Latest news with #connectivity
Yahoo
2 days ago
- Business
- Yahoo
Space investment soars despite market turbulence
After years of being treated as a frontier opportunity, the space economy is now firmly entering the mainstream. The sector just posted one of its hottest quarters since 2021 without a single SpaceX ( mega-round. It was driven not just by record-breaking capital flows but by a broader recognition that space is a macro-relevant asset class reshaping defense, connectivity, and global intelligence. European governments are spending like it's 1949, and high-profile exits signal a thaw in the IPO market. Private capital surged even as the volatility index (^VIX) hit pandemic-era highs. In Q2 alone, 113 companies raised $7.8 billion, bringing total investment since 2009 to $357.8 billion. Venture capital made up 77% of this year's funding (up from 54% in 2024), signaling that professional investors are doubling down even as public markets wobble. Amid the noise, one signal stands out: Capital is flowing to companies that turn space data into decisive advantages on Earth. This is the trade to watch, because in 2025, the real moonshot isn't the rocket. It's the revenue. From commercial dreams to government-backed growth The clearest signal of this shift is the rise of defense. The US government's $175 billion Golden Dome initiative — an ambitious plan to harden national security through resilient, space-based infrastructure — has catalyzed investor confidence. This massive source of funding is key to long-term growth. Commercial markets may be heating up, but nothing beats the scale or certainty of the government checkbook, and space startups are increasingly prioritizing stable, well-funded public contracts. Another trend worth talking about: Europe is getting serious about the space domain as the continent pushes for greater sovereignty. NATO members are pledging 5% of GDP to defense, the EU has carved space into its new Competitiveness Fund, and deals like France's 1.6 billion euro ($1.8 billion) Eutelsat rescue and SES's proposed 2.8 billion euro ($3.2 billion) Intelsat merger show that Brussels is trying to counterbalance Starlink. Over the long term, this could pose risks for some US companies. But for now, this ambition is limited by a fundamental reality: 80% of European hardware is still imported, mostly from the US. The continent is as likely to write checks in Hawthorne, Calif., as in Toulouse, France, at least until homegrown heavy launchers prove themselves. Infrastructure and applications: The defense tech supercycle Investors poured $3.2 billion into the infrastructure layer this quarter, up 60% since the prior quarter, which is its strongest showing in five quarters. These are the hardware-heavy plays: satellites, rockets, propulsion systems. Leading the way were Applied Intuition's $600 million Series F and Impulse Space's $300 million Series C, both US-based and both aligned with Golden Dome's push for dual-use, AI-native systems. Seed-stage checks averaged $8 million — a 36% jump — and Series C valuations climbed 30%. This is the "picks and shovels" layer of the space economy. These companies are building the foundation for national defense, global intelligence, and future economic expansion in orbit. For investors, they offer earlier-stage access to mission-critical technologies that governments are now committed to buying. While SpaceX is still the apex player in the space economy, with $15.5 billion in projected 2025 revenue, its dominance is no longer absolute. Four Starship mishaps this year, mounting political entanglements, and rising competition have raised investor eyebrows. Eight of the 10 largest infrastructure deals this quarter involved companies building in areas once thought squarely in SpaceX's path. SpaceX isn't going away, but it's no longer the only game in town. That's healthy for the ecosystem and creates fresh opportunities for investors looking to diversify their exposure. But for the real heat, look to applications. Applications banked $4.4 billion, the second‑highest quarter in three years, and 86% of that cash chased defense‑tilted geospatial intelligence (GEOINT). Anduril's ( $2.5 billion Series G cemented its status as the world's most valuable defense-tech startup. Europe's Helsing raised $683 million, and US-based Chaos raised $275 million. This layer is often misunderstood. These aren't the rockets and space stations that people often consider "space companies." They're software and defense platforms that leverage orbital infrastructure. That makes them more accessible to public investors, as many already trade on major exchanges or are