Citing a story in the Sunday Telegraph, City A.M. reports that Softbank took a £380 million ($424.7 million) impairment loss on its investment in OneWeb. Softbank is the largest shareholder in the Internet satellite company.
Airbus, Qualcomm and Virgin Group are among other shareholders in the London-based satellite firm, which boasts a valuation of more than $1bn (£823m) and has earned sought-after “unicorn” status.
In addition to the Softbank writedown, some early investors have lost as much as half of the value of their stakes, according to the report
Oneweb, which secured $1.25bn in its latest Softbank-led funding round, has ramped up its plans for satellite production amid competition from Elon Musk’s SpaceX and Jeff Bezos’s Amazon.
OTTAWA (Innovation, Science and Economic Development Canada PR) — Canada’s future depends on connectivity. In today’s digital world, access to high-speed Internet is a necessity for success. That is why the Government of Canada is investing in innovative satellite technologies to help improve high-speed broadband access for all Canadians, particularly in rural and remote regions.
Today, the Honourable Navdeep Bains, Minister of Innovation, Science
and Economic Development, announced an $85 million investment in
Canadian satellite company Telesat to build and test innovative
technologies for its low-earth-orbit (LEO) satellite constellation.
Telesat’s constellation will significantly improve global connectivity
and expand high-speed Internet coverage to rural and remote regions
throughout Canada, including the Far North.
OSLO, Norway (Space Norway PR) — Space Norway will cooperate with the satellite operator Inmarsat and the Norwegian Ministry of Defence to offer mobile broadband coverage to civilian and military users in the Arctic. Two satellites will be built by Northrop Grumman and are scheduled to be launched by SpaceX in late 2022. The ground station will be established in North Norway and ensure Norwegian control of this critically important capability.
Dulles, Va. (Northrop Grumman PR) – Northrop Grumman Corporation (NYSE: NOC) has been awarded a contract by Space Norway to deliver its Arctic Satellite Broadband Mission (ASBM) system. Northrop Grumman will design, manufacture and integrate two satellites in addition to providing critical ground infrastructure.
Jeff Bezos and Amazon.com marked Independence Day by filing an application with the Federal Communications Commission to launch 3,236 satellites to provide global Internet services from space. The Los Angeles Timesreports:
Amazon in its FCC application said its satellites would operate at altitudes of about 370 to 390 miles (590 to 630 kilometers).
Amazon Chief Executive Jeff Bezos last month said the Kuiper project would cost “multiple billions of dollars.” The project is separate from Bezos’ space launch vehicle maker, Blue Origin.
In its FCC filing, Amazon said it would help serve U.S. communities “by offering fixed broadband communications services to rural and hard-to-reach areas.” The Kuiper System will help mobile network operators to expand wireless services, Amazon said in its application. It also offered the prospect of “high-throughput mobile broadband connectivity services for aircraft, maritime vessels and land vehicles.”
Amazon is in a race with OneWeb, SpaceX and other companies to provide global broadband services from space. SpaceX has received approval for nearly 12,000 satellites and launched the first 60 spacecraft of its Starlink constellation in May. OneWeb launched the first six of a planned 648 satellites in February.
On May 23rd entrepreneur Elon Musk’s company SpaceX launched 60 Starlink communication satellites aboard a single rocket. Within days skywatchers worldwide spotted them flying in formation as they orbited Earth and reflected sunlight from their shiny metal surfaces. Some people, unaware that artificial satellites can be seen moving against the starry background every clear night, reported UFO sightings. Astronomers, on the other hand, knew exactly what they were seeing — and immediately began to worry.
When the contract was announced in June 2015, it seemed like a blockbuster deal: satellite Internet provider OneWeb had placed an order for 39 launches with options for 100 more for Virgin Galactic’s (now Virgin Orbit’s) LauncherOne.
What made the order extraordinary was not just the large number of launches, but the fact that the rocket really didn’t even exist yet. (The fact that Richard Branson’s Virgin Group was an investor in OneWeb probably helped.)
Four years later, the blockbuster deal is a bust. According to a lawsuit filed this week by Virgin Orbit, OneWeb last year canceled 35 of the 39 planned launches., slicing most of the value from the $234 million deal.
SpaceNewsreports that Virgin Orbit orbit is suing for $46.32 million it claims OneWeb owes it from a $70 million contract termination fee.
