David LX Ho

Clifford Chance M&A lawyer
#spaceindustry #lunar
@SGAC | @iafastro | Moon Village Assn

[David LX Ho @DavidLXHo]

Voyager is now making a hedged bet - with exposure to both the commercial space station sector (not to be written off... yet) and the lunar ecosystem (dominating headlines in recent weeks)

One could consider this a transformative M&A, but Voyager now needs to focus on delivery

[Marcia Smith @SpcPlcyOnline]

Astrobotic is being acquired by Voyager.
https://t.co/CVcUvDtXg5

[David LX Ho @DavidLXHo]

Intuitive Machines continues its M&A spree. Acquisitions of KinetX, Lanteris, and now Goonhilly, allows IM to manufacture spacecraft, connect space-to-ground networks and operate across multiple domains

SEC filings indicate English law SPA, use of W&I insurance but no break fee

[David LX Ho @DavidLXHo]

Based on disclosed deal docs:
- consideration mainly Amazon stock, 40% cash cap
- conditions: antitrust and foreign investment approvals, satellite milestones
- closing expected mid 2027
- break fees apply (Globalstar 420m, Amazon 592m)
- no shop

[FT World News @ftworldnews]

Amazon agrees $11.6bn takeover of satellite group Globalstar https://t.co/N2Ml9PD94d

[David LX Ho @DavidLXHo]

Firefly partners with Nvidia to place AI processing into lunar orbit. Promising development

[Firefly Aerospace @FireflySpace]

Real-time intelligence from the Moon! Our Ocula lunar imaging service will leverage @nvidia's Jetson module and Firefly's AI software to enable on-orbit processing in lunar orbit and transmit more timely, actionable insights to customers. The high-res telescopes that power Ocula were delivered to our spacecraft facility and fit checked on our Elytra orbital spacecraft. Learn more here: https://t.co/jlGDtF0j9q

[David LX Ho @DavidLXHo]

Stargaze by SpaceX being free for all operators presents a challenge for nascent commercial SSA providers. Granted, its capabilities may be largely in LEO, but that is probably the most congested zone where the need for SSA is most pressing?

[Starlink @Starlink]

SpaceX has developed a novel Space Situational Awareness (SSA) system, called Stargaze → https://t.co/dZUIfl2xmx

To maximize safety for all satellites in space, @SpaceX will be making Stargaze conjunction data available to all operators, free of charge. By providing this ephemeris sharing and conjunction screening service free of charge, we hope to motivate operators to take similar steps towards ephemeris sharing and safe flight.

[David LX Ho @DavidLXHo]

D-Orbit raised a US$53m series D round and one of the key “use of proceeds” is M&A

Expect space M&A will pick up across the sector, as existing players try to bulk up in capacity, capabilities and markets

https://t.co/rRbnbiyOP0

[David LX Ho @DavidLXHo]

Gilmour raised a US$145m Series E round, co-led by existing investors National Reconstruction Fund and Hostplus, and other new investors

This fund raise makes it Australia’s first space unicorn and allows it more attempts to build a successful rocket https://t.co/3tfwaZKF0j

[David LX Ho @DavidLXHo]

In one of the largest private space fundraises in Japan, Interstellar Technologies raised a Series F round ~129.7m USD and secured ~34.2m USD debt financing

Company establishes itself as Japan’s leading space transportation company

https://t.co/HeQU1Lj2qQ

[David LX Ho @DavidLXHo]

UNOOSA just published online a GA resolution adopted 5 Dec 2025

Titled “intl cooperation in the peaceful uses of outer space”, it reads as being routine and standard

However, for unknown reasons, the USA voted against? 171 other countries approved…

https://t.co/5LIiVZhQ8i

[David LX Ho @DavidLXHo]

IM closes deal to acquire Lanteris (formerly known as Maxar)

Highlights:
- Seller is PE firm Advent International, making a swift exit from its 2023 purchase of Maxar
- deal transforms IM from a lunar logistics company into a space prime, capable of US gov defence contracts

