In May, Blue Origin, along with its partners Boeing, Draper, and Lockheed Martin, was selected by NASA to develop a lunar lander—called Blue Moon—for the agency's Artemis program. This decision comes after an earlier setback to Blue Origin’s lunar lander ambitions when NASA chose SpaceX's Starship HLS design for crewed lunar lander development in 2021. Blue Origin filed a protest against the decision, but it was eventually denied. We predicted in our report on Blue Origin that the company is one of the most suitable candidates for future NASA Human Landing System awards (Read Report).

The lunar lander contract awarded to Blue Origin is valued at $3.4 billion, although the company has stated that it will invest significantly more in the development of Blue Moon than the contract amount. Several aspects of Blue Origin’s proposal made it stand out. Among them were the company’s plans for a series of missions to test its lander technology before the required uncrewed test flight of the lander. Before Artemis 5, Blue Origin will carry out an uncrewed landing with the same version of the lander that will carry astronauts. While NASA only required companies to carry out a landing for the Uncrewed Flight Test that demonstrated precision landing capabilities, Blue Origin will carry out a full test of the lander, including life support systems, and the ability to launch back to the near-rectilinear halo orbit. Artemis 5 will be the third crewed landing of the Artemis lunar exploration campaign, after the Artemis 3 and 4 missions that will use SpaceX’s Starship.

Chart 1: Artist’s Concept of The Blue Moon Lander

Source: Intro-act, NASA, Blue Origin

The selection of Blue Origin and SpaceX as the two main contractors for lunar lander development indicates NASA's intention to have multiple options for transporting astronauts between the lunar Gateway and the surface of the Moon in the long run. Such competition could be key to keeping costs under control while ensuring focused efforts for Artemis program’s development.  

SPACE EXPLORATION

China sets sights on crewed lunar landing before 2030. China’s human spaceflight agency has stated its goal to land astronauts on the Moon before the end of the decade. “Recently, the moon landing phase of China’s crewed lunar exploration program has started. The main goal is to send Chinese astronauts to land on the moon for the first time by 2030,” Lin Xiqiang, deputy director of the China Manned Space Agency (CMSA), told media at a press conference at the Jiuquan Satellite Launch Center May 29. Read more (Space News)

SATELLITE LAUNCH SERVICES

Agencies studying safety issues of LOX/methane launch vehicles. Three U.S. government agencies are undertaking studies to examine the safety issues associated with a new generation of launch vehicles that use liquid oxygen and methane propellants. At a May 15 meeting of the Federal Aviation Administration’s Commercial Space Transportation Advisory Group (COMSTAC), FAA officials described efforts that are underway to understand the explosive effects of that propellant combination in the event of a launch accident. The propellant combination has been used on two launches of American vehicles to date: Relativity Space’s Terran 1 on March 22 and SpaceX’s Starship on April 20. Read more (Space News)

North Korea says its first spy satellite launch ends in failure, crashes into sea. North Korea’s first attempt at launching a military spy satellite resulted in failure, with South Korea’s military picking up wreckage after the carrier rocket crashed into its western waters. North Korea’s state media agency, the Korean Central News Agency, said that an “accident” occurred during the launch of a military reconnaissance satellite. Japan, U.S., and South Korea condemned North Korea’s launch and emphasized that it was a violation of a United Nations Security Council resolution. Read more (CNBC)

GOVERNMENT POLICY

NASA seeks to shore up congressional support for Artemis. As NASA faces both short-term and long-term uncertainty about Artemis funding, the agency is turning to its most powerful advocates: its astronauts. The four members of the Artemis 2 crew, named in April, were in Washington recently, spending parts of two days meeting with members of Congress. The three Americans and one Canadian assigned to the mission, slated to be the first crew flight to go to the Moon in more than half a century, reported a warm reception from their meetings. Read more (Space News)

Space Force turns to metaverse to predict the effects of spaceport congestion. Space launch operations at Cape Canaveral, the nation’s busiest spaceport, were recently replicated in a digital 3D “metaverse” that merged virtual and physical worlds. The demonstration, funded by the Space Force’s Spaceport Integration Office, simulated launches using real-world telemetry data from commercial rockets and Maxar’s high-resolution satellite imagery of Cape Canaveral.  The data was merged using Cesium visualization software, Unreal Engine’s computer graphics game engine and NVIDIA’s Omniverse collaboration platform. Read more (Space News)

CAPITAL MARKETS

U.S. private equity firm Advent International and BCI complete acquisition of Maxar Technologies. Maxar Technologies announced that U.S. private equity firm Advent International, alongside minority investor British Columbia Investment Management Corporation, completed their acquisition of Maxar. Maxar will remain a U.S.-controlled, owned, and operated company. With the completion of the transaction, Maxar’s common stock has ceased trading and is no longer listed on the New York Stock Exchange, and Maxar’s common stock will also be de-listed from the Toronto Stock Exchange. Read more (Maxar Technologies)

Japan’s GITAI raises $29 million for space robotics business. Japanese space robotics venture GITAI said on May 24 that it has raised 4 billion yen ($29 million) to accelerate technology development and its U.S. expansion plans. Tokyo-based early-stage investor Global Brain led the funding round, an extension of a Series B round that raised around $17 million in 2021.GITAI founder and CEO Sho Nakanose said the funds would support efforts to develop a lunar rover and a two-meter-long Inchworm robotic arm. The rover recently passed various tests corresponding to Level 4 of NASA’s Technology Readiness Level (TRL), GITAI announced March 24. Read more (Space News)

Chart 2: GITAI Demonstrated Excavation, Welding, and Other Tasks with its Rover and Robotic Arm

Source: Intro-act, Space News, GITAI

Satellite Vu raised $15.8 million for thermal satellite constellation. British Earth observation startup Satellite Vu raised 12.7 million British pounds ($15.8 million) for its thermal-imaging satellite constellation. Molten Ventures, an existing Satellite Vu investor, led the Series A-2 investment round announced May 24. Other previous Satellite Vu investors participated, including Seraphim Space Investment Trust, A/O Proptech, Lockheed Martin, Ridgeline Ventures, Earth Sciences Foundation, and Stellar Ventures. Satellite Vu plans to launch its first satellite in June on a SpaceX Falcon 9 rideshare flight. Read more (Space News)

Space cybersecurity firm SpiderOak gets new investors. SpiderOak, a firm that specializes in cybersecurity for space systems, announced new strategic investors. These are Accenture Ventures, Raytheon Technologies’ RTX Ventures, and Stellar Ventures; the companies announced their commitments on May 18, although they did not disclose the value of the agreements.  The strategic investments by these firms are separate from the $16.4 million Series C funding round that SpiderOak announced in January. Read more (Space News)

 

 

Amini announces $2 million  to solve environmental data scarcity for Africa. Amini, Corp., an early-stage company focused on solving Africa’s environmental data gap through artificial intelligence and satellite technology, has raised $2M in pre-seed funding in an oversubscribed round led by Pale Blue Dot, a leading European Climate Tech fund. Other investors include Superorganism, RaliCap, W3i, Emurgo Kepple Ventures, and a network of angel investors from the global technology community. Within the first six months of operation, the company has developed a robust data aggregation and analytics platform capable of collecting, unifying, and processing satellite data, weather data, and other types of data down to a square meter. Read more (GUARDIAN Newspapers)

