Brost: Relativity's inaugural Terran 1 first stage for flight "will be leaving the factory in the next couple of weeks, and then we're working toward our first flight this summer."
Marcus House has a chat with Tim Ellis. Covers lots of ground, but not sure what's new info.
The mutual fund giant Fidelity has slashed the value of some of its holdings in Relativity Space, an aerospace startup that makes 3D printed rockets. The SpaceX-rival was last valued at $4.2 billion in a funding round last year.Fidelity's mutual fund Contrafund— a $110 billion fund that invests in a vast swath of private and public companies - marked down its holdings of Relativity's series D shares by around 21%, from $22.83 per share at the end of December to $17.96 per share at end of March, according to recent filings. The fund decreased the value of the smaller tranche of series E shares it purchased last year by a more modest 7%.Neither Fidelity nor Relativity responded to requests for comment so the reasons for the decline or why the shares are valued differently are unclear, but it is possible Fidelity sold a portion of its shares. It's rare for asset managers like Fidelity not to equally value shares of a single company even if they are from different fundraising series.Relativity was founded in 2015 by Tim Ellis and Jordan Noone, two young aerospace engineers who worked at Blue Origin and SpaceX, respectively. Since then it has raised $1.3 billion dollars in funding from marquee venture and private equity firms including BlackRock, Coatue, General Catalyst, ICONIQ Capital and Tiger Global. In 2021, the startup raised $650 million in funding led by Fidelity. Late stage companies such as Instacart and Stripe have seen their valuations fall this year as publicly traded tech stocks have plummeted. Space companies such as Virgin Galactic have also been battered, with that company's stock down more than 40% this year after going public via SPAC in 2019. Assessing the value of privately held companies is more difficult since most shareholders do not publicly disclose change in valuations. Fidelity is a notable exception, which is why it provides a rare window into how late-stage startups are valued.It is worth nothing Fidelity has not marked down the value of its holdings in Elon Musk-backed Space X, Relativity's much larger competitor. Ellis, who is CEO, has said the company is still on track to complete its inaugural launch early this year, blasting Relativity's 3D-printed Terran 1 rocket into space. He also told Bloomberg earlier this year that is he is not interested in a SPAC. "Some others tried SPACs when they were hot, but we were able to get private rounds done by high-quality investors," Ellis said. "We're focused on staying private as long as we can, and capital availability is high."
Fidelity slashes Relativity Space's valuation by as much as 21% in latest tech markdownQuote... Fidelity's mutual fund Contrafund— a $110 billion fund that invests in a vast swath of private and public companies - marked down its holdings of Relativity's series D shares by around 21%, from $22.83 per share at the end of December to $17.96 per share at end of March, according to recent filings. ...Does this mean investors are cooling off or are unhappy with the direction or progress lately?
... Fidelity's mutual fund Contrafund— a $110 billion fund that invests in a vast swath of private and public companies - marked down its holdings of Relativity's series D shares by around 21%, from $22.83 per share at the end of December to $17.96 per share at end of March, according to recent filings. ...
We roll in improvements in almost every print iteration… this newer version of Aeon 1 has a larger expansion ratio nozzle and higher efficiency, just realized I don’t think we showed off publicly until now
Eh, aren’t all the other space companies down like 50-70%? 20 feels light, and they are private so it doesn’t really matter or mean anything
Quote from: playadelmars on 05/10/2022 08:27 pmEh, aren’t all the other space companies down like 50-70%? 20 feels light, and they are private so it doesn’t really matter or mean anythingI wouldn't say it means nothing especially since they are trying to raise.
Quote from: c4fusion on 05/12/2022 06:45 amQuote from: playadelmars on 05/10/2022 08:27 pmEh, aren’t all the other space companies down like 50-70%? 20 feels light, and they are private so it doesn’t really matter or mean anythingI wouldn't say it means nothing especially since they are trying to raise.Are they currently in fundraising mode? I thought they had north of $1B raised already. At 700 ppl, their burn rate can't be *that* high. Trying to build a bigger warchest for Terran-R maybe?~Jon
Data review ongoing - all clean and this baby will be shipping to our launch site at Cape Canaveral, next test in space! 🌠 Relativity’s first flight stage
And that’s a wrap! Flight stage 2 data reviews passed yesterday and we are shipping the stage to Cape Canaveral for launch. Thanks to our amazing team 🙌🏻 https://t.co/0NErwfGAYL
