Stephen Salzman

SpaceX #IPO could drive #investor interest in other space companies   At the Miami Space Summit on February 5, AE Industrial Partners’ Kirk Konert said institutional demand for recent space IPOs has been strong. He noted Firefly Aerospace’s IPO in August was 25x oversubscribed and York Space Systems’ IPO in January was 20x oversubscribed. York began trading on January 29, 2026 on the NYSE under ticker YSS.   If #SpaceX files as soon as summer 2026, the size of that offering would likely push many large investors to build or expand dedicated coverage of the sector. That process tends to lift visibility for comparable companies, create clearer valuation benchmarks, and increase capital formation across adjacent segments.   A second-order effect could be consolidation. As investor expectations rise for scale, margins, and execution cadence, smaller companies may pursue combinations as an alternative path to liquidity.   https://lnkd.in/ei-cF__Q

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Congressman Ken Calvert’s analysis of the challenges facing our defense industrial base—and the solutions to its production shortfalls—is spot on. Manufacturing capability is national security. The creation of a Civil Reserve Manufacturing Network (CRMN) would connect commercial capacity with defense production, cut red tape, and expand ready-to-scale capability. At ACMI, we look forward to working with policymakers to move this modern era of American defense from vision to execution.

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Construction Command Center (CCC) Launches SpaceTravels: The First-Ever Tokenized Space Tourism Program Powered by AI, Space, and Blockchain MIAMI, FL — Construction Command Center (CCC), the AI-first construction platform behind ccctha.com, today announced SpaceTravels — a historic first: the world's first tokenized space tourism reservation program, combining artificial intelligence, commercial spaceflight access, and on-chain blockchain settlement on the Sui network using the THA token. For the first time, qualified travelers can reserve a future seat on a commercial sub-orbital or orbital flight by holding THA — a publicly tradable digital asset — directly in a non-custodial wallet (Slush Wallet / Sui). Reservations, eligibility tiers, and traveler manifests are recorded transparently on-chain, while CCC's AI handles medical screening pre-checks, training schedules, launch-window optimization, and personalized mission briefings. "Space tourism has always been gated by paperwork, opaque waitlists, and seven-figure wires," said the founding team at CCC. "SpaceTravels collapses that into three words: hold, train, fly. AI removes the friction. Blockchain removes the gatekeepers. Space becomes a destination anyone can plan for — not just a privilege for the connected few." KEY FIRSTS • First tokenized space tourism reservation system settled on a public L1 blockchain (Sui). • First AI-orchestrated traveler readiness pipeline — covering medical, training, and FAA 14 CFR 460.45 compliance. • First integration of a construction-tech platform with commercial spaceflight logistics. • First transparent, on-chain seat manifest — verifiable by any traveler, journalist, or regulator. THE AI + SPACE + BLOCKCHAIN STACK • AI: Multi-model orchestration (Gemini, GPT-5) for itinerary planning, risk scoring, and 24/7 traveler concierge. • Space: Partnerships and aggregation across commercial spaceflight operators for sub-orbital and orbital seats. • Blockchain: THA token on Sui — instant settlement, transparent ownership, zero custodial risk. ABOUT CCC Construction Command Center (ccctha.com) is an AI-first platform serving general contractors, developers, and now space-curious travelers. SpaceTravels is operated under CCC's Terms & Conditions available at https://lnkd.in/etCWj-RZ. Learn more or reserve: https://lnkd.in/erGxW6Fg MEDIA CONTACT Cloud Toronto Inc. — Support: dilipr@cloudtoronto.us Press inquiries: press@ccctha.com Web: https://lnkd.in/erGxW6Fg

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Defense aviation is entering a new chapter, one where AI flies alongside, and eventually instead of, human pilots. Harpoon portfolio company Merlin has signed an agreement to go public via an Inflection Point–led SPAC at an $800M pre-money valuation, paired with $125M+ in committed capital. It’s fuel for a mission years in the making: certifying autonomy with the FAA, fielding it with USSOCOM on the C-130J, and integrating on the KC-135, aircraft that form the backbone of U.S. and allied airpower. A big step toward making autonomy a standard capability in military and cargo aviation. Congrats to Matt George and the entire Merlin team! Link to the release in the comments.