approaching IPO readiness. This is where retail and institutional investors alike can gain exposure with less exposure to hardware timelines or launch risk. Exits are back, but the bar is higher Of the 637 infrastructure startups that raised a seed round since 2009, only 14 have made it to Series E — a survival rate of just 2%. The real crucible is the Series C-to-D gap, where capital becomes scarcer and technical risks collide with commercialization challenges. Application-layer startups, by contrast, show stronger scalability: 66% of those that reach Series D survive to Series E. Software still scales faster, especially once product-market fit is locked in. Despite this brutal attrition curve, Q2 delivered signs of life on the exit front. The quarter delivered 20 exits worth $1.8 billion: 18 acquisitions and two IPOs. Voyager Technologies (VOYG) floated at a frothy 26x sales, popped 82% on day one, then sagged as investors read the income statement: $144 million revenue, $66 million loss, and meager growth. Meanwhile, CaoCao Mobility ( was priced at just 1.3x sales, the lowest multiple in the cohort, and still struggled to gain momentum. The liquidity outlook for the rest of 2025 is cautiously optimistic. Already in early Q3, Texas-based Firefly, which makes rockets, space tugs, and lunar landers, has filed for a Nasdaq IPO. ICEYE is reportedly exploring a public debut, and Sierra Space continues to weigh its long-anticipated offering. The most valuable private companies, available in the second quarter Space IQ report, may provide clues to who will be next. M&A activity, meanwhile, is on track to surpass 2024's record volume, but the game has changed. The era of "growth at any cost" is over. Acquirers are demanding solid unit economics, and IPO buyers remain skeptical of burn-heavy stories. But with defense tech trading at premiums and the S&P 500 (^GSPC) hitting record highs, the window may be opening again with several GEOINT players rumored to be testing the waters later this year. What's next Once Starship becomes fully operational, it is expected to drive an order-of-magnitude drop in launch costs that will unlock entirely new industries, such as logistics, stations, lunar, and industrials, which currently represent just 3% of invested capital. That's the next big wave. But for now, here's what investors should watch: First, follow the defense startups aligned with national security missions are winning larger contracts and growing faster. This is a stable and expanding revenue base. Second, prioritize real revenue and capital efficiency. Q2 rewarded companies that showed a credible path to profit, such as Anduril and SandboxAQ ( and punished those reliant on multiple expansions. Third, bet on applications. Software and autonomy platforms built on space data are where the growth and public-market opportunity is now. These companies scale faster and are increasingly accessible to retail investors. The second quarter marked a significant turning point for the sector, and the companies that turn space-based capabilities into decisive advantages here on Earth are the ones attracting capital. For investors, it's not just about what gets to orbit anymore. It's about what delivers returns on the ground. Chad Anderson is the founder and managing partner of Space Capital, where he has been pioneering investment in the space economy for over a decade. He is an investor in SpaceX, along with dozens of other space companies, and is the author of "The Space Economy," published by Wiley. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
Credo Chairman, President and CEO Bill Brennan Joins Global Semiconductor Alliance Board of Directors
SAN JOSE, Calif., July 17, 2025--(BUSINESS WIRE)--Credo Technology Group Holding Ltd (Credo) (NASDAQ: CRDO) an innovator in providing secure, high-speed connectivity solutions that deliver improved energy efficiency, is pleased to announce that its Chairman, President and CEO, Bill Brennan, has been elected to the Board of Directors of the Global Semiconductor Alliance (GSA), the leading industry organization uniting the worldwide semiconductor industry. As a GSA Board Member, Mr. Brennan will collaborate with industry leaders to drive innovation, address key challenges, and strengthen the semiconductor ecosystem. GSA plays a critical role as a global voice for the industry, offering leadership, fostering meaningful collaboration, and promoting entrepreneurial growth across the semiconductor value chain. "It's an honor to join GSA's Board of Directors and work alongside distinguished leaders shaping the future of our industry," said Bill Brennan, President and CEO