The Evolution of Shareholder Advocacy
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CNBC
4 days ago
- CNBC
Investing in Space: Space IPOs are rearing their heads again
It's a brave person who calls a market closed or open, particularly for listings — you'll forgive me if I'm not the one to make that plunge. But the gentle trickle of space IPOs since the start of the year, after a dearth of listings in recent years, isn't going unnoticed. Trive Capital-backed Karman Holdings, maker of defense and space systems, went public back in February with a valuation of nearly $4 billion as shares soared during their debut. Voyager Technologies clinched a $3.8 billion valuation two months ago, as the defense and space company's stock opened 125% higher on Wednesday at $69.75 apiece, above its $31 offer price. On Thursday, Northrop Grumman-backed Firefly Aerospace — whose Blue Ghost lander successfully touched down on the Moon earlier this year — surged in its Nasdaq debut under the ticker symbol FLY. This might seem like a small step for some industries, but it's a giant leap for traditional offerings for the space sector, where for some time players such as Intuitive Machines, Rocket Lab and AST SpaceMobile listed by way of mergers with special-purpose acquisition companies (SPAC) — shell firms that pool their IPO proceeds to consolidate with a private company and take it public, bypassing some of the typical regulatory scrutiny. SPAC deals seemed on the decline after an initial 2020-2021 flurry, but are trending once more Stateside. To that end, reusable rocket maker Innovative Rocket Technologies has said it will go public through a $400 million merger with BPGC Acquisition, a SPAC backed by former U.S. Commerce Secretary Wilbur Ross. The broader IPO landscape has been in flux. EY found that the global listings market "demonstrated resilience" in first-half 2025, with China now accounting for one-third of global IPO proceeds, while the U.S. led the pack with 109 IPOs and its strongest January-June performance since the peaks of 2021. But recent geopolitical volatility triggered by the conflict in the Middle East and by Washington's protectionist trade policies have cast a shadow over global appetite for dealmaking and going public, bankers have mentioned anecdotally. For its part, U.S. space research and tech-oriented M&A picked up to four deals totalling $280 million in the second quarter, according to Dealogic data shared with CNBC. "A global IPO market rebound hinges on more cooperative trade frameworks, accommodative monetary policy, controlled inflation and geopolitical de-escalation," EY noted. "Companies aligned with national priorities and innovation, and those able to present a credible equity story with realistic valuations and flexible timing, are likely to succeed in navigating this complex environment." Space companies, by definition, tick at least some of those boxes. Lukas Muehlbauer, research analyst at IPOX, qualified this is "definitely a good time for Space IPOs," with initiatives like the U.S.' push for the Golden Dome missile interception system fueling high valuations. "American space companies are well-insulated from tariffs on the revenue side, especially when predictable income streams are provided by U.S. Government contracts - a common feature for defense-adjacent firms," he told CNBC by email. "Still, most firms in the sector are dependent on foreign-made satellite components, creating a vulnerability to cost increases and deployment delays caused by trade disputes." He nevertheless warned that the "intensifying" competition in the private launch market — where companies are looking to reduce costs, particularly by deploying reusable tech and infrastructure — could create "downward pressure on costs." "This will be a key factor in lowering the sector's high entry barriers, making a new generation of space-based business models commercially feasible," Muehlbauer noted. The timing is also ripe, with space ventures generating a fair bit of hype over their growth potential. Last month, a report from Seraphim Space found investment in space startups soared to $3.1 billion over the April-June period, up sharply from $2.1 billion over the January-March stretch. "Investors understand the risks in this sector, but they also understand the scale of what is being built. These companies are not being valued on near-term cash flow, but on their ability to deliver long-term strategic infrastructure," Cristiano Dalla Bona, who heads North America ECM analysis at