EnduroSat raises $10 million. European satellite-as-a-service startup EnduroSat raised $10 million in a Series A investment round. The round was led by Luxembourg-based Ceecat Capital. Additional funding was provided by Freigeist Capital of Germany. “The investment will enable EnduroSat to scale its operations and address a wider satellite market,” Raycho Raychev, EnduroSat founder and CEO, told SpaceNews by email. EnduroSat plans, for example, to invest in improving its satellite technology and expand its constellation-as-a-service product line, Raychev added. With the additional funding, the company also plans to expand its 130-person workforce. Read more (Space News)

Orbital Outpost X raises $5 million. Orbital Outpost X, a Silicon Valley space technology startup formerly called Space Villages, received a $5 million convertible note from Space Infrastructures Ventures of the Netherlands. With the loan, which will become an equity investment in the startup’s Series A round, OOX will continue to develop components, systems, and subsystems for commercial space stations. Launch costs have fallen in recent years, but it remains expensive to conduct experiments or perform manufacturing in orbit, Adolfo Nemirovsky, OOX founder and president, told SpaceNews. Read more (Space News)

Reflex Aerospace gears up for first commercial mission and expands investor base. Reflex Aerospace is gearing up for its first commercial space mission. The Berlin- and Munich-based space start-up has secured a fixed slot for the rocket launch of its demo satellite, set to take place in fall 2024 on a Falcon 9 rocket. The mission’s goal is to validate new technologies in space for the first time. The demo satellite, which weighs around 120 kilograms, is currently under development and will be assembled in Munich. The local “micro factory” for the production of customer-specific satellites is scheduled to open later this year. Read more (SpaceRef)

Satellite operators Viasat and Inmarsat complete merger deal. Viasat said on May 31 that it had closed the acquisition of Inmarsat, which had announced a year and a half ago, after clearing all regulatory hurdles to consolidate the satellite operators. Mark Dankberg, Viasat’s chair and CEO, is taking the same roles for the combined company. Former Inmarsat CEO Rajeev Suri and chair Andy Sukawaty are becoming board directors at Viasat to represent the private equity group that owned the British satellite operator. The corporate headquarters of the combined group is based at Viasat’s HQ in Carlsbad, California. Inmarsat’s base in London is the group’s global international business headquarters. Read more (Space News)

Arlula raises $2.2 million in seed funding to enable global space data access. Arlula recently announced that it has successfully raised AUD$2.2 million (USD$1.5 million) in seed funding. This significant investment will allow it to expand access to Earth Observation (EO) data and imagery, empowering individuals, small businesses, and large enterprises to unlock the potential of space-based information. The funding round was led by Main Sequence, Australia’s leading deep tech investment fund founded by CSIRO, and also saw participation from Black Nova Venture Capital, a well-known investor in the technology sector. Read more (Arlula Pty Ltd)

Fleet Space secures $33 million for mineral exploration constellation. Fleet Space Technologies has raised around $33 million in a Series C round to expand its satellite-based mineral exploration services. The funding round valued the eight-year-old Australian venture at more than $350 million Australian dollars ($232 million), Fleet Space said in a May 24 news release, doubling its valuation since 2021. Australasian venture capital firm and existing investor Blackbird led the Series C round. Fleet Space said the funds would primarily support the expansion of its Exosphere mineral prospecting business, particularly into North America. Read more (Space News)

 

GOVERNMENT CONTRACTS AND PARTNERSHIPS

L3Harris wins $80 million Air Force contract for satcom experiments. The U.S. Air Force Research Laboratory awarded L3Harris Technologies a contract worth $80.8 million to conduct communications experiments using multiple commercial space Internet services. Under a program called Defense Experimentation Using Commercial Space Internet (DEUCSI), AFRL is working with defense contractors and commercial satcom providers to determine how to integrate commercial space Internet services with military platforms and weapon systems. Over the three-year contract, announced May 25, L3Harris will attempt to connect military platforms—such as aircraft and ground vehicles with commercial space Internet constellations that operate in geostationary, medium and Low Earth Orbits. Read more (Space News)

Space Systems Command awards $45.5 million launch service order to Northrop Grumman for prototype EWS mission. The U.S. Space Force’s Small Launch and Targets Division’s Office at Kirtland Air Force Base, Albuquerque, New Mexico, awarded a $45.5 million task order to Northrop Grumman Systems Corporation on May 24 via an Orbital Services Program (OSP)-4 Indefinite Delivery/Indefinite Quantity (IDIQ) contract. The contract will provide orbital launch services for the SSC Space Sensing Directorate’s latest spacecraft innovation, the Electro-Optical Infrared (EO/IR) Weather System (EWS) prototype, known as EWS Operational Demonstration-1, for a U.S. Space Force mission designated as USSF-261S-A. Read more (SpaceRef)

Air Force Research Laboratory selects Ursa Major to provide hypersonics and space launch capabilities. Ursa Major, America's leading privately funded company focused solely on rocket propulsion, recently announced a contract with the Air Force Research Laboratory (AFRL) to advance U.S. hypersonics defense programs and space launch capabilities.  Under the contract, Ursa Major will build and test a prototype of its new Draper engine for hypersonics, and further develop its 200,000-pound thrust Arroway engine for space launch. Read more (Ursa Major Technologies Inc)

L3Harris receives contract to advance technology for intelligence community. L3Harris Technologies (NYSE:LHX) received an Intelligence Advanced Research Projects Activity (IARPA) contract to provide technology, including modeling and simulation studies, that will help characterize and predict human mobility.   Supporting the Hidden Activity Signal and Trajectory Anomaly Characterization (HAYSTAC) program, L3Harris will lay the groundwork for generating and analyzing human activities that produce data captured by GPS, Bluetooth and other systems. The goal of the modeling and simulation research is to help transform future autonomous systems. Read more (L3Harris Technologies, Inc)

DARPA selects Umbra for their DRIFT program. The Defense Advanced Research Projects Agency (DARPA), has selected Umbra as one of its partners for their Distributed Radar Image Formation Technology (DRIFT) program. This partnership is a vital part of DARPA’s mosaic warfare vision and aims to demonstrate advanced capabilities to create competitive asymmetries for U.S. national security advantage. The DRIFT program focuses on using data from at least two Umbra Synthetic Aperture Radar (SAR) satellites flown in formation to enable development of innovative processing algorithms for groundbreaking advances in U.S. capability. Read more (Umbra Lab Inc)

NASA selects Blue Origin as second Artemis lunar lander provider. To develop a human landing system for the agency’s Artemis V mission to the Moon, NASA has selected Blue Origin. Blue Origin will design, develop, test, and verify its Blue Moon lander to meet NASA’s human landing system requirements for recurring astronaut expeditions to the lunar surface, including docking with Gateway, a space station where crew transfer in lunar orbit. In addition to design and development work, the contract includes one uncrewed demonstration mission to the lunar surface before a crewed demo on the Artemis V mission in 2029. Read more (NASA)

