The good, the bad, and the ugly of space finance reports.
Summary
TLDRThis space industry podcast episode discusses financial results and business deals involving rocket companies Rocket Lab, Astra, and Virgin Galactic. It also covers news about Northrop Grumman layoffs, UAE investments in AI and space tech, an Indian rocket startup raising funds, and a dispute between SpaceX and the US government over the Starlink satellite internet service. The second half features an interview with aerospace engineer Alan Herbert about the influence of sci-fi on his career and his thoughts on African and African diaspora science fiction.
Takeaways
- 😊 Rocket Lab reported strong financial results in 2022 with $62.9 million in Q4 revenue and backlog valued at over $1 billion
- 😕 Astra Space founders proposed a buyout plan to acquire the struggling company valued at $278 million
- 🤨 Virgin Galactic touted successful flights in 2022 but provided limited details on its business plans going forward
- 😳 Northrop Grumman warned of potential layoffs up to 1,000 people after a key military contract was cancelled
- 💰 Abu Dhabi sovereign wealth fund Mubadala plans increased investments in AI and space technology in 2023
- 💸 Indian space startup SpaceFuels raised $800K seed funding to develop rocket propulsion systems
- 😠 SpaceX accused of withholding satellite internet service for US troops near Taiwan against its contract terms
- 👨🚀 Army Colonel Frank Rubio awarded the Army Astronaut Device for his record 371 days in space
- 😃 Guest Alan Herbert discussed the history and importance of African and diaspora science fiction stories
- 🎵 The podcast shared news of a Korean lab simulator recreating lunar conditions to study moon dust
Q & A
What is the main focus of the podcast episode aired on February 28, 2024?
-The main focus is on providing updates and insights into the space industry, covering investment stories, financial earnings of space companies, potential layoffs, and other significant events affecting the sector.
Which company is highlighted for its promising financial earnings in the podcast?
-Rocket Lab is highlighted for its promising financial earnings, with a discussion on its backlog of contracts valued at over one billion dollars.
What significant move did Astra Founders make according to the podcast?
-Astra Founders offered to buy the struggling company for $278 million, aiming to save it from closure and reverse its fortunes.
What issue is Virgin Galactic facing as mentioned in the podcast?
-Virgin Galactic is undergoing an FAA investigation after a part fell during its January flight, and it only expects to hold one more crewed flight this year.
What challenge is Northrop Grumman facing, as discussed in the podcast?
-Northrop Grumman warned employees of potential layoffs at their space facility in Southern California following the termination of a space force contract.
How is Mubadala Investment Company planning to invest in the space and technology sectors?
-Mubadala Investment Company plans to invest capital into artificial intelligence and space technology in the US and across Europe.
What controversy is SpaceX involved in according to the podcast?
-SpaceX is in controversy over allegedly withholding service of its Star Shield system for US troops in and around Taiwan, despite a contract with the Pentagon.
What significant achievement does Army Colonel Frank Rubio receive in the podcast?
-Colonel Frank Rubio was awarded the army astronaut device for completing at least one operational mission in space, joining an exclusive group of active duty soldiers with this honor.
How does the podcast episode contribute to the understanding of African and diaspora science fiction?
-The episode features a discussion with aerospace engineer Alan Herbert about the influence of science fiction on his career and explores African and diaspora science fiction, offering insights into its importance and contributions to the genre.
What unique research initiative is mentioned towards the end of the podcast?
-A team of researchers in Korea created a Korean Electrostatic Environment Simulator (KEYS) to mimic the moon's dusty, electrically charged environment on Earth, aiming to understand how moondust behaves when brought back to spaceships.
Outlines
😀 Rocket Lab Reports Promising Earnings, Astra Plans Buyout
Paragraph 1 discusses financial updates from rocket companies Rocket Lab and Astra. Rocket Lab reported strong 2022 revenue growth and new contracts worth over $1 billion. Astra's founders proposed a $278 million buyout of the struggling company. Virgin Galactic also provided disappointing financial updates.
😊 Investments in AI and Space Technology Planned
Paragraph 2 covers various space industry investment news. Abu Dhabi sovereign wealth fund Mubadala plans increased investment in AI and space tech. Indian rocket startup Space Propulsion Labs raised $800,000. Early-stage company Space Fields filed several patents after testing India's first aerospike rocket engine in 2023.
