Latest news with #venture capital
Yahoo
2 days ago
- Business
- Yahoo
Will Starlink IPO Before SpaceX? What Investors Should Know.
Key Points Starlink operates as a subsidiary of SpaceX, and specializes in satellite internet services. There are multiple ways that SpaceX could take Starlink public while still maintaining majority control of the business. Industry estimates suggest that Starlink is SpaceX's largest source of revenue and is generating positive free cash flow, making now an interesting time to consider an IPO. These 10 stocks could mint the next wave of millionaires › Be it in investing or life in general, people often want things that they can't have. When it comes to stocks, it's not uncommon for investors -- particularly retail investors -- to fawn over the prospects of owning equity in high-profile start-ups. Unfortunately, these types of investments are generally reserved for venture capital (VC) firms, private equity funds, or accredited investors. One of the most popular start-ups in the world is Tesla CEO Elon Musk's space exploration company, SpaceX. As of this writing, industry research suggests that SpaceX is the most valuable private technology company in the world -- having achieved a valuation of $350 billion earlier this year. In addition to rocket ships, SpaceX also provides satellite internet services through a subsidiary business, called Starlink. Over the last few years, Starlink's popularity has fueled speculation that it could potentially go public. But seeing as how Starlink operates within the broader SpaceX orbit, how would such a transaction even work? Let's dig into the mechanics around a potential Starlink initial public offering (IPO) and assess how and why such a deal could benefit SpaceX. SpaceX, Starlink, and retail investors: It's a complicated situation A concept that retail investors may not fully understand is that when you invest in a business -- especially one that is diversified -- you effectively gain a form of ownership in the various segments of the company. For example, if you're interested in autonomous vehicles and want to invest in Waymo, the easiest way to do that is by owning Alphabet stock. Waymo is a subsidiary of Alphabet, and so owning the stock provides investors with exposure to the company's entire ecosystem including Google, YouTube, Google Cloud, Waymo, and much more. Along the same lines, if SpaceX were to go public, investors would be able to buy stock through their brokerage account and have an ownership stake to the entire business (including exposure to Starlink). But what would a situation look like that features a completely separate initial public offering for Starlink? There are multiple different ways that SpaceX could structure such a deal. One option could be for SpaceX to partially spin off Starlink as its own legal entity and subsequently offer a certain percentage of the business through an IPO. Perhaps a more interesting structure would be for SpaceX to create a tracking stock just for the Starlink division. In such an event, investors could buy shares in stock that only tracks the performance of Starlink as opposed to the entire SpaceX operation. The broader point here is that taking Starlink public before SpaceX is entirely doable... but it's also complicated and requires some creative thinking as it pertains to deal structure. Taking this one step further, what would SpaceX's motivation be for taking Starlink public? Does a Starlink IPO even make sense for SpaceX? One benefit of taking Starlink public is that it would provide investors with some autonomy regarding how they want to allocate capital. In other words, by listing Starlink and SpaceX as separate public entities, investors have a choice over buying exposure into a lumpy aerospace and defense business (SpaceX) or a subscription-based, recurring revenue internet services company (Starlink). As a private company, SpaceX is not required to disclose its financial profile. With that said, sending rocket ships to space is a complex, time-consuming ambition. Moreover, space exploration is not exactly a linear type of business. What I mean by all of this is that SpaceX's core business doesn't necessarily have predictable revenue streams, but it requires hefty investments across research and development (R&D) and capital expenditures (capex) on an ongoing basis. According to a report published by Payload Space earlier this year, Starlink is believed to be the largest source of revenue within the entire SpaceX business. In addition, it's also suggested that the overwhelming majority of Starlink's revenue stems from recurring subscription services. With that in mind, Starlink's actual profitability profile is not entirely known. Reporting from Bloomberg has suggested that Starlink's profitability profile is not robust given the high costs of building and launching satellites. But on the other side of the equation, some would argue that Starlink's internet subscriptions help offset the maintenance costs affiliated with low-margin satellites. While the company's precise financial picture independent of SpaceX is not entirely known, I remain optimistic that a Starlink IPO would be well received. A Starlink IPO could represent a capital infusion for SpaceX while still allowing the company to retain control of Starlink from an ownership and governance perspective. In other words, SpaceX can leverage proceeds from a Starlink IPO to reinvest in the core space exploration business. This would permit for more aggressive investments in the core rocket business, ultimately helping SpaceX intensify the competitive landscape with the likes of Blue Origin or Rocket Lab. Given Starlink's reported explosive growth and SpaceX's ability to maintain control over the satellite business, I think Musk should seriously consider taking Starlink public sooner rather than later. Don't miss this second chance at a potentially lucrative opportunity Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a 'Double Down' stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you'd have $449,961!* Apple: if you invested $1,000 when we doubled down in 2008, you'd have $40,603!* Netflix: if you invested $1,000 when we doubled down in 2004, you'd have $636,628!* Right now, we're issuing 'Double Down' alerts for three incredible companies, available when you join , and there may not be another chance like this anytime soon.*Stock Advisor returns as of July 21, 2025 Adam Spatacco has positions in Alphabet and Tesla. The Motley Fool has positions in and recommends Alphabet, Rocket Lab, and Tesla. The Motley Fool has a disclosure policy. Will Starlink IPO Before SpaceX? What Investors Should Know. was originally published by The Motley Fool 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
Globe and Mail
2 days ago
- Business
- Globe and Mail
Will Starlink IPO Before SpaceX? What Investors Should Know.