Mergermarket, said in emailed comments. "What we are seeing now is an enthusiastic public investor base. Still, the credibility and visibility on growth of each new candidate will likely be scrutinized." The sector has also been firmly in the public eye, with headlines ranging from NASA layoffs, Elon Musk's vocal involvement with — and later explosive exit from — the White House and Trump's push for the Golden Dome missile interception system. And, talking about going public, NASA's even infiltrated civilian households and began streaming on Netflix this summer with the recent live broadcast of the SpaceX Crew-11 launch. SpaceX delivers Crew-11 to the ISS — A four-person astronaut team reached the International Space Station following a 15-hour flight. — Sky News Air leak continues in Russia's ISS module — Despite efforts to rein in losses, the Russian segment of the International Space Station is still suffering from air leaks, which were first detected in 2019. — The Register First quantum computer launched in space — A satellite carrying a small quantum computer entered orbit in late June, with its hardware now operational and demonstrations of its capabilities pending. — Science News Why NASA will plunge the International Space Station in the ocean in 2031 — NASA is planning the controlled deorbit of the International Space Station in the remote Point Nemo part of the Pacific Ocean, after roughly three decades of the space lab's service. The Times of India explores why. — Times of India Roscosmos, NASA extend ISS operations until 2028 — The heads of Roscosmos and NASA have agreed to further the two agencies' cooperation on operating the International Space Station until 2028. Relations between the two space agencies and between Washington and Moscow more broadly have been strained in recent years by Russia's war in Ukraine. — France24 Rheinmetall and Lockheed Martin carry out GMARS artillery system tests — Rheinmetall and Lockheed Martin's Global Mobile Artillery Rocket System (GMARS), which is compatible with NASA's M270 and HIMARS, is undertaking tests in the U.S. — Defence Industry Europe Japan wants to set up international regulation for space debris removal — Tokyo is looking to establish international rules for the removal of human-made space debris that can pose risks, with an eye to lead discussions by the time of the 2026 meeting of the U.N. Committee on the Peaceful Uses of Outer Space, officials have said. — Kyodo News Israel sets up new initiative for space tech development — Israel is launching a NIS 40 million ($11.73 million) program for start-ups and established firms to boost domestic advances in space tech and research. — The Jerusalem Post Lockheed Martin looks to test space-based missile interceptors by 2028 — Lockheed Martin has set a 2928 deadline to demo a space interceptor able of targeting hypersonic missile — a key component of the proposed Golden Dome anti-missile system. — SOFX NASA to set timeline for nuclear reactor on the Moon — NASA interim head Sean Duffy will set out a 2030 deadline for the space agency to establish a 100-kilowatt nuclear reactor on the Moon, Politico has learned. — Politico Firefly Aerospace rises more than 30% in Nasdaq debut – Firefly Aerospace's stock added more than 34% in the company's debut under the ticker FLY. - CNBC Space company listings are bucking the trend — Some industry voices claim the spate of space companies that have gone public or intend to do so mark an outlier, rather than a broader movement. — Space News Eutelsat posts revenue surge, forecasts GEO decline — French satellite operator Eutelsat beat expectations in yearly results to the end of June, with revenues up 84%. The company nevertheless flagged a 7% drop in geostationary revenues over the period. — Space News Vaya Space clinches $1.2 million hypersonic propulsion contract — Vaya Space has secured a $1.24 million contract toward the development of the Hybrid-Fueled Ramjet hypersonic missile propulsion system. — SatNews Voyager Technologies posts first earnings after IPO — Voyager Technologies reported a worse-than-expected loss of $0.60 per share in its second-quarter results, despite revenues exceeding forecasts. — The Motley Fool Aug. 8 — SpaceX Crew-10 to return to Earth from the International Space Station aboard the Dragon Endurance Aug. 9 — SpaceX's Falcon 9 to launch with Starlink satellites out of California Aug. 12 — United Launch Alliance's Vulcan Centaur to depart on the United States Space Force (USSF)-106 mission out of Florida Aug. 12-13 — Arianespace's Ariane 6 to take off with the European Organization for the Exploitation of Meteorological Satellites' MetOp-SG A1 out of the French Guiana Aug. 13-14 — SpaceX's Falcon 9 rockets head out with Starlink satellites out of Florida and California
