATSU LTD	4.76%	$12,468,839.51
DE	DEERE & CO	3.42%	$8,964,416.60
TER	TERADYNE INC	3.38%	$8,842,559.52
DSY FP	DASSAULT SYSTEMES SE	3.29%	$8,615,323.23

 

For more information on ARKX visit: https://ark-funds.com/funds/arkx/

 

Procure Space ETF (UFO)

Closing Price (05/02/23)	$ 18.25	1 Week NAV Change	-2.56%	NAV Change (YTD)	-6.36%
AUM (as of 05/02/23)	$ 50.31 Mn	Fund Inception	4/11/2019	Expense Ratio	0.75%

The Procure Space ETF (UFO) is comprised of a portfolio of companies involved in space-related industries. UFO is an exchange traded fund (ETF) seeking investment results that correspond generally to the performance, before fund fees and expenses, of the S-Network Space Index (SPACE) developed by S-Network Global Indexes. Although there is no legal definition of “space,” a commonly accepted definition is that the edge of space begins at the Kármán Line, which is 100 kilometers (62 miles) above the Earth’s surface.

Monthly Market Performance (Month Ending 04/30/2023)

One Month	Three Months	Six Months	YTD	One Year	Inception
-2.51%	-12.64%	-9.26%	-4.56%	-17.9%	-26.00%

Quarterly Market Performance (Quarter Ending 03/31/2023)

One Month	Three Months	Six Months	YTD	One Year	Inception
-4.4%	-2.1%	6.8%	-2.1%	-25.7%	-24.09%

Top 10 Holdings (Updated as of 05/02/23)

Ticker	Company	% of Fund	Market Value
IRDM	IRIDIUM COMMUNICATIONS INC	5.94%	$ 27,98,039.76
VSAT	VIASAT INC	5.62%	$ 26,48,023.17
GRMN	GARMIN LTD	5.47%	$ 25,78,017.27
SIRI	SIRIUS XM HOLDINGS INC	5.27%	$ 24,86,542.88
RKLB	ROCKET LAB USA INC	5.03%	$ 23,72,536.40
TRMB	TRIMBLE INC	5.03%	$ 23,72,522.02
PL	PLANET LABS PBC	4.97%	$ 23,45,226.24
ETL FP	EUTELSAT COMMUNICA	4.79%	$ 22,58,371.68
SESG FP	SES SA	4.41%	$ 20,79,084.43
GSAT	GLOBALSTAR INC	4.14%	$ 19,49,393.94

 

For more information on UFO visit: https://procureetfs.com/ufo/

 

Chart 8: ARKX vs. S&P 500

Source: Intro-act, Yahoo! Finance

 

Chart 9: UFO vs. S&P 500

Source: Intro-act, Yahoo! Finance

LEADERS AND LAGGARDS – SPACETECH SEGMENTS

Chart 10: M/M Returns by SpaceTech Segments

Source: Intro-act, FactSet. Data as of May 1.

 

Chart 11: YTD Returns by SpaceTech Segments

Source: Intro-act, FactSet. Data as of May 1.

LEADERS AND LAGGARDS – SPACETECH STOCKS

Chart 12: M/M Top 10 SpaceTech Gainers

Source: Intro-act, FactSet. Data as of May 1.

 

Chart 13: M/M Top 10 SpaceTech Losers

Source: Intro-act, FactSet. Data as of May 1

Chart 14: YTD Top 10 SpaceTech Gainers

Source: Intro-act, FactSet. Data as of May 1.

 

Chart 15: YTD Top 10 SpaceTech Losers

Source: Intro-act, FactSet. Data as of May 1.

Chart 16: SpaceTech – Active SPACs

SPAC Name (Ticker) Trust Size ($ Mn) Status Target (If announced) EV ($ Mn) Announced Date Estimated Closing Date Broad Capital Acquisition Corp. (BRAC) 102 Definitive Agreement Openmarkets Group 90 - 13/12/2023 C5 Acquisition Corp (CXAC) 288 Searching - - - - GigCapital5, Inc. (GIA) 230 Definitive Agreement QT Imaging Inc. - - 5/28/2023 New Vista Acquisition Corp (NVSA) 276 Terminated - - - - Parsec Capital Acquisitions Corp. (PCX) 86 IPO Priced Enteractive Media Inc. - 10/18/2022 4/5/2023 TG Venture Acquisition Corp. (TGVC) 115 Definitive Agreement Flexi Group - - 11/5/2023 Talon 1 Acquisition Corp (TOAC) 230 Searching - - - - Aurvandil Acquisition Corp. (AURV) 250 S-1 Filed - - - - Deep Space Acquisition Corp. I (DPAC) 210 S-1 Filed - - - -

