Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>In World War 2, as conventional armies faced off in large-scale ground battles, the government enlisted hundreds of American private sector contractors to build the tanks, planes, and boats—see Lockheed’s (NYSE: LMT) P-38 Lightning fighter and Electric Boat’s (NYSE: GD) USS Gato and Balao-class submarines—that were key to the Allied victory.</li><li>The Cold War wound down in the 90’s and Department of Defense (DoD) spending fell by 55%, triggering a massive wave of consolidations that created modern defense giants like Lockheed Martin and Northrop Grumman, decreasing competition, and increasing the use of cost-plus contracts.</li><li>Anduril ($600M+ revenue in 2023) similarly self-fund their own R&D—spending 100%+ of revenue on R&D vs. ~2% for Lockheed—using miniaturized GPUs developed for the gaming industry to build border sensors and autonomy systems fast and at a fraction of the cost of prime defense contractors, allowing them to win on a lower fixed price.</li></ul>

In World War 2, as conventional armies faced off in large-scale ground battles, the government enlisted hundreds of American private sector contractors to build the tanks, planes, and boats—see Lockheed’s (NYSE: LMT) P-38 Lightning fighter and Electric Boat’s (NYSE: GD) USS Gato and Balao-class submarines—that were key to the Allied victory.The Cold War wound down in the 90’s and Department of Defense (DoD) spending fell by 55%, triggering a massive wave of consolidations that created modern defense giants like Lockheed Martin and Northrop Grumman, decreasing competition, and increasing the use of cost-plus contracts.Anduril ($600M+ revenue in 2023) similarly self-fund their own R&D—spending 100%+ of revenue on R&D vs. ~2% for Lockheed—using miniaturized GPUs developed for the gaming industry to build border sensors and autonomy systems fast and at a fraction of the cost of prime defense contractors, allowing them to win on a lower fixed price.

Anduril, SpaceX, And The American Dynamism GTM Playbook

<ul><li>SpaceX dramatically decreased the cost of launch to $12,600/kg with Falcon 1 and $1,500/kg with Falcon Heavy by using off-the-shelf parts and vertical integration.</li><li>SpaceX hit $4.6B in revenue in 2022, while halving its losses from the year before—as of Q1’23, they were at $1.5B revenue with $55M profit, on track to generate $6B in revenue for the year.</li><li>By drastically lowering the cost-to-launch, SpaceX enabled the commercial sustainability of previously-infeasible businesses like satellite internet constellations—SpaceX’s satellite business, Starlink, hit $1.4B in revenue for 2022, up from $222M in 2021.</li></ul>

SpaceX dramatically decreased the cost of launch to $12,600/kg with Falcon 1 and $1,500/kg with Falcon Heavy by using off-the-shelf parts and vertical integration.SpaceX hit $4.6B in revenue in 2022, while halving its losses from the year before—as of Q1’23, they were at $1.5B revenue with $55M profit, on track to generate $6B in revenue for the year.By drastically lowering the cost-to-launch, SpaceX enabled the commercial sustainability of previously-infeasible businesses like satellite internet constellations—SpaceX’s satellite business, Starlink, hit $1.4B in revenue for 2022, up from $222M in 2021.

Founder & CEO Bond Angle, LLC, Bond Angle, LLC

Vicki Bryan

Founder & CEO Bond Angle, LLC

Bond Angle, LLC

Insightful commentary and analysis on bond markets and market movers, including financial, economic, and industry catalysts and management shenanigans. 

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<ul>
<li>Elon Musk sold billions more of Tesla near 2-yr lows, signaling he &amp; Twitter need serious cash NOW. </li>
<li>His banks know why—they hold Elon's margin loans and they get Twitter's financial info every month.</li>
<li>And the banks want Elon to buy back from them Twitter's riskiest LBO debt, which they can't sell because of how fast he is destroying Twitter's business and prospects.</li>
</ul>


Elon Musk sold billions more of Tesla near 2-yr lows, signaling he &amp; Twitter need serious cash NOW. 
His banks know why—they hold Elon's margin loans and they get Twitter's financial info every month.
And the banks want Elon to buy back from them Twitter's riskiest LBO debt, which they can't sell because of how fast he is destroying Twitter's business and prospects.