Zeno Power gets $30 million to build radioisotope-powered satellite for U.S. military. Zeno Power Systems was awarded a $30 million contract to build a radioisotope-powered satellite for the U.S. Air Force by 2025. The four-year contract is a “strategic funding increase” agreement that provides $15 million in government funds, matched by $15 million from private investors, the company’s co-founder and chief executive Tyler Bernstein told SpaceNews. Zeno, a startup founded in 2018, develops radioisotope power systems (RPS), a type of nuclear energy technology that converts the heat from decaying nuclear materials directly into electricity. Read more (Space News)

Space Force selects Parsons to develop ground system for missile-warning satellites. The U.S. Space Force awarded Parsons a $55 million contract to develop a ground system for a network of missile-warning satellites in Medium Earth Orbit. The ground system is for a constellation of six satellites that the Space Force plans to field in MEO in 2026 to detect and track hypersonic missiles. Millennium Space Systems and Raytheon Technologies are developing the satellites. “Parsons will provide integrated ground and operations solutions for the MTC Epoch 1 program,” the Space Systems Command said May 16 in a news release. Read more (Space News)

Italy awards $256 million contract for 2026 in-orbit servicing mission. Italy’s space agency has awarded local companies 235 million euros ($256 million) in pandemic relief funds for an in-orbit servicing demo in 2026, the group’s leader, Thales Alenia Space, announced May 15. Thales Alenia Space, a joint venture between Thales of France and Leonardo of Italy, said the group is contracted to design, develop, and qualify a spacecraft capable of performing a range of autonomous robotic operations on satellites in low Earth orbit. Read more (Space News)

Chart 3: An Illustration of the In-Orbit Servicing Demonstration

Source: Intro-act, Space News, Thales Alenia Space

L3Harris secures $275m NOAA GOES-R Ground System Sustainment Support contract. L3Harris Technologies (NYSE: LHX) has received a five-year, $275.2 million contract to help the National Oceanic and Atmospheric Administration update and maintain ground infrastructure for the Geostationary Operational Environmental Satellites-R Series constellation. The company will provide sustainment support to a system that receives data from GOES-R Series satellites and generates real-time data products for the national weather enterprise, NOAA said. Work will occur at the company’s facility in Florida and at NOAA facilities in Maryland, Virginia and West Virginia through May 10, 2028, under the Geostationary Ground Sustainment Services contract. Read more (Executive Mosaic)

Space Force reviewing bids from satellite manufacturers for Space Test Program. The U.S. Space Force is reviewing bids from satellite manufacturers competing to produce and integrate experiments for the Space Test Program. Vendors could be selected as early as December for the Space Test Experiments Platform (STEP) 2.0., Lt. Col. Jonathan Shea, head of the DoD Space Test Program at the Space Systems Command, said on May 8 during a conference call with reporters.  The STP office last week issued a revised draft request for proposals for the STEP 2.0 contract and is seeking comments from vendors by May 19. Read more (Space News)

 

NASA awards contracts for NOAA Coronagraph Instrument Phase A Study. NASA, on behalf of the National Oceanic and Atmospheric Administration (NOAA), has selected five firms for the Space Weather Next Lagrange 1 Series (L1 Series) Coronagraph (COR) Phase A Study. These contracted firms will provide services to help meet the objectives of NOAA’s L1 Next Series. The firms selected are Johns Hopkins Applied Physics Lab (APL), Laurel, Maryland; EO Vista, Acton, Massachusetts; University of Colorado, Laboratory for Atmospheric and Space Physics (LASP), Boulder, Colorado; Raytheon Intelligence & Space, El Segundo, California; and Southwest Research Institute (SWRI), Boulder, Colorado. Read more (NASA)

Lockheed, Raytheon to develop ground systems for nuclear-hardened satellite communications. The U.S. Space Force selected Lockheed Martin and Raytheon to develop competing ground systems for a next-generation space communications network that can survive a nuclear attack. Each company won a $30 million contract to develop prototypes of a ground system for the Evolved Strategic Satcom (ESS) program, the Space Systems Command announced May 2. ESS is a classified satcom system designed to operate in the event of a nuclear war. Boeing and Northrop Grumman are developing competing satellite designs. The Pentagon plans to spend $6.5 billion on the ESS program over the next five years. Read more (Space News)

SSC awarded 2.26M€ for NODES. SSC has been awarded a 2.26M€ contract by the European Space Agency (ESA), with the support of the Swedish National Space Agency, under its ARTES Scylight programme for the second phase of the optical communication project NODES. This contract will support the implementation, test, and demonstration of an optical network, to be carried out during 2023-2025, including the commissioning of a second optical ground station in the network. The NODES project (Network of Optical stations for Data transfer to Earth from Space) is set to develop a direct-to-Earth data reception service based on free-space optical communication. Read more (SSC)

Australia & New Zealand sign $187.4m contract with Inmarsat for New SouthPAN Satellite Service. Every major industry across Australia and New Zealand, from transport and construction to resources and agriculture, will gain positioning and navigation benefits from the Southern Positioning Augmentation Network’s (SouthPAN) new satellite service. With the signing of a contract with Inmarsat Australia for the new service on one of Inmarsat’s three new I-8 satellites, SouthPAN partners Geoscience Australia and Toitū Te Whenua Land Information New Zealand are one step closer to world-class satellite positioning for the Southern Hemisphere. Read more (SpaceRef)

AeroVironment awarded $10 million contract by NASA/JPL. AeroVironment, Inc. (NASDAQ: AVAV) has been awarded a $10 million contract by NASA’s Jet Propulsion Laboratory (JPL) to co-design and co-develop conceptual designs and engineering development units of Mars Sample Recovery Helicopter flight systems. Future efforts could include detailed design, build, and test of qualification and flight hardware. The helicopters build upon the Ingenuity Mars Helicopter design heritage and feature upgraded robotics to supplement aerial mobility. Read more (SpaceRef)

PRIVATE CONTRACTS AND PARTNERSHIPS

Vast Space to launch 1st private station on SpaceX rocket in 2025. California-based startup Vast Space plans to loft its Haven-1 outpost aboard a SpaceX Falcon 9 rocket no earlier than August 2025, the companies announced on May 10.  That initial mission will be followed in quick succession by Vast-1, a four-person jaunt to the new station that could last up to 30 days. Vast-1 will also launch atop a Falcon 9, and its astronauts will ride on a SpaceX Dragon capsule. Read more (Future US, Inc)

CesiumAstro to supply communications payloads for Space Development Agency satellites. CesiumAstro, a company that specializes in communications technologies for satellites and aircraft, will supply electronic phased-array payloads for seven U.S. military satellites built by Raytheon Technologies. Raytheon is producing missile-detection sensor satellites for a low Earth orbit constellation that’s being acquired by the U.S. Space Force’s Space Development Agency. CesiumAstro, based in Austin, Texas, announced May 4 it will provide Ka-band radio-frequency payloads to be integrated in the seven satellites that will be part of SDA’s Tracking Layer Tranche 1. Read more (Space News)

 