Source: Intro-act, Boardroom Alpha. Status as of 05/04/23.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chart 17: SpaceTech SPACs – Completed Transactions

DE-SPAC (Ticker)	SPAC	Segment	Announced Date	Closing Date	EV ($ Mn)	Status
Virgin Galactic (NYSE: SPCE)	Social Capital Hedosophia	Space Exploration	9-Jul-19	25-Oct-19	1,502	Listed
Momentus (NSDQ: MNTS)	Stable Road Acquisition Corp.	Satellite & Components	7-Oct-20	12-Aug-21	1,200	Listed
AST SpaceMobile (NSDQ: ASTS)	New Providence Acquisition Corp.	Communication Services	16-Dec-20	6-Apr-21	1,392	Listed
Astra Space (NSDQ: ASTR)	Holicity, Inc.	Satellite Launch Services	2-Feb-21	30-Jun-21	2,123	Listed
BlackSky (NYSE: BKSY)	Osprey Technology Acquisition Corp.	Satellite & Components	18-Feb-21	9-Sep-21	1,106	Listed
Rocket Lab (NSDQ: RKLB)	Vector Acquisition Corp.	Satellite Launch Services	1-Mar-21	25-Aug-21	4,082	Listed
Spire Global (NYSE: SPIR)	NavSight Holdings, Inc.	Data Services	1-Mar-21	16-Aug-21	1,230	Listed
Redwire Space (NYSE: RDW)	Genesis Park Acquisition Corp.	Satellite & Components	25-Mar-21	2-Sep-21	615	Listed
Arqit Quantum (NSDQ: ARQQ)	Centricus Acquisition Corp.	Data Services	12-May-21	3-Sep-21	1,026	Listed
Planet Labs (NYSE: PL)	dMY Technology Group, Inc. IV	Data Services	7-Jul-21	7-Dec-21	2,250	Listed
Virgin Orbit (NSDQ: VORB)	NextGen Acquisition Corp. II	Satellite Launch Services	23-Aug-21	28-Dec-21	3,218	Listed
Satellogic (NSDQ: SATL)	CF Acquisition Corp. V	Data Services	6-Jul-21	25-Jan-22	850	Listed
Terran Orbital (NYSE: LLAP)	Tailwind Two Acquisition Corp.	Satellite & Components	28-Oct-21	28-Mar-22	1,575	Listed
Eve Holding, Inc. (NYSE: EVEX)	Zanite Acquisition Corp.	Data Services	21-Dec-21	9-May-22	2,372	Listed
SatixFy (NYSE Am: SATX)	Endurance Acquisition Corp.	Communication Services	8-Mar-22	27-Oct-22	632	Listed
Intuitive Machines (Nasdaq: LUNR)	Inflection Point Acquisition Corp	Space Exploration	16-Sep-22	14-Feb-23	416	Listed

Source: Intro-act, Hogan Lovells. EV = Pro-forma enterprise value when the transaction agreement was announced

 

Chart 18: SpaceTech Industry Events Calendar S. No. Event Name Place Date 1 3rd Annual Assured PNT Summit National Harbor, MD May 10-11, 2023 2 Space Meetings Veneto Venice, Italy May 15-17, 2023 3 INTEGRATE Middle East Dubai May 16-18, 2023 4 CABSAT Dubai May 16-18, 2023 5 ANGA COM 2023 Cologne, Germany. May 23-25, 2023 6 Satellite Industry Forum Singapore June 6, 2023 7 CommunicAsia Singapore June 7-9, 2023 8 Space-Comm Expo Farnborough International Exhibition & Conference Centre, UK June 7-8, 2023 9 MilSatCom USA Arlington VA, US June 21-23, 2023

Source: Intro-act, Satellite Evolution Group

SPACETECH LAUNCH TRENDS

Chart 19: Smallsats by Mass Class

Source: Intro-Act, ByrceTech

 

Chart 20: Smallsats by Application

Source: Intro-Act, ByrceTech

Chart 21: Smallsats by Operator Country

Source: Intro-act, BryceTech

Chart 22: Smallsats Launch Trend

Source: Intro-act, BryceTech

Chart 23: Spacecraft by Operator Type, Q4 2022

Source: Intro-act, BryceTech

 

Chart 24: Smallsats 2018 – 2022, by Launch Vehicle

Source: Intro-act, BryceTech

SPACETECH – ECOSYSTEMS

Chart 25: Companies in Space Tourism

Source: Intro-act

Chart 26: Focus Segments of Space Entrepreneurs: Elon Musk, Jeff Bezos, and Sir Richard Branson

