Small satellite builder and operator Terran Orbital is preparing to go public, making it the latest in a flurry of space companies to announce a SPAC merger this year.Terran is merging with special purpose acquisition company Tailwind Two Acquisition Corp., a SPAC which trades under the ticker TWNT. The deal gives Terran a $1.8 billion equity valuation and is expected to close in the first quarter of 2022, resulting in Terran listing on the New York Stock Exchange under ticker LLAP.<snip>“Terran Orbital is the largest independently-owned manufacturer of small satellites in the United States,” Terran Orbital co-founder and CEO Marc Bell said in a statement. “With our high volume, innovative manufacturing of small satellites, we will be able to deliver emerging technologies to space faster, more affordably and with greater reliability than anyone.”
Terran Orbital, a manufacturer and integrator of small satellites based in Boca Raton, Florida, announced Feb. 17 it won a contract from the U.S. military’s top contractor Lockheed Martin to produce and launch three spacecraft for a product demonstration.Lockheed Martin is not only a customer of Terran Orbital but a longtime investor in the company. Tyvak Nano Satellite Systems, a satellite bus provider owned by Terran Orbital, is Lockheed Martin’s partner for the contract the latter won in 2020 to build 10 satellites for the Pentagon’s Space Development Agency.Terran Orbital is one of many companies in the space industry going public through a merger with a blank-check company or SPAC (special purpose acquisition company). During a presentation to investors Feb. 17, executives said they expect the SPAC deal with Tailwind Two Acquisition Corp., announced in October, to be completed in the coming weeks.<snip>Terran Orbital has been reorganized into two business segments: Satellite Solutions and Earth Observation Solutions.Satellite Solutions is absorbing Tyvak. Bell said the company is phasing out the name Tyvak because Terran Orbital is transitioning to larger satellites — ranging from 150 to 500 kilograms — and will no longer be making nano-satellites.
hares in satellite manufacturer Terran Orbital Corp. were cleared to begin trading Monday on the New York Stock Exchange under the ticker symbol LLAP, Live Long and Prosper, the Vulcan greeting from the Star Trek television series.The merger of the special purpose acquisition company (SPAC) Tailwind Two Acquisition Corp. and Terran Orbital was completed March 25, after a March 22 shareholder vote.Terran Orbital announced gross proceeds of approximately $255.4 million from the SPAC and a concurrent private investment in public equity (PIPE) round that includes equity and debt.
Terran Orbital, which has billed itself as one of the few smallsat manufacturers not owned by an aerospace prime, is taking a $100M investment from Lockheed Martin, a previous investor.Also from the announcement:- Terran Orbital won’t pursue its own SAR constellation but instead offer PredaSAR satellites as a product.- The company will focus satellite manufacturing in California rather than build a new facility as previously planned in Florida.
At least three senior engineers and program executives left satellite manufacturer Terran Orbital late last week amid disagreements over the company’s direction, sources told SpaceNews.CEO Marc Bell in an interview Nov. 14 confirmed the departures of Adam Thurn, vice president of engineering; Austin Williams, chief technology officer; and John Abel, senior technology fellow.Bell said the executives resigned over disagreements with Terran Orbital’s top management over the company’s decision to focus primarily on the national security satellite market.“They wanted to build cubesats. They don’t want to build military satellites and protect national interests,” Bell said. “I wish them the best, they weren’t fired, they quit.”
Satellite manufacturer Terran Orbital has signed an agreement with French aerospace giant Safran to explore U.S.-based production of satellite propulsion systems, the companies announced June 23.Under the agreement, Safran Electronics & Defense and Terran Orbital will investigate opportunities and prerequisites for the production of electric propulsion systems for satellites based on Safran’s PPSX00 plasma thruster. The PPSX00 is a hall effect plasma thruster, recently introduced by Safran for the low Earth orbit satellite market.“Plasma propulsion has become the go-to solution for satellite positioning, orbital transfer and stationkeeping, because it offers significant weight savings over conventional chemical propulsion,” Safran said.
Possible candidate? (Tantrum)QuoteElectronically Steerable Antenna (ESA) Technology DemonstratorNovember 22, 2023This self-funded payload demonstrator, which will launch aboard Firefly Aerospace’s Alpha rocket, extends Lockheed Martin’s significant investment in scalable wideband ESA technology development to showcasing an actual on-orbit capability. This technology is critical to future remote sensing architectures and is built on a novel, scalable design, using highly-reliable commercial parts for quick, mass-producibility. For this demonstration, it was integrated on a Terran Orbital Nebula small satellite bus.
Electronically Steerable Antenna (ESA) Technology DemonstratorNovember 22, 2023This self-funded payload demonstrator, which will launch aboard Firefly Aerospace’s Alpha rocket, extends Lockheed Martin’s significant investment in scalable wideband ESA technology development to showcasing an actual on-orbit capability. This technology is critical to future remote sensing architectures and is built on a novel, scalable design, using highly-reliable commercial parts for quick, mass-producibility. For this demonstration, it was integrated on a Terran Orbital Nebula small satellite bus.
TAMPA, Fla. — Terran Orbital told investors Jan. 2 it has received a past-due payment for the 300 satellites it is building for Rivada Space Networks, but it is unclear whether this covered the full $180 million it expected by the end of 2023 as future installments for the $2.4 billion project are kept under wraps.The amount was due for completing an unspecified program milestone, Terran Orbital announced in a brief Jan. 2 news release, and means Rivada Space has paid all outstanding invoices to date.
The nonbinding proposal would see Lockheed acquire Terran Orbital’s outstanding common stock at $1 a share in cash, as well as pay $70 million for Terran’s outstanding warrants and assume the company’s $313 million in outstanding debt.Together, the offer values Terran Orbital at just below $600 million. Terran Orbital stock closed at $1.07 a share on Friday.