Chart 4: Illustration of the Space Development Agency’s Tracking Layer

Source: Intro-act, Space News, CesiumAstro

COMPANY NEWS AND EARNINGS

SpaceX investment in Starship approaches $5 billion. SpaceX will have spent $5 billion or more on its Starship vehicle and launch infrastructure by the end of this year, according to court filings and comments by the company’s chief executive. SpaceX filed a motion with federal district court in the District of Columbia May 19, asking to be added as a defendant in the lawsuit filed by several environmental and Native American groups against the Federal Aviation Administration May 1. That suit alleges the FAA improperly carried out an environmental review of SpaceX Starship launches from Boca Chica, Texas. Read more (Space News)

Virgin Galactic completes Unity 25 spaceflight in key final test before commercial service. Virgin Galactic recently launched its first spaceflight in nearly two years, a key final test for the space tourism company before it begins flying commercial passengers. Called Unity 25, the mission represents the company’s fifth spaceflight to date. It launched from Spaceport America in New Mexico and marks a “final assessment” flight, with six Virgin Galactic employees onboard for the short suborbital trip. Virgin Galactic did not publicly livestream the flight, unlike the previous one that carried founder Sir Richard Branson in July 2021. Read more (CNBC)

Redwire reports record revenue as it seeks profitability. Redwire reported record revenue in the first quarter as the space technology company moves closer to profitability. Redwire reported revenue of $57.6 million in the first quarter, a record for the company. That is a 7.3% increase from the fourth quarter and a 75.3% improvement over the first quarter of 2022.Part of that jump in year-over-year revenue came from the acquisition of Space NV, a Belgian developer of smallsats and related components, from Qinetiq in October. Read more (Space News)

Planet Partners with UAE to build satellite atlas for climate resilience. Planet Labs PBC (NYSE: PL) has announced a partnership with the United Arab Emirates (UAE) Space Agency, to build a regional satellite data-driven loss and damage atlas for climate change resilience. The initiative aims to provide data to a select country facing high degrees of climate risk to help build resilience, make informed policy decisions, and stimulate financial programs for climate adaptation and mitigation. Read more (Space Media Network)

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

Company Latest Fund Raise ($ Mn) Round Use of Funds Investors GITAI 29 Extension of Series B To accelerate technology development and its U.S. expansion plans Tokyo-based early-stage investor Global Brain led the funding round Satellite Vu 15.8 Series A-2 Thermal-imaging satellite constellation Molten Ventures, Seraphim Space Investment Trust, A/O Proptech, Lockheed Martin, Ridgeline Ventures, Earth Sciences Foundation and Stellar Ventures. SpiderOak Undisclosed Strategic investment Accelerate deployment of zero-trust, end-to-end data security solutions for commercial and government customers operating in space Accenture Ventures, Raytheon Technologies’ RTX Ventures, and Stellar Ventures Amini 2 Pre-seed funding Solve environmental data scarcity for Africa Pale Blue Dot, Superorganism, RaliCap, W3i, Emurgo Kepple Ventures and a network of angel investors from the global technology community. EnduroSat 10 Series A To scale its operations and address a wider satellite market Ceecat Capital and Freigeist Capital. Orbital Outpost X 5 Convertible note Continue to develop components, systems and subsystems for commercial space stations. Space Infrastructures Ventures of the Netherlands Reflex Aerospace 1.75 Seed financing Not discussed In addition to increases from existing investors, Bayern Kapital is joining the group of shareholders through its EFRE Bayern innovation fund Arlula Pty Ltd 1.5 Seed funding Enable Global Space Data Access Main Sequence and Black Nova Venture Capital Fleet Space 33 Series C Primarily support the expansion of its Exosphere mineral prospecting business, particularly into North America Blackbird, Grok Ventures, Alumni Ventures, Hostplus, TelstraSuper Bondi Partners / The 1941 Fund, and Pavilion Capital.

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 L3Harris Air Force Research Laboratory U.S. 80.8 DEUCSI Northrop Grumman U.S. Space Force U.S. 45.5 OSP-4  Ursa Major Air Force Research Laboratory U.S. Undisclosed “Draper” engine  L3Harris IARPA U.S. Undisclosed HAYSTAC program Umbra Lab Inc Defense Advanced Research Projects Agency U.S. Undisclosed DRIFT program Blue Origin  NASA U.S. 3400 Artemis V Zeno Power Systems U.S. Air Force  U.S. 15 STRATFI Parsons  U.S. Space Force U.S. 55 Ground system for missile-warning satellites Local companies Italy’s space agency Italy 256 In-orbit servicing demo  L3Harris National Oceanic and Atmospheric Administration U.S. 275 GOES-R Ground System Sustainment Support Johns Hopkins Applied Physics Lab (APL); EO Vista, Acton; University of Colorado, Raytheon Intelligence & Space; and Southwest Research Institute (SWRI) NASA U.S. 1.2 each On behalf of the National Oceanic and Atmospheric Administration (NOAA) Lockheed Martin and Raytheon U.S. Space Force U.S. 30 each Evolved Strategic Satcom (ESS) program SSC European Space Agency (ESA) Europe € 2.26 NODES Inmarsat Australia SouthPAN Australia and New Zealand 187.4 New satellite service AeroVironment NASA U.S. 10 Mars Sample Recovery Helicopter flight systems

Source: Intro-act, Multiple Web Sources

 

Chart 7: Space Launches Across the Globe (as of 01/06/2023) Date Company Rocket Mission Launch Site June SpaceX Falcon 9 Starlink 5-11 SLC-40, Cape Canaveral Space Force Station, Florida Jun-09 SpaceX Falcon 9 O3b mPOWER 5 & 6 SLC-40, Cape Canaveral Space Force Station, Florida June SpaceX Falcon 9 SDA Tranche 0B SLC-4E, Vandenberg Space Force Base, California June SpaceX Falcon 9 Worldview Legion 1 & 2 SLC-4E, Vandenberg Space Force Base, California Jun-16 Arianespace Ariane 5 Sycracuse 4B & Heinrich Hertz ELA-3, Kourou, French Guiana Jun-17 SpaceX Falcon 9 Satria SLC-40, Cape Canaveral Space Force Station, Florida Jun-21 United Launch Alliance Delta 4-Heavy NROL-68 SLC-37B, Cape Canaveral Space Force Station, Florida June SpaceX Falcon 9 Starlink 5-7 SLC-4E, Vandenberg Space Force Base, California

Source: Intro-act, Spaceflight Now

ARK Space Exploration & Innovation ETF (ARKX)

Closing Price (06/01/23)	$13.82	1 Week NAV Change	1.39%	NAV Change (YTD)	11.54%
AUM (as of 06/01/23)	$264 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 05/31/2023)

One Month	Three Months	Six Months	YTD	One Year	Inception
1.56%	-1.87%	2.48%	10.01%	-8.46%	-32.86%

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 06/01/23)

Ticker	Company	% of Fund	Market Value
IRDM	IRIDIUM COMMUNICATIONS INC	8.38%	$22,582,833.84
TRMB	TRIMBLE INC	8.00%	$21,558,025.35
KTOS	KRATOS DEFENSE & SECURITY	7.89%	$21,261,655.20
AVAV	AEROVIRONMENT INC	7.26%	$19,577,779.20
PRNT	THE 3D PRINTING ETF	5.57%	$15,006,815.60
LHX	L3HARRIS TECHNOLOGIES INC	4.60%	$12,416,605.26
PATH	UIPATH INC - CLASS A	4.34%	$11,701,297.30
6301	KOMATSU LTD	4.22%	$11,378,205.01
TER	TERADYNE INC	3.94%	$10,612,083.00
DSY FP	DASSAULT SYSTEMES SE	3.51%	$9,454,490.59

