Our Core Satellite & Space index was flat in March, underperforming the S&P 500 which saw a gain of +3% and  the MSCI Global (ex.-U.S.) index which saw a gain of +3%.
This month, we saw an uptick in M&A activity with five transactions compared to two transactions announced  per month for the last three months. On the other hand, space financing activity slowed, with only seven  financings announced in March as compared to 15 transactions last month. M&A “signals” are pointing to  good activity over the coming months, but it is harder to make out a clear direction in the financing markets.
In early March, Lockheed publicly disclosed its submission of a non-binding proposal to acquire Terran Orbital  at $1.00 per share (Terran adopted a poison pill and is exploring its range of options). In the public realm,  lunar lander company ispace raised $59.0M in a follow-on equity round to fund development of its next lunar  missions, including Mission 3 (a lunar lander for NASA CLPS as a sub to Draper), Spire completed a $30M  registered direct equity financing, and Astra Space entered into a definitive agreement to be taken private.