PitchBoo-k-新兴空间简报：卫星服务（英）-2024-6正式版WN8

AliJavaheri

AssociateAnalyst,

EmergingTechnology

ali.javaheri@

EMERGINGSPACEBRIEF

SatelliteServicing

OriginallypublishedonAugust7,2024

pbinstitutionalresearch@

TrendingcompaniesOverview

Satelliteservicinginvolvesthedevelopmentandapplicationoftechnologiesto

repair,replace,refuel,andmaintainsatellitesalreadyinorbit.Companiesinthis

spacefocusonextendingsatellitelifespans,enhancingperformance,andreducing

theneedforfrequentreplacements.Thisfieldaimstomaximizetheutilityand

efficiencyofspaceassetsthroughinnovativein-orbitsolutions.

Background

SatelliteservicingVC

dealactivity

40

1626

23

9

15

201920202021202220232024*

Dealvalue($M)Dealcount

Satelliteservicinghastransformedfromatheoreticalconceptexploredbyacademia

andspaceagenciessincethe1960sintoapracticalmarketopportunity.NASA’s

successfulmissionstomaintaintheHubbleSpaceTelescopeandothersatellites

havesetthestageformodernadvancements.TheDefenseAdvancedResearch

ProjectsAgency(DARPA)hasalsosignificantlycontributedtothedevelopmentof

satelliteservicingtechnologies.Recently,theentranceofprivatecompaniesinto

thespacetechindustryhasacceleratedprogressinthisfield.Accordingtothe

SatelliteIndustryAssociation,2023sawa20%increaseYoYincommercialsatellite

launcheswithatotalof2,781launched.Thespaceindustryalsosawarecord190

launches.9,691activesatellitesorbitedtheEarthatthecloseof2023forafive-

yeargainof361%.Theglobalspaceeconomygenerated$400.0billioninrevenue,

withthecommercialsatellitesectorleadingtheway,growingto$285.0billion

andcomposing71%oftheglobalspacemarket.1Despitetheseadvancements,

themarket’sgrowthisshapedbythediverserequirementsofvariousorbital

regimes,suchaslow-earthorbit(LEO)andgeostationaryorbit(GEO),aswellasthe

increasingchallengeofspacedebris.

Source:PitchBook•Geography:Global

*AsofAugust2,2024

1:“CommercialSatelliteIndustryContinuesHistoricGrowthWhileDominatingGlobalSpaceBusiness—SIAReleases27thAnnualStateoftheSatellite

IndustryReport,”SIANews&Resources,June13,2024.

1

EmergingSpaceBrief:SatelliteServicing

Technologiesandprocesses

Advancementsinautomation,robotics,andnavigationtechnologieshavebeen

crucialforthedevelopmentofsatelliteservicing.Keytechnologiesinclude:

•Roboticarmsandmanipulators:Thesedevicesareusedforprecisetasks

suchasrepairingorupgradingsatellitecomponents,docking,andrefueling.

CompaniessuchasMotivSpaceSystemsoperateinthisspace.

•Autonomousrendezvousanddocking(AR&D):Thistechnologyenables

servicersatellitestolocate,approach,anddockwithclientsatellites

autonomously.AR&Dreliesonadvancedsensors,navigationalgorithms,and

controlsystems.TRL11isastartupthatdevelopssensorsforthisfunction.

•Refuelingtechnologies:Toextendsatellitelifeandreduceoverallmass,in-orbit

refuelingtechnologiesarebeingdeveloped.Theseinvolvetransferringpropellant

fromaservicingsatellitetoaclientsatellite.OrbitFab,forexample,providesboth

refuelingservicesaswellastheRAFTIrefuelinginterface.

•Replacementandrepairmodules:Thesemodulesaredesignedtoreplace

defectivepartsoraddnewcapabilitiestoexistingsatellites.Theuseofmodular

satellitedesignsfacilitatesthisprocess.ScoutAerospacespecializesinthis

technology.

Thesetechnologieshavealsobeenintegratedintovariousservicingvehicles,such

asNorthropGrumman’sMissionExtensionVehicleandMissionRoboticsVehicle,

toperformtaskssuchasrefueling,orbitmodification,andcomponentupgrades.

