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Gravitics plans reverse merger and $125M stock offering

Illustration: Diamondback orbital carrier in orbit
An artist’s conception shows Gravitics’ Diamondback orbital carrier, which is targeted for a debut in 2027. (Gravitics Illustration)

Marysville, Wash.-based Gravitics, which is developing orbital carriers for government and commercial customers, is getting ready for a reverse takeover that could lead to a $125 million public offering.

The arrangements are being made with Non-Invasive Monitoring Systems, a Florida-based shell company, with the goal of getting Gravitics listed on the Nasdaq Stock Market.

The two ventures have been discussing the deal for months. The terms for the public offering were announced last month, and this week, a notice filed with the Securities and Exchange Commission revealed a previously unreported $17 million funding round that was completed earlier this year. The filing appears to be part of the preparations for the reverse takeover.

Similar to a SPAC merger, a reverse takeover offers a faster route for a private company to go public by acquiring a less active shell company and taking control of the combined operations. Non-Invasive Monitoring Systems is a prime example: It stopped manufacturing motorized therapeutic platforms in 2019 but retained its OTC listing. The plan envisions “uplisting” the company from OTC to Nasdaq.

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Interlune raises $5M for mining the moon … and more

Illustration: Overhead view of lunar mining operation
An artist’s conception shows a mining operation on the moon, including harvesters and a solar power plant. (Interlune Illustration)

Seattle-based Interlune has raised $5 million in fresh funding to support a business plan that involves building space infrastructure as well as mining the moon for helium-3 and other valuable resources.

The funds were raised through a Simple Agreement for Future Equity, or SAFE, in which investors provide upfront cash to a startup in exchange for shares to be issued during a future priced round. Interlune used the same approach to raise $5 million earlier this year.

Interlune said existing and new investors participated in its latest SAFE offering, which came to light today in a regulatory filing with the Securities and Exchange Commission.

“The company’s continued traction with government contracts, along with major milestones across the space ecosystem over the past year, makes this a beneficial approach ahead of our next priced round,” Interlune CEO Rob Meyerson said in an emailed statement.

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GeekWire

An unusual $300M deal aims to fund orbital computing

Illustration: Sophia Space satellites lined up in orbit
An artist’s conception shows several Sophia Space satellites in orbit. (Sophia Space Illustration)

Sophia Space and SLI, an aerospace leasing venture based in Washington, D.C., say they’ve agreed on a $300 million asset-financing framework that will support the creation of a 10-satellite constellation for high-performance computing.

The details of the arrangement are as notable as the bottom line: Sophia Space will build the satellites, leveraging the startup’s patented TILE technology for modular in-space data processing. SLI will purchase the satellites under the terms of a financing agreement.

“SLI as the lessor will purchase the satellites from Sophia, hold title to the assets, and lease them to the end user on a long-term basis in exchange for fixed monthly or quarterly payments,” Max Yergan, the company’s senior vice president for investments, explained in an email. “Full control and operational responsibility for the assets sit with Sophia and the end user, who will determine between them how operations are handled.”

Sophia’s satellites are designed to deliver on-orbit edge data services for a wide variety of applications.

“The demand we are underwriting exists today,” Yergan said. “Earth observation, weather and supply-chain analytics, disaster response and defense ISR [intelligence, surveillance and reconnaissance] users all face the same constraint now: They collect far more data than they can bring to the ground, and its value decays while it waits to be downlinked. Processing on orbit addresses that directly.”

The constellation’s first launch is targeted for as early as 2028. SLI would pay out funds linked to development and launch milestones, all the way through verification that the on-orbit network performs to pre-agreed standards.

The arrangement is laid out in a non-binding letter of support. “The non-binding nature is a reflection of where we are in the process, and is typical of large asset financings,” Yergan explained. “It sets the commercial framework so both parties can commit resources while definitive documentation is negotiated.”

