July 28, 2021

Small-Rocket Startup Isar Aerospace Adds $75M to Series B, with Porsche in the Mix; Total Financing Now at $180M (Sources: Space Intel Report, Space News)
German small-launch-vehicle startup Isar Aerospace extended its December 2020 Series B-round to secure an additional $75 million, closing the round at $166 million with investment. The company says the funding will allow it to expand its manufacturing and launch infrastructure for the Spectrum rocket it is developing. The first launch of Spectrum is scheduled for the second half of next year from Andøya, Norway. (7/28)

Sirius XM: Loss of XM-7 Satellite Won’t Hurt Business (Source: Space Intel Report)
Satellite radio broadcaster Sirius XM Holdings Inc. said it had received $140 million of the $225 million in expected proceeds from the total loss of its SXM-7 satellite, launched in December, but that its twin SXM-8, launched in June, was performing well and would enter commercial service by September. The company said it could not estimate when the remaining $85 million in insurance proceeds would arrive, but that it would nonetheless start capital spending on an SXM-7 replacement, called SXM-9, this year. (7/28)

‘Soul Crushing’: Inside Rocket Lab’s ‘Toxic’ Workplace Culture (Source: Business Desk)
“A very, very toxic environment,” is how one former worker describes working at Rocket Lab, the government-backed shooting star of a space company that is bound for a multi-billion dollar listing on the Nasdaq. Former workers claim that behind its flashy PR is a toxic culture of fear where people are pushed out of the business and punished for minor transgressions, or even for taking leave. We spoke to more than a dozen former workers of the space company. They worked across several departments, and some were at the company for several years. They spoke on the condition of anonymity, fearing retribution from Rocket Lab.

The workers recalled a workplace that is often fun and rewarding but, in their view, hides a poisonous culture that rewards unquestioning loyalty and working countless hours of overtime late into the night and on weekends. Several workers described the initial thrill and enjoyment of their time at the media darling space company, only for their perception of it to diminish as negative experiences wore them down to the point they resigned or found new jobs despite often loving the work. One former Rocket Lab staffer described this disappointment in deciding to move on as “soul crushing.”

Many of the workers described colleagues being called into meetings to be never seen again at work, of people being demoted within the company or forced to reapply for their roles or lower paying roles, of finance and HR managers with incredibly short tenures, and a revolving door of staff as people resigned due to burn-out. Some terminations appeared to them to be premeditated, with employees immediately locked out of their work email accounts and their access cards blocked to stop them re-entering the premises. (7/24)

Rocket Lab Not Yet Close to Profitability, Proxy Statement Reveals (Source: Ars Technica)
For a purely commercial launch firm like Rocket Lab, you typically only get paid when you deliver someone's satellite into orbit. So it is perhaps no surprise that the US-based company, which launches from New Zealand and has about 600 employees, has been losing a lot of money. According to a new proxy statement, Rocket Lab experienced net losses of $30 million and $55 million in 2019 and 2020, respectively. An independent auditor "expressed substantial doubt" about Rocket Lab's "ability to continue as a going concern."

These are the kinds of details we rarely see in the often financially opaque launch business, but as part of the process of converting into a publicly traded SPAC, Rocket Lab had to make extensive financial disclosures. Rocket Lab reported revenue of $48 million in 2019 and $35 million in 2020. The decrease last year was due, in part, to the COVID-19 pandemic, the company said. It has contracts for 15 additional Electron launches for this year and beyond, valued at $127 million in launch and space systems revenue.

As of March 31 of this year, Rocket Lab has $34.2 million of cash and cash equivalents on hand. In addition to this, the company said it has access to both a $35 million revolving line of credit and a $100 million secured loan with Hercules Capital that is not repayable until June 2024. Rocket Lab acknowledged that there may be a fairly long pathway to profitability. (7/28)

NASA Celebrates National Intern Day 2021 (Source: NASA)
NASA hosts a variety of events and interactive opportunities celebrating the agency’s interns and their contributions to its missions in recognition of National Intern Day, held this year on July 29. Through social media takeovers and question-and-answer sessions, podcast episodes, and more, NASA is offering a behind-the-scenes look at how interns participate in agency projects and the best routes to a NASA internship. Current interns, mentors, and internship coordinators from across the agency will share their experiences and advice for those interested in pursuing a career in STEM. (7/28)

50 Years Ago, NASA Put a Car on the Moon (Source: New York Times)
West of a crater called Rhysling, Mr. Scott scrambled out of the rover and quickly picked up a black lava rock, full of holes formed by escaping gas. Mr. Scott and Mr. Irwin had been trained in geology and knew the specimen, a vesicular rock, would be valuable to scientists on Earth. They also knew that if they asked for permission to stop and get it, clock-watching mission managers would say no. So Mr. Scott made up a story that they stopped the rover because he was fidgeting with his seatbelt. “Seatbelt Rock” became one of the most prized geologic finds from Apollo 15.