 

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

 

Procure Space ETF (UFO)

Closing Price (06/01/23)	$ 18.88	1 Week NAV Change	0.05%	NAV Change (YTD)	-3.13%
AUM (as of 06/01/23)	$ 47.96 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 05/31/2023)

One Month	Three Months	Six Months	YTD	One Year	Inception
0.11%	-7.59%	-8.73%	-4.46%	-18.37%	-25.92%

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 06/01/23)

Ticker	Company	% of Fund	Market Value
VSAT	VIASAT INC	6.83%	$32,94,259.54
RKLB	ROCKET LAB USA INC	6.12%	$29,54,020.14
GRMN	GARMIN LTD	5.66%	$27,29,080.38
PL	PLANET LABS PBC	5.64%	$27,19,409.76
IRDM	IRIDIUM COMMUNICATIONS INC	5.42%	$26,16,363.54
SIRI	SIRIUS XM HOLDINGS INC	5.13%	$24,75,784.70
GSAT	GLOBALSTAR INC	5.09%	$24,54,266.61
TRMB	TRIMBLE INC	5.09%	$24,54,284.97
ETL FP	EUTELSAT COMMUNICA	4.79%	$23,08,504.29
SESG FP	SES SA	4.33%	$20,88,038.23

 

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 June 1.

 

Chart 11: YTD Returns by SpaceTech Segments

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

LEADERS AND LAGGARDS – SPACETECH STOCKS

Chart 12: M/M Top 10 SpaceTech Gainers

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

 

Chart 13: M/M Top 10 SpaceTech Losers

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

Chart 14: YTD Top 10 SpaceTech Gainers

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

 

Chart 15: YTD Top 10 SpaceTech Losers

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

Chart 16: SpaceTech Industry Events Calendar S. No. Event Name Place Date 1 CommunicAsia Singapore June 7-9, 2023 2 Space-Comm Expo Farnborough International Exhibition & Conference Centre, UK June 7-8, 2023 3 MilSatCom USA Arlington VA, US June 21-23, 2023 4 Indonesia in View Jakarta Aug 31, 2023 5 APSCC 2023 Satellite Conference & Exhibition Kuala Lumpur Oct 10-12, 2023 6 Thailand in View Bangkok Oct 10, 2023 7 The Economist Space Summit The Economist Space Summit Oct 11-12, 2023 8 Global MilSatCom 2023 London Nov 7-9, 2023

Source: Intro-act, Satellite Evolution Group

Chart 17: 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 - 10/13/2023 C5 Acquisition Corp (CXAC) 288 Searching - - - - GigCapital5, Inc. (GIA) 230 Definitive Agreement QT Imaging Inc. - - 9/28/2023 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 - - 11/05/2023 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 06/05/23.

 

 

 

 

 

Chart 18: 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

 

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, Q1 2023

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.	92	556,824	94,838	11.4%
2	BlackRock Fund Advisors	88	312,848	50,707	6.4%
3	SSgA Funds Management, Inc.	92	279,136	39,874	5.7%
4	Fidelity Management & Research Co. LLC	81	167,910	32,302	3.4%
5	Geode Capital Management LLC	95	127,099	22,794	2.6%
6	T. Rowe Price Associates, Inc. (Investment Management)	75	121,874	20,305	2.5%
7	Capital Research & Management Co. (World Investors)	34	88,618	9,486	1.8%
8	Capital Research & Management Co. (Global Investors)	25	75,903	9,707	1.6%
9	Capital Research & Management Co. (International Investors)	29	75,031	4,971	1.5%
10	Wellington Management Co. LLP	60	66,678	10,576	1.4%
11	Northern Trust Investments, Inc. (Investment Management)	88	63,468	10,196	1.3%
12	JPMorgan Investment Management, Inc.	79	58,855	16,405	1.2%
13	BlackRock Investment Management (UK) Ltd.	68	48,772	10,296	1.0%
14	Charles Schwab Investment Management, Inc.	86	46,299	7,317	0.9%
15	BlackRock Advisors (UK) Ltd.	77	46,166	9,286	0.9%
16	Massachusetts Financial Services Co.	35	44,587	4,472	0.9%
17	Morgan Stanley Smith Barney LLC (Investment Management)	70	39,174	5,381	0.8%
18	AllianceBernstein LP	76	36,766	5,356	0.8%
19	Managed Account Advisors LLC	44	35,102	4,362	0.7%
20	Columbia Management Investment Advisers	57	34,263	4,948	0.7%
21	Goldman Sachs Asset Management LP	80	32,210	6,020	0.7%
22	Legal & General Investment Management Ltd.	80	29,859	5,477	0.6%
23	Parametric Portfolio Associates LLC	80	29,628	5,286	0.6%
24	TIAA-CREF Investment Management LLC	71	28,199	5,017	0.6%
25	Mellon Investments Corp.	81	27,210	3,829	0.6%
26	The Bank of New York Mellon Corp. (Investment Management)	66	25,210	3,897	0.5%
27	Schweizerische Nationalbank (Investment Portfolio)	55	25,017	3,931	0.5%
28	Bank of America, NA (Private Banking)	69	24,958	4,392	0.5%
29	Dimensional Fund Advisors LP	76	24,105	3,549	0.5%
30	Fisher Asset Management LLC	35	23,444	3,580	0.5%
	Other		2,289,005	290,305	46.9%
	Total		4,884,219	708,861	100%