Key Points Starlink operates as a subsidiary of SpaceX, and specializes in satellite internet services. There are multiple ways that SpaceX could take Starlink public while still maintaining majority control of the business. Industry estimates suggest that Starlink is SpaceX's largest source of revenue and is generating positive free cash flow, making now an interesting time to consider an IPO. These 10 stocks could mint the next wave of millionaires › Be it in investing or life in general, people often want things that they can't have. When it comes to stocks, it's not uncommon for investors -- particularly retail investors -- to fawn over the prospects of owning equity in high-profile start-ups. Unfortunately, these types of investments are generally reserved for venture capital (VC) firms, private equity funds, or accredited investors. One of the most popular start-ups in the world is Tesla CEO Elon Musk's space exploration company, SpaceX. As of this writing, industry research suggests that SpaceX is the most valuable private technology company in the world -- having achieved a valuation of $350 billion earlier this year. Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue » In addition to rocket ships, SpaceX also provides satellite internet services through a subsidiary business, called Starlink. Over the last few years, Starlink's popularity has fueled speculation that it could potentially go public. But seeing as how Starlink operates within the broader SpaceX orbit, how would such a transaction even work? Let's dig into the mechanics around a potential Starlink initial public offering (IPO) and assess how and why such a deal could benefit SpaceX. SpaceX, Starlink, and retail investors: It's a complicated situation A concept that retail investors may not fully understand is that when you invest in a business -- especially one that is diversified -- you effectively gain a form of ownership in the various segments of the company. For example, if you're interested in autonomous vehicles and want to invest in Waymo, the easiest way to do that is by owning Alphabet stock. Waymo is a subsidiary of Alphabet, and so owning the stock provides investors with exposure to the company's entire ecosystem including Google, YouTube, Google Cloud, Waymo, and much more. Along the same lines, if SpaceX were to go public, investors would be able to buy stock through their brokerage account and have an ownership stake to the entire business (including exposure to Starlink). But what would a situation look like that features a completely separate initial public offering for Starlink? There are multiple different ways that SpaceX could structure such a deal. One option could be for SpaceX to partially spin off Starlink as its own legal entity and subsequently offer a certain percentage of the business through an IPO. Perhaps a more interesting structure would be for SpaceX to create a tracking stock just for the Starlink division. In such an event, investors could buy shares in stock that only tracks the performance of Starlink as opposed to the entire SpaceX operation. The broader point here is that taking Starlink public before SpaceX is entirely doable... but it's also complicated and requires some creative thinking as it pertains to deal structure. Taking this one step further, what would SpaceX's motivation be for taking Starlink public? Does a Starlink IPO even make sense for SpaceX? One benefit of taking Starlink public is that it would provide investors with some autonomy regarding how they want to allocate capital. In other words, by listing Starlink and SpaceX as separate public entities, investors have a choice over buying exposure into a lumpy aerospace and defense business (SpaceX) or a subscription-based, recurring revenue internet services company (Starlink). As a private company, SpaceX is not required to disclose its financial profile. With that said, sending rocket ships to space is a complex, time-consuming ambition. Moreover, space exploration is not exactly a linear type of business. What I mean by all of this is that SpaceX's core business doesn't necessarily have predictable revenue streams, but it requires hefty investments across research and development (R&D) and capital expenditures (capex) on an ongoing basis. According to a report published by Payload Space earlier this year, Starlink is believed to be the largest source of revenue within the entire SpaceX business. In addition, it's also suggested that the overwhelming majority of Starlink's revenue stems from recurring subscription services. With that in mind, Starlink's actual profitability profile is not entirely known. Reporting from Bloomberg has suggested that Starlink's profitability profile