Entrepreneur
5 days ago
- Entrepreneur
Strong Exits and Deal Values Signal Maturing PE Market In India
India's private equity (PE) and venture capital (VC) investment landscape in 2025 reflects a market navigating both macroeconomic headwinds and sectoral realignments: In the first half of the year, PE/VC investments totaled USD 26.4 billion across 593 deals, according to the latest data from the EY-IVCA Mid-Year Report. Opinions expressed by Entrepreneur contributors are their own. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. India's private equity (PE) and venture capital (VC) investment landscape in 2025 reflects a market navigating both macroeconomic headwinds and sectoral realignments: In the first half of the year, PE/VC investments totaled USD 26.4 billion across 593 deals, according to the latest data from the EY-IVCA Mid-Year Report. This marks an 11 per cent increase from the second half of 2024, at USD 23.8 billion, although it represents a 19 per cent year-on-year decline from the first half of 2024, which saw investments of USD 32.4 billion. The composition of these investments reveals significant shifts. Pure-play PE/VC investments amounted to USD 18.3 billion, down slightly from USD 18.9 billion in the year-ago period. However, real estate and infrastructure investments declined more dramatically, by nearly 40 per cent, to reach just USD 8.1 billion. This trend highlights a shift in investor interest away from asset-heavy sectors toward technology, financial services, and emerging growth areas. Emerging markets like India are entering a pivotal growth phase, prompting private equity firms to rethink their strategies with a sharper operational lens, according to Vishal Seth, Managing Director, Protiviti Member Firm for India. "Over the next 3–5 years, we can envisage a decisive shift of PE firms from only 'financial support' to 'active value creation', through involvement with initiatives across Operational optimization, such as digital transformation, strengthening of governance & Strategy execution, such as platform consolidation," said Seth. "This shift reflects a broader evolution in private equity investing, particularly in high-potential markets like India, where macroeconomic momentum is converging with micro-level transformation. Rising middle-class consumption, progressive policy reforms, and a thriving startup ecosystem are creating fertile ground for innovation-led growth across sectors such as healthcare, tech services, green energy, and advanced manufacturing," added Seth. A survey conducted by law firm Khaitan & Co further emphasized India's appeal, noting that despite global PE slowdowns, foreign capital remained strongly committed to the Indian market. Foreign funds accounted for the majority of large-ticket investments, particularly in sectors such as IT services, SaaS, financial inclusion, and consumer tech. According to Khaitan, India is increasingly viewed as a strategic bet by global fund managers looking to hedge against China-related exposure and currency volatility in other emerging markets. "This shift reflects a broader evolution in private equity investing, particularly in high-potential markets like India, where macroeconomic momentum is converging with micro-level transformation. Rising middle-class consumption, progressive policy reforms, and a thriving startup ecosystem are creating fertile ground for innovation-led growth across sectors such as healthcare, tech services, green energy, and advanced manufacturing," said Seth. Adding to the trend, LeapFrog, an impact-focused private equity investor operating across emerging markets in Africa and Asia, recently announced a successful exit from Fincare, now known as AU Bank. According to the firm, the exit marked a return of over 3.3x in rupees for LeapFrog's Fund II. Over the investment period, Fincare's assets under management (AUM) grew to more than INR 143 billion (USD 1.7 billion), and its profitability increased 5.3x to more than INR 4 billion (USD 47 million) as of the merger date. Pranav Kumar, Partner at LeapFrog Investments, said, "India's deep capital markets provided a number of exit opportunities, but ultimately the merger with AU Bank and consequent on-market sale was the best result for Fund II."