of Credo. "Credo is committed to advancing energy-efficient and highly-reliable connectivity solutions critical to the next generation of cloud computing, AI, and hyperscale networks. I look forward to contributing Credo's perspective and helping GSA continue to drive innovation and collaboration across the global semiconductor landscape." "We are excited to welcome Bill Brennan to the GSA Board of Directors," said Jodi Shelton, CEO of GSA. "His expertise in high-speed connectivity solutions and deep understanding of emerging technology trends will be invaluable as we continue to support the growth and success of the global semiconductor ecosystem." About Credo Credo's mission is to advance high-speed connectivity solutions that deliver optimized performance, reliability, energy efficiency, and security for the next generation of AI driven applications, cloud computing, and hyperscale networks. Optimized for both optical and electrical applications, our solutions support port speeds up to 1.6Tb. At the core of our technology is our proprietary Serializer/Deserializer (SerDes) IP. Our diverse solutions portfolio includes system-level products such as Active Electrical Cables (AECs), a range of Integrated Circuits, including Retimers, Optical DSPs, SerDes chipsets, and SerDes IP Licensing. For more information, please visit Follow Credo on LinkedIn. Credo and the Credo logo are registered trademarks of Credo Technology Group Limited in the United States and other jurisdictions. All other trademarks referenced herein are the property of their respective owners. View source version on Contacts Media Contact: Diane Investor Contact: Dan O' Sign in to access your portfolio
Globe and Mail
3 days ago
- Business
- Globe and Mail
Credo Chairman, President and CEO Bill Brennan Joins Global Semiconductor Alliance Board of Directors
Credo Technology Group Holding Ltd (Credo) (NASDAQ: CRDO) an innovator in providing secure, high-speed connectivity solutions that deliver improved energy efficiency, is pleased to announce that its Chairman, President and CEO, Bill Brennan, has been elected to the Board of Directors of the Global Semiconductor Alliance (GSA), the leading industry organization uniting the worldwide semiconductor industry. This press release features multimedia. View the full release here: Credo is pleased to announce that its Chairman, President and CEO, Bill Brennan, has been elected to the Board of Directors of the Global Semiconductor Alliance (GSA), the leading industry organization uniting the worldwide semiconductor industry. As a GSA Board Member, Mr. Brennan will collaborate with industry leaders to drive innovation, address key challenges, and strengthen the semiconductor ecosystem. GSA plays a critical role as a global voice for the industry, offering leadership, fostering meaningful collaboration, and promoting entrepreneurial growth across the semiconductor value chain. 'It's an honor to join GSA's Board of Directors and work alongside distinguished leaders shaping the future of our industry,' said Bill Brennan, President and CEO of Credo. 'Credo is committed to advancing energy-efficient and highly-reliable connectivity solutions critical to the next generation of cloud computing, AI, and hyperscale networks. I look forward to contributing Credo's perspective and helping GSA continue to drive innovation and collaboration across the global semiconductor landscape.' 'We are excited to welcome Bill Brennan to the GSA Board of Directors,' said Jodi Shelton, CEO of GSA. 'His expertise in high-speed connectivity solutions and deep understanding of emerging technology trends will be invaluable as we continue to support the growth and success of the global semiconductor ecosystem.' About Credo Credo's mission is to advance high-speed connectivity solutions that deliver optimized performance, reliability, energy efficiency, and security for the next generation of AI driven applications, cloud computing, and hyperscale networks. Optimized for both optical and electrical applications, our solutions support port speeds up to 1.6Tb. At the core of our technology is our proprietary Serializer/Deserializer (SerDes) IP. Our diverse solutions portfolio includes system-level products such as Active Electrical Cables (AECs), a range of Integrated Circuits, including Retimers, Optical DSPs, SerDes chipsets, and SerDes IP Licensing. For more information, please visit Follow Credo on LinkedIn. Credo and the Credo logo are registered trademarks of Credo Technology Group Limited in the United States and other jurisdictions. All other trademarks referenced herein are the property of their respective owners.