😎 Discussion on African and African-American Science Fiction
Paragraphs 3-5 contain an interview with aerospace engineer Alan Herbert on the topic of African and African-American science fiction. Topics span the history of black writers in sci-fi, the importance of representation, key figures like Samuel Delaney and Octavia Butler, the distinction between Afrofuturism and black sci-fi, and Herbert's own fiction writing.
Mindmap
Keywords
💡rocket lab
💡astra
💡Virgin Galactic
💡layoffs
💡mubadala
💡SpacePhills
💡Starlink
💡Army astronaut device
💡afrofuturism
💡representation
Highlights
Rocket Lab reports promising financial earnings
Astra Founders move forward with their buyout plans
Northrop Grumman warns of layoffs in California
Mubadala Investment Company is expected to invest capital into AI and space technology
Indian space company Space Fuels has raised $800,000 in a seed round
SpaceX is in hot water with the US government over withholding Starlink service near Taiwan
Army Colonel Frank Rubio awarded the Army Astronaut Device
Alan Herbert's interest in aerospace engineering was sparked by science fiction like Lost in Space and Star Trek
Early 20th century African American writers like Pauline Hopkins wrote early works of sci-fi featuring advanced African civilizations
Seeing yourself reflected in stories is an important part of feeling represented in fields like aerospace
Afrofuturism encompasses art, culture, dance, and more to express black identity and agency
Younger people writing African and African diaspora science fiction brings new perspectives
Herbert writes science fiction short stories across genres like space travel, time travel, and alternate histories
Many classic sci-fi TV shows were adaptations of published short stories
A team in Korea built an electostatic environment simulator to mimic lunar conditions and study moon dust
Transcripts
[Music]
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[Music]
platform we're kicking off our daily
Intel breathing with a slew of
investment stories it's the usual good
bad and ugly when it comes to the space
industry
so let's start with the positive outcome
and future facing rocket lab shall
we
tus seconds
[Music]
L today is February the 28th 2024 I'm
Alice kth and this is t-
[Music]
minus
rocket lab reports promising Financial
earnings Astra Founders move forward
with their buyout plans North at Grumman
warns of layoffs in California and our
guest speaking with Maria in the second
half of the show is aerospace engineer
Alan Herbert they'll be exploring
African and diaspora science fiction so
stay with us for that
chat
in an industry usually dominated by one
provider rocket lab has slowly but
surely carved out their share of the
profit in fact during the investors's
call the company's CEO talked about a
backlog of contracts valued at over one
billion usar yes that was a b Peter Beck
proudly discussed the strong year that
the company had experience thanks in
part to new contracts from the space
development agency and new haste
contracts rocket lab set new launch
records conducting 10 missions with its
electron rocket last year and moving
forward its focus will also be on
developing its new vehicles including
the neutron
rocket in terms of numbers rocket lab
grew Revenue 16% year on year with
fourth quarter Revenue just shy of the
62.9 million That Wall Street expected
the company also discussed refinancing
their 100 million Term Loan facility
with Hercules Capital into a larger
longer duration and cost effective 120
million equipment lending facility with
Trinity Capital rocket lab's projected
first quarter revenues expected between
92 million and 98 million so we're
expecting big things and great outcomes
in
2024 next up is the bad news asra space
Founders have offered to buy the
struggling company for $278
million according to a regulatory filing
Founders Chris Kemp and Adam London have
proposed to acquire the small rocket
maker once valued at more than $2
billion shares in Astra have fallen
99.6% since the company went public in
2021 spurred by a few Mission failures
and delays in test flights he is hoping
that the buyer will save the company
from closure and reverse the fortunes of
this once promising organization
so I guess that makes space tourism
company Virgin Galactic the ugly sorry
guys the company had an investment call
yesterday to update its fourth quarter
and year-end Financial results BG touted
the six human space flights held in 2023
as a huge success and talked of
increases to its Revenue but skirted
around the details of its business
moving forward they're currently going
through an FAA investigation after a
part fell during its January flight and
they're only expected to hold one more
crude flight this year they say that
they're planning to open a new
manufacturing facility for their next
Generation space planes later this year
Virgin Galactic stock took a tumble
following the earnings
call over to other news now an North
grman has warned employees that they
could be facing layoffs at their space
facility in Southern California
following a termination of a space force
contract the US military branch canel a
multi-billion dollar communication
satellite program which was led by the