Source: Intro-act

Chart 27: Companies Focused on the Lunar Economy

Source: Intro-act, Seraphim

 

Chart 28: In-Space R&D and Manufacturing Companies

Source: Intro-act, Seraphim

 

Chart 29: Companies in Manned Spaceflight Ecosystem

Source: Intro-act, Seraphim
SPACETECH - FUNDING

Chart 30: Year to Date Private Market Equity Investment

Source: Intro-act, Space Capital, Q1 2023

Chart 31: Top SpaceTech Investment Deals, 1Q23

Company Stage Amount ($ Mn) inDrive Series C  $        150 Oxbotica Series C  $        140 Isar Aerospace Series C  $        166 Via (Automotive) Series G  $        110 Halther Series C  $          85 Cabify Series G  $          66 Capella Space Series C  $          60 MinoSpace Series B  $          58 Exotrail Series B  $          58 Q-Ctrl Series B  $          52

Source: Intro-act, Space Capital

 

Chart 32: SpaceTech Equity Investment by Geography: Leading Countries (Jan. 2013 – Mar. 2023)

Source: Intro-act, Space Capital

 

Chart 33: SpaceTech Institutional Owners League (Current)

Rank	Institution Name	# SpaceTech Positions	Invested in SpaceTech ($ Mn)	Q/Q Change in Volume ($ Mn)	% of Instit Ownership
1	The Vanguard Group, Inc.	93	614,788	7,331	11.1%
2	BlackRock Fund Advisors	87	272,160	-1,315	4.9%
3	SSgA Funds Management, Inc.	93	240,097	973	4.3%
4	Fidelity Management & Research Co. LLC	78	153,723	1,584	2.8%
5	Geode Capital Management LLC	94	134,483	-2,767	2.4%
6	T. Rowe Price Associates, Inc. (Investment Management)	73	132,731	-19,003	2.4%
7	Capital Research & Management Co. (World Investors)	36	121,782	-301	2.2%
8	Daiwa Asset Management Co. Ltd.	44	113,112	443	2.0%
9	Nomura Asset Management Co., Ltd.	56	111,006	-441	2.0%
10	First Eagle Investment Management LLC	12	91,517	951	1.6%
11	Nikko Asset Management Co., Ltd.	43	84,120	-5,228	1.5%
12	Capital Research & Management Co. (International Investors)	29	71,163	-12	1.3%
13	BlackRock Advisors (UK) Ltd.	78	70,147	948	1.3%
14	Capital Research & Management Co. (Global Investors)	22	69,411	-1,702	1.2%
15	Northern Trust Investments, Inc. (Investment Management)	87	60,164	-1,308	1.1%
16	Wellington Management Co. LLP	53	58,208	-755	1.0%
17	Charles Schwab Investment Management, Inc.	86	55,856	2,015	1.0%
18	BlackRock Investment Management LLC	81	52,175	347	0.9%
19	JPMorgan Investment Management, Inc.	73	51,653	973	0.9%
20	Dimensional Fund Advisors LP	76	44,641	-333	0.8%
21	BlackRock Investment Management (UK)	68	41,344	-2,070	0.7%
22	Massachusetts Financial Services Co.	37	39,993	-731	0.7%
23	Baillie Gifford & Co.	28	36,032	-1,556	0.6%
24	Mitsubishi UFJ Kokusai Asset Management Co., Ltd.	52	35,654	1,237	0.6%
25	Invesco Advisers, Inc.	74	34,996	378	0.6%
26	AllianceBernstein LP	73	33,774	-556	0.6%
27	TIAA-CREF Investment Management LLC	86	33,216	990	0.6%
28	Morgan Stanley Smith Barney LLC (Investment Management)	73	33,128	-32	0.6%
29	Harris Associates LP	8	32,468	4,315	0.6%
30	Mellon Investments Corp.	81	30,404	-248	0.5%
	Other		2,608,411	35,423	46.9%
	Total		5,562,358	19,552	100%