Phone Arena
3 days ago
- Business
- Phone Arena
There's a different wave of 5G coming and AT&T is already riding it
While AT&T is preparing to shut down a service that could leave some vulnerable users disconnected, the carrier is also moving forward in a big way when it comes to expanding connectivity. AT&T just hit a pretty huge milestone in the 5G space – and no, it's not about lightning-fast speeds or fancy flagship phones. The carrier now has nationwide coverage for 5G RedCap, and it already reaches over 200 million Points of Presence (POPs) across the US. So, what is RedCap? It's basically a low-bandwidth version of 5G – also known as NR-Light – made specifically for IoT devices, wearables, sensors and other gadgets that don't need ultra-high bandwidth but do need solid, always-on connectivity. Think smartwatches, XR glasses, fitness bands, surveillance gear – all the stuff that can benefit from a cellular connection but doesn't need full-blown 5G. Because it's lighter, RedCap means lower power usage, fewer antennas and cheaper hardware. That opens the door for more affordable and longer-lasting cellular-connected devices, whether it's healthcare gear, logistics trackers, industrial sensors, fleet management tools, wearables or smart gadgets. You name it. AT&T 's nationwide RedCap network comes just two years after the company made its first RedCap data call over a live 5G Standalone network. Now, it's working with partners like Semtech, Telit Cinterion, and Rhino Mobility to certify new RedCap modules and expand the ecosystem. AT&T also just certified the Franklin Wireless RG350, which becomes the first commercially approved 5G RedCap device for its network. – Jason Sikes, VP Device Technology, AT&T , July 2025 It is a mobile hotspot powered by the Qualcomm Snapdragon X35 5G Modem-RF System, designed to deliver the simplicity and efficiency of RedCap in a compact, travel-friendly package. Whether you are remote working, traveling or just need a solid backup connection, this could be a handy option. And honestly? That might be more impactful in the long run than another round of speed bumps on our phones. With RedCap, we are talking about bringing smart connectivity to everything from hospital beds to factory floors – and that's when 5G starts to feel really useful. Secure your connection now at a bargain price! We may earn a commission if you make a purchase Check Out The Offer
Yahoo
3 days ago
- Business
- Yahoo
SES Completes Acquisition of Intelsat, Creating Global Multi-Orbit Connectivity Powerhouse
New leading multi-orbit space company with a network of 120 GEO+MEO satellites and access to LEO constellations enables SES to better serve its customers LUXEMBOURG, July 17, 2025--(BUSINESS WIRE)--SES, a leading space solutions company, today announced the completion of its highly value accretive acquisition of Intelsat, creating a strengthened global satellite operator with an expanded fleet of 120 satellites across two orbits. The newly combined company will leverage its skilled teams with deep vertical expertise to deliver integrated multi-orbit, multi-band satellite and connectivity solutions to businesses and governments around the world, creating a stronger multi-orbit operator with ~60% of revenue in high-growth segments. With a world-class network including approximately 90 geostationary (GEO), nearly 30 medium earth orbit (MEO) satellites, strategic access to low earth orbit (LEO) satellites, and an extensive ground network, SES can now deliver connectivity solutions utilising complementary spectrum bands including C-, Ku-, Ka-, Military Ka-, X-band, and Ultra High Frequency. The expanded capabilities of the combined company will enable it to deliver premium-quality services and tailored solutions to its customers. The company's assets and networks, once fully integrated, will put SES in a strong competitive position to better serve the evolving needs of its customers including governments, aviation, maritime, and media across the globe. "Today, we're not just merging two companies -- we're creating a stronger company, built for the future. I want to extend a warm welcome to all new employees, customers, and partners," said Adel Al-Saleh, CEO of SES. "In this new chapter, we are bringing together a powerful mix of talented people, network infrastructure, spectrum, innovation, and global relationships that will allow us to deliver next-generation connectivity and space-enabled services in smarter and quicker ways." The transaction establishes a more robust financial foundation for SES, with pro forma combined revenue of €3.7 billion projected to grow at a low- to mid-single digit CAGR (2024-2028E). The combined company pro forma Adjusted EBITDA of €1.8 billion is expected to grow at mid-single digit CAGR including synergies (2024-2028E), with plans to generate over €1 billion in Adjusted Free Cash Flow by 2027-2028 (pre IRIS2). This stronger financial profile is supported by a combined contract backlog exceeding €8 billion, providing clear visibility into future revenue streams. SES plans to maintain disciplined investment in future growth, with annual capital expenditures averaging €600–€650 million from 2025-2028E, excluding the IRIS2 programme. This will enable the company to continuously strengthen its network and explore emerging growth markets including Internet of Things (IoT), direct-to-device communications, inter-satellite data relay, space situational awareness, and quantum key distribution. The company's profitable growth outlook, strong balance sheet metrics and expanded cash flows will support both continued innovation and increased shareholder returns, with the intent to raise the annual base dividend once targeted net leverage of below 3 times is achieved within 12-18 months after closing. "Our focus is clear: to grow, to lead in high-potential markets, and to shape the future of our industry. This is a long-term play, and we are building with the future in mind -- growing year after year, expanding our capabilities, and creating lasting value for our customers and shareholders alike," Al-Saleh said. By integrating the two