Source: Intro-act, 13F Filings

			Share Price	Mkt Cap             ($ Mns)	Ent Val ($ Mns)	Price Performance			Sales			EBITDA			Book Value
		01-06-2023				% 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	94.09	1,37,479	1,69,286	11%	-15%	9%	68,572	73,996	2.3 x	11,076	12,115	14.0 x	49.82	1.9 x
2	HONEYWELL INTERNATIONAL INC	HON	193.86	1,29,048	1,42,522	14%	-14%	-7%	35,954	37,484	3.8 x	8,919	9,664	14.7 x	25.42	7.6 x
3	LOCKHEED MARTIN CORP	LMT	449.67	1,13,880	1,27,040	13%	-17%	27%	66,146	66,334	1.9 x	9,888	9,896	12.8 x	37.98	11.8 x
4	AIRBUS GROUP SE	AIR-FR	135.15	1,06,824	1,02,955	5%	-38%	6%	61,224	68,902	1.5 x	8,305	9,292	11.1 x	19.64	6.9 x
5	BOEING CO	BA	207.96	1,25,107	1,65,756	6%	-46%	3%	70,538	81,087	2.0 x	-208	5,749	28.8 x	-25.79	-8.1 x
6	NORTHROP GRUMMAN CORP	NOC	438.51	66,592	80,738	27%	-2%	13%	37,106	38,785	2.1 x	4,988	-	-	99.61	4.4 x
7	DASSAULT SYSTEMES SE	DSY-FR	44.42	59,317	57,893	1%	-30%	-24%	6,099	6,550	8.8 x	2,182	2,447	23.7 x	6.06	7.3 x
8	SYNOPSYS INC	SNPS	454.55	69,164	68,199	3%	-41%	23%	5,288	6,214	11.0 x	1,688	2,340	29.1 x	38.30	11.9 x
9	L3HARRIS TECHNOLOGIES INC	LHX	176.91	33,516	42,841	44%	-1%	-17%	17,430	17,996	2.4 x	3,445	3,513	12.2 x	96.67	1.8 x
10	BAE SYSTEMS	BA-GB	11.83	36,106	40,453	9%	-30%	59%	28,292	30,453	1.3 x	3,672	4,082	9.9 x	4.53	2.6 x
11	AMETEK	AME	146.95	33,868	35,886	2%	-28%	0%	6,289	6,711	5.3 x	1,870	2,010	17.9 x	33.66	4.4 x
12	THALES SA	HO-FR	142.73	30,003	29,940	11%	-27%	70%	17,912	19,786	1.5 x	2,621	3,105	9.6 x	36.40	3.9 x
13	KOMATSU LTD	6301-JP	23.75	23,120	30,170	12%	-26%	5%	26,001	25,089	1.2 x	3,489	4,564	6.6 x	19.22	1.2 x
14	BALL CORP	BALL	51.63	16,240	25,816	44%	-11%	-46%	15,122	15,518	1.7 x	1,955	2,189	11.8 x	11.57	4.5 x
15	MITSUBISHI ELECTRONICS CORP.	6503-JP	13.30	28,566	28,312	0%	-34%	7%	36,579	37,057	0.8 x	3,533	3,967	7.1 x	10.98	1.2 x
16	TELEDYNE TECHNOLOGIES INC	TDY	391.41	18,414	21,573	15%	-17%	-10%	5,521	5,811	3.7 x	1,314	1,413	15.3 x	177.8	2.2 x
17	TERADYNE INC	TER	103.10	15,984	15,363	9%	-34%	-37%	3,017	2,763	5.6 x	876	705	21.8 x	15.76	6.5 x
18	IDEX Corp	IEX	201.32	15,215	16,293	22%	-14%	-15%	3,276	3,397	4.8 x	897	950	17.1 x	42.67	4.7 x
19	HEICO CORP	HEI	154.91	8,474	22,238	17%	-18%	7%	2,488	2,860	7.8 x	668	-	-	20.57	7.5 x
20	LEONARDO-FINMECCANICA SPA	LDO-IT	11.09	6,409	10,239	18%	-40%	56%	15,410	16,562	0.6 x	1,692	1,936	5.3 x	13.31	0.8 x
21	IHI CORPORATION	7013-JP	23.10	3,574	7,319	39%	-12%	17%	9,959	9,994	0.7 x	1,223	1,226	6.0 x	20.76	1.1 x
22	SPIRIT AEROSYSTEMS HOLD-CL A	SPR	27.71	2,916	6,314	39%	-24%	-36%	5,286	6,455	1.0 x	11	-	-	-4.26	-6.5 x
23	AEROJET ROCKETDYNE HLDGS INC	AJRD	54.51	4,402	4,460	4%	-33%	17%	2,293	2,393	1.9 x	-	291	15.3 x	6.98	7.8 x
24	MOOG	MOG.A	98.65	2,833	4,099	4%	-29%	22%	3,138	3,192	1.3 x	363	413	9.9 x	49.61	2.0 x
25	VIRGIN GALACTIC HOLDINGS INC	SPCE	3.75	1,060	662	128%	-21%	-72%	2	20	33.0 x	-501	-	-	1.30	2.9 x
26	3D SYSTEMS CORP	DDD	8.33	1,093	1,080	62%	-16%	-61%	526	562	1.9 x	-18	9	114.8 x	5.56	1.5 x
27	PROTO LABS INC	PRLB	31.41	823	759	69%	-30%	-39%	490	500	1.5 x	79	75	10.1 x	26.07	1.2 x
28	OHB SWEDEN	OHB-DE	32.62	570	825	21%	-20%	-20%	1,016	1,262	0.7 x	87	114	7.3 x	16.94	1.9 x
29	MARKFORGED HOLDING CORP	MKFG	0.87	171	67	272%	-18%	-84%	103	110	0.6 x	-57	-43	-	1.22	0.7 x
30	VELO3D INC	VLD	1.89	364	326	215%	-32%	-76%	95	130	2.5 x	-71	-35	-	0.63	3.0 x
31	REDWIRE CORPORATION	RDW	2.45	157	316	91%	-32%	-64%	185	236	1.3 x	3	6	51.4 x	-0.18	-13.6 x
32	MOMENTUS INC	MNTS	0.33	31	10	1076%	-7%	-92%	0	3	3.7 x	-66	-66	-	0.30	1.1 x
33	HEXCEL Corp	HXL	70.53	5,951	6,614	7%	-33%	36%	1,325	1,811	3.7 x	202	378	17.5 x	19.22	3.7 x
34	AAC CLYDE SPACE	AAC-SE	0.11	23	20	84%	-8%	-66%	21	32	0.6 x	-1	2	12.1 x	0.30	0.4 x
35	GOMSPACE	GOMX-SE	0.14	19	26	543%	-4%	-84%	23	23	1.1 x	-1	-4	-	0.12	1.2 x
36	LATECOERE SA	LAT-FR	0.25	135	290	108%	-15%	-58%	422	635	0.5 x	-27	-3	-	0.20	1.3 x
37	ASTROCAST SA	ASTRO-NO	0.31	12	14	448%	-17%	-94%	1	-	-	-18	-	-	0.32	1.0 x
38	SIDUS SPACE	SIDU	0.21	8	8	4380%	-8%	-97%	-	11	0.7 x	-	-	-	0.16	1.3 x
LAUNCHERS
39	TE CONNECTIVITY	TEL	122.55	38,617	42,020	13%	-15%	-24%	16,457	16,386	2.6 x	3,585	3,603	11.7 x	34.94	3.5 x