Source: Intro-act, 13F Filings

			Share Price	Mkt Cap             ($ Mns)	Ent Val ($ Mns)	Price Performance			Sales			EBITDA			Book Value
		01-05-2023				% to   High	% to Low	% YTD	LTM	NTM	EV/Sales	LTM	NTM	EV/ EBITDA	Book/ Share	P/ Book
Peer Set
SPACE EXPLORATION AND SATELLITE MANUFACTURING
1	RAYTHEON TECHNOLOGIES CORP	RTX	100.33	1,46,596	1,75,814	5%	-20%	17%	68,572	74,044	2.4 x	11,040	12,115	14.5 x	49.82	2.0 x
2	HONEYWELL INTERNATIONAL INC	HON	200.48	1,33,455	1,44,511	10%	-17%	-4%	35,954	37,480	3.9 x	8,919	9,647	15.0 x	25.42	7.9 x
3	LOCKHEED MARTIN CORP	LMT	469.43	1,18,884	1,33,334	8%	-20%	32%	66,146	66,342	2.0 x	9,870	9,865	13.5 x	37.98	12.4 x
4	AIRBUS GROUP SE	AIR-FR	140.36	1,10,942	1,05,352	1%	-40%	10%	60,921	70,368	1.5 x	8,305	9,505	11.1 x	18.15	7.7 x
5	BOEING CO	BA	203.87	1,22,647	1,63,979	9%	-45%	1%	70,538	80,712	2.0 x	-233	5,466	30.0 x	-25.79	-7.9 x
6	NORTHROP GRUMMAN CORP	NOC	462.72	70,268	82,733	20%	-7%	20%	37,106	38,853	2.1 x	4,988	5,486	15.1 x	99.61	4.6 x
7	DASSAULT SYSTEMES SE	DSY-FR	40.48	54,057	54,093	12%	-23%	-31%	6,099	6,695	8.1 x	2,182	2,503	21.6 x	6.27	6.5 x
8	SYNOPSYS INC	SNPS	371.62	56,598	56,056	6%	-31%	1%	5,173	5,984	9.4 x	1,682	2,207	25.4 x	36.99	10.0 x
9	L3HARRIS TECHNOLOGIES INC	LHX	194.71	36,888	43,998	31%	-3%	-9%	17,430	18,024	2.4 x	3,458	3,539	12.4 x	96.67	2.0 x
10	BAE SYSTEMS	BA-GB	12.74	38,951	43,668	1%	-35%	72%	28,292	30,296	1.4 x	3,672	4,071	10.7 x	4.59	2.8 x
11	AMETEK	AME	139.34	32,087	34,270	6%	-24%	-5%	6,289	6,700	5.1 x	1,870	1,997	17.2 x	32.50	4.3 x
12	THALES SA	HO-FR	152.79	32,119	32,519	4%	-32%	82%	17,912	20,196	1.6 x	2,621	3,189	10.2 x	37.69	4.1 x
13	KOMATSU LTD	6301-JP	24.97	24,303	31,433	6%	-30%	10%	26,001	25,500	1.2 x	3,489	4,423	7.1 x	19.72	1.3 x
14	BALL CORP	BALL	53.63	16,863	25,742	55%	-14%	-44%	15,349	15,495	1.7 x	1,957	2,117	12.2 x	11.02	4.9 x
15	MITSUBISHI ELECTRONICS CORP.	6503-JP	12.76	27,406	27,175	1%	-31%	2%	36,579	37,027	0.7 x	3,533			11.27	1.1 x
16	TELEDYNE TECHNOLOGIES INC	TDY	416.76	19,607	23,060	8%	-22%	-5%	5,521	5,799	4.0 x	1,314	1,413	16.3 x	177.85	2.3 x
17	TERADYNE INC	TER	92.30	14,403	13,615	24%	-27%	-44%	3,017	2,763	4.9 x	878	705	19.3 x	15.74	5.9 x
18	IDEX Corp	IEX	206.84	15,632	16,811	19%	-17%	-12%	3,276	3,392	5.0 x	897	955	17.6 x	42.67	4.8 x
19	HEICO CORP	HEI	170.78	9,335	24,402	4%	-26%	18%	2,339	2,808	8.7 x	628	738	33.0 x	19.72	8.7 x
20	LEONARDO-FINMECCANICA SPA	LDO-IT	11.93	6,897	10,792	9%	-44%	68%	15,253	16,951	0.6 x	1,692	1,982	5.4 x	13.78	0.9 x