dod contractor North at Grumman has said
said that it's working to match affected
employees with existing job openings and
opportunities the company's warned that
as many as 1,000 employees could be
affected by the canceled
contract Abu dhabi's mubadala Investment
Company is expected to invest Capital
into artificial intelligence and space
technology this year according to its
managing director The Sovereign wealth
fund is expected to invest more in the
US and across Europe mubadala controls
276 billion dollars of assets director
calun Mubarak said that a conference
that quote we are in the business of
driving progress and investing in
solutions to Global challenges well they
don't come bigger or more expensive than
space that's for
sure Indian space company space phills
has raised $800,000 in a seed round the
Bengaluru based company designs and
builds dualed rocket propulsion systems
for Aerospace space and defense
applications the company was founded by
three students who had established
India's first student rocketry team at V
Surendra Sai University of Technology
space Fields had unveiled and tested
India's first aerospike rocket engine in
2023 it also filed six patents on
Technologies developed in house the
company currently employs only 12 people
full-time the funding will be used to
grow the
workforce SpaceX is in hot water with
the US federal government over allegedly
withholding service of its military
Focus star Shield system for US troops
in and around Taiwan star Shield is a
program that SpaceX launched in December
2022 to provide secure satellite
internet access to the military and
government agencies US Representative
Mike Gallagher sent a letter to SpaceX
CEO Elon Musk to say he's learned from
multiple sources that star Shield is
inactive in and around Taiwan despite a
contract with the Pentagon to serve US
troops in the region SpaceX and musk
have not publicly responded to the
letter from
Gallagher and we finish our briefing
with a story from the Army Colonel Frank
Rubio has been awarded the army
astronaut device during a pinning
ceremony at the Pentagon the army awards
the astronaut device to Personnel who
complete at least one operational
mission in space with the award Rubio
joins Colonel an mlan and Colonel Andrew
Morgan as the only active duty soldiers
authorized to wear the device
Rubio spent 371 days aboard the
International Space Station from 2022 to
2023 breaking the record for the longest
space flight for an American
[Music]
astronaut you'll find links to further
reading on all the stories I've
mentioned in this episode in our show
notes and I've added a few extra a great
piece from ours Technica on OD deus's
technical issues and appointment
announcements from NASA
hey T-minus crew if you find this
podcast useful please do us a favor and
share a five-star rating and a short
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will help other space professionals like
you find the show and join the t- miners
crew thank you we really appreciate
[Music]
it
Our Guest today is aerospace engineer
and Agra food Advocate Alan Herbert
Maria spoke with Alan about how science
fiction influenced his
[Music]
career I always tell people my stem was
lost in space Star Trek in in space
1999 um I wanted to be Scotty you know I
mean lost this space I thought I was
supposed to be a physic Buist like uh Dr
Robinson but when I saw Star Trek for
the first time said oh I want to be an
engineer aerospace engineer I had never
heard of it the school I grew up in
Berkeley of all places and Los Angeles
ber California Berkeley California yes
and there was no stem program in my
Elementary or junior high school so I I
I figured all this out myself and here I
am an aerospace engineer working with
aggra food development last time we
talked for the show we were talking a
bit about like what you were doing when
you were uh like the last four years to
now about aggra food but let's let's go
back a little bit further when we talk
about like sci-fi and what that
introduced to you and also like that
that spark that it ignited in you I mean
it it ignited the spark to really look
deeper and that's why I'm an aerospace
engineer but years and years ago um I
remember reading oh was a documentary of
Tor Morrison she's a African-American
writer and she said if there's a book
that you cannot find that you would like
write it
yourself and so I started writing
African science fiction basically back
then I was I don't age myself but that
was almost 40 years ago um we we can
edit the age out just kidding K just
kid and so um so I started writing again
my wife encouraged me so I started
writing again but it I wasn't a person
in the vacuum it started um history is
so very important I mean it is one of
the most important things I love history
I have an uncle that taught um African
history at San Francisco State in the
70s and so that sparked me too so even
when I start writing you start looking
at okay in terms of African-Americans
even Africans who was writing before
obviously before me of course and so you
start learning that even the beginning
of the 20th century there was a woman
named Pauline Hopkins who wrote a book
about hidden Advanced African
civilization in Ethiopia sound familiar