40	ROCKET LAB USA INC	RKLB	4.74	2,269	2,023	54%	-27%	-61%	225	344	5.9 x	-56	-79	-	1.34	3.5 x
41	VIRGIN ORBIT	VORB	0.01	5	47	44650%	-50%	-100%	7	-	-	-140	-	-	0.14	0.1 x
42	ASTRA SPACE INC	ASTR	0.35	76	45	666%	-2%	-95%	-	29	1.6 x	-169	-145	-	0.16	2.2 x
43	LILIUM GMBH	LILM	1.17	438	265	188%	-68%	-83%	0	0	-	-262	-263	-	0.55	2.1 x
44	AVIO SPA	AVIO-IT	10.26	270	226	39%	-17%	-19%	342	368	0.6 x	42	28	8.1 x	12.01	0.9 x
DATA SERVICES
45	HEXAGON	HEXA.B-SE	11.55	29,981	34,841	9%	-26%	-27%	5,563	5,865	5.9 x	2,046	2,257	15.4 x	3.80	3.0 x
46	UNITY SOFTWARE INC	U	30.12	11,405	12,909	95%	-30%	-79%	1,571	2,256	5.7 x	-7	364	35.4 x	9.14	3.3 x
47	CLARIVATE PLC	CLVT	8.00	5,406	11,407	89%	-11%	-66%	2,627	2,710	4.2 x	1,103	1,147	9.9 x	8.24	1.0 x
48	MAXAR TECHNOLOGIES INC	MAXR	52.99	3,166		0%	-67%	47%	1,663	-	-	-	-	-	18.57	2.9 x
49	BEIJING PIESAT	688066-CN	8.14	2,116	2,294	42%	-17%	0%	222	488	4.7 x	41	72	32.1 x	1.42	5.7 x
50	PLANET LABS	PL	4.59	1,165	875	64%	-28%	-25%	191	257	3.4 x	-57	-45	-	2.12	2.2 x
51	MDA	MDA-CA	6.14	729	882	26%	-33%	-18%	536	603	1.5 x	122	112	7.8 x	6.31	1.0 x
52	ARQIT QUANTUM INC	ARQQ	1.37	184	151	679%	-49%	-94%	0	10	15.3 x	144	-52	-	0.66	2.1 x
53	TERRAN ORBITAL	LLAP	1.27	205	325	426%	-13%	-87%	39	333	1.0 x	-26	-36	-	-0.94	-1.4 x
54	WEATHERNEWS INC	4825-JP	47.64	564	443	33%	-11%	-39%	152	152	2.9 x	28	29	15.1 x	11.54	4.1 x
55	SATELLOGIC	SATL	2.06	156	116	249%	-18%	-79%	4	-	-	-	-	-	1.19	1.7 x
56	SATREC INITIATIVE	099320-KR	24.93	227	175	70%	-38%	-36%	-	-	-	-	-	-	8.75	2.8 x
57	IMAGESAT INTERNATIONAL ORD SHS	ISI-IL	3.15	193	168	89%	-16%		-	-	-	-	-	-	2.54	1.2 x
58	BLACKSKY TECHNOLOGY INC	BKSY	1.49	208	215	123%	-25%	-67%	70	100	2.2 x	-26	1	227.5 x	0.87	1.7 x
59	SPIRE GLOBAL INC	SPIR	0.69	101	162	188%	-18%	-79%	86	116	1.4 x	-30	-12	-	0.64	1.1 x
60	KLEOS SPACE SA	KSS-AU	0.07	13	14	517%	-6%	-88%	4	4	3.6 x	-6	-8	-	0.03	2.2 x
61	WINDWARD	WNWD-GB	0.50	43	17	221%	-18%	-83%	17	26	0.7 x	-9	-8	-	0.15	3.4 x
COMMUNICATIONS EQUIPMENT
62	MEDIATEK	2454-TW	24.34	38,928	34,373	30%	-31%	-43%	16,348	14,820	2.3 x	3,824	3,192	10.8 x	6.88	3.5 x
63	SAFRAN S.A.	SAF-FR	147.56	63,046	63,415	7%	-42%	21%	16,957	24,821	2.6 x	3,311	4,682	13.5 x	26.14	5.6 x
64	AMPHENOL CORP.	APH	75.82	45,137	48,281	9%	-19%	-13%	12,645	12,400	3.9 x	2,982	2,868	16.8 x	12.28	6.2 x
65	GARMIN LTD	GRMN	103.87	19,869	18,430	4%	-26%	-24%	4,835	5,088	3.6 x	1,167	1,245	14.8 x	33.46	3.1 x
66	TRIMBLE INC	TRMB	48.03	11,899	13,048	50%	-5%	-45%	3,598	3,960	3.3 x	900	1,004	13.0 x	17.16	2.8 x
67	ELBIT SYSTEMS LTD	ESLT	196.44	8,712	9,894	25%	-18%	13%	5,552	5,864	1.7 x	534	552	17.9 x	62.66	3.1 x
68	VALEO SA	FR-FR	19.52	4,753	9,673	21%	-24%	-35%	21,585	24,028	0.4 x	2,595	2,792	3.5 x	16.90	1.2 x
69	VERTIV	VRT	19.40	7,367	10,441	6%	-60%	-22%	6,056	6,584	1.6 x	732	975	10.7 x	4.09	4.7 x
70	KRATOS DEFENSE & SECURITY	KTOS	13.60	1,735	2,054	19%	-35%	-30%	934	1,012	2.0 x	74	94	21.9 x	7.35	1.9 x
71	TOMTOM NV	TOM2-NL	7.61	1,007	665	24%	-17%	-24%	572	610	1.1 x	37	15	45.1 x	1.72	4.4 x
72	ECHOSTAR CORP	SATS	15.66	565	1,380	55%	-6%	-41%	1,936	1,871	0.7 x	623	522	2.6 x	42.38	0.4 x
73	AMPLITECH GROUP	AMPG	2.39	23	17	49%	-32%	-39%	18	20	0.8 x	1	-	-	2.93	0.8 x
74	MYNARIC AG	MYNA	6.29	157	169	54%	-46%	-51%	3	37	4.6 x	-39	-45	-	1.31	4.8 x
COMMUNICATIONS SERVICES
75	COMCAST CORP NEW	CMCSA	39.04	1,62,382	2,58,956	14%	-27%	-22%	1,20,108	1,20,674	2.1 x	36,727	37,268	6.9 x	19.72	2.0 x
76	AT&T INC	T	15.81	1,13,026	2,78,542	36%	-9%	-36%	1,21,168	1,22,520	2.3 x	41,801	43,153	6.5 x	13.90	1.1 x
77	SIRIUS XM HOLDINGS INC	SIRI	3.70	14,313	24,131	85%	-10%	-42%	8,960	9,065	2.7 x	2,766	2,757	8.8 x	-0.84	-4.4 x
78	DISH NETWORK CORPORATION	DISH	6.28	1,847	25,840	267%	-6%	-81%	16,307	15,480	1.7 x	2,638	2,125	12.2 x	34.20	0.2 x
79	IRIDIUM COMMUNICATIONS INC	IRDM	61.11	7,695	9,053	12%	-45%	48%	758	821	11.0 x	433	471	19.2 x	8.62	7.1 x
80	SES SA	SESG-FR	5.79	2,220	7,004	66%	-11%	-23%	2,061	2,139	3.3 x	1,138	1,113	6.3 x	12.92	0.4 x
81	VIASAT INC	VSAT	45.89	3,530	4,969	2%	-45%	3%	2,652	2,747	1.8 x	572	557	8.9 x	49.72	0.9 x
82	EUTELSAT COMMUNICA	ETL-FR	6.38	1,588	4,838	90%	-1%	-48%	1,183	1,202	4.0 x	1,085	876	5.5 x	11.77	0.5 x