21	IHI CORPORATION	7013-JP	25.24	3,903	7,698	27%	-19%	28%	9,672	10,026	0.8 x	1,223	1,135	6.8 x	19.71	1.3 x
22	SPIRIT AEROSYSTEMS HOLD-CL A	SPR	29.45	3,100	6,407	48%	-28%	-32%	5,030	6,335	1.0 x	70	617	10.4 x	-2.35	-12.5 x
23	AEROJET ROCKETDYNE HLDGS INC COM	AJRD	56.35	4,546	4,458	1%	-35%	21%	2,238	2,321	1.9 x	#N/A	300	14.8 x	6.88	8.2 x
24	MOOG	MOG.A	92.59	2,659	3,809	11%	-24%	14%	3,138	3,192	1.2 x	363	413	9.2 x	49.61	1.9 x
25	VIRGIN GALACTIC HOLDINGS INC COM	SPCE	3.57	1,001	509	140%	-17%	-73%	2	12	43.1 x	-441	-575	-	1.74	2.0 x
26	3D SYSTEMS CORP	DDD	9.19	1,205	1,139	47%	-24%	-57%	538	557	2.0 x	-6	2	665.5 x	5.72	1.6 x
27	PROTO LABS INC	PRLB	28.91	771	719	83%	-24%	-44%	488	493	1.5 x	83	69	10.5 x	25.95	1.1 x
28	OHB SWEDEN	OHB-DE	35.60	622	807	11%	-27%	-12%	982	1,255	0.6 x	87	117	6.9 x	17.09	2.1 x
29	MARKFORGED HOLDING CORP	MKFG	0.97	189	69	269%	-27%	-82%	101	105	0.7 x	-59	-46	-	1.30	0.7 x
30	VELO3D INC	VLD	2.22	427	370	168%	-42%	-72%	95	130	2.8 x	-71	-35	-	0.63	3.5 x
31	REDWIRE CORPORATION	RDW	3.02	194	337	117%	-45%	-55%	161	228	1.5 x	3	-1	-	-0.10	-29.0 x
32	MOMENTUS INC	MNTS	0.43	41	-4	791%	-7%	-90%	0	3	-1.6 x	-66	-64	-	0.46	0.9 x
33	HEXCEL Corp	HXL	71.99	6,074	6,737	4%	-34%	39%	1,325	1,805	3.7 x	202	375	17.9 x	19.22	3.7 x
34	AAC CLYDE SPACE	AAC-SE	0.13	26	23	72%	-18%	-62%	21	34	0.7 x	-1	2	13.6 x	0.33	0.4 x
35	GOMSPACE	GOMX-SE	0.18	28	22	433%	-26%	-79%	23	26	0.8 x	-1	-1	-	0.12	1.4 x
36	LATECOERE SA	LAT-FR	0.23	125	285	125%	-8%	-61%	422	650	0.4 x	-27	-3	-	0.21	1.1 x
37	ASTROCAST SA	ASTRO-NO	0.52	21	22	424%	-16%	-90%	1			-18			0.34	1.6 x
38	SIDUS SPACE	SIDU	0.23	6	4	3895%	-6%	-93%		9	0.4 x				0.22	1.1 x
LAUNCHERS
39	TE CONNECTIVITY	TEL	123.20	38,822	42,420	12%	-15%	-24%	16,457	16,360	2.6 x	3,585	3,589	11.8 x	34.94	3.5 x
40	ROCKET LAB USA INC	RKLB	3.88	1,853	1,529	96%	-10%	-68%	211	284	5.4 x	-38	-83	-	1.42	2.7 x
41	VIRGIN ORBIT	VORB	0.07	27	66	9000%	-25%	-99%	7			-140			0.14	0.5 x
42	ASTRA SPACE INC	ASTR	0.40	86	18	752%	-13%	-94%		28	0.6 x	-174	-145	-	0.31	1.3 x
43	LILIUM GMBH	LILM	0.38	144	-51	839%	-3%	-94%	0	0		-256	-264	-	0.55	0.7 x
44	AVIO SPA	AVIO-IT	10.15	267	186	40%	-16%	-20%	342	376	0.5 x	42	29	6.4 x	12.43	0.8 x
DATA SERVICES
45	HEXAGON	HEXA.B-SE	11.39	29,565	34,275	14%	-25%	-28%	5,563	5,975	5.7 x	2,040	2,303	14.9 x	3.96	2.9 x
46	UNITY SOFTWARE INC	U	26.80	10,044	11,518	164%	-21%	-81%	1,391	2,134	5.4 x	-46	245	47.0 x	9.43	2.8 x
47	CLARIVATE PLC	CLVT	8.82	5,958	12,089	79%	-11%	-63%	2,660	2,672	4.5 x	1,113	1,127	10.7 x	8.04	1.1 x
48	MAXAR TECHNOLOGIES INC	MAXR	52.98	4,003	6,268	0%	-67%	87%	1,605	1,804	3.5 x	286	518	12.1 x	18.57	2.9 x