is not robust given the high costs of building and launching satellites. But on the other side of the equation, some would argue that Starlink's internet subscriptions help offset the maintenance costs affiliated with low-margin satellites. While the company's precise financial picture independent of SpaceX is not entirely known, I remain optimistic that a Starlink IPO would be well received. A Starlink IPO could represent a capital infusion for SpaceX while still allowing the company to retain control of Starlink from an ownership and governance perspective. In other words, SpaceX can leverage proceeds from a Starlink IPO to reinvest in the core space exploration business. This would permit for more aggressive investments in the core rocket business, ultimately helping SpaceX intensify the competitive landscape with the likes of Blue Origin or Rocket Lab. Given Starlink's reported explosive growth and SpaceX's ability to maintain control over the satellite business, I think Musk should seriously consider taking Starlink public sooner rather than later. Don't miss this second chance at a potentially lucrative opportunity Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a 'Double Down' stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you'd have $449,961!* Apple: if you invested $1,000 when we doubled down in 2008, you'd have $40,603!* Netflix: if you invested $1,000 when we doubled down in 2004, you'd have $636,628!* Right now, we're issuing 'Double Down' alerts for three incredible companies, available when you join Stock Advisor, and there may not be another chance like this anytime soon. See the 3 stocks » *Stock Advisor returns as of July 21, 2025
Yahoo
6 days ago
- Business
- Yahoo
Australian Life Sciences Venture Capital firm Brandon Capital announces Fund Six final close totalling over A$439m
MELBOURNE, Australia, July 24, 2025 (GLOBE NEWSWIRE) -- Brandon Capital, Australasia's leading life sciences venture capital firm, today announced the final close of its sixth fund at A$439 million. Joining existing investors Hesta, Host Plus, CSL and QIC are the WA Government and Australia's sovereign investor in manufacturing capability, the National Reconstruction Fund Corporation (NRFC). This final close of Brandon BioCatalyst Fund Six (BB6) will see Brandon Capital continue to invest in emerging biomedical technologies with strong commercial potential, translating these exciting discoveries into high-growth firms that positively impact human health. To date, Brandon Capital has raised over A$1 billion across previous funds with notable Fund Six investments to date including AdvanCell (radiopharma), PolyActiva (glaucoma implant), Myricx Bio (ADC) and CatalYm (oncology). Dr Chris Nave, Co-Founder and Managing Partner at Brandon Capital, 'We're excited to welcome the National Reconstruction Fund Corporation to our sixth fund, joining HESTA, Hostplus, CSL, QIC and the WA Government. Closing at $439 million, BB6 is our largest fund to date, and we remain committed to advancing breakthrough biomedical innovations through our unwavering scientific rigour and disciplined capital allocation, in pursuit of exceeding our investors' expectations.' The firm has a track record of advancing its portfolio companies to commercialisation. Recent Brandon Capital portfolio company announcements include FDA approvals for a hypertension therapy from George Medicines and a left ventricular cardiac resynchronisation device developed by EBR Systems, with Q-Sera's blood collection tubes that produce high-quality serum faster and more reliably, recently approved in Japan. Brandon Capital has an active portfolio of over 30 companies with 17 in clinical trials, four advancing or in-market, a promising preclinical pipeline and several actively contributing to Australia's high-skilled manufacturing sector growth. Collectively supporting over 270 high-skilled Australian jobs are: surgical imaging innovator, OncoRes Medical, which has developed the first 'real-time' in cavity probe to improve cancer surgery outcomes; late-stage biotech PolyActiva, which is developing a long-term treatment for glaucoma, the second leading cause of blindness; needle-free patch for vaccine delivery Vaxxas, and radiopharmaceutical company AdvanCell, which is developing novel therapies for the treatment of a range of cancers. NRFC CEO David Gall said, "Medical science has long development timelines, and it is important for the NRFC to make early and considered investments in the sector to attract the talent and capital that we will need to build our local commercialisation capabilities. If we want medical science jobs and industries to exist in Australia in ten years, we need to invest in them today." Brandon