Like many lunar samples returned to Earth by the final Apollo missions, Seatbelt Rock never would have been collected if the astronauts had not brought a car with them. Apollo 11 and Apollo 13 are the NASA lunar missions that tend to be remembered most vividly. But at the 50th anniversary of Apollo 15, which launched on July 26, 1971, some space enthusiasts, historians and authors are giving the lunar rover its due as one of the most enduring symbols of the American moon exploration program. Foldable, durable, battery-powered and built by Boeing and General Motors, the vehicle is seen by some as making the last three missions into the crowning achievement of the Apollo era. (7/27)

Anuvu Orders Two Satellites for Eight-Satellite Constellation (Source: Space News)
Anuvu, a company formerly known as Global Eagle Entertainment, has ordered the first two of a planned constellation of eight small geostationary satellites. Anuvu said Tuesday it's signed a long-term agreement with satellite maker Astranis for the constellation, with the first two to be launched in early 2023 over North America and the Caribbean. Anuvu also plans to use capacity on Telesat's Lightspeed low Earth orbit constellation to provide connectivity for airlines and cruise ships. Anuvu changed its name from Global Eagle Entertainment after exiting Chapter 11 bankruptcy in March. [SpaceNews]

Lawmakers Want Space Force Guidance on Spaceport and Range Support (Source: Space News)
Lawmakers are concerned about the infrastructure at the nation’s major space launch ranges at Cape Canaveral, Florida, and at Vandenberg Space Force Base, California. These ranges are used by the government and by commercial companies so conceivably the Space Force could ask the private sector to help pay for improvements, the aide said. “That might be an option. We’re not prescriptive on what we asked them to come back with. We just want them to tell us what they would need to address the required infrastructure moving forward given the growth of launches that is occurring.”

These ranges are used by the government and by commercial companies so conceivably the Space Force could ask the private sector to help pay for improvements, the aide said. “That might be an option. We’re not prescriptive on what we asked them to come back with. We just want them to tell us what they would need to address the required infrastructure moving forward given the growth of launches that is occurring.” (7/27)

Astroscale and Mitsubishi Plan Space Debris Removal Collaboration (Source: Space News)
Astroscale and Japanese launch vehicle manufacturer Mitsubishi Heavy Industries will collaborate on space debris removal technologies. The companies said they will work together on ways to use technologies to dispose of upper stages left behind in orbit. That could eventually lead to technology demonstrations or even debris removal missions, but the companies said there are no firm plans or schedules for such efforts. (7/28)

SpaceX August Plans Starlink Mission at Vandenberg Spaceport (Source: SpaceFlight Now)
SpaceX is gearing up to resume Starlink launches after a long hiatus. A Falcon 9 launch of Starlink satellites from Vandenberg Space Force Base is scheduled for no earlier than Aug. 10. That will be the first launch dedicated to Starlink satellites since late May, and the first Falcon 9 launch of any kind since the end of June. The Vandenberg launch will be the first in a series to place Starlink satellites in high-inclination orbits to serve polar regions not served by the existing constellation. (7/28)

India's Lunar Lander Mission Planned in Late 2022 (Source: PTI)
India plans to launch its next lunar lander mission next year. A government minister said Wednesday the Chandrayaan-3 lander mission is set to launch in the third quarter of 2022 after delays caused by the pandemic. The mission will be India's second attempt to land a spacecraft on the moon, after the Chandrayaan-2 lander crashed during its landing attempt in September 2019. (7/28)

Isle of Man Endorses Artemis Accords (Source: Isle of Man Govt.)
The Isle of Man has endorsed the Artemis Accords. The Manx government said Tuesday that it supports the principles of the Artemis Accords, unveiled by NASA last fall to outline best practices for safe, sustainable space exploration. A dozen countries have signed the Artemis Accords, including the United Kingdom. The Isle of Man, while a British Crown Dependency, has its own government and in recent years has worked to attract space companies. (7/28)