49	BEIJING PIESAT	688066-CN	14.44	2,681	2,741	12%	-43%	27%	222	502	5.5 x	41	79	34.7 x	2.10	6.9 x
50	PLANET LABS	PL	4.01	1,018	703	87%	-18%	-35%	191	257	2.7 x	-57	-45	-	2.12	1.9 x
51	MDA	MDA-CA	4.85	575	736	59%	-15%	-36%	486	572	1.3 x	120	111	6.6 x	6.20	0.8 x
52	ARQIT QUANTUM INC	ARQQ	1.07	143	89	897%	-10%	-96%	0	78	1.1 x	144	-9	-	0.64	1.7 x
53	TERRAN ORBITAL	LLAP	1.74	252	325	284%	-26%	-82%	39	199	1.6 x	-26	-47	-	-0.64	-2.7 x
54	WEATHERNEWS INC	4825-JP	49.82	590	460	27%	-15%	-36%	152	154	3.0 x	28	30	15.4 x	11.84	4.2 x
55	SATELLOGIC	SATL	2.16	163	77	405%	-22%	-78%	4	-	-	-	-	-	1.48	1.5 x
56	SATREC INITIATIVE	099320-KR	27.23	247	182	56%	-43%	-30%	-	-	-	-	-	-	9.94	2.7 x
57	IMAGESAT INTERNATIONAL ORD SHS	ISI-IL	3.89	238	158	68%	-32%	-	-	-	-	-	-	-	3.19	1.2 x
58	BLACKSKY TECHNOLOGY INC	BKSY	1.30	181	160	187%	-23%	-71%	65	94	1.7 x	-31	-9	-	1.02	1.3 x
59	SPIRE GLOBAL INC	SPIR	0.66	96	137	201%	-14%	-80%	80	106	1.3 x	-33	-20	-	0.77	0.9 x
60	KLEOS SPACE SA	KSS-AU	0.07	13	13	560%	-6%	-88%	4	4	3.4 x	-6	-8	-	0.03	2.2 x
61	WINDWARD	WNWD-GB	0.58	50	29	188%	-29%	-80%	17	26	1.1 x	-9	-8	-	0.15	3.8 x
COMMUNICATIONS EQUIPMENT
62	MEDIATEK	2454-TW	21.63	34,602	29,560	46%	-22%	-49%	16,348	14,879	2.0 x	3,824	3,187	9.3 x	8.99	2.4 x
63	SAFRAN S.A.	SAF-FR	155.60	66,481	66,839	2%	-45%	28%	16,957	25,287	2.6 x	3,311	4,744	14.1 x	27.07	5.7 x
64	AMPHENOL CORP.	APH	76.44	45,506	49,020	8%	-19%	-13%	12,645	12,488	3.9 x	2,981	2,967	16.5 x	11.04	6.9 x
65	GARMIN LTD	GRMN	98.32	18,844	17,528	16%	-22%	-28%	4,860	5,006	3.5 x	1,196	1,220	14.4 x	32.38	3.0 x
66	TRIMBLE INC	TRMB	46.91	11,585	12,971	54%	-3%	-46%	3,676	3,773	3.4 x	913	957	13.6 x	16.40	2.9 x
67	ELBIT SYSTEMS LTD	ESLT	185.64	8,233	9,308	32%	-13%	7%	5,512	5,756	1.6 x	529	547	17.0 x	62.13	3.0 x
68	VALEO SA	FR-FR	19.50	4,749	9,756	21%	-24%	-35%	21,585	24,490	0.4 x	2,595	2,850	3.4 x	17.50	1.1 x
69	VERTIV	VRT	14.82	5,628	8,714	21%	-48%	-41%	6,056	6,557	1.3 x	732	953	9.1 x	4.09	3.6 x
70	KRATOS DEFENSE & SECURITY	KTOS	13.09	1,658	1,932	25%	-32%	-33%	898	989	2.0 x	71	88	22.1 x	7.43	1.8 x
71	TOMTOM NV	TOM2-NL	8.56	1,133	810	11%	-26%	-15%	572	624	1.3 x	37	15	53.7 x	1.78	4.8 x
72	ECHOSTAR CORP	SATS	16.94	608	1,474	45%	-10%	-35%	1,998	1,890	0.8 x	655	526	2.8 x	42.21	0.4 x
73	AMPLITECH GROUP	AMPG	3.19	31	22	12%	-49%	-19%	19	20	1.1 x	1	2	10.4 x	2.98	1.1 x
74	MYNARIC AG	MYNA	6.00	136	119	81%	-44%	-53%	2	31	3.9 x	-40	-54	-	2.69	2.2 x
COMMUNICATIONS SERVICES
