Investment

• Northrop Grumman’s Space Systems segment is expected to post a 24.3% year-over-year revenue decline in Q2 2025 due to reduced activity in restricted space programs, Commercial Resupply Services, and satellite work for the Space Development Agency. This underperformance contrasts with growth in other segments and may weigh on the company’s overall results.

• NASA’s Jet Propulsion Lab is reportedly attempting to sell off several Earth science satellites (some already launched, others like GLIMR still awaiting deployment) amid deep budget cuts proposed by the Trump administration for FY2026. The move signals broader concerns over the future of NASA’s climate and environmental monitoring efforts, as JPL seeks government or private buyers to salvage programs previously targeted for termination.

• Firefly Aerospace has filed for an initial public offering (IPO) and plans to list on the Nasdaq under the ticker symbol “FLY.” The Texas-based space and defense tech company has not yet disclosed the number of shares or price range but is moving toward public market entry with top-tier underwriters including Goldman Sachs and J.P. Morgan.

Partnerships

• Viasat, in collaboration with SSTL and MDA Space, is leading UK efforts on ESA’s Moonlight program to develop a lunar communications satellite system, aiming for initial capability by 2028. The system will serve as a “data highway” between Earth and the Moon, enabling future lunar exploration, space tourism, and industrial activity, while positioning the UK as a key player in the emerging lunar economy.

• Australia’s Defence Department has partnered with Optus and leading universities to co-develop a LEO satellite equipped with experimental communications and research payloads, aiming to strengthen sovereign space capabilities. Backed by $4 million in Defence funding and additional investment through the iLAuNCH Trailblazer program, the mission will advance optical and radio-frequency communications and is set to launch in 2028.

• Astroscale U.S. has signed a Space Act Agreement with NASA’s Goddard Space Flight Center to test its Refueler spacecraft’s rendezvous and docking capabilities ahead of refueling missions for U.S. DOD satellites in GEO. The partnership leverages GSFC’s advanced in-space servicing facilities to validate Astroscale’s RPOD technology in a high-fidelity environment.

Applications

• Expedition 73 astronauts aboard the ISS conducted a range of health and systems maintenance tasks, including heart scans, blood pressure monitoring, and wearable sensor tests to study microgravity’s effects on cardiovascular and respiratory systems. The crew also maintained critical life support and scientific equipment, while supporting plant biology and international collaboration experiments.

• ESA and UK-based Frazer-Nash have launched INVICTUS, a hypersonic flight research program aiming to develop a reusable, Mach 5-capable aerospace vehicle with horizontal launch capabilities. Backed by ESA and the UK Space Agency, the project will test air-breathing, hydrogen-fueled propulsion systems and advanced cooling tech like SABRE, with the goal of enabling future spaceplanes and dual-use mobility systems.

• Researchers have demonstrated a new in-situ resource utilization (ISRU) technology that extracts water from lunar soil and uses it to convert CO₂ into oxygen and fuel precursors. While still in early stages, the integrated photothermal system could reduce the cost and logistical complexity of transporting water and fuel from Earth, making it a high-impact application for future commercial lunar infrastructure and deep space missions.

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• MDA Space Ltd. has amended its merger agreement with SatixFy Communications Ltd., raising its all-cash acquisition offer to $3.00 per share from $2.10, bringing the deal’s implied equity value to approximately $280 million.
• The revised offer followed a go-shop period in which SatixFy received a competing all-stock proposal from an undisclosed third party valued at $233.5 million; MDA challenged the validity of that proposal, prompting renegotiations.
• SatixFy’s Board of Directors unanimously endorsed the amended merger agreement, citing the benefits of an all-cash deal and a quicker path to closing; 57% of shareholders have signed support agreements, and the shareholder vote has been rescheduled to May 23, 2025.

