CNBC by Michael Sheetz 8/9/2021
SpaceX is buying satellite data start-up Swarm, in a rare acquisition by Elon Musk’s space company
Key Points
• Swarm will become “a direct wholly-owned subsidiary of SpaceX upon consummation of the Proposed Transaction,” the start-up wrote in a Federal Communications Commission filing Aug. 6.
• While Swarm’s satellites provide a different service from SpaceX’s Starlink broadband network, the acquisition benefits Musk’s company by bringing “access to the intellectual property and expertise” of the start-up.
SpaceX is acquiring satellite data start-up Swarm Technologies, in a rare deal by Elon Musk’s space company that expands the team — and possibly the technological capabilities — of its growing Starlink internet service.
Swarm, which has 120 of its tiny SpaceBEE satellites in orbit, reached an agreement with SpaceX on July 16 to merge, according to an Aug. 6 filing with the Federal Communications Commission.
The company will become “a direct wholly-owned subsidiary of SpaceX upon consummation of the Proposed Transaction,” Swarm wrote in the filing.
Terms and financial details about the deal were not disclosed. SpaceX and Swarm did not respond to CNBC’s requests for comment. Swarm last completed a fundraising round in January 2019 at a $85 million valuation, according to Pitchbook.
More:
https://www.cnbc.com/2021/08/09/spacex-acquiring-satellite-data-start-up-swarm-technologies.html