Leasing arrangements are often seen in aviation and the maritime industry, but this is a relatively new concept for satellite ventures.

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Stoke Space raises $1 billion to upsize its reusable rocket

Stoke Space’s Nova Pathfinder upper stage flight article No. 1 sits at the company’s factory in Kent, Wash. (Stoke Space Photo)
Stoke Space’s Nova Pathfinder upper stage flight article No. 1 sits at the company’s factory in Kent, Wash. (Stoke Space Photo)

Stoke Space says it has raised roughly $1 billion to get ready for the first launch of its fully reusable Nova rocket — and to scale up the rocket’s design for even bigger payloads.

To accommodate its grander ambitions, the Kent, Wash.-based startup is also scaling up its test facility in Moses Lake, 175 miles to the east.

“We have confidence in the foundation that we’ve laid today, and now it’s time to scale,” Stoke Space CEO Andy Lapsa told me.

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Cowboy Space to build data centers in the Seattle area

Illustration: Cowboy Space data center satellite in orbit
An artist’s conception shows one of Cowboy Space’s data centers in Earth orbit. (Cowboy Space via LinkedIn)

California-based Cowboy Space is leasing a 291,035-square-foot industrial facility in Kent, Wash., to support the production of hardware for its planned constellation of AI data center satellites, according to the company that arranged the lease.

“According to Newmark Research, the transaction is the largest industrial lease in the Puget Sound region year-to-date,” Newmark, the real estate broker for the deal, said in a news release. Newmark represented CenterPoint Properties, Cowboy’s new landlord.

The facility at 7650 S. 228th St. previously served as a Costco distribution center. “This building was originally designed for large-scale logistics users, but Cowboy Space recognized the opportunity to reimagine it as a highly specialized production facility,” said Taylor Hoff, a vice chairman at Newmark’s office in Bellevue, Wash.

Newmark said Cowboy Space plans to convert the facility into a manufacturing operation supporting space and rocket development. The operation is expected to add 300 jobs, Newmark said. Cowboy is currently listing 46 Kent-based positions in its careers database.

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NASA’s chief talks up nuclear power on Northwest tour

Jared Isaacman on stage with Rocketdyne logo in background
NASA Administrator Jared Isaacman addresses Rocketdyne employees in Redmond, Wash. (GeekWire Photo / Alan Boyle)

REDMOND, Wash. — NASA Administrator Jared Isaacman came to Rocketdyne’s facility here today to give a pep talk to the space company’s employees — and lay out his vision for the future of America’s space effort. Isaacman made clear that nuclear power will be a big part of that vision.

“NASA is at our best when we’re doing the near-impossible,” he said. “There is no obvious revenue model or business case for what we’re doing. We’re just out there pursuing the secrets of the universe, and nuclear or fission-powered spacecraft make sense in that it helps us extend our reach farther into the solar system.”

The pathfinder mission for NASA’s nuclear ambitions is likely to be SR-1 Freedom, a Mars probe that’s scheduled for launch in 2028. SR-1 Freedom is designed to carry a fission reactor and nuclear electric propulsion system.

Rocketdyne’s Redmond facility is working on thrusters for the system. “We built here, in Redmond, the Advanced Electric Propulsion System,” Rocketdyne CEO Kristin Houston told GeekWire before Isaacman’s talk. “It’s a 12-kilowatt Hall-thruster system, and that is going to be the propulsion element on the SR-1 Freedom. So, yeah, we’re really proud of that.”

Today’s visit was part of the Pacific Northwest leg of Isaacman’s nationwide “Inspiration Tour,” aimed at strengthening the connections between NASA and its partners.

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Blue Origin wins $700M from NASA for Mars relay satellite

Illustration: Mars Telecommunications Orbiter in Martian orbit
An artist’s conception shows the Mars Telecommunications Orbiter in Martian orbit. (Blue Origin Photo)

Jeff Bezos’ Blue Origin space venture has won a contract worth up to $700 million to boost NASA’s telecommunications capability in Martian orbit, using a version of the company’s Blue Ring multi-mission space platform.