and this is
1906 okay GE I wonder if a certain comic
book series got inspired from that yeah
like and so this is well 1902 I'm sorry
1902 and so and then we duboy a lot of
people heard of him he wrote a science
fiction book called Comet about a comet
hitting Earth which was very interesting
I did not know he wrote science fiction
yes he did yes he what wow okay went I
went to UMass he spent a lot of time at
UMass so like our our library is named
after him so he's big deal so I did not
I did not know okay you that's really
cool didn't know that that's why we're
talking and
then and then there's a guy named George
Schuler he was in the har renad he wrote
in 1930s a fictionalized African
civilization uh called the black Empire
again almost like wakanda then we have
mid 20th century Samuel R Delaney a lot
of people uh he wrote for even TV stuff
so he was a very big writer back then
and then of course we all know Tivia
Butler Kindred I mean that's only one
but she's wrote many science fiction
books um as a woman back in 1979 her
stories one of them was a miniseries on
FX and so she has a big impact and then
you know you come into today you have
Nola hopin ink Jameson NY o
I mean they mixed a lot of black
identity and um arts and different
things in in their stories even African
um mythology and things in their and
even in their own stories and with even
Advanced uh civilization and then um
there's some African ones B oiy from
Nigeria Lauren bues from South Africa
one of my favorites is uh Steven Barnes
and not a lot of people have heard of
him he wrote a book called Lion's blood
and he's Wroten some Star Wars things
but his book lions blood was was an
alternative history as if um West Africa
came to America and they brought slaves
from Europe so it was a it's a very it's
called Lion's blood and there was
another one called Zulu so he did two
stories and he also has written like I
said for Star Wars and different things
so he's done a lot of different things
and a lot of people hadn't heard of him
and then um then there's more younger
people which I love when younger people
write science fiction because they they
have the internet they have a whole
different perspective than someone such
as Octavia Butler where she looked at
technology different so there's um a
young lady out of uh London she's
African called Timmy o and it this
wasn't really an African story but it
was a African writing about it's called
Terra 2 and it's about a group of
teenagers six teenagers going to a new
um Earth so that was a good one and then
there's a guy named Momo betran recently
he wrote a book about Africans going to
Mars and what's so amazing Maria is that
people want to see themselves in things
and I remember again um old science
fiction movies didn't have that many
black people that like the 50s 40s in
the 60s they started it I remember I was
watching destination space I don't know
if you heard of this a 1950 heard of it
I've heard of it I won't say I've seen
it but I've heard of it yeah and wow
there's one black guy in it who's on the
space station and so really didn't
happen until Outer Limits and then of
course Star Trek but a lot of people
looked at Aurora which she was amazing
but I wanted to be Scotty as I keep
saying you mentioned seeing yourself and
and your your stories reflected and to
me it's also when Humanity continues our
exploration of the cosmos we got to
bring our whole selves into it all our
experiences inform who we are and you
know what does it mean to have a story
about like black people on the moon well
I mean for me it's like Tony Morrison
said I mean I like Ben boova Alistar
Reynolds and and Kim staning Robinson
and then some of I read some of the um
ones that they consider after future
some that may not be I said you know but
I want to read something that I really
really would like and so I started
writing myself and as I was saying I I I
wrote the first story when I was in
college it's called darkest Europe and
then I started writing in like three
different categories Maria I looked at
Earth space and time travel I love time
travel shows the Earth ones one of them
talks about the the first African uh Man
rocket that goes into space this is more
it would be more today you know not way
in the future I hope not but it talks
about that a young kid doing that and
then I write then on Earth also
children's books looking at Agra food
development space agriculture food and
space basically for young people um and
then I look at space I lived in the Mesa
region Middle East Africa and South Asia
for four years where I lived in Abu
Dhabi and so I started writing with the
characters from that region Because by
the year 2100 two out of three people in
the world will be in that region and
that region is really growing you know a
lot of things are going on
technology-wise that a lot of people
don't know so I wrote a book called
sustainable Frontiers that I'm writing
not a book I'm sorry a short story it's
about a a ship that goes out looking at
redoing organic waste I mean all those
different things but the crew is made up
of mostly the people from the Mesa
region so it's it's not it's not just
Africa but it's people from that whole
region and then I have one of my