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The Per Aspera Newsletter 051 is out, and I want to flag the throughline before you scroll past it... A Connecticut machine shop older than powered flight just filed to go public. Applied Aerospace & Defense (ticker AADX) is what you get when Greenbriar combines a 1900-vintage rotorhead supplier to Sikorsky with a Stockton composites shop, and now they're a 1,300-person operation making fuselage panels and rocket motor cases for Northrop, RTX, Lockheed, Anduril, Boeing, and GE Aerospace. They grew 25% last year!! They are not alone. Cerebras, HawkEye 360, AEVEX, Arxis, Elmet Group, and Swarmer have all queued up or listed in recent weeks. Josh Brown is calling it HALO: Heavy Assets, Low Obsolescence. The thing I keep coming back to is the civic angle. Microsoft IPO'd in 1986 at $140M in revenue. Amazon in 1997 at $15.7M. The teacher, the machinist, the 401(k) holder got to ride those stories for thirty years. The last decade of perpetual private rounds quietly took that away. If the companies rebuilding American manufacturing, compute, energy, defense, and space are going to define the next several decades, ordinary Americans should be able to own them. One more thing!! Next week is Newsletter 052, our one-year anniversary edition. 🎉🥳 Turn notifications on so you don't miss it. Full issue: https://lnkd.in/efugNcZ5

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I've noticed some space-focused venture capital firms are making some pretty bad investment decisions. They clearly either don't understand the technology or don't understand the market. Don't get me wrong... There are some good ones out there, but they're in the minority. Some of these VCs are purely "finance bros" who don't understand the nuanced details of aerospace engineering. A few others are founded by former operators or technologists who don't know how to perform high quality financial analysis or gauge market demand. KickStage Ventures is built differently. The attached graphic explains why. https://lnkd.in/gcQ9Ejgr #SpaceTech #SmartCapital #VC #Aerospace #DefenseTech ———————————————— Disclaimer: This post is for informational purposes only and does not constitute investment, legal, or tax advice or an offer to buy or sell securities. In the future, securities may be offered through special purpose vehicles (SPVs) formed and managed by Kickstage Capital Partners LLC pursuant to Rule 506(c) of Regulation D under the Securities Act of 1933. Such securities will be offered only to accredited investors whose status will be reasonably verified in accordance with applicable law. Any offer or sale will be made solely pursuant to definitive offering documents. Investments involve risk, including possible loss of principal.

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🚀 Turning Space Ambition into Venture-Ready Companies I’m thrilled to see Seraphim Space partner with Space Florida to launch the #SpaceTech Investor Readiness Program, an initiative designed to help high-potential SpaceTech founders transition from breakthrough innovation to scalable, investable businesses. Florida’s space ecosystem combines deep heritage, world-class infrastructure, and ambitious founders. By bringing together Seraphim’s global investor network and SpaceTech investment expertise with Space Florida’s ecosystem leadership, this program focuses on a pivotal moment for founders: connecting the right companies with the right capital at the right time. The pilot program brings experienced investors together with seven standout Florida-based SpaceTech companies, while also engaging local investors to deepen understanding of the opportunities emerging from the state. Seraphim are delighted to support: Aloft Biotechnologies AMROK Arachnid Systems BlackStar Orbital Eta Space Micro-gRx X-Lumin At Seraphim, we’ve always believed that SpaceTech ecosystems thrive when investor readiness, global connectivity, and strong local leadership come together. Florida is a powerful example of what’s possible and it’s exciting to see the momentum building. 🚀 The journey is just beginning... Reach out to our team if you'd like to find out more: Alexander Holt, Ellie Gyaurova, Alessandro Braglia, Aida Khalil. Isabella Simmonds Read the full release here: https://lnkd.in/ewXSXx8w #SpaceTech #VentureReady #NewSpace #Aerospace #Investing #GlobalCapital #Startups #SeraphimSpace #SpaceFlorida

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NASDAQ: VWAV- VisionWave and AIPHEX Launch JV to Deliver Combat-Proven Defense & Space Technologies. “The Nevada-based joint venture, valued internally at approximately $5 billion, unites VisionWave's Evolved Intelligence™ and autonomous aerial platforms with Israeli partner AIPHEX's combat-validated multi-physics AI and autonomous missiles technologies, alongside contributions from GBT Tokenize and GBT Technologies, to commercialize highly classified defense and space-grade projects.” Ownership Structure: VisionWave and AIPHEX will each hold 46.76% of the JV, while Tokenize and GBT will hold 6.08% and 0.40%, respectively. As disclosed in the 8-K, the parties have also executed a confidential letter agreement identifying 11 specific "Designated Projects" that are already in advanced stages of negotiation, along with 13 additional "Background Projects" where discussions with third parties are underway. VWAV is aligning resources and technology to compete at the scale of megaprojects that will define the future of defense. https://lnkd.in/eMQj7gYv