On the heels of the launch of 60 SpaceX Starlink satellites on Thursday comes news that SpaceX has raised $1.02 billion since the beginning of the year. CNBC reports:
SpaceX continues to accelerate its fundraising, as SEC filings indicate the company sought equity rounds of $500 million in January and $400 million in April. CEO Elon Musk had said those rounds were oversubscribed in terms of investor interest.
The filing on Friday, an amendment of the company’s April filings, shows that SpaceX did bring in more funding than expected. The company raised $1.02 billion since the beginning of the year – greater than the $900 million it sought across the two rounds. Gigafund, led by Luke Nosek (a PayPal co-founder and SpaceX board member) and Stephen Oskoui, once again invested in the round for SpaceX, people familiar with the fundraising told CNBC.
Meanwhile, things at Musk’s electric car company aren’t nearly as rosy.
Update: SpaceX scrubbed for Thursday to update satellite software and make additional checks. Next launch attempt will be in about one week.
SpaceX was forced to cancel a Falcon 9 launch with 60 Starlink satellites on board on Wednesday night due to high upper-level winds. Tonight’s launch window opens at 10:30 p.m. EDT, or 2:30 UTC on May 17, and closes at 12:00 a.m. on May 17, or 4:00 UTC. The launch webcast will go live about 15 minutes before liftoff at spacex.com/webcast. The ground weather forecast is 90 percent go for launch.
SpaceX CEO Elon Musk gave a media teleconference during which he describes elements of the Starlink satellite constellation, which is designed to provide high-speed broadband and other communications on a global basis. Here are the highlights:
although the constellation could eventually number nearly 12,000 satellites, it would be economically viable with about 1,000 spacecraft;
Musk said “it looks like we have sufficient capital to get to an operational level”;
Starlink would be able to provide coverage to limited areas of the globe with 400 satellites, which would require a total of seven launches;
the constellation would be able to provide coverage for the United States with 12 launches, most of the world’s population with 24, and the entire planet with 30 launches;
the 60 satellites being launched are equipped with phased array antennas and ion propulsion units that use krypton instead of more expensive xenon gas;
the spacecraft do not have inter-satellite communications links, which will be added to future iterations of the spacecraft;
Starlink satellites should last four to five years in orbit before they burn up in the Earth’s atmosphere;
spacecraft will be able to detect and avoid orbital debris;
ground terminals are about the size of a small or medium pizza and use phased array, electronically steered antennas that can switch between satellites in under a thousandth of a second with a latency of under 20 milliseconds;
SpaceX has not signed up any customers yet, but is targeting telecommunications companies, governments, maritime industries, aviation and under served areas of the globe;
Musk sees Starlink as providing a revenue stream to fund SpaceX’s Starship launch system and his dream of establishing settlements on Mars;
annual revenues could approach more than $30 billion per year, 10 times the approximately $3 billion that the launch side of SpaceX’s business brings in; and,
60 satellites weigh about 18.5 tons, which is the heaviest payload ever launched by Falcon 9 or Falcon Heavy.
A SpaceX Falcon 9 launch from Vandenberg Air Force Base in California has been delayed until Wednesday, Feb. 21. The launch had been previously scheduled for Feb. 16 and Feb. 18.
The primary payload is the Paz satellite for Hisdesat of Spain. The spacecraft will provide radar imaging as well as ship tracking and weather data. The flight will use a previously-flown first stage.
Elon Musk’s company will also launch two of its own satellites, Microsat-2a and Microsat-2b, that will demonstration technologies needed to provide global broadband services. The company plans to orbit 12,000 in two separate constellations for its Starlink broadband service.
Here is the launch schedule for the next two weeks. Check for updates here.
Launch Vehicle: Falcon 9 Payload: Paz Launch Time: 9:17 a.m. EST; 6:17 a.m. PST (1417 GMT) Launch Site: Vandenberg Air Force Base, California
Built by Airbus Defense and Space, Hisdesat’s Paz satellite will provide radar imaging as well as ship tracking and weather data. The flight will use a previously-flown first stage.
Launch Vehicle: H-2A Payload: IGS Optical 6 Launch Window: 11:00 p.m.-1:00 a.m. EST on Feb. 24 (0400-0600 GMT on Feb. 25) Launch site: Tanegashima Space Center, Japan
The Japanese government’s Information Gathering Satellite carries an optical reconnaissance payload.
WASHINGTON, June 22, 2017 (FCC PR) – The Federal Communications Commission today approved a request by WorldVu Satellites Limited, which does business as OneWeb, to access the United States satellite market. Today’s action paves the way for OneWeb to provide broadband services using satellite technology that holds unique promise to expand Internet access in remote and rural areas across the country.