PRESS RELEASE – MDA Space Ltd. (TSX: MDA), a trusted mission partner to the rapidly expanding global space industry, and SatixFy Communications Ltd. (NYSE American: SATX), a leader in next-generation satellite communication systems based on in-house-developed chipsets, announced that they have agreed to amend the terms of the Agreement and Plan of Merger (the “Merger Agreement”), dated April 1, 2025 among SatixFy Communications Ltd. (“SatixFy”) ,  MDA Space Ltd. (“MDA”) and certain subsidiaries, pursuant to which MDA agreed to acquire SatixFy in an all-cash transaction for US$2.10 (without interest) per ordinary share, which implied an aggregate equity value for the Company of approximately US$193 million. 

The amendment follows a go-shop process, conducted by SatixFy with the assistance of its financial advisor TD Securities (USA) LLC, in which approximately 75 third parties were contacted to determine whether they had an interest in making an Acquisition Proposal (as such term is defined in the Merger Agreement). The “go-shop” period under the Merger Agreement expired at 11:59 p.m. ET on May 16, 2025.

As a result of this process, SatixFy received during the “go-shop” period an Acquisition Proposal from a third-party (the “Go-Shop Party” and the “Go-Shop Proposal”, respectively) to acquire all of the outstanding shares of SatixFy in an all-stock transaction, consisting of a number of the Go-Shop Party’s shares that would imply aggregate equity consideration of approximately US$233.5 million, or approximately US$2.53 per ordinary share. Furthermore, the exchange ratio, on the basis of which the consideration pursuant to the Go-Shop Proposal would be calculated, featured a collar such that the ratio between the SatixFy shares and the Go-Shop Party stock consideration would remain fixed despite any increase in the Go-Shop Party’s trading price to enable the holders of SatixFy’s ordinary shares to participate in up to a 10% increase, and would be adjusted in the event of any decrease in the Go-Shop Party’s trading price to enable the holders to receive the same aggregate value of US$233.5 million despite up to a 20% decrease. MDA disputed the validity of SatixFy’s notice of the Acquisition Proposal.

In response to the Go-Shop Proposal and subsequent discussions with MDA, SatixFy and MDA reached an agreement to amend the Merger Agreement to provide for a significant increase in the merger consideration to an all-cash transaction for US$3.00 (without interest) per ordinary share, which implies an aggregate equity value for the Company of approximately US$280 million. The increase in the merger consideration is based upon the commitment by the Company not to consider any other acquisition proposals for SatixFy and for SatixFy’s Board of Directors (the “Board”) not to change its recommendation supporting the Merger Agreement, as amended. 

The Board determined that the increased price per share is the best value for the shareholders of Satixfy, after taking into account various considerations including time to close and risks of delays, risks to closing, financial situation of the company, benefits of an all-cash transaction and others (the “Board Determination”).

The Board unanimously reiterates its recommendation that SatixFy shareholders vote FOR the revised transaction at the Meeting (as defined below).

Shareholders holding approximately 57% of SatixFy outstanding shares have entered into voting support agreements pursuant to which they have committed to vote in favor of the transaction.

In connection with the Board Determination, the Board also resolved that the upcoming Special General Meeting of Shareholders to approve the Merger Agreement and related transactions which was scheduled for May 20, 2025 will be postponed to 4:00 p.m. Israel time on May 23, 2025 to allow sufficient time under applicable laws, rules and regulations for the announcement and distribution of the disclosures set forth herein. There is currently no change to the location, the record date, the purpose or any of the proposals to be acted upon at the Special General Meeting of Shareholders, except as set forth in this press release.

• MDA Space is set to acquire SatixFy in an all-cash transaction valued at approximately US$193 million.
• MDA Space has agreed to acquire all outstanding shares of SatixFy for US$2.10 per share, representing a 75% premium over SatixFy’s closing price as of March 31, 2025, and a 52% premium over the 30-day volume-weighted average price of the stock.
• The acquisition is expected to close in the third quarter of 2025, pending regulatory approvals.

