An artist’s depiction of a Momentus Vigoride transfer vehicle using satellites in orbit.
Space transportation company Momentus is in final talks to go public through an acquisition of Stable Road Capital. This was announced by CNBC on Tuesday.
The company would go public through the special purpose vehicle (SPAC), for which Stable Road raised $ 172.5 million in November 2019. The deal values Momentus at nearly $ 1 billion, the person added.
Momentus is a Santa Clara, California based company that offers a “last mile delivery” service for spacecraft. At the heart of Momentus’ business is the Vigoride, a transfer vehicle that enables satellites to be placed in orbit by a rocket. Consisting of a frame, motor, solar panels, avionics and a number of satellite providers, Vigoride is specially designed for satellites that couple a ride with large rockets. an increasingly popular industrial practice called ridesharing.
The company launched its first demonstration mission last year, which proved that the main part of its transfer vehicle – the water plasma engines – was working. It has the first mission for Vigoride this year, currently slated for launch on a SpaceX Falcon 9 rocket in December.
To date, Momentus has raised nearly $ 50 million from investors like Prime Movers Lab and Y Combinator. The company employs more than 60 people and has been growing rapidly since it was founded in 2017. The Momentus transfer vehicle market comes into play because of the increasing popularity of small satellites that still need a path to get out of the orbit where the rocket is dropping them and into the spacecraft’s target orbit. It has the first mission for its Vigoride spacecraft this year, currently slated for launch on a SpaceX Falcon 9 rocket in December.
Stable Road Capital and Momentus did not immediately respond to CNBC’s requests for comment. Bloomberg reported first This momentus is in talks to go public.
SPACs, colloquially known as blank check companies, have are becoming an increasingly popular way of going public. Rather than going through the traditional IPO market, an investor or company uses a SPAC to raise funds to fund an acquisition within a specified period of time – and the company it acquires is effectively publicized.
Stable Road’s SPAC is listed below the ticker symbol “SRAC”. Stable Road filings for the SPAC did not find out until June that it “focused its searches on companies in the cannabis industry,” although the company did not limit itself to acquiring a company in that particular sector.
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