Forbes
5 days ago
- Forbes
Built To Assist: The New Industrial Role Of Robotics
Alexander Clausbruch, CEO North America, Radix, offering operational excellence for asset-intensive industries. As industries advance deeper into digitization, a world where robots are woven into the fabric of everyday operations is no longer science fiction. The age of the ubiquitous 'automated helper' is already here. Today, there are approximately 162 robots per 10,000 employees worldwide. As we step into the era of Industry 5.0, mass robotic power is poised to bridge labor shortages, mitigate safety risks and ease operational pressures. In the U.S., 70% of businesses are looking to bring production closer to home, with robotic automation and workforce upskilling identified as essential components of this transition, according to EY. Globally, 53% of manufacturers are in the early stages of adopting new industrial robot hardware, while 28% already have industrial robots deployed within their facilities, according to ABI Research, which surveyed companies across the U.S., Germany and Malaysia. Helping Hands Fully autonomous refineries may still be on the horizon, but companies are already deploying robotics to preserve older assets, modernize operations and supercharge efficiency. This shift is being driven by multiple pressures: aging infrastructure across manufacturing, energy and heavy industry; the high cost and long lead times of greenfield projects; supply chain volatility; and growing regulatory and ESG demands. On the ground, we're seeing tangible adoption of robotics and automation in industrial sectors. For example, robotic welders are doing shifts on production lines while inspection drones and automated cleaning systems are improving safety and efficiency in hazardous environments. In logistics, mobile robots are increasingly being used to optimize handling and reduce manual strain. Meanwhile, sensor-integrated machines are running predictive maintenance strategies that help reduce unplanned downtime. Semi-autonomous control systems are also gaining traction, facilitating the remote operation of critical assets and plants and enabling safer, more flexible industrial operations. Digital technologies are increasingly being layered onto automation platforms to unlock further efficiencies. These include energy optimization, mass balance, advanced process control and real-time operational data integration. The result is not just enhanced productivity, but a new era of more adaptive, resilient and intelligent industrial operations. Real-World Robotics In the U.S., for example, heavy equipment manufacturer Caterpillar is successfully using autonomous arms for welding and machining in its factories. These robots improve weld precision, cycle time and material usage efficiency. On one Cat mining truck, a robot and a welder working together can complete a weld 60% faster than a person working alone. In a broader use case that highlights the deployment of robotics for predictive maintenance, a major Brazilian oil and gas (O&G) operator and customer of my company, Radix, has implemented a suite of digital automation and semi-autonomous technologies to modernize its aging floating production units. The Radix-supported initiative deployed a digital twin system to monitor 36 critical assets, including turbines, compressors and generators. The platform enabled real-time anomaly detection across 2,200 field instruments. Within a year, the O&G operator saved approximately $2 million through optimized maintenance cycles and reduced downtime. Augmentation, Not Replacement Still, it is important to emphasize that the goal of these robots is not replacement but augmentation. By boosting precision, improving safety and taking on tasks that are dangerous, repetitive or physically taxing, automation can support rather than supplant the workforce. This type of human-machine collaboration is essential for unlocking new levels of performance without requiring a complete overhaul of existing operations. Industry leaders should begin by investing in small-scope, scalable robotics pilots that address real-world operational issues. Before launching any robotics initiative, it's critical to break down organizational silos and prioritize interoperability. This starts with cross-functional working groups that include IT, OT and engineering, ensuring robotics is deployed to solve shared challenges, not isolated technical issues. Equally important is the establishment of common standards across domains, including data formats, integration architectures and safety protocols. The ultimate goal is to build a modular, flexible robotics ecosystem that is capable of evolving alongside the business. All this said, organizations should be mindful not to overlook the cultural dynamics that can undermine even the most promising robotics initiatives. Resistance to change, fear of job loss and a lack of cross-functional communication are common obstacles. Given these concerns, it's important to involve frontline teams early, invite their feedback and frame automation not as a job eliminator but as a tool to support human roles. This kind of transparency, reinforced through regular communication, training and visible leadership support, fosters trust and lays the groundwork for a successful transformation. Welcome To The Future, Today Ultimately, robots have the potential to ease the transition from aging infrastructure to more future-ready operations, offering meaningful gains in productivity along the way. By considering these points above, you can be better positioned to shape—rather than simply react to—the next chapter of industrial evolution. Forbes Technology Council is an invitation-only community for world-class CIOs, CTOs and technology executives. Do I qualify?