Capital, headquartered in Australia with offices in the UK and US, has established a transcontinental presence that strengthens collaboration across regions. Australian portfolio companies gain access to UK/EU/US capital, expertise, and pharma networks, while international companies benefit from Australia's world-class clinical trial and research capabilities. About Brandon Capital – Brandon Capital is Australasia's leading life sciences venture capital firm, with offices in Australia, New Zealand, the US and the UK. Its unique model includes proprietary deal flow through Brandon BioCatalyst, a collaboration of over 50 of ANZ's leading medical research institutions, and its immersive corporate services structure enables portfolio companies to focus on research commercialisation. With more than 30 active companies in its portfolio, Brandon Capital has been sourcing and supporting the transition of world-leading science into world-leading businesses for nearly two decades. For further information please contact Media – AustraliaKirrily Davis, E: kdavis@ M: +61 (0)401 220228 Media - InternationalSue Charles, Charles Consultants E: M: +44 (0)7968 726585 Chris Gardner, E: Chris@ M: +44 (0)7956 031077 About the National Reconstruction Fund Corporation (NRFC) The NRFC invests to diversify and transform Australia's industry and economy. It has $15 billion to invest using direct loans, equity investments and loan guarantees. The NRFC investment mandate covers seven priority areas including value-add in resources; transport; medical science; defence capability; renewables and low emission technologies; value-add in agriculture, forestry and fisheries; and enabling capabilities. The NRFC's role is to invest in Australian businesses and projects that design, refine and make in order to transform capability, grow jobs and a skilled workforce, and diversify our economy. NRFC is a corporate Commonwealth entity, established by the National Reconstruction Fund Corporation Act 2023 (NRFC Act) in September 2023. For more information, visit
Yahoo
18-07-2025
- 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
Japan Times
16-07-2025
- Business
- Japan Times
Tokyo emerges as a top market for global tech talent
Tokyo is a leading market for tech talent alongside Beijing, the San Francisco Bay Area, Bengaluru, Paris, New York and Dublin, according to a newly released global ranking. Colliers, an investment management and professional services firm, studied more than 200 global markets, drawing on job posts, access to venture capital (VC) and the available talent pool to score and rank global and regional tech markets, culminating in its report Global Tech Markets: Top Talent Locations 2025. In the global rankings, Tokyo placed 10th, behind Dublin and ahead of Washington. In the Asia-Pacific rankings, it took third behind Beijing and Bengaluru. 'Global technology talent markets have evolved rapidly over the past five years. Few events have disrupted the markets faster than the introduction of generative AI models,' the report said, noting that as businesses raced to implement artificial intelligence, demand for related skills had created 'unprecedented competition for key roles in data science and cybersecurity.' While calls for traditional IT jobs have fallen in recent years, demand for AI expertise has ballooned, with data scientists and cybersecurity professionals in particular being sought after. Talent with such skills are in high demand globally. Tokyo, which has been pushing to develop startup hub ecosystems across the country and attract highly skilled talent, earned an 'above-average VC funding score.' According to the report, the Japanese capital is also a leading choice in the Asia-Pacific region for startups. With the race for tech talent intensifying, companies are seeking to invest more in regions that offer 'more abundant and affordable tech talent,' the report said. In Japan, the weak yen against the dollar translates to lower costs for overseas employers when it comes to recruiting from the nation. Driven by a push for greater affordability, more tech companies are opening offices in the Asia-Pacific region and in Latin America in order to maintain their competitive edge, according to the report. India remains the region's leading tech talent hub, with lower costs, developed infrastructure and highly skilled workers. 'Leading tech cities in India account for 69% of the total tech talent in the Asia-Pacific region,' said Arpit Mehrotra of Colliers' India office. Among the other trends mapped by the report, workers in the tech space are skewing younger, and there has been a greater recruiting focus on cities with young talent, including Jakarta, Hyderabad and Bengaluru.