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Stan Secures $8.5 Million in Funding, Signaling Strong Investor Confidence in Online Gaming Platforms Online gaming platform Stan has successfully raised $8.5 million in its latest funding round, attracting notable investors including Japanese gaming companies and tech giant Google. This infusion of capital underscores the growing investor confidence in digital gaming platforms that blend social interaction with gameplay, catering to evolving consumer preferences. From an investment perspective, Stan’s funding round highlights the increasing appetite for platforms that offer innovative gaming experiences beyond traditional game titles. The involvement of strategic investors such as Japanese gaming firms suggests potential synergies for market expansion in Asia, a region that continues to drive significant growth in gaming revenues. Google’s participation also reflects the tech giant’s ongoing interest in the gaming ecosystem, possibly hinting at integration opportunities with its cloud and advertising services. Financially, this funding positions Stan to accelerate product development and user acquisition efforts, which are critical in a competitive market where platform engagement and monetization models determine long-term sustainability. The $8.5 million capital boost also reflects a broader trend where investors favor platforms leveraging social connectivity and user-generated content, which tend to have higher user retention and monetization potential. For investors and VCs, Stan’s successful round signals fertile ground for growth-stage investments in platforms that innovate on community-driven gaming experiences. The convergence of social media and gaming presents new monetization avenues, from in-app purchases to advertising, creating diversified revenue streams. As the gaming industry continues to evolve with technology and consumer behavior shifts, platforms like Stan offer promising investment opportunities that combine scalable business models with strategic market positioning. What are your thoughts on the growing role of social gaming platforms in shaping the next wave of gaming investments? Let’s discuss the implications for venture capital strategies. #GamingInvestment #GameBusiness #VentureCapital

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Amanda Losacco of Cozen O'Connor discusses recent Executive Orders that aim to accelerate the integration of drones (UAS) and advanced air mobility (AAM) aircraft into U.S. airspace and to boost U.S. drone manufacturing.

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The U.S. Navy selected seven medium unmanned surface vessel designs to enter prototype evaluation. The robotic craft must prove at-sea performance before October 2026, with requirements including 2,500 nautical miles of range, 25-knot speed, and capacity for containerized payloads. https://lnkd.in/de3H9FaV

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SmartSky won $22.7M in past damages from Gogo's patent infringement, and intends to seek enhanced damages based on the jury's willfulness finding, plus a running royalty for the '639 and '077 patents, which do not expire until 2033 and 2035, respectively. https://lnkd.in/eww-jWQ3

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Space IPOs are Back in Orbit Firefly Aerospace’s IPO is another signal that the U.S. IPO market is shaking off three years of dormancy. The Texas-based space company raised $868 million, pricing above its range and selling more shares than planned- clear indicators of strong institutional appetite. Investors are buying into two powerful themes here: space and defense. With a NASA-funded Blue Ghost lander already on the lunar surface, three more missions ahead, a $1.1 billion launch backlog, and partnerships with names like Northrop Grumman, Firefly has a bold roadmap. From my vantage point, this IPO highlights two important market dynamics. First, the return of investor demand for high-growth, high-risk plays in specialized sectors, a notable change from the caution that defined recent years. Second, the deal structure shows that when companies understand market sentiment and position accordingly, they can still achieve exceptional outcomes. There is a strong and growing pipeline that’s as diverse as it is ambitious, spanning fintech, AI, and now, renewed confidence in space exploration. The real test for Firefly will be execution. But its debut is a reminder of why I believe the public markets still reward companies with vision, resilience, and the ability to capture investor imagination.

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Challenges in Autonomous Defense Technology Anduril Industries has encountered significant hurdles with its autonomous weapons systems, as reported by the WSJ. These challenges highlight the complexities of integrating cutting-edge technology into defense applications. At ElevenX Capital, we believe that understanding the potential pitfalls and learning from them is essential for growth and innovation in the defense sector. How can startups better navigate the testing phase to ensure deployment readiness? #investing #innovation #venturecapital #entrepreneurship

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