83	GLOBALSTAR INC	GSAT	1.11	2,013	2,206	168%	-23%	-4%	174	215	10.3 x	80	111	19.8 x	0.17	6.5 x
84	SKY PERFECT JSAT H	9412-JP	3.74	1,113	947	14%	-9%	5%	889	871	1.1 x	328	308	3.1 x	6.29	0.6 x
85	AST SPACEMOBILE INC	ASTS	5.60	425	456	155%	-37%	-29%	11	1	386.9 x	-84	-140	-	1.65	3.4 x
86	GILAT SATELLITE NETWORKS LTD	GILT	5.25	297	211	40%	-14%	-26%	247	270	0.8 x	16	30	7.0 x	4.42	1.2 x
87	TELESAT CORP	TSAT	7.06	94	2,833	155%	-15%	-82%	-	-	-	-	-	-	10.36	0.7 x
SEMICONDUCTORS
88	NVIDIA CORP	NVDA	397.70	9,82,319	9,79,079	5%	-73%	35%	25,878	46,762	20.9 x	9,126	25,079	39.0 x	9.92	40.1 x
89	BROADCOM INC.	AVGO	789.95	3,29,349	3,55,984	17%	-47%	19%	35,042	36,342	9.8 x	22,464	23,556	15.1 x	55.90	14.1 x
90	TEXAS INSTRUMENTS INC.	TXN	175.81	1,59,575	1,60,156	6%	-18%	-7%	19,502	18,153	8.8 x	10,559	9,298	17.2 x	16.79	10.5 x
91	QUALCOM	QCOM	115.83	1,29,035	1,38,344	35%	-12%	-37%	41,039	36,553	3.8 x	16,295	13,578	10.2 x	17.68	6.6 x
92	INFINEON TECHNOLOGIES	IFX-DE	38.16	49,829	53,607	9%	-45%	-17%	16,814	17,681	3.0 x	5,838	6,362	8.4 x	11.43	3.3 x
93	MICROCHIP TECHNOLOGY INC.	MCHP	76.66	41,809	48,175	14%	-29%	-12%	8,439	8,936	5.4 x	4,207	4,449	10.8 x	11.94	6.4 x
94	ST MICROELECTRONICS	STM-FR	44.83	40,816	38,859	19%	-37%	-8%	16,829	17,296	2.2 x	5,819	6,274	6.2 x	14.86	3.0 x
SOFTWARE
95	AUTODESK	ADSK	203.30	43,715	44,309	16%	-20%	-28%	5,104	5,552	8.0 x	1,793	2,126	20.8 x	5.33	38.2 x
96	VERISK	VRSK	219.97	31,850	34,706	1%	-29%	-4%	2,774	2,679	13.0 x	1,436	1,450	23.9 x	0.47	464.9 x
97	ANSYS INC	ANSS	323.24	28,012	28,392	3%	-40%	-19%	2,154	2,329	12.2 x	925	1,080	26.3 x	55.19	5.9 x
98	UIPATH INC - CLASS A	PATH	17.93	8,572	8,357	24%	-42%	-58%	1,103	1,319	6.3 x	136	182	45.9 x	3.45	5.2 x
99	TOPICUS	TOI-CA	71.77	5,878	6,133	3%	-35%	-22%	-	-	-	-	-	-	3.70	19.4 x
100	ENGHOUSE SYSTEMS LTD.	ENGH-CA	27.58	1,524	1,349	19%	-32%	-28%	296	336	4.0 x	101	105	12.8 x	7.00	3.9 x
DRONES/UAVs
101	JOBY AVIATION INC	JOBY	5.73	3,616	2,662	25%	-45%	-22%	0	0	-	-236	-353	-	1.70	3.4 x
102	AEROVIRONMENT INC	AVAV	97.60	2,466	2,584	15%	-28%	57%	487	580	4.5 x	73	118	21.9 x	24.60	4.0 x
103	ARCHER AVIATION INC-A	ACHR	2.99	553	299	73%	-46%	-50%	0	0	-	-286	-315	-	1.68	1.8 x
104	BLADE AIR MOBILITY INC	BLDE	3.22	236	81	131%	-22%	-64%	165	219	0.4 x	-26	-27	-	3.73	0.9 x
DIVERSIFIED
105	MICROSOFT	MSFT	332.58	24,72,895	24,47,780	1%	-36%	-1%	2,07,591	2,27,874	10.7 x	1,00,955	1,17,106	20.9 x	26.18	12.7 x
106	AMAZON.COM INC	AMZN	122.77	12,59,664	13,49,652	19%	-34%	-26%	5,24,897	5,73,307	2.4 x	78,089	89,692	15.0 x	15.06	8.1 x
107	ALPHABET	GOOGL	123.72	7,35,021	14,85,388	2%	-33%	-15%	2,84,612	3,07,994	4.8 x	1,08,150	1,18,302	12.6 x	20.51	6.0 x
108	ORACLE	ORCL	105.99	2,86,152	3,69,703	1%	-43%	22%	47,958	52,480	7.0 x	24,130	27,459	13.5 x	-0.90	-118.2 x
109	KONGSBERG GRUPPEN	KOG-NO	40.80	7,234	7,306	13%	-31%	26%	3,282	3,442	2.1 x	498	495	14.8 x	7.33	5.6 x
110	NANO DIMENSIONS	NNDM	2.39	605	-396	56%	-14%	-38%	-	-	-	-	-	-	4.45	0.5 x
111	TRANSDIGM GROUP	TDG	778.15	42,742	59,353	7%	-36%	22%	5,897	6,881	8.6 x	2,964	-	-	-52.86	-14.7 x
112	CONSTELLATION SOFTWARE	CSU-CA	2,028.52	42,987	45,182	1%	-37%	9%	7,109	8,668	5.2 x	1,781	2,205	20.5 x	66.95	30.3 x
SPACS
113	ZANITE ACQUISITION CORP.	ZNTE	7.75	2,085	1,875	72%	-34%	-24%	-	0	32,804 x		-122	-	0.98	7.9 x
114	DHC ACQUISITION CORP	DHCA	10.49	49	130	7%	-7%	8%	-	-	-	-	-	-	2.52	4.2 x
115	GIGCAPITAL5, INC.	GIA	10.63	32	103	6%	-6%	-66%	-	-	-	-	-	-	2.42	4.4 x
116	C5 ACQUISITION CORP	CXAC	10.61	305	380	1%	-7%	-	-	-	-	-	-	-	8.06	1.3 x
117	GIGINTERNATIONAL1, INC.	GIW	-	-	-	-	-	-	-	-	-	-	-	-	3.23	-
118	NEW VISTA ACQUISITION CORP	NVSA	-	-	-	-	-	-	-	-	-	-	-	-	7.67	-
119	TALON 1 ACQUISITION CORP	TOAC	10.78	104	166	6%	-7%	-17%	-	-	-	-	-	-	6.00	1.8 x
120	BREEZE HOLDINGS ACQUISITION	BREZ	10.73	46	46	1%	-5%	5%	-	-	-	-	-	-	1.18	9.1 x
121	TG VENTURE ACQUISITION CORP.	TGVC	10.60	122	153	8%	-7%	8%	-	-	-	-	-	-	8.11	1.3 x
122	BROAD CAPITAL ACQUISITION CORP.	BRAC	10.65	95	96	3%	-7%	#	-	-	-	-	-	-	6.24	1.7 x
123	PARSEC CAPITAL ACQUISITIONS	PCX	-	-	-	-	-	-	-	-	-	-	-	-	7.86	-
124	CERES ACQUISITION CORP.	CERAF	-	-	-	-	-	-	-	-	-	-	-	-	-1.34	-

 

Data updated as of 2023/06/01.             

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