Terran is joining a trend of space companies going public through SPAC deals, with Virgin Galactic being the first of the newest generation in 2019.
The company expects to be profitable on an adjusted EBITDA basis through 2023 and forecasts sales of $ 2.6 billion through 2026 – of which $ 918 million from satellite solutions and $ 1.7 billion from its Earthscape business.
The company had $ 25 million in revenue last year, all from its satellite solutions unit, and expects that to increase to $ 35 million this year. The company plans to launch the first two of its satellites next year and have the full constellation in orbit by 2026. Terran also plans to build its own system of Earth image satellites with 96 spacecraft in orbit. The transaction is expected to add approximately $ 330 million in cash to Terran’s growth, with the funds coming from funds raised by Tailwind Two as well as a $ 50 million PIPE round – or a private investment in public equity, at which the investors AE Industrial Partners, Beach Point Capital. Terran said the facility will cost $ 300 million to build and, once commissioned, will be capable of producing over 1,000 spacecraft per year.
Headquartered in Boca Raton, Florida, the company last month announced plans to develop a 660,000 square foot manufacturing facility near Cape Canaveral, Florida. Tailwind Two’s shares rose 1% in trading from their previous closing price of $ 9.89. “With our innovative production of small satellites in large numbers, we will be able to bring new technologies into space faster, more cheaply and more reliably than anyone else.” “Terran Orbital is the largest independent small satellite manufacturer in the United States,” said Marc Bell, co-founder and CEO of Terran Orbital. The transaction gives Terran a $ 1.8 billion stock valuation and is expected to close in the first quarter of 2022, resulting in Terran being listed on the New York Stock Exchange under the ticker LLAP.Ī SPAC or special purpose vehicle raises capital from an IPO and uses the proceeds to buy a private company and bring it public. Terran is merging with the special purpose vehicle Tailwind Two Acquisition Corp., a SPAC trading under the ticker TWNT. Small satellite maker and operator Terran Orbital is preparing to go public, the latest in a spate of space companies to announce a SPAC merger this year.
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