Space Tech Weekly Recap – August 04-11, 2025
Major funding, new missions, and setbacks: what mattered last week in space innovation.
At a Glance – Last Week in Space Tech
M&A & Funding
Firefly Aerospace raised $868 M in its Aug 7 Nasdaq IPO, rocketing 55 % intraday
Orbital Operations raised $8.8 million in a seed funding round to develop rapid-response orbital defense vehicles.
Voyager Technologies acquires ElectroMagnetic Systems to enhance AI-enabled ISR capabilities
Mitsubishi Electric’s ME Innovation Fund bought an undisclosed stake in Tokyo-based Pale Blue to commercialize water-propellant thrusters for small sats.
AST SpaceMobile secures global S-band spectrum for satellite-to-phone service
Intuitive Machines to acquire KinetX
Market
NBN Co signed a deal with Amazon’s Project Kuiper to deliver LEO broadband to 300,000 remote homes by 2026.
Rocket Lab reported $144.5 million revenue in Q2 2025, up 36% year-over-year, with improved gross margins.
Lunch
Skyrora got the UK’s first private launch license for up to 16 missions a year from SaxaVord.
Contracts
MDA Space revealed a $1.3 B (up to $2.5 B) prime contract to build EchoStar’s first 3GPP-5G direct-to-device LEO constellation.
SES Space & Defense won a $89.6 M, five-year U.S. Army COMSATCOM services contract.
NASA awarded six firms nine study contracts worth up to $1.4 M to scope low-cost orbital-transfer vehicles under the VADR lane.
Black Swift Technologies received a NASA SBIR Phase I grant to advance its modular SwiftCore autonomous flight-management system.
Read our latest weeklies for more recent space tech updates
Here’s a closer look at each story in the most recent week:
M&A & Funding
Firefly Aerospace raised $868 M in its Aug 7 Nasdaq IPO, rocketing 55 % intraday
What happened: Firefly Aerospace raised $868 million in its August 7 Nasdaq IPO, pricing 19.296 million shares at $45 each under the ticker FLY. The offering surged 55% intraday, but dropped on Friday closer to the initial target.
Why it matters: This marks the largest U.S. space-tech IPO of 2025 to enable Firefly to scale up its date. The capital injection for responsive launch services, lunar lander development, and orbital transfer vehicles, while also paying down debt. It reinforces public market interest in space infrastructure players with demonstrated hardware capabilities.
Investor angle: Public investors now have direct access to a vertically integrated space company covering launch to lunar logistics. However, Firefly will face pressure to meet milestones in a competitive small-launch market. The IPO valuation reflects high expectations for revenue growth and contract execution.
Moon Mission Maker Firefly Aerospace Launches IPO on the Nasdaq
Firefly Aerospace has launched its IPO today, trading under the ticker symbol FLY on the Nasdaq exchange.
Orbital Operations raised $8.8 million in a seed funding round to develop the next class of space vehicles.
What happened: Long Beach-based Orbital Operations, founded by former SpaceX engineers, secured $8.8 million led by Initialized Capital with participation from several space-focused investors. The startup is developing Astraeus, a high-thrust spacecraft fueled by liquid hydrogen and oxygen, designed for on-demand maneuvering to protect and reposition satellites in orbit. The funding will support team expansion, engine testing, and R&D with U.S. defense partners.
Why it matters: Orbital Operations aims to address a critical need in space security by enabling rapid reaction capabilities in orbit, enhancing satellite defense for government and commercial customers. This marks a growing focus on space-based defense vehicles amid increasing geopolitical tensions and satellite reliance.
Investor angle: Early-stage investors are backing a team with strong aerospace credentials tackling an emerging segment in space defense. The seed round positions Orbital Operations to advance key technologies that could become vital to national security and commercial space asset protection.
Voyager Technologies acquires ElectroMagnetic Systems to enhance AI-enabled ISR capabilities
What happened: On August 7, Voyager Technologies [NYSE: VOYG] acquired ElectroMagnetic Systems, Inc. (EMSI), a California-based developer of AI and machine learning-based automated target recognition software and intelligence analytics for space-based radar systems. EMSI’s ultra-fast radar simulation software generates realistic training imagery, improving automated target recognition performance. EMSI delivers AI-based classification and optimized target recognition solutions for both onboard and third-party radar systems.
Why it matters: AI is a critical advantage for turning data into actionable intelligence at machine speed, especially in contested environments. EMSI’s technology enables Voyager to scale AI-native, mission-resilient ISR systems aligned with U.S. defense and intelligence priorities, unlocking real-time monitoring across ground, air, and space domains.
Investor angle: The acquisition strengthens Voyager’s position in advanced ISR capabilities and expands its offerings with cutting-edge machine learning and AI, supporting growth in defense and commercial markets.
Mitsubishi Electric’s ME Innovation Fund Invests in Pale Blue
What happened: On August 7, 2025, Mitsubishi Electric’s ME Innovation Fund announced an investment in Pale Blue Inc., a Tokyo-based startup developing water-based propulsion systems for small satellites
Why it matters: Satellite propulsion is critical to mission efficiency, safety, and sustainability. Pale Blue’s technology—using water vaporization at ambient temperature and low-power plasma with oxidation-resistant methods—offers a safer, more cost-effective, and environmentally friendly alternative to conventional propellants. The investment reflects Mitsubishi Electric’s strategic push into sustainable space infrastructure and enhances its space business competitiveness.