organisations, SES expects to deliver synergies with a total net present value of €2.4 billion, representing an annual run rate of approximately €370 million, with 70% of these efficiencies anticipated to be executed within three years after closing. These savings will primarily come from streamlined operations, optimised capacity costs, and procurement efficiencies, along with the strategic integration of satellite fleets and ground infrastructure. SES remains headquartered in Luxembourg and is publicly listed on the Paris and Luxembourg stock exchanges (Ticker: SESG), while maintaining a significant presence in the United States with its North American main office in McLean, Virginia. The new SES Senior Leadership Team can be found here. Guggenheim Securities acted as lead financial advisor to SES. Morgan Stanley & Co. LLC acted as co-financial advisor. Deutsche Bank Securities Inc also acted as a financial advisor. Morgan Stanley and Deutsche Bank AG, Filiale Luxembourg provided committed financing for the transaction, which was subsequently syndicated. Both Guggenheim Securities and Morgan Stanley & Co LLC rendered a fairness opinion to SES's Board of Directors. Gibson, Dunn & Crutcher, Hogan Lovells, Arendt & Medernach, and Freshfields served as legal counsel to SES. PJT Partners served as financial advisor to Intelsat and rendered a fairness opinion to the Intelsat S.A. Board of Directors. Skadden, Arps, Slate, Meagher & Flom, Wiley Rein, and Elvinger Hoss Prussen served as legal counsel to Intelsat. More documentation of the transaction can be found in our newsroom. Follow us on: Twitter | Facebook | YouTube | LinkedIn | Instagram Read our Blogs >Visit the Media Gallery > About SES At SES, we believe that space has the power to make a difference. That's why we design space solutions that help governments protect, businesses grow, and people stay connected—no matter where they are. With integrated multi-orbit satellites and our global terrestrial network, we deliver resilient, seamless connectivity and the highest quality video content to those shaping what's next. Following our Intelsat acquisition, we now offer more than 100 years of combined global industry leadership—backed by a track record of bringing innovation "firsts" to market. As a trusted partner to customers and the global space ecosystem, SES is driving impact that goes far beyond coverage. Forward-Looking Statements This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933. Generally, the word "will" and similar expressions or their negative, may, but are not necessary to, identify forward-looking statements. Such forward-looking statements, including those regarding the timing and consummation of the transaction described herein, involve risks and uncertainties. SES's and Intelsat's experience and results may differ materially from the experience and results anticipated in such statements. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but not limited to, the following factors: the risk that the conditions to the closing of the transaction are not satisfied; litigation relating to the transaction; uncertainties as to the timing of the consummation of the transaction and the ability of each party to consummate the transaction; risks that the proposed transaction disrupts the current plans or operations of SES or Intelsat; the ability of SES and Intelsat to retain and hire key personnel; competitive responses to the proposed transaction; unexpected costs, charges or expenses resulting from the transaction; potential adverse reactions or changes to relationships with customers, suppliers, distributors and other business partners resulting from the announcement or completion of the transaction; the combined company's ability to achieve the synergies expected from the transaction, as well as delays, challenges and expenses associated with integrating the combined company's existing businesses; the impact of overall industry and general economic conditions, including inflation, interest rates and related monetary policy by governments in response to inflation; changes in tariffs, import and export control laws and regulations, as well as related guidance; geopolitical events, and regulatory, economic and other risks associated therewith; and continued uncertainty around the macroeconomy. Other factors that might cause such a difference include those discussed in the prospectus on Form F-4 filed in connection with the proposed transaction. The forward-looking statements included in this communication are made only as of the date hereof and, except as required by federal securities laws and rules and regulations of the SEC, SES and Intelsat undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additional Information and Where to Find It In connection with the proposed strategic business combination between SES and Intelsat, SES filed with the SEC a registration statement on Form F-4 (SEC File No. 333-286828) that included a prospectus of SES. The registration statement was declared effective by the SEC on May 14, 2025, and the prospectus was mailed or otherwise disseminated to the shareholders of SES and Intelsat. SES also has filed and plans to file other relevant documents with the SEC regarding the proposed transaction. INVESTORS AND SHAREHOLDERS ARE URGED TO READ THE PROSPECTUS AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders can obtain free copies of the prospectus and other documents filed with the SEC through the website maintained by the SEC at Copies of the documents filed with the SEC will be available free of charge on SES's website at or by contacting SES's Investor Relations Department by email at ir@ Copies of the documents filed with the SEC by Intelsat will be available free of charge on Intelsat's website at or by contacting Intelsat's Investor Relations Department by email at No Offer or Solicitation This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. View source version on Contacts For further information please contact: Suzanne OngCommunicationsTel. +352 710 725 Christian KernInvestor RelationsTel: +352 710 725 Sign in to access your portfolio
