Oct 6, 2020 - Economy & Business

Space cargo company Momentus going public via SPAC

Illustration of a roll of money with a rocket top and fins.

Illustration: Aïda Amer/Axios

Space cargo delivery startup Momentus has agreed to go public via a reverse merger that would value the company at just over $1.5 billion, Axios has learned from a source familiar with the situation.

Details: The company would become listed on the Nasdaq under ticker symbol MNTS, and would secure a simultaneous $175 million investment from Capital Group, D.E. Shaw, Lerner Enterprises, Tribe Capital, and Axon Capital.

The big picture: Santa Clara, Calif.-based Momentus was formed in 2017 to effectively shuttle satellites between rockets and their intended orbits. Its first commercial mission is slated for December, tied to a SpaceX launch.

  • It would go public after being acquired by Stable Road Capital, a blank check company formed last year by investor Brian Kabot. An official announcement is expected to come on Wednesday.
  • The company previously raised around $80 million in VC funding, including from two investors in the simultaneous investment (Lerner and Tribe).
  • Bloomberg was first to report on the pending deal, but without dollar details.
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