Investor angle: This move represents a compelling opportunity in the emerging segment of green space propulsion. Mitsubishi’s backing provides validation and access to technical collaboration and resources. Pale Blue’s successful in-orbit demonstrations and expanding production efforts suggest a solid foundation for future growth, but the risks of evolving technology, market competition, production scaling challenges, and dependency on continued funding remain important factors to monitor.
AST SpaceMobile secures global S-band spectrum for satellite-to-phone service
What happened: On August 5, Texas-based satellite operator AST SpaceMobile announced an agreement to acquire EllioSat Ltd., a company holding global priority rights to 60 MHz of S-band mobile satellite spectrum under ITU regulations. The deal, valued at $64.5 million (with $26 million paid at closing and the remainder tied to milestones), will grant AST SpaceMobile long-term access to S-band frequencies worldwide for its direct-to-cell satellite network.
Why it matters: Spectrum is the lifeblood of satellite communications. The S-band, a mid-frequency range, can improve AST’s network capacity and throughput while mitigating interference issues. This acquisition strengthens AST’s competitive position in the nascent satellite-to-phone market, where companies race to secure spectrum and regulatory approvals.
Investor angle: The S-band acquisition is a strategic bet to enable AST to serve millions more users without spectrum bottlenecks or interference. Combined with ongoing satellite deployments, this move bolsters investor confidence that AST SpaceMobile is assembling the critical technical assets to monetize its global space-to-mobile service.
Intuitive Machines to acquire KinetX
What happened: On Aug 6, Intuitive Machines (NASDAQ: LUNR) announced a definitive agreement to acquire KinetX, an Arizona-based aerospace firm specializing in deep-space navigation and flight dynamics. KinetX brings over 30 years of experience supporting NASA and defense missions, including proprietary navigation software used in Intuitive’s own lunar landers. The deal is expected to close by year-end 2025 pending regulatory approvals; financial terms were not disclosed.
Why it matters: This acquisition gives Intuitive Machines an in-house capability for precision lunar and interplanetary navigation, strengthening its position as a vertically integrated player in Moon/Mars missions. KinetX is the only commercial entity certified by NASA for deep-space navigation, so absorbing its talent and tools should enhance Intuitive’s bids for NASA’s lunar infrastructure programs.
Investor angle: Intuitive Machines’ vertical integration derisks its technology pipeline and could boost long-term contract wins. Owning KinetX’s proven software and team positions Intuitive to compete for upcoming NASA contracts like the Near Space Network and deep-space communications projects. In such a capital-intensive sector, acquiring a cash-flow-generating service arm (KinetX’s support for government missions) can also provide more predictable revenue, supporting Intuitive’s expansion and investor confidence in its roadmap.
Market
NBN Co signed a deal with Amazon’s Project Kuiper to deliver LEO broadband to 300,000 remote homes by 2026.
What happened: NBN Co and Amazon’s Project Kuiper signed an agreement to deliver low Earth orbit (LEO) satellite broadband to more than 300,000 remote and regional homes in Australia, with the service expected to begin in mid‑2026. This will replace NBN’s current geostationary Sky Muster satellite network.
Why it matters: This collaboration marks a pivotal step toward bridging Australia’s digital divide. Kuiper’s LEO system promises higher bandwidth and lower latency compared to the aging Sky Muster infrastructure, benefiting underserved rural and remote users with significantly improved connectivity.
Investor angle: This deal signals growing commercial validation for Amazon’s Kuiper constellation—its first major deployment partnership—enhancing its credibility and revenue potential. Meanwhile, opportunity exists for local telecom and retail service providers (RSPs) to participate via wholesale offerings. Although financial terms remain confidential, the scale of the rollout points to meaningful long-term value.
Rocket Lab reported $144.5 million revenue in Q2 2025, up 36% year-over-year with improved gross margins.
What happened: Rocket Lab completed five launches this quarter, including a record two launches just two days apart from its New Zealand site. The company is also preparing its Virginia launch site for more government missions. They announced plans to acquire space sensor maker GEOST for $275 million, expanding into payloads and defense tech. Revenue growth was driven by higher launch cadence and a better product mix in space systems.
Why it matters: Rocket Lab is evolving beyond a smallsat launcher into a full-stack space systems company with a growing role in national defense. The margin improvements and operational scale highlight increasing profitability potential. While backlog dipped slightly, the company is well-positioned for future growth as it broadens capabilities and launch capacity.
Investor angle: Investors see Rocket Lab’s transition to a diversified space business as a positive step, backed by rising revenue and stronger margins. Challenges remain from competition and supply chain risks, but the company’s expanding government contracts and acquisitions offer long-term value.
Lunch
Skyrora got the UK’s first private launch license for up to 16 missions a year from SaxaVord.
