Argentinean satellite company Satellogic starts trading on Nasdaq
RIO DE JANEIRO, BRAZIL – The Argentine nanosatellite company Satellogic will start trading today on the Nasdaq in New York. This milestone, announced in social networks by its CEO Emiliano Kargieman, could turn the company into the new Argentine unicorn, that is, one of the few companies with a market valuation above US$1 billion.
In recent years, the company has put into orbit a constellation of more than 20 nanosatellites, which have the particularity of bearing iconic and very Argentine names, such as Capitán Beto, in honor of the musician Luis Alberto Spinetta; Manolito, after the cartoon character Mafalda; Tita, after the actress and tango singer “Tita” Merello; Fresco y Batata, like the traditional dessert, or Milanese, about one of the country’s most symbolic foodstuffs.
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In January 2021, the startup led by Kargieman signed an agreement with SpaceX, the aerospace development company of billionaire Elon Musk, to launch and orbit its nanosatellites. In July, Satellogic announced its merger with CF Acquisition Corp. With the IPO, it could overcome the barrier and become one of the most important companies in Argentina.
In December, Marcos Galperin, CEO and founder of Mercado Libre joined the board of directors. A few days later, the company announced the incorporation of Steven Mnuchin, former Secretary of the U.S. Treasury, who joined Satellogic’s board after the firm Liberty Strategic Capital, headed by the former U.S. official, invested US$150 million in the nanosatellite startup.
By 2025, Satellogic expects to have 300 satellites in orbit. These satellites circle the Earth every 90 minutes to perform four daily checks and collect data through their cameras.
They then transmit the images to the company’s two stations, one at the South Pole and the other at the North Pole. With the information obtained, the Earth’s entire surface can be mapped once a week.
The satellites built by Satellogic weigh 42 kilograms and measure 82 centimeters. They rent space on commercial rockets that leave them orbiting about 500 km from Earth to put them into orbit. Kargieman did not reveal how much it costs to put each one into space but says his satellites are 1,000 times cheaper than traditional satellites.
“We started with the money I had in my pocket, raised $350,000 in seed money, and got started. Today, Satellogic is poised to be the only company capable of remapping the world daily at the sub-meter resolution needed to address commercial applications affordably.
We are grateful to our talented and ambitious team that has developed best-in-class technology, a strong track record of delivering satellites into orbit, and the ability to scale at near-zero marginal cost,” Kargieman told LA NACION in 2020 when a Nasdaq listing was still a dream.
Nine years after launching its first satellite – Captain Beto – Satellogic will be traded on the Nasdaq as SATL. If it is successful and manages to surpass the US$1 billion valuation barrier, it will join the shortlist of Argentine unicorns, which includes Mercado Libre, Globant, OLX, Despegar, and Auth0.
With information from La Nacion
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