Quantum Space’s military SPAC is trying to catch SpaceX’s IPO wave
Quantum Space’s military SPAC is trying to catch SpaceX’s IPO wave
Quantum Space 借壳上市，意图赶上 SpaceX 的 IPO 热潮
Quantum Space, a startup with plans to build highly maneuverable spacecraft for the U.S. military, announced plans to go public through a $1.2 billion merger with a publicly traded special purpose acquisition company, or SPAC. Quantum Space 是一家计划为美国军方制造高机动性航天器的初创公司。该公司近日宣布，计划通过与一家已上市的特殊目的收购公司（SPAC）进行价值 12 亿美元的合并，从而实现上市。
In a season of mega-IPOs, there’s something almost quaint about a SPAC — in 2021, a fad for going public through the vehicle began in the space sector and spread throughout the tech world. Many SPACs proved disastrous for retail investors who wagered on immature companies, but a few deals, notably Rocket Lab and Planet, proved successful. 在大型 IPO 频出的当下，SPAC 显得有些“复古”——2021 年，通过 SPAC 上市的热潮从航天领域兴起，并蔓延至整个科技界。许多 SPAC 对那些押注于不成熟公司的散户投资者来说是灾难性的，但也有少数交易（如 Rocket Lab 和 Planet）取得了成功。
Another positive outcome was Intuitive Machines, a purpose-built NASA contractor launched by Kam Ghaffarian, a long-time space investor who backed a team of former NASA officials eager to sell their expertise back to the agency. Today, Intuitive Machines is a $6.4 billion company sending a regular cadence of robotic missions to the moon. 另一个成功的案例是 Intuitive Machines。这家专门为 NASA 服务的承包商由资深航天投资者 Kam Ghaffarian 创立，他支持了一支由前 NASA 官员组成的团队，这些官员渴望将他们的专业知识重新出售给该机构。如今，Intuitive Machines 已成为一家市值 64 亿美元的公司，并定期向月球执行机器人任务。
Now, Ghaffarian is trying to do it again with Quantum Space, a startup he launched in 2020 to capitalize on the founding of the U.S. Space Force and the growing need for vehicles that can move between orbits and rendezvous with other spacecraft. 现在，Ghaffarian 正试图通过 Quantum Space 重现这一成功。他在 2020 年创立了这家初创公司，旨在利用美国太空军的成立以及对能够在轨道间移动并与其他航天器会合的飞行器日益增长的需求。
“Defense spending, space infrastructure, and America’s strategic priorities in orbit are converging at exactly the moment Quantum Space is ready to scale,” Ghaffarian told TechCrunch. “The Space Force’s requirements are growing rapidly, and demand for maneuverable spacecraft is accelerating. Ranger is purpose-built to meet both.” “国防开支、太空基础设施以及美国在轨道上的战略重点，正汇聚在 Quantum Space 准备扩张的这一关键时刻，”Ghaffarian 在接受 TechCrunch 采访时表示，“太空军的需求正在迅速增长，对机动航天器的需求也在加速。Ranger 正是为满足这两者而专门设计的。”
At the helm is CEO Jim Bridenstine, a former member of Congress and the NASA administrator during President Donald Trump’s first term. A champion of public-private partnerships, Bridenstine will aim to leverage his knowledge of the space industry to win key contracts. 掌舵该公司的是首席执行官 Jim Bridenstine，他曾任国会议员，并在唐纳德·特朗普总统的第一任期内担任 NASA 局长。作为公私合作伙伴关系的倡导者，Bridenstine 将致力于利用他在航天行业的知识来赢得关键合同。
Quantum Space is involved in six government development programs, including one that may see its vehicle head for the moon. But the company has a simple focus. “We are designed specifically for the national security,” Bridenstine said. Quantum Space 目前参与了六项政府开发计划，其中一项可能使其飞行器飞往月球。但该公司的核心重点非常明确。Bridenstine 说：“我们是专门为国家安全而设计的。”
While most satellites only carry enough fuel to alter their position slightly and eventually dispose of themselves, a newer generation of spacecraft — including some fielded by Russia and China — are designed to move rapidly between orbits and remain in place for sustained surveillance work. Ranger, the company’s spacecraft, is designed to match and exceed those competitors. 大多数卫星携带的燃料仅够轻微调整位置并最终自行销毁，而新一代航天器（包括俄罗斯和中国部署的一些航天器）则被设计为能够在轨道间快速移动，并保持在特定位置进行持续监视。该公司的 Ranger 航天器旨在匹配并超越这些竞争对手。
It is expected to carry significant fuel, allowing it to remain in high orbits over long periods to watch rival satellites. The vehicle also has to be refuellable in order to qualify for Andromeda task orders. Quantum Space was selected to join the Andromeda contract, a $6.2 billion effort that will task companies to develop vehicles for space-based reconnaissance. Now it has to win task orders for actual funded missions starting in 2030. 预计它将携带大量燃料，使其能够长时间停留在高轨道上监视竞争对手的卫星。该飞行器还必须具备可加注燃料的能力，才有资格获得 Andromeda 任务订单。Quantum Space 已入选 Andromeda 合同，这是一项价值 62 亿美元的计划，旨在委托各公司开发用于太空侦察的飞行器。现在，它必须争取从 2030 年开始的实际资助任务订单。
The SPAC transaction is expected to raise $300 million in private investment alongside any public proceeds, which will be used to build manufacturing facilities in Tulsa, Oklahoma, capable of producing one Ranger per quarter by the end of 2028. The next step is launching the first Ranger prototype to orbit in 2027. 此次 SPAC 交易预计将筹集 3 亿美元的私人投资以及公开募集资金，这些资金将用于在俄克拉荷马州塔尔萨建立制造工厂，目标是在 2028 年底前实现每季度生产一台 Ranger 的能力。下一步计划是在 2027 年将首个 Ranger 原型机发射入轨。
The deal is sponsored by Mike Blitzer, the financier who helped bring Intuitive Machines and USA Rare Earth to public markets. Still, the decision to leave private markets behind highlights the competition Quantum Space faces. True Anomaly, a startup that is also competing for Andromeda task orders, has raised $1 billion from venture investors. The company is also looking to beat out established defense contractors like Lockheed Martin, Northrop Grumman, and Boeing’s Millennium Space Systems, among others. 该交易由金融家 Mike Blitzer 发起，他曾帮助 Intuitive Machines 和 USA Rare Earth 进入公开市场。尽管如此，离开私人市场上市的决定也凸显了 Quantum Space 所面临的竞争。同样在竞争 Andromeda 任务订单的初创公司 True Anomaly 已从风险投资者那里筹集了 10 亿美元。该公司还希望击败洛克希德·马丁、诺斯罗普·格鲁曼和波音旗下的 Millennium Space Systems 等老牌国防承包商。