The contract calls on Blue Origin to deliver a high-performance Mars telecommunications orbiter to NASA by the end of 2028, the space agency said in a news release. Blue Origin would also be charged with operating the Mars telecommunications network as part of NASA’s broader space communications and navigation infrastructure.

Blue Origin CEO Dave Limp said the Blue Ring spacecraft for the mission was already in production in Huntsville, Alabama. “Before the first human steps on Mars, we have to build the road. … MTO will enable science, carry payloads, and help lay the foundation for human exploration,” he said in a post to X.

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Universe Today

Scientists make an intriguing find in dark-matter hunt

Main LUX-ZEPLIN detector surrounded by hardware
The LUX-ZEPLIN experiment's main detector sits in a surface lab before its installation underground. (Credit: Matthew Kapust / SURF)

Dark matter is the invisible stuff that accounts for roughly 85% of the mass in the universe, and for decades, physicists have been trying to figure out what it’s made of. Now an experimental facility located nearly a mile below ground in South Dakota has recorded a single interaction between subatomic particles that doesn’t match what’s expected from normal matter.

Has a dark-matter particle been detected at last? It’s too early to say, but the anomaly is attracting attention from dark-matter detectives.

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Juno Propulsion gets a boost for non-toxic rocket tech

Juno Propulsion team leaders gathered around tables in a lab
The Juno Propulsion team includes, from left, fluid systems engineer Andrew Adams, facility operations engineer Cody Niggemyer, chief technology officer Ari Martinez and CEO Alexis Harroun. (Juno Propulsion Photo)

The National Science Foundation has awarded a $1.2 million grant to Tukwila, Wash.-based Juno Propulsion to support the startup’s development of a non-toxic propulsion system for in-space applications.

The two-year Phase II project, funded through NSF’s Small Business Innovation Research (SBIR) program, will be conducted in partnership with the University of Washington and UW Professor Carl Knowlen’s lab. The focus of the funding is to support work on Juno’s Product Development Unit (PDU), which uses rotating detonation rocket engine technology.

By combining high-efficiency propulsion with non-toxic propellants, Juno aims to enable spacecraft to maneuver farther and faster while reducing the risks associated with traditional toxic propellants. Work on the PDU is intended to advance Juno’s system to Technology Readiness Level 8, positioning it near production-ready status on the standard 1-to-9 TRL scale.

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Fermi Explorer team plans a slow trip to Alpha Centauri

Philip Johnston pointing at Alpha Centauri in the night sky from an outcrop in the Atacama Desert
Philip Johnston, president of the Fermi Explorer Mission, stands on an outcrop in Chile’s Atacama Desert and points at Alpha Centauri in the Milky Way. Johnston and his teammates aim to launch a probe by 2029 that would reach Alpha Centauri 80,000 years later. (Photo Credit: Alexis Trigo)

A Seattle-area nonprofit group known as the Fermi Explorer Mission today unveiled its plans to send a spacecraft on an 80,000-year trip to the nearest alien star system, Alpha Centauri.

If the mission goes as planned, it would mark a milestone for interstellar flight. But Philip Johnston, the group’s co-founder and president, doesn’t expect Fermi Explorer to be humanity’s first visitor to Alpha Centauri. He’s counting on our descendants to figure out faster ways to travel between now and the year 82026.

“We’ll be the first to leave, and the last to arrive,” he said.

The robotic spacecraft won’t be powered by antimatter, dilithium crystals or other science-fiction standbys for traveling between stars. Instead, it will depend on a tried-and-true solar electric propulsion system to build up speed for the 4.4-light-year trip.

Johnston and his teammates laid out the mission requirements for a bidding process that aims to keep the cost of designing, building, launching and operating the probe below $15 million. They’re also soliciting contributions, with launch targeted by the end of 2029.

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