太空领域动态：Redwire收购、新格伦 星际客机延迟及融资情况

USA | Aerospace & Defense Electronics What's Up in Space: RDW Acquisition, NewGlenn / Starliner Delays + Fund Raises In this weekly report, we highlight key events and implications for the spacesector: 1) Redwire closes $925MM acquisition of Edge Autonomy; 2) Blue Origindelays second New Glenn launch; 3) Europe clear SES / Intelsat merger; 4)Boeing Starliner return to flight no earlier than early 2026; 5) Number of fundraises including $50MM for Logos Space, $40MM for Quantum Space and$90MM for Muon Space. Redwire Announces Close of Edge Autonomy Along with Revised Merger Agreement.Redwirehas closed on the acquisition of Edge Autonomy, an Uncrewed Systems provider, creating aprofitable defense tech company. Redwire reaffirmed it expects the deal to be immediatelyaccretive to Redwire's revenue, Adj. EBITDA and FCF with PF 2025 revenues of $535MM to$605MM (JEF $559MM est.) w/Adjusted EBITDA of $70 to $105MM (JEF $80MM est.). Redwire hadpreviously announced an amended agreement to acquire Edge Autonomy with the deal remainingfor $925MM, but consisting of $160MM in cash and $765MM of Redwire common stock at a $15.07price. The $160MM cash consideration includes an unsecured promissory note in the principalamount of $100MM with interest accruing at rates from 15.00% to 18.00% payable at RDW's optionin cash or in kind with a cash minimum return payment, depending on when repayment occurs,ranging from 1.20 to 1.50X the principal amount being repaid. The revised structure offers increasedflexibility in terms of the cash portion. Blue Origin Delays Second New Glenn Launch.Blue Origin recently disclosed that the secondlaunch of its New Glenn rocket will not take place until at least August 15th. The second launchcompares to prior expectations that the New Glenn would launch eight times this year with a secondlaunch in "late spring". The second launch will fly with an undesignated payload in the "Never TellMe the Odds" mission with a plan to attempt to land the booster. While New Glenn will fall short ofits 2025 launch target, the company does plan to produce eight Glenn stage 2 or second stages ofthe rocket, inline with the original planned launch cadence. Europe Clears SES-Intelsat Deal.Europe has unconditionally approved SES' plan to acquire Intelsatin a $4BB deal. The US remains the final regulatory hurdle. The European Commission decisioncame as it deemed the merged group to face sufficient competition from terrestrial alternativesand from other LEO operators. Boeing Starliner Flying No Earlier Than Early 2026 For Return Flight.NASA issued a statementthat it is studying options for the next flight of Starliner, expected no earlier than early 2026. NASAcontinues to study whether the next flight will be crewed or uncrewed pending system certificationand resolution of Starliner's technical issues. Logos Raises $50MM For Broadband Constellation.Logos Space has raised $50MM to advanceits engineering plans and support its future constellation of more than 4,000 broadband satellites.Logos' LEO satellites are planned to operate at 870 to 925 kms using high frequencies andtightly focused beams at elevated angles to support minimal signal disruption and protect againstjamming. The funding is expected to go toward critical design decisions, partner selection andprototype development with a goal to deploy its first operational satellite in late 2027. The companyinitially filed for 3,960 satellites, with a current plan of 4,178 satellites. Greg Konrad, CFA * | Equity Analyst+1 (212) 284-2391 | gkonrad@jefferies.com Sheila Kahyaoglu * | Equity Analyst+1 (212) 336-7216 | sheila.kahyaoglu@jefferies.com Kyle Wenclawiak * | Equity Associate+1 (212) 323-7671 | kwenclawiak@jefferies.com Ellen Page * | Equity Associate+1 (212) 323-3381 | epage@jefferies.com Continued on next page.... Aerospace & Defense ElectronicsEquity ResearchJune 15, 2025 Kratos Receives $25MM Award for ESS Ground Station.Kratos has been awarded a $25MM taskorder under the Command and Control System-Consolidated Sustainment and Resiliency contractto support ground system capabilities for Evolved Strategic Satellite (ESS) Communications. TheESS system provides survivable and endurable satellite communications capability for the NuclearCommand, Control and Communications mission in all operational environments. The task orderwill lay the command and control infrastructure groundwork to eventually support out-of-bandtelemetry, tracking and command capability along with create the necessary infrastructure to link theground system solution. Kratos will also conduct a pair of study efforts to create a road map forimplementation of the ESS Mission Unique Software along with facilitate a prototyping effort. Theduration of the contract lasts through November 2027. Redwire Selected for Space Biotechnology Experiment.Redwire has been selected by NASA tofacilitate a Space Microalgae biotechnology experiment. The experiment developed by the IndianSpace Research