MDA Space has announced its plans to acquire SatixFy Communications Ltd. in an all-cash transaction valued at approximately US$193 million. This acquisition is expected to enhance MDA Space’s capabilities in the expanding satellite communications sector. Once finalized, the deal will bring SatixFy’s advanced chipsets, satellite communication systems, and a strong patent portfolio under MDA’s umbrella, bolstering its end-to-end satellite solutions.

Founded in 2012, SatixFy is known for its cutting-edge semiconductor technologies that support satellite broadband and direct-to-device constellations. Their innovative digital beamformers allow satellites to generate hundreds of beams, improving performance and reducing costs. SatixFy’s portfolio includes space-grade chips, gateways, and antennas, which are essential for next-generation satellite systems.

Mike Greenley, CEO of MDA Space, highlighted the strategic importance of the acquisition. “With this acquisition, MDA Space is taking a logical next step to reinforce our technical differentiation as the global market transitions from analog to digital satellite technology,” he stated. The transaction, once completed, will integrate SatixFy’s technology with MDA’s existing capabilities, particularly in digital Low Earth Orbit (LEO) and Medium Earth Orbit (MEO) satellites, such as the MDA AURORA series.

The satellite communications market is seeing rapid growth, driven by demand for broadband services, direct-to-device connectivity, and IoT applications. Industry forecasts suggest that by 2032, 89% of all new communications satellites will feature software-defined technology. By acquiring SatixFy, MDA Space will be well-positioned to tap into this expanding market, gaining access to an IP portfolio with over 60 patents.

Nir Barkan, CEO of SatixFy, expressed confidence in the deal. “Joining MDA Space marks a significant milestone in our journey. It will provide the scale, resources, and stability needed to continue delivering groundbreaking solutions.”

According to the announcement, MDA Space has agreed to acquire all outstanding shares of SatixFy for US$2.10 per share, representing a 75% premium over SatixFy’s closing price as of March 31, 2025, and a 52% premium over the 30-day volume-weighted average price of the stock. The total value of the transaction, including the assumption of SatixFy’s existing debt, amounts to approximately US$269 million. This amount covers the purchase price and will also address SatixFy’s debt of approximately US$76 million, which MDA intends to retire immediately upon closing.

The acquisition is expected to close in the third quarter of 2025, pending regulatory approvals.

• MDA Space has signed a major contract with Globalstar to support the satellite operator’s next-generation low Earth orbit constellation, valued at approximately CAD $1.1 billion.
• Under this agreement, MDA Space will act as the prime contractor, responsible for manufacturing over 50 MDA AURORA software-defined digital satellites for the new LEO network.
• This contract builds on an earlier Authorization to Proceed agreement made in November 2023 and adds $750 million to MDA’s backlog.

MDA Space Ltd. announced has signed a major contract with Globalstar Inc. to support the satellite operator’s next-generation low Earth orbit (LEO) constellation, valued at approximately $1.1 billion CAD. Under this agreement, MDA Space will act as the prime contractor, responsible for manufacturing over 50 MDA AURORA software-defined digital satellites for the new LEO network.

“We are pleased to once again be working with Globalstar as they develop their next generation LEO constellation,” said Mike Greenley, CEO of MDA Space. “With the full contract now in place, we are moving full speed ahead on the program.”

This contract builds on an earlier Authorization to Proceed (ATP) agreement made in November 2023 and adds an additional $750 million to MDA’s backlog. The total value of the full contract, including previous orders, is set at $1.1 billion. The contract’s impact will be felt in fiscal 2025 when the additional amount is added to the company’s backlog.

Image credit: MDA Space

• MDA Space has contracted Airbus to supply over 200 solar arrays for MDA’s AURORA satellite product line, which supports Telesat’s Lightspeed constellation.
• Airbus will manufacture the solar arrays, called Sparkwing, at its high-capacity facility in Leiden, Netherlands.
• These will be the largest Sparkwing arrays built so far, spanning over 30 square meters of photovoltaic area.