Elon Sold More Falling Tesla Stock. Margin Calls? Twitter Failing? Bank Demands? Likely All Three.

SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

Equity Bottom-Up

<ul><li>Elon Musk's Starlink recently <a href="https://techcrunch.com/2022/08/25/t-mobile-phones-will-connect-to-starlink-for-free-starting-next-year/" target="_blank" rel="noopener">announced plans</a> to enter the global carrier market, spooking shareholders of space-based cellular operator AST SpaceMobile.</li><li>AST, which went public through a SPAC in 2021, has plans to commercialise global space based telecommunications, but has notably struggled due to technical challenges.</li><li>AST Shareholders have feared that the Starlink announcement risked overshadowing the company’s upcoming launch and also possibly beat the company to market, despite the latter having a significant head start.</li></ul>

Elon Musk's Starlink recently announced plans to enter the global carrier market, spooking shareholders of space-based cellular operator AST SpaceMobile.AST, which went public through a SPAC in 2021, has plans to commercialise global space based telecommunications, but has notably struggled due to technical challenges.AST Shareholders have feared that the Starlink announcement risked overshadowing the company’s upcoming launch and also possibly beat the company to market, despite the latter having a significant head start.

AST SpaceMobile Vs Starlink: The Race for Global Connectivity

Equity Capital Markets

Social Capital Hedosophia Holdings Corp VI / Equity Capital Markets

Social Capital Hedosophia Holdings Corp VI (IPOF US)

Social Capital Hedosophia Holdings Corp VI

<ul><li>Rumors of a Starlink IPO/SPAC deal have been slowly gaining momentum since 2020, as the company has continued to scale rapidly.</li><li>The deal speculation has only intensified in recent months, as investors seem convinced that the company could go public through a merger with a Chamath Palihapitiya-led SPAC.</li><li>Starlink, which is currently estimated to be worth between $30 and $40 billion, could be one of the largest and most prolific SPAC transactions to date.</li></ul>

Rumors of a Starlink IPO/SPAC deal have been slowly gaining momentum since 2020, as the company has continued to scale rapidly.The deal speculation has only intensified in recent months, as investors seem convinced that the company could go public through a merger with a Chamath Palihapitiya-led SPAC.Starlink, which is currently estimated to be worth between $30 and $40 billion, could be one of the largest and most prolific SPAC transactions to date.

United States

Space Exploration Technologies Corp., doing business as SpaceX, operates as an aerospace manufacturer and space transportation services company. The Company designs and manufactures rockets, human spaceflight, and global satellite internet services. SpaceX serves customers worldwide.

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SpaceX (SPCX US)

Anduril, SpaceX, And The American Dynamism GTM Playbook

TL;DR: Product-centric defense tech companies are flipping the traditional military procurement model based on cost-plus contracts, self-funding...

Sacra

SpaceX's App Layer

TL;DR: SpaceX’s success in building cheaper rockets helped them to $4.6B of revenue and a 66% share of the US launch market in 2022. But hitting...

Sacra

Elon Sold More Falling Tesla Stock. Margin Calls? Twitter Failing? Bank Demands? Likely All Three.

Elon sold billions more of Tesla near 2-yr lows, signaling he & Twitter need serious cash NOW. His banks know why & they want Elon to buy back from...

Vicki Bryan

AST SpaceMobile Vs Starlink: The Race for Global Connectivity

Elon Musk's Starlink recently announced plans to enter the global carrier market, spooking shareholders of space-based cellular operator AST...

subSPAC

Could Starlink Go Public Through a SPAC?

Rumors of a Starlink IPO/SPAC deal have been slowly gaining momentum since 2020, as the company has continued to scale rapidly.

subSPAC

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