StarfishSpace’sOttervehiclealsoprovidesarangeoftheseservices,including

orbitalremoval.

Applications

Satelliteservicinghasawiderangeofapplications,including:

•Lifeextension:Byrefuelingandrepairing,servicingsatellitescansignificantly

extendtheoperationallifeofexistingsatellites,delayingtheneedforcostly

replacements.

•Orbitaladjustments:Servicingcanadjusttheorbitsofsatellitestooptimizetheir

performanceortoavoidcollisions,therebymaintainingthesatellite’smission

integrity.

•Repairsandupgrades:Performingin-orbitrepairsandtechnologicalupgrades

canenhancesatellitefunctionality.

•In-orbitassemblyandmanufacturing:Futureapplicationsmayinclude

assemblinglargerstructuresinspaceormanufacturingnewcomponentsin

orbit,leveragingmicrogravityenvironmentsforuniquemanufacturingprocesses.

2

EmergingSpaceBrief:SatelliteServicing

•Deorbitinganddebrisremoval:Servicingtechnologiescanbeusedtosafely

deorbitdefunctsatellites,helpingtoreducespacedebrisandmaintaina

sustainableorbitalenvironment.Providingdeorbitingservicesfordefunct

satellitescanallowcompaniestoserviceLEOconstellations,giventheincreased

risksuchsatellitesposetothebroaderconstellation.

Limitations

Despiteitspotential,thesatelliteservicingmarketfacesseverallimitations:

•Economicviability:Thecostofservicingoperationsmustbejustifiedbythe

benefits—oftennotthecaseforLEOsatellites,forwhichlaunchingnewsatellites

ismoreeconomical.Forthisreason,itisexpectedthatstartupswillfirstservice

GEOsatellitesbeforeexpandingservicestoLEO.

•Technicalchallenges:Hightechnicalcomplexityandrisksassociatedwith

docking,refueling,andrepairingsatellitesinorbitaresomeofthechallenges

servicersface.Satellitesareexposedtoheavyradiationandareconstantly

moving,whichmakesdockingdifficult.Manysatellitesarenotdesignedwith

serviceabilityinmind,addingtothetechnicalcomplexityofsuchmissions.

•Marketdemand:Currentdemandislimited,withaneedformarketconsolidation

andgovernmentalsupporttodrivegrowth.Whilelaunchcostsaredown,

launchcadencemustincreasetojustifyinvestmentincompaniesofferingin-

orbitservices.

Recentdealactivityandmarketoutlook

Thesatelliteservicingmarketisnascent,socurrentstartupswillneedtotake

advantageoflimitedopportunitiestodemonstrateexecution.StarfishSpaceisone

suchstartupthathassecuredcontractsfrombothcommercialandgovernment

clients.InJune2024,StarfishsignedacontractwithIntelsattoprovidelife-

extensionservicestoitsGEOsatellitestartingin2026.Thiscomesontheheelsof

a$37.5millioncontractsignedwiththeUSSpaceForcetodemonstrateitssatellite

dockingtechnology.2

VCdealactivityhasbeengenerallymuted.Astroscale,aJapanesecompanythat

providesarangeofin-orbitservices,wentpublicontheTokyoStockExchangein

earlyJune2024andiscurrentlyvaluedat$524.0million.D-Orbit,anothercompany

thatprovidesin-orbitservices,raised$108.3millioninaSeriesCroundinJuneas

well.IfStarfishSpace’sOttervehiclecandemonstratetechnicalandcommercial

viability,itcouldopenupmoreVCinvestmentinthesatelliteservicingmarket.The

category’soveralldevelopmentwillthusbemoregradual,influencedbyfactors

suchasthecontinuedmaturationofrobotics,automation,andautonomous

navigationtechnologies,whicharecrucialforreducingtherisksandcosts

associatedwithin-orbitservicing.Ongoinggovernmentsupport,includingfunding

andcollaborativeinitiatives,willplayavitalroleinmarketdevelopment.

2:“StarfishSpaceSignsContractWithIntelsatforSatelliteServicingBeginningin2026,”GeekWire,AlanBoyle,June26,2024.

3

EmergingSpaceBrief:SatelliteServicing

Quantitativeperspective

Foradeeperdiveintothedataandtoexplore

additionalinsights,visitthePitchBook

56

companies

223

deals

361

investors

$13.5B

capitalinvested

Platformorrequestafreetrial.