MDA Space has contracted Airbus to supply over 200 solar arrays for MDA’s AURORA satellite product line. These arrays will support Telesat’s Lightspeed, a Low-Earth Orbit (LEO) satellite constellation designed to extend global communication networks and deliver enterprise-level connectivity worldwide.

Airbus will manufacture the solar arrays, called Sparkwing, at its high-capacity facility in Leiden, Netherlands. These will be the largest Sparkwing arrays built so far, featuring two wings with five panels each and spanning over 30 square meters of photovoltaic area. The Sparkwing arrays have been designed specifically for large-scale satellite constellations and are optimized for performance in space.

Rob Postma, Managing Director of Airbus in the Netherlands, expressed Airbus’ excitement about contributing to the Lightspeed project, noting that the Sparkwing solar arrays are designed for mass production, making them ideal for satellite constellations.

The MDA AURORA platform provides operators with software-defined flexibility and aims to enhance the performance of satellite constellations while reducing costs and speeding up delivery. The Sparkwing solar arrays will be integrated into the AURORA platform, ensuring that it meets the high power demands of LEO missions and beyond.

Sparkwing is the first commercially available, off-the-shelf solar array for small satellites. Initially optimized for LEO missions requiring power between 100W and 2000W, the system offers flexibility in configuration and design. Its modular design allows it to be adapted for more complex missions, offering higher power generation and greater durability.

Developed by Airbus in the Netherlands with support from the European Space Agency (ESA) and the Netherlands Space Office, Sparkwing aims to simplify satellite integration and provide a reliable power solution for a wide range of space missions.

Image credit: Airbus

The ISS’ Retirement Plan

Deorbiting the ISS is a shared responsibility among the five space agencies involved in building and launching the station: NASA, the Canadian Space Agency, the European Space Agency, the Japan Aerospace Exploration Agency, and Roscosmos. The monumental mission, which is set to take place in 2031, will require precise control to ensure that any debris that does not burn up upon reentry lands in a designated area of the southern Pacific Ocean. This represents a significant challenge and milestone in space operations.

Recently, NASA announced that SpaceX has been selected to develop and deliver the U.S. Deorbit Vehicle (USDV), a single contract worth up to $843 million. The USDV is a spacecraft that will be responsible for the safe and responsible transition into low Earth orbit after the ISS’s operational life ends in 2030. NASA will take ownership of and operate the USDV throughout the mission.

NASA’s current deorbiting plan involves using SpaceX’s USDV to guide the ISS through its final descent. This approach replaces the original idea of using Russian Progress spacecraft, due to both technical and geopolitical considerations. The ISS partner agencies have committed to operating the station through 2030, with Russia committed through at least 2028 or until the country’s contributed technologies are no longer operational. Each agency contributed critical components to the ISS and is responsible for the maintenance, operation, and upgrades of their respective technologies.

Key steps in the de-orbiting process will reportedly include:

Gradual Orbit Lowering

Starting in 2026, the ISS will be allowed to naturally decay under atmospheric drag and begin a gradual descent to lower its altitude.

Final Crew Departure

A final crew will be sent to the ISS to retrieve any equipment or historically significant materials and will depart and safely return to Earth in 2030.

Controlled Re-entry

In 2031, the USDV will execute a final re-entry burn to ensure the ISS re-enters the atmosphere over the South Pacific Ocean, targeting Point Nemo, one of the most remote places on Earth.

The Rise of Commercial Space Stations

Before NASA says goodbye to the ISS, it plans to transition its research and astronauts to commercial space stations. This transition is part of a broader strategy to foster innovation, reduce costs, and maintain American competitiveness in space exploration.

Starlab is a planned commercial space station being developed by a global joint venture led by Voyager Space. The project aims to create a continuously crewed, free-flying space station to serve as a successor to the ISS and ensure ongoing human presence in low Earth orbit.

