The good, the bad, and the ugly of space finance reports.

Summary

This 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

00:00

😀 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.

05:02

😊 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.

10:02

😎 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.

Keywords

💡rocket lab

Rocket Lab is an American aerospace manufacturer and smallsat launch service provider. It is mentioned in the video as reporting promising financial earnings, having a backlog of over $1 billion in contracts, setting new launch records in 2023, and developing new vehicles like the Neutron rocket.

💡astra

Astra is an American company that manufactures and operates space launch vehicles for small satellite payloads. The video discusses how Astra's founders have offered to buy the struggling company for $278 million after its shares fell 99.6% since going public in 2021.

💡Virgin Galactic

Virgin Galactic is an American spaceflight company developing commercial spacecraft and offering suborbital spaceflights to space tourists. The video refers to it as the 'ugly' with its recent mission failures, delays, and lack of clarity around its business moving forward.

💡layoffs

The term 'layoffs' refers to dismissal of employees from a company due to restructuring or financial difficulties. The video mentions that Northrop Grumman has warned employees in California of potential layoffs following termination of a U.S. Space Force contract.

💡mubadala

Mubadala Investment Company is a UAE sovereign wealth fund that invests globally. The video states that Mubadala plans to invest capital into AI and space technology in 2024, quoting its managing director on driving progress through investment.

💡SpacePhills

SpacePhills is an Indian space company designing rocket propulsion systems. The video discusses how it raised $800,000 in a seed round, was founded by students, and focuses on aerospace and defense applications.

💡Starlink

SpaceX's Starlink is a satellite internet constellation providing global broadband connectivity. The video mentions a controversy where SpaceX allegedly withheld Starlink service to U.S. troops around Taiwan, despite a contract with the Pentagon.

💡Army astronaut device

This refers to a U.S. Army badge awarded to personnel who complete operational space missions. Colonel Frank Rubio was awarded this device in the video for his record 371 days aboard the ISS from 2022-2023.

💡afrofuturism

Afrofuturism combines science fiction and fantasy themes with African culture to envision black identities and agency in envisioning the future with liberation from societal problems. The guest discusses its history and relation to African-American science fiction.

💡representation

Representation refers to portrayal and inclusion of marginalized groups in arts, media, etc. The guest emphasizes the importance of representation for young people to 'see themselves' in fictional works, sparking their interest to pursue related fields.

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]

you're listening to the n2k space

[Music]

Network this episode is brought to you

by poo Alto networks the leader in cyber

security as AI driven attacks increase

organizations can't afford to have

network security that stuck in the past

discover How poo AO networks can help

you predict what's coming and

proactively secure against it with a

zero trust AI powered network security

platform built to secure Whatever

Whenever Wherever to learn more visit

Houton networks.com network security

[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

review in your favorite podcast app it

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