Tag: C5 Capital

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IPO brings in $287.5M to spend on space ventures

Rob Meyerson
Space industry executive Rob Meyerson speaks at a 2016 conference. (ISPCS via YouTube)

A blank-check company that has former Blue Origin President Rob Meyerson as its CEO has completed a $287.5 million initial public offering, furthering its plans to link up with ventures focusing on space, cybersecurity and energy innovation.

C5 Acquisition Corp. closed the IPO with the sale of 28.75 million units at $10 per unit, which was 3.75 million units above the original allotment for sale. Those units are now listed as CXAC.U on the New York Stock Exchange, and common stock is expected to be listed as CXAC.

Blank-check companies — formally known as special-purpose acquisition companies, or SPACs — use their capital to pursue mergers or other types of business combinations with ventures in targeted industry segments.

The strategy typically accelerates the process of going public, and it’s been used with a growing number of space ventures, including Virgin Galactic, Virgin Orbit, Rocket Lab, BlackSky and Astra. Seattle-area telecom pioneer Craig McCaw played a key role in the SPAC deal involving Astra, which set that company’s value at $2.1 billion.

In a news release, C5 Acquisition Corp. said it would look for deals related to national security concerns.

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Space: The final frontier for data security

Axiom space station
An artist’s conception shows Axiom Space’s proposed space station. (Axiom Space Illustration)

What will commercial space stations be good for? The application that typically comes up would be their use as space hotels, or maybe zero-gravity research labs and factories.

But space industry veteran Rob Meyerson has a different idea in mind — and in his role as operating partner at C5 Capital USA, he’s able to put some money behind it.

“Looking for new markets is something we’re highly motivated to do,” Meyerson told GeekWire. “Data storage and compute is one market. Cybersecurity is another.”

The possibilities for providing data and security services on the final frontier played a big role in C5 Capital’s decision to lead a $130 million funding round for Texas-based Axiom Space, which is due to send citizen astronauts to the International Space Station next year and could start laying the groundwork for its own space station in 2024.

“We have a lot of data that’s created in space, but how valuable would it be to actually do compute and storage in space?” Meyerson asked. “We’ve been talking with Axiom about that and helping them to form partnerships. How do we use the C5 portfolio in cybersecurity and threat protection to assist Axiom with their supply chain and their partners, to bring the most advanced technologies to that critically important area?”

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Axiom raises $130 million for its space station

Axiom Space module
Artwork shows Axiom Space's first module attached to the International Space Station. (Axiom Space Illustration)

The longtime president of Amazon founder Jeff Bezos’ Blue Origin space venture, Rob Meyerson, will be joining the board of directors for another pioneering space company in connection with a $130 million funding round. Texas-based Axiom Space says the fresh funding will boost its effort to build the world’s first commercial space station, starting as early as 2024.

The Series B funding round was led by London-based C5 Capital, which focuses on cybersecurity and related sectors. Axiom Space said it will partner with other companies in C5’s portfolio to establish an orbital center for cloud computing and cybersecurity operations.

Meyerson, who left Blue Origin in 2018, is an operating partner at C5 Capital. “Axiom Space is a force in the space sector, and it will become a centerpiece of the C5 Capital portfolio,” he said in a news release. “The Axiom Station will be the infrastructure upon which we will build many new businesses in space, and it will serve as the foundation for future exploration missions to the moon, Mars and beyond.”

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