favorite ones um I think I told you a
little bit about it earlier about a
mood-based uh election it's African
basically and so these are the different
things that you know excite me and even
in the time travel sense I I start
writing as I got older I start um
reading more African history because of
my uncle my uncle was a um professor at
San Frisco state that talked about he he
he um he taught African history and one
of them one of them of course is darkest
Europe and then I have another one about
Queen am amanas who this is real who
stopped the Romans from going deeper
into Africa after they conquered Egypt
she she stopped them from going into
deeper into Africa basically and then I
have some about black colleges in the
1920s so I I so I I kind of had a
mixture in there where it's adventure
but it's also learning pretty much and a
lot lot of them are short stories also
writing a a book something I started
almost 14 years ago but I just didn't
finish so I it's just this is something
that always motivated me I'm I'm a big
science fiction person um for TV any
shows that come on and some of the
science fiction stuff on TV or at the
movies I don't I'm one of these people I
critique it okay I I a science fiction
fan critiquing sci-fi I've never heard
of that Alan
we none of us have opinions especially
strong ones yeah and so you realize a
lot of these stories they were short
stories even Star Trek a lot of them
were short stories that people had
written um I mean I started really
researching them um Outer Limits all
these different things these stories
series were all short stories from
somebody so there was an impact there so
I write for that so that people have
different perspective I hope they're in
an African-American Community or any
Community especially the
African-American Community now that the
younger people start writing you know
and we already have a lot of writers
there's some writers for science fiction
shows they look at TV and and movies and
all these different things so I'm very
excited about the future we talked about
offline and I forgot to ask I should
have asked earlier and maybe we'll it
this earlier is we were talking about
like my extremely undereducated
understanding of like afro futurism
versus like African-American sci-fi
stories and you had given me this
gorgeous distinction between how I was
confusing them all would you mind sort
of indulging me and just explaining
those Concepts again because I'm sure
I'm not the only person who's like I I
think of Afro futurism as as a as a
bubble and that's not correct no I mean
it's it's encompassing but not
all-encompassing if you look for the
definition of AF futurism you can look
it up in the internet it expresses black
identity I think I talked about that
agency and freedom through ART culture
and then even it the word didn't really
come up into the 1970s there was a guy
named sunra um if you yeah okay if you
remember Parliament if you remember
Parliament uh Funkadelics all these leel
they had these futuristic clothes and
all that so it encompassed not just
writing and things like that it
encompassed um art it encompassed
Movement Dance it encompasses everything
dealing in an African and African uh ASP
um context basically and so it was a
response to not being involved not being
seeing black people in the future yeah
basically cuz sometimes you see these
futuristic movies and it's like we don't
exist and they're supposed to be the
year 2312 or this and that and it's like
we don't exist but this was a reaction
to it but now here we have black panther
which is they look at as afro futurism
which is you know has affected so many
people
[Music]
we'll be right
back welcome back a team of researchers
in Korea recreated the moon's Dusty
electrically charged environment right
here on Earth theyve built a Contraption
straight out of a sci-fi flick a Korean
elect static environment simulator or
keys to mimic those lunar conditions yes
it's not new news we've certainly seen a
few of those kicking around the us but
it is a first for South Korea the team
created the keys to test how moondust
behaves when astronauts inevitably track
it back to their spaceships that crazy
regolith gets everywhere so someone had
to figure out how to deal with it who
wants to vacuum up moondust for the next
[Music]
century
[Music]
that's it for t- minus for February the
28th 2024 for additional resources from
today's report check out our show notes
at space. ink.com we'd love to know what
you think of this podcast you can email
us at space 2k.com or submit the survey
in the show notes your feedback ensures
that we deliver the information that
keeps you a step ahead in the rapidly
changing space industry n2k strategic
Workforce intelligence optimizes the
value of your biggest investment your
people we make you smarter about your
team while making your team
smarter this episode was mixed by Elliot
peltzman and Trey Hester with original
music and sound design by Elliot
peltzman our executive producer is Jen
iban our VP is Brandon C our host Maria
vases will hopefully be back on the mic
in the coming days I'm Alice kth and
thanks for
listening
[Music]
T
[Music]
minus
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