[Intuitive Machines @Int_Machines]

Intuitive Machines has completed the acquisition of Lanteris Space Systems. 🌌

Together, our strengths turn Intuitive Machines into a multi-domain space prime for commercial, civil, and national security space initiatives. We are able to build, connect, and operate end-to-end mission-critical systems across LEO, MEO, GEO, and cislunar space. Learn more: https://t.co/pfq8LUiixk

#SpaceTech #Aerospace #IntuitiveMachines

[Michael Mealling -- e/acc @mmealling]

This is the space section of a comprehensive analysis of China's industrial policy. China is good at seeing what works, copying it, and doing it more cheaply. China is copying SpaceX and Blue.

They are NOT copying SLS or anything produced by the Primes.

https://t.co/fFCqBuRmb4

[David LX Ho @DavidLXHo]

In yet another space M&A:

Firefly signs deal to acquire SciTec, a national security technologies supplier, for $855m ($300m in cash and $555m in Firefly shares)

https://t.co/THYWefSNfb

[David LX Ho @DavidLXHo]

recent Space M&A news:

Intuitive Machines completes its acquisition of KinetX, which is a certified deep space navigation provider

https://t.co/6hOrxsmviL

Hungarian company 4iG SDT signs an MOU to explore a US$100m equity investment in Axiom Space

https://t.co/ufFVZEp4Cn

[David LX Ho @DavidLXHo]

recent Space M&A news:

Intuitive Machines completes its acquisition of KinetX, which is a certified deep space navigation provider

https://t.co/6hOrxsmviL

Hungarian company 4iG SDT signs an MOU to explore a US$100m equity investment in Axiom Space

https://t.co/ufFVZEp4Cn

[David LX Ho @DavidLXHo]

Electric propulsion is slowly becoming the default architecture option, overtaking chemical propulsion (which will still have a role but more targeted and limited) https://t.co/4ag8j5y11Z

[David LX Ho @DavidLXHo]

China’s Moon mission made progress this week as a prototype of the 揽月Lanyue crewed lander was successfully tested

It tested the spacecraft’s ability to land on and take off a celestial body

Testing occurred at Huailai, a lunar simulation facility

https://t.co/8xz61ALeoR

[David LX Ho @DavidLXHo]

Interlune will fly a payload on Astrolab's FLEX Lunar Innovation Platform (FLIP) rover on its upcoming mission to the Moon.

The Interlune payload is a multispectral camera built to estimate helium-3 quantities and concentration in Moon regolith.

https://t.co/p3USVRHQD1

[David LX Ho @DavidLXHo]

Europe continues to step up for the lunar mission

Seemingly to honour its Artemis commitments, the Italian Space Agency (ASI) commissions Thales Alenia Space to design and lay the groundwork for a 10-year habitation module for the lunar surface

#Moon

https://t.co/ynXZl29ybs

[David LX Ho @DavidLXHo]

High space fundraising activity observed as Eutelsat raises ~EUR 800m from France, UK and others in Europe, Firefly initiates an IPO in the USA and various startups raise >50m series fundings (Varda 187m, Interstellar Japan 62m) #space

[David LX Ho @DavidLXHo]

Voyager's successful IPO validates the public market as a viable exit in the space sector

Significant that it overcame certain cons - it's still unprofitable, >80% of 2024 revenue came from US gov (>25% NASA), growing slower than venture investors typically expect

#space

[SpaceNews @SpaceNews_Inc]

Voyager raises $383 million from upsized IPO https://t.co/uBRqRKqKxq

[David LX Ho @DavidLXHo]

PE portfolio company Firefly succeeds in being the first commercial company to make a soft landing on the Moon

AE Industrial Partners invested in 2022, acquiring a significant stake from Noosphere Venture Partners

[Firefly Aerospace @FireflySpace]

Blue Ghost’s shadow seen on the Moon’s surface! We’ll continue to share images and updates throughout our surface operations. #BGM1