Specialist
Former director at Relativity Space Inc
Agenda
- SSLV (small satellite launch vehicle) industry overview – competitive landscape and consolidation
- Technological innovation, including additive manufacturing and scalability
- Launch timeline and growth opportunities for Relativity Space
- Long-term outlook – financing options and market saturation
Questions
1.
Could you outline the SSLV [small satellite launch vehicle] market and any key secular trends?
2.
How do you assess market saturation assuming a flurry of activity in 2021? Is there enough business demand to meet potential supply, given emerging, privately held players are competing with mature defence primes across deployment and resupply?
3.
What would you say is an ideal target cadence, and how soon will newer players be able to find it in 2021? You mentioned Rocket Lab, which has a repeatable launch capability.
4.
How large do you believe the TAM will grow for SSLVs? As you said, this is a small but critical area for the satellite and space market.
5.
Could you summarise Relativity’s operations and business model? What makes it unique?
6.
Are there any drawbacks to Relativity’s unique 3D printing production process? How might this influence its rocket’s repeatable nature? You noted this will allow it to increase its cadence.
7.
Can you describe Relativity’s market positioning and its core strengths and weaknesses?
8.
Could you outline Relativity’s competitive landscape? Where are other players’ key differentiators, and which do you think are the relative winners and losers? As you noted, competition could increase once newer players reach their stride with cadence.
9.
How does the idea of launch ports vs air launch methods change players’ potential scalability and capacity limits? Could players develop both methods?
10.
What are the major emerging technologies to follow in this innovative market? We mentioned Relativity’s 3D printing.
11.
Could you compare space-based internet to 5G on potential growth and customer appetite?
12.
Could you expand on how 3D printing and digital manufacturing aid Relativity’s operational scalability, including around machine utilisation?
13.
Are there any other potential cost savings that Relativity could realise, such as labour required for additive manufacturing?
14.
Is 3D printing applicable to all payloads? Where does the technology make the most sense, given the differentials you touched on earlier? Could payloads continue to scale, and where might the limits be?
15.
Do you think the 20x increased payload announced with the Terran R in February 2021 is needed to sustain Relativity’s success? Is this necessary differentiation?
16.
How does Relativity’s delay in launching a vehicle affect its potential financing and success? It closed its Series D funding round with a USD 2.2bn valuation in late 2020.
17.
Do you think Relativity will have more delays, similar to the delay in Terran 1’s launch to 2021 from 2020? How can it avoid future delays, and are you confident in this new timeline?
18.
What impact would a failed launch in 2021 have on Relativity, especially around the contracts it’s beginning to acquire?
19.
What is your outlook for Terran R’s execution and design completion timeline? Do you expect delays?
20.
How might rideshare capability affect the competitive landscape and Relativity’s margins? The Terran R might include this capability – however, it does seem quite standard.
21.
Do you anticipate continued focus on LEO [low Earth orbit] satellite constellations, given the inflection point created by electronic miniaturisation in the satellite market? Are there benefits and capability changes from different Earth orbits?
22.
What is your long- and short-term outlook for Relativity? Are there any risks or commonly underappreciated factors to account for around the company?
23.
Could you expand on the opportunities for companies to broaden their offerings into other markets and give a timeline for this? Would developing a bundle of offerings increase bottom-line sustainability and customer adoption?
24.
Is there anything you would like to highlight or add that hasn’t yet been discussed?