75	COMCAST CORP NEW	CMCSA	41.64	1,75,163	2,77,120	7%	-32%	-17%	1,20,108	1,20,644	2.3 x	36,726	37,200	7.4 x	19.72	2.1 x
76	AT&T INC	T	17.50	1,24,773	2,88,555	23%	-17%	-29%	1,21,168	1,22,586	2.4 x	41,801	43,182	6.7 x	17.18	1.0 x
77	SIRIUS XM HOLDINGS INC	SIRI	3.78	14,623	24,424	81%	-12%	-40%	8,960	9,069	2.7 x	2,766	2,763	8.8 x	-0.86	-4.4 x
78	DISH NETWORK CORPORATION	DISH	7.41	2,169	26,012	299%	-8%	-77%	16,681	15,964	1.6 x	2,800	2,133	12.2 x	33.78	0.2 x
79	IRIDIUM COMMUNICATIONS INC	IRDM	63.48	7,994	9,332	8%	-48%	54%	758	820	11.4 x	433	471	19.8 x	8.62	7.4 x
80	SES SA	SESG-FR	6.20	2,377	7,239	55%	-17%	-18%	1,994	2,198	3.3 x	1,135	1,141	6.3 x	13.38	0.5 x
81	VIASAT INC	VSAT	36.74	2,806	5,930	22%	-31%	-18%	2,688	2,744	2.2 x	582	501	11.8 x	33.90	1.1 x
82	EUTELSAT COMMUNICA	ETL-FR	6.65	1,656	4,963	82%	-4%	-45%	1,184	1,239	4.0 x	1,085	903	5.5 x	12.19	0.5 x
83	GLOBALSTAR INC	GSAT	0.90	1,630	1,820	231%	-5%	-22%	149	204	8.9 x	58	110	16.6 x	0.17	5.2 x
84	SKY PERFECT JSAT H	9412-JP	4.03	1,200	1,030	6%	-17%	13%	889	887	1.2 x	328	314	3.3 x	6.46	0.6 x
85	AST SPACEMOBILE INC	ASTS	4.70	338	337	204%	-24%	-41%	14	1	286.3 x	-84	-140	-	1.86	2.5 x
86	GILAT SATELLITE NETWORKS LTD SHS NEW	GILT	4.94	280	196	51%	-9%	-30%	240	-	-	-	-	-	4.31	1.1 x
87	TELESAT CORP	TSAT	8.87	113	2,742	105%	-32%	-69%	-	-	-	-	-	-	27.69	0.3 x
SEMICONDUCTORS
88	NVIDIA CORP	NVDA	289.10	7,14,077	7,11,656	1%	-63%	-2%	26,974	29,911	23.8 x	10,395	13,442	52.9 x	8.96	32.3 x
89	BROADCOM INC.	AVGO	637.95	2,65,976	2,92,660	2%	-35%	-4%	34,412	35,852	8.2 x	21,889	22,975	12.7 x	55.90	11.4 x
90	TEXAS INSTRUMENTS INC.	TXN	166.68	1,51,288	1,51,432	12%	-13%	-12%	19,502	18,150	8.3 x	10,561	9,298	16.3 x	16.79	9.9 x
91	QUALCOM	QCOM	115.84	1,29,162	1,38,264	35%	-12%	-37%	42,929	39,544	3.5 x	17,521	14,958	9.2 x	16.81	6.9 x
92	INFINEON TECHNOLOGIES	IFX-DE	36.33	47,440	50,925	14%	-42%	-21%	15,755	17,685	2.9 x	5,349	6,491	7.8 x	11.63	3.1 x
93	MICROCHIP TECHNOLOGY INC.	MCHP	75.38	41,293	47,626	16%	-28%	-13%	8,050	8,829	5.4 x	3,899	4,302	11.1 x	11.52	6.5 x
94	ST MICROELECTRONICS	STM-FR	42.58	38,768	37,228	26%	-34%	-13%	16,829	17,280	2.2 x	5,819	5,695	6.5 x	15.39	2.8 x
SOFTWARE
95	AUTODESK	ADSK	196.47	42,198	42,835	20%	-17%	-30%	5,005	5,413	7.9 x	1,787	2,071	20.7 x	5.33	36.9 x
96	VERISK	VRSK	192.57	29,790	33,648	7%	-19%	-16%	2,898	2,609	12.9 x	1,455	1,396	24.1 x	11.31	17.0 x
97	ANSYS INC	ANSS	314.17	27,360	27,592	6%	-38%	-22%	2,073	2,288	12.1 x	875	1,061	26.0 x	55.96	5.6 x
98	UIPATH INC - CLASS A	PATH	14.15	6,721	6,183	58%	-27%	-67%	1,059	1,254	4.9 x	80	133	46.6 x	3.45	4.1 x
