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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.

Go deeper

Varda Space raises $9 million for manufacturing in space

Illustration: Aïda Amer/Axios

Varda Space, a Southern California-based orbital manufacturing startup, has raised $9 million in seed funding led by Founders Fund and Lux Capital.

Why it matters: Researchers and manufacturers have long dreamed of outsourcing the manufacturing of specialized products to space. Varda Space's funding shows that investors are starting to get on board with that idea.

Jury in Derek Chauvin trial heads into deliberation

The jury of Derek Chauvin's trial went into deliberation Monday following instructions from the judge to "reach a just verdict regardless of what the consequence might be."

Why it matters: The jury's verdict in Chauvin's murder trial is seen by advocates as one of the most crucial civil rights cases in decades.

Merrick Garland: Domestic terror is "still with us"

Photo: Kevin Dietsch/UPI/Bloomberg via Getty Images

In his first major speech, Attorney General Merrick Garland warned the nation Monday to remain vigilant against the rising threat of domestic extremism.

Why it matters: Domestic terrorism poses an "elevated threat" to the nation this year, according to U.S. intelligence. Garland has already pledged to crack down on violence linked to white supremacists and right-wing militia groups.