Starbridge
Michael Mealling addressed the inaugural session of ‘Space Technology: The Next Business Frontier’ Conclave last week at IIT Madras in Chennai, India. The event received some press in the Indian business news.
Portfolio Company News
Lynk
Iridium sheds more light on direct-to-smartphone plan
Iridium says it will also begin supporting occasional communications for emergencies and other unforeseen needs in remote areas, similar to Globalstar’s connectivity for Apple’s iPhone 14. From the article:
James Alderdice, vice president of Asia Pacific for Virginia-based Lynk Global, told the conference his startup has raised $27 million for a constellation of dedicated LEO satellites that would connect directly to unmodified phones. Lynk deployed the first satellite for its operational network in April and expects SpaceX to launch three more before the end of this year to provide initial services. Four satellites would enable users to send and receive text messages about four to eight times a day, depending on their latitude, and Alderdice said Lynk is closing in on a Series B round that would get it to an additional 100 satellites. Lynk expects to have deployed 50 pizza-boxed shaped satellites by the end of 2023, which he said would close the service gap to between 30 and 45 minutes. Alderdice said “continuous service” would require less than a thousand satellites in certain areas.
SpaceX
DoD eyeing options to provide satcom in Ukraine as it continues talks with SpaceX
The Pentagon said it is looking into alternatives to Starlink to provide communications for Ukraine's military. After which, Elon Musk promptly tweeted that SpaceX would continue to cover the cost of Starlink services in Ukraine.
Even the EU is considering supporting Ukrainian Starlink services. The Biden Administration is reportedly considering national security reviews of Starlink and other projects associated with Elon Musk although the White House has denied the reports. In related news, University of Texas at Austin researchers have reverse-engineered Starlink signals to provide a GPS-like navigation service — even without support from SpaceX.
General Space News
Lockheed Martin Holds “Destination: Space 2050” Event in DC
Lockheed hosted their ‘Destination: Space 2050’ event near the Capitol filled with interactive exhibits with lunar and Mars themes. Robert Lightfoot, Lockheed Martin’s Space Chief, noted that they are looking to partner with non-traditional companies or startups to capitalize on capabilities that already exist and that one-third of capital from Lockheed’s corporate VC arm is being invested in space startups.
Space Force briefing on military space race catches Jeff Bezos’ attention
SMSgt. Ron Lerch, senior enlisted leader of Space Systems Command’s intelligence directorate, conducted a briefing at the Space Industry Days event of unclassified material highlighting Russia and China. Of note: the use of fixed-site and mobile laser systems that could be used to target foreign optical imaging satellites flying over Russian territory; China’s “inspector satellites” Shiyan 12 01 and Shiyan 12 02 and their ability to ‘disperse’; jammers being used in space; more sophisticated cyberattacks; China’s testing of a ‘Fractional Orbital Bombardment System’ (FOBS), a Cold War nuclear-weapons delivery technology combined with a hypersonic glide vehicle; China’s deployment of their Tianlian data relay network in GEO; advanced features in China’s Beidou navigation satellites; and last but not least, of concern to the US is that if China views the cislunar region as a space economic zone, “you’re going to have the celestial equivalent of the South China Seas happening in cislunar space.”
Credit Suisse Initiates Aerospace & Defense (A&D) Coverage
On Oct 11th, Credit Suisse initiated coverage of the aerospace and defense (A&D) industry. However, the space industry still has to prove itself in the eyes of Credit Suisse:
The space sector overstates revenue potential while soft-pedaling costs, the deck notes. (For further reading on the matter, see the forward-looking revenue estimates in space SPACs’ investor decks.)
The industry is headed toward a speculative bubble, reminiscent of one that took place in the 1990s. (For further reading, check out Eccentric Orbits.)
SpaceX—the poster child of “new space”—has the best shot at commanding most of the industry’s remaining upside, while other promising players have been snapped up by defense primes through M&A and industry consolidation.
11 newly public space companies tracked by Credit Suisse reported $1.3B in operating expenses last year against $335M in sales. High burn rates, shortening runway, and a recessionary environment don’t help the sector’s top- or bottom-line financial prospects.
Other Space News
A Crew Dragon returned four astronauts to Earth from the International Space Station on Friday.
It remains difficult to combine data from different Earth observation systems.
China is preparing to launch the final mission to complete its three-module Tiangong space station.
Relativity Space is expanding its engine test facilities at NASA's Stennis Space Center.