The commercial space station is designed to serve a global customer base that includes space agencies, researchers, and companies. It aims to provide continued microgravity research capabilities, a platform for commercial space activities, support for astronaut missions, and opportunities for space tourism. SpaceX has been contracted to launch Starlab on its Starship vehicle. Along with SpaceX, key players and their roles for Starlab include:

Voyager Space

Voyager Space is the lead partner in the Starlab joint venture. The company oversees overall project management and coordination and brings expertise in commercial space operations and technology development.

Airbus

Airbus is a major partner in the joint venture. The company contributes aerospace engineering expertise and manufacturing capabilities while anchoring the project to European space ambitions.

Mitsubishi Corporation

Mitsubishi is a strategic partner providing additional financial backing and business development support to the project. The corporation helps extend Starlab’s reach into Asian markets.

MDA Space

MDA Space is the newest strategic partner and equity owner in the Starlab joint venture. The company will be responsible for providing external robotics, robotics interfaces, and robotic mission operations including its MDA SKYMAKER suite of scalable and modular robotics solutions. It brings extensive experience from developing the Canadarm family of robotics used on the ISS.

Jeffrey Manber, President of International and Space Stations at Voyager Space, discussed the advantages of the shift toward commercial operations, including increased efficiency and cost-effectiveness. NASA views this shift to commercial partnerships as beneficial for national security, especially in light of geopolitical tensions. The agency notes that despite challenges in U.S.-Russia relations, cooperation on the ISS remains professional and uninterrupted.

As other countries, including China, Russia, and India, pursue their own space station projects, the U.S. is betting on commercial leadership in low Earth orbit.

Looking Ahead

The planned decommissioning of the International Space Station in 2031 marks a significant transition in space exploration. As NASA and its international partners prepare for the complex task of safely de-orbiting the ISS, they are simultaneously paving the way for the next generation of space habitation through commercial partnerships.

This shift from government-led to private sector-driven space exploration represents a new era in space operations. Companies like Voyager Space, with its Starlab project, are stepping up to fill the void that will be left by the ISS. These commercial ventures aim to provide continued opportunities for scientific research, technological development, and potentially even space tourism.

The de-orbiting of the ISS and the rise of commercial space stations highlight the evolving nature of space exploration. They demonstrate the increasing role of private industry in space, the ongoing importance of international cooperation, and the continuous push to expand human presence beyond Earth’s atmosphere.

• MDA Space has secured a $1 billion contract from the Canadian Space Agency to design and deliver the Canadarm3 project.
• Canadarm3 will play a key role in NASA’s Gateway, a space station orbiting the Moon that will support missions under the Artemis program.
• The contract covers the final design and construction phases of Canadarm3 and is expected to run until March 2030.

MDA Space announced it has secured a $1 billion contract from the Canadian Space Agency (CSA) to advance the Canadarm3 project. Canadarm3 will play a key role in NASA’s Gateway, a space station orbiting the Moon that will support missions under the Artemis program.

The contract covers the final design and construction phases of Canadarm3, involves over 200 Canadian companies, and will run until March 2030. This system includes a large arm, a smaller dexterous arm, and specialized tools for maintenance and scientific tasks. MDA will oversee the assembly and testing of these components from their facility in Brampton, Ontario. They will also provide mission control support once Canadarm3 is operational.

MDA CEO Mike Greenley discussed the significance of this contract, stating it reinforces MDA’s leadership in space technology. This milestone aligns with MDA’s strategy to develop advanced commercial space products. Leveraging Canadarm3 technology, MDA has introduced MDA SKYMAKER, a suite of commercial space robotics for various applications, including satellite servicing and in-space manufacturing.

The Canadian government highlights this contract as a testament to Canada’s commitment to lunar exploration and innovation in space robotics. Minister François-Philippe Champagne noted that Canadarm3 will enhance Canada’s position in the global space sector and support job creation and skills development.

Image credit: MDA Space