99	TOPICUS	TOI-CA	67.23	5,505	5,932	7%	-31%	-27%	-	-	-	-	-	-	3.46	19.4 x
100	ENGHOUSE SYSTEMS LTD.	ENGH-CA	27.75	1,533	1,359	18%	-33%	-28%	296	333	4.1 x	101	105	13.0 x	7.01	4.0 x
DRONES/UAVs
101	JOBY AVIATION INC	JOBY	4.40	2,766	1,707	63%	-28%	-40%	0	0	-	-236	-342	-	1.90	2.3 x
102	AEROVIRONMENT INC	AVAV	101.66	2,568	2,686	7%	-31%	64%	487	580	4.6 x	73	118	22.7 x	24.60	4.1 x
103	ARCHER AVIATION INC-A	ACHR	2.03	375	-21	154%	-20%	-66%	0	0	-	-246	-307	-	2.04	1.0 x
104	BLADE AIR MOBILITY INC	BLDE	2.67	192	15	228%	-4%	-70%	146	197	0.1 x	-26	-22	-	3.83	0.7 x
DIVERSIFIED
105	MICROSOFT	MSFT	305.56	22,71,988	22,50,927	1%	-30%	-9%	2,07,591	2,27,908	9.9 x	1,00,955	1,16,664	19.3 x	26.18	11.7 x
106	AMAZON.COM INC	AMZN	102.05	10,47,069	11,31,410	44%	-20%	-39%	5,24,897	5,72,345	2.0 x	78,109	89,326	12.7 x	15.06	6.8 x
107	ALPHABET	GOOGL	107.20	6,36,875	12,80,013	15%	-22%	-26%	2,84,612	3,07,688	4.2 x	1,08,150	1,17,930	10.9 x	20.51	5.2 x
108	ORACLE	ORCL	94.87	2,56,130	3,40,188	2%	-36%	9%	47,958	52,470	6.5 x	24,211	27,799	12.2 x	-0.90	-105.8 x
109	KONGSBERG GRUPPEN	KOG-NO	44.69	7,924	7,958	2%	-37%	38%	3,282	3,532	2.3 x	498	508	15.7 x	7.63	5.9 x
110	NANO DIMENSIONS	NNDM	2.52	638	-363	48%	-18%	-35%	44	-	-	-	-	-	4.45	0.6 x
111	TRANSDIGM GROUP	TDG	769.19	41,996	58,686	1%	-35%	21%	5,632	6,331	9.3 x	2,780	3,205	18.3 x	-61.23	-12.6 x
112	CONSTELLATION SOFTWARE	CSU-CA	1,991.06	42,194	43,800	1%	-35%	7%	6,621	8,052	5.4 x	1,699	2,098	20.9 x	80.71	24.7 x
SPACs
113	ZANITE ACQUISITION CORP.	ZNTE	7.93	2,134	1,906	68%	-36%	-22%	-	0	-	-	-108	-	1.07	7.4 x
114	DHC ACQUISITION CORP	DHCA	10.65	49	412	5%	-8%	9%	-	-	-	-	-	-	7.70	1.4 x
115	GIGCAPITAL5, INC.	GIA	10.59	101	113	6%	-6%	-3%	-	-	-	-	-	-	2.70	3.9 x
116	C5 ACQUISITION CORP	CXAC	10.54	303	378	2%	-6%	-	-	-	-	-	-	-	8.01	1.3 x
117	GIGINTERNATIONAL1, INC.	GIW	-	-	-	-	-	-	-	-	-	-	-	-	3.23	-
118	NEW VISTA ACQUISITION CORP	NVSA	-	-	-	-	-	-	-	-	-	-	-	-	7.67	-
119	TALON 1 ACQUISITION CORP	TOAC	10.65	103	306	7%	-6%	-65%	-	-	-	-	-	-	8.01	1.3 x
120	BREEZE HOLDINGS ACQUISITION CORP.	BREZ	10.66	46	51	2%	-5%	4%	-	-	-	-	-	-	2.32	4.6 x
121	TG VENTURE ACQUISITION CORP.	TGVC	10.40	120	150	4%	-5%	6%	-	-	-	-	-	-	8.13	1.3 x
122	BROAD CAPITAL ACQUISITION CORP.	BRAC	10.68	95	140	3%	-7%	-	-	-	-	-	-	-	7.58	1.4 x
123	PARSEC CAPITAL ACQUISITIONS CORP.	PCX	-	-	-	-	-	-	-	-	-	-	-	-	7.86	-
124	CERES ACQUISITION CORP.	CERAF	-	-	-	-	-	-	-	-	-	-	-	-	-1.34	-

 

Data updated as of 2023/05/01.             

*Companies for which quarterly NTM and LTM data is not available, yearly numbers are used.