What happened: On August 5, 2025, Skyrora became the first UK-based rocket company to receive a vertical launch operator licence from the UK Civil Aviation Authority (CAA). The licence authorizes up to 16 sub-orbital Skylark L launches per year from SaxaVord Spaceport in Shetland.
Why it matters: This milestone establishes sovereign UK launch capability and underscores Skyrora’s role in advancing domestic space independence and commercial access to orbit. It strengthens the UK’s space infrastructure and strategic position amid growing global competition.
Investor angle: Skyrora’s licence represents validation of its technical and regulatory readiness. It enhances the company’s appeal to both commercial payload customers and governmental agencies seeking reliable UK-based launch services. The licence also potentially facilitates cross-collaboration (e.g., with SaxaVord) and could accelerate revenue-generating launch activities.
Contracts
MDA Space revealed a $1.3 B (up to $2.5 B) prime contract to build EchoStar’s first 3GPP-5G direct-to-device LEO constellation.
What happened: On August 1, 2025, MDA Space was selected by EchoStar as the prime contractor to design, manufacture, and test the first tranche of over 100 software-defined “AURORA™” direct‑to‑device (D2D) LEO satellites. The initial contract is valued at approximately US $1.3 billion, with options that could bring the total to about US $2.5 billion .
Why it matters: This contract positions MDA at the forefront of the emerging non‑terrestrial network (NTN) market, delivering the world’s first 3GPP-compliant 5G D2D satellite network. It represents a significant leap in satellite communications, enabling seamless connectivity (messaging, voice, broadband, video) directly to standard 5G devices without modification, integrated with terrestrial networks. It also marks a significant expansion of MDA's contract backlog and technological leadership .
Investor angle: This multi‑billion-dollar contract is a major vote of confidence in MDA’s manufacturing scale-up and R&D strength. It greatly enhances revenue visibility and backlog stability. The high-profile nature of the project, with delivery beginning in 2028 and services launching in 2029, makes MDA a strategic play for those seeking exposure to next-gen satellite communications and 5G infrastructure convergence.
SES Space & Defense won a $89.6 M, five-year U.S. Army COMSATCOM services contract.
What happened: SES Space & Defense secured a five‑year, $89.6 million contract from the U.S. Army to provide commercial satellite communications (COMSATCOM) services via its Sustainment Tactical Network (STN) program. This effort supports the Army’s logistics and long-haul connectivity requirements using Ku‑band geostationary satellite services along with teleport and terrestrial infrastructure.
Why it matters: This contract underlines SES Space & Defense’s role as a critical SATCOM integrator for U.S. defense operations. It ensures continuity in secure communications, building on their previous support under the WESS COMSATCOM Network, and reinforces their position in providing interoperable, mission‑ready connectivity to DoD and allied agencies.
Investor angle: Contract adds predictable revenue over a multi-year span, improving backlog visibility and demonstrating SES Space & Defense's enduring value to governmental users. The contract affirms the company’s strategic relevance in defense communications and may serve as a stable foundation for future growth in a sector where reliability and established credentials matter.
NASA awarded six firms nine study contracts worth up to $1.4 M to scope low-cost orbital-transfer vehicles under the VADR lane.
What happened: NASA has selected six companies to produce studies focused on lower-cost ways to launch and deliver spacecraft of various sizes and forms to multiple, difficult-to-reach orbits. The awardees are:
Arrow Science and Technology LLC, Webster, Texas
Blue Origin LLC, Merritt Island, Florida
Firefly Aerospace Inc., Cedar Park, Texas
Impulse Space Inc., Redondo Beach, California
Rocket Lab, Long Beach, California
United Launch Services LLC, Centennial, Colorado
Why it matters: These contracts represent NASA’s continued effort to lower barriers for accessing non-traditional orbits by harnessing commercial innovation. The studies will help NASA assess scalable technologies that can enhance flexibility, responsiveness, and affordability in deploying complex missions—especially for small satellites or payloads needing precision insertion.
Investor angle: Though modest in size, these contracts mark early-stage engagement with NASA and provide market validation for participating companies. Investors can see this as de-risking technology development in the orbital transfer space, potentially unlocking future contracting opportunities once study outcomes demonstrate feasibility and capability.
Black Swift Technologies received a NASA SBIR Phase I grant to advance its modular SwiftCore autonomous flight-management system.
What happened: Black Swift Technologies received a NASA SBIR (Small Business Innovation Research) Phase I contract to further develop their SwiftCore Flight Management System (FMS)—a modular, AI-ready solution aimed at enhancing autonomy, security, and integration in uncrewed aerial systems (UAS).
Why it matters: SwiftCore represents a leap in modular avionics design for autonomous aircraft, shifting away from monolithic systems toward distributed, message-based architectures. The NASA SBIR award underscores growing demand for resilient, adaptable UAS autonomy—applicable in both government and commercial aerospace contexts.
Investor angle: From an investment standpoint, the SBIR grant validates Black Swift’s innovation in autonomy and positions the company for further government and commercial opportunities. As autonomy becomes central to unmanned operations, investors focusing on defense, environmental monitoring, or robotics may see SwiftCore as a foundational technology with scalable impact.