40

deals(TTM)

-7.0%YoY

$3.0M

mediandealsize

(TTM)

-18.3%YoY

$615.1M

medianpost-money

valuation(TTM)

441.9%YoY

$729.9M

capitalinvested

(TTM)

-24.9%YoY

*AsofAugust2,2024

Topsatelliteservicingstartupsbytotalraised*

CompanyTotal

raised($M)

Lastfinancing

value($M)LastfinancingdateLastfinancingdealtypeHQlocation

Year

founded

OrbitalATK$5,925.0$7.7June6,2018M&ADulles,USN/A

SierraSpace$1,702.2$290.0September26,2023Early-stageVCBroomfield,USN/A

Astroscale$557.7$152.7June5,2024IPOTokyo,Japan2013

Momentu$410.5$4.0March7,2024PIPESanJose,US2017

D-Orbit$204.5$N/AN/AAccelerator/incubatorComo,Italy2011

IntuitiveMachine$84.0$20.0August31,2023PIPEHouston,US2013

OrbitFab$45.7$28.5April17,2023Late-stageVCLafayette,US2018

ClearSpace$33.6$N/AN/AAccelerator/incubatorRenens,Switzerland2018

StarfishSpace$22.2$1.8August8,2023Accelerator/incubatorTukwila,US2018

TurionSpace$17.5$N/AN/AEarly-stageVCIrvine,US2020

Source:PitchBook•Geography:Global•*AsofAugust2,2024

4

EmergingSpaceBrief:SatelliteServicing

TopsatelliteservicingstartupsbyExitPredictorOpportunityScore*

CompanyOpportunity

Score

Success

probability

M&A

probability

IPO

probability

Totalraised

($M)HQlocation

Year

founded

OrbitFab9991%44%47%$45.7Lafayette,US2018

StarfishSpace9793%92%1%$22.2Tukwila,US2018

ClearSpace9690%88%2%$33.6Renens,Switzerland2018

SierraSpace9598%40%58%$1,702.2Broomfield,USN/A

TurionSpace9083%82%1%$17.5Irvine,US2020

InfiniteOrbits8779%78%1%$12.9Toulouse,France2017

TRL117468%67%1%$3.0Irvine,US2022

ManastuSpace7078%49%29%$3.0Mumbai,India2017

D-Orbit6095%48%47%$204.5Como,Italy2011

RogueSpaceSystems6057%56%1%$0.3Laconia,US2020

Source:PitchBook•Geography:Global•*AsofAugust2,2024Note:ProbabilitydataisbasedonPitchBookVCExitPredictormethodology.

Topsatelliteservicingstartupsbyactivepatents*

CompanyActivepatentdocumentsTotalraised($M)HQlocationYearfounded

Astroscale60$557.7Tokyo,Japan2013

D-Orbit36$204.5Como,Italy2011

AltiusSpaceMachines14N/ABroomfield,US2010

OrbitFab12$45.7Lafayette,US2018

EffectiveSpace9$15.0London,UK2013

Source:PitchBook•Geography:Global•*AsofAugust2,2024

5

EmergingSpaceBrief:SatelliteServicing

Topsatelliteservicinginvestors*

Investor(s)InvestmentsPrimaryinvestortypeHQlocation

SeraphimSpace11VentureCapitalLondon,UK

Starburst8Accelerator/IncubatorElSegundo,US

USDepartmentofDefense8GovernmentWashington,DC

NationalScienceFoundation6GovernmentAlexandria,US

TTVenture6VentureCapitalMilan,Italy

NASA5GovernmentWashington,DC,US

YCombinator5Accelerator/IncubatorMountainView,US

AsymmetryVentures4VentureCapitalSanFrancisco,US

EuropeanInnovationCouncilFund4VentureCapitalBrussels,Belgium

MunichReVentures4CorporateVentureCapitalSanFrancisco,US

Techstars4Accelerator/IncubatorNewYork,US

TheCatalystAccelerator4Accelerator/IncubatorColoradoSprings,US

VUVenturePartners4Accelerator/IncubatorSanFrancisco,US

Source:PitchBook•Geog