Axiom Space puts a brave face on claims of dire finances
(2024/09/23)
- Reference: 1727087294
- News link: https://www.theregister.co.uk/2024/09/23/axiom_space_finances/
- Source link:
Axiom Space CEO Dr Kam Ghaffarian is attempting to reassure customers after an interview that did not go entirely to plan.
The interview was [1]published by Forbes last week, and Axiom Space, which aims to build private space stations, was painted as being in dire financial straits.
As with many of the new breed of space companies, Axiom Space is big on presentations. However, it has made good on some – but not all – of its promises. For example, the company was tapped by NASA to provide [2]spacesuits for its moonwalkers, which are to be equipped with [3]Nokia gear for communications. And it has so far launched three commercial missions to the International Space Station (ISS) using a SpaceX Crew Dragon.
[4]
Its fourth mission, Ax-4, [5]is scheduled for spring 2025 , and will include a Polish astronaut from the European Space Agency (ESA), Sławosz Uznański.
[6]
[7]
The UK Space Agency has also [8]signed an agreement with Axiom Space for a potential all-UK mission, and former ESA astronaut [9]Tim Peake joined the Axiom Space team earlier this year as a strategic advisor, though the mission requires funding from private sponsorships.
According to Forbes, Axiom Space has lost money on every mission. It has also faced delays in constructing its space station, the first module now set for launch in 2026. Because the plan is to attach the new modules to the existing ISS and then detach Axiom Space's platform when the ISS is retired, the clock is starting to tick loudly. A few more years of delays, and there is a chance the ISS might have been deorbited before Axiom Space's lofty dreams are realized.
[10]
The Register has seen a letter from Ghaffarian to the company's customers, investors, and partners. In it, he complains about "an inaccurate picture" painted by the Forbes piece before extolling the company's virtues and its vision.
The letter does not, however, call out the figures and claims as being specifically inaccurate other than asserting that the company's investment outlook was rosy and more funding is on the way. Forbes's report mentioned job cuts as the company's cash flow was squeezed. By comparison, Ghaffarian wrote: "Our team is optimizing our organization structure."
[11]Axiom Space dials up Nokia to connect moonwalkers to 4G
[12]Tim Peake joins Axiom Space as an astronaut advisor
[13]Calculating Pi in the sky: Axiom Space plans to launch 'orbital datacenter'
[14]Brits sign Axiom Space deal for human spaceflight in name of science
Plenty of tech workers live in fear of being optimized right out of the door in the next round of organizational restructuring.
El Reg asked Axiom Space to comment, but the company had nothing further to share.
A UK Space Agency spokesperson said:"The UK Space Agency is continuing to work with Axiom Space to explore the potential for a commercially-sponsored UK astronaut mission."
[15]
In August, former NASA ISS Program Manager Michael Suffredini, a co-founder of Axiom Space, [16]stepped down as CEO , citing "personal reasons," making Ghaffarian interim CEO until the role can be filled permanently.
This week's events perhaps make clear that the transition from impressive presentations to actual flying hardware is both difficult and expensive. The commercial space landscape is littered with the wreckage of failed ventures – [17]Virgin Orbit, for example .
In his letter, Ghaffarian complained of biases and agendas, and an easy way to refute some worrying claims would be to set out clear figures and timelines. Writing "we are building a bold vision for the future, and we will not be deterred" may do little to calm any jittery customers. ®
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[1] https://www.forbes.com/sites/jeremybogaisky/2024/09/17/axiom-space-station/
[2] https://www.theregister.com/2022/09/08/axiom_spacesuits_artemis_moon_astronauts/
[3] https://www.theregister.com/2024/08/22/nokia_axiom_space_4g/
[4] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offbeat/science&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2ZvGQpSNOTMolAxtMZcgtTAAAAVA&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0
[5] https://www.nasa.gov/event/axiom-mission-4/
[6] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offbeat/science&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44ZvGQpSNOTMolAxtMZcgtTAAAAVA&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[7] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offbeat/science&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=3&c=33ZvGQpSNOTMolAxtMZcgtTAAAAVA&t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0
[8] https://www.theregister.com/2023/10/25/brits_in_space_agreement_signed/
[9] https://www.theregister.com/2024/07/24/tim_peake_joins_axiom_space/
[10] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offbeat/science&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44ZvGQpSNOTMolAxtMZcgtTAAAAVA&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[11] https://www.theregister.com/2024/08/22/nokia_axiom_space_4g/
[12] https://www.theregister.com/2024/07/24/tim_peake_joins_axiom_space/
[13] https://www.theregister.com/2023/12/21/axiom_orbital_datacenter/
[14] https://www.theregister.com/2023/10/25/brits_in_space_agreement_signed/
[15] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offbeat/science&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=3&c=33ZvGQpSNOTMolAxtMZcgtTAAAAVA&t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0
[16] https://www.axiomspace.com/news/axiom-space-ceo-transitions-to-board-of-directors
[17] https://www.theregister.com/2023/05/24/virgin_orbit_ceases_ops/
[18] https://whitepapers.theregister.com/
The interview was [1]published by Forbes last week, and Axiom Space, which aims to build private space stations, was painted as being in dire financial straits.
As with many of the new breed of space companies, Axiom Space is big on presentations. However, it has made good on some – but not all – of its promises. For example, the company was tapped by NASA to provide [2]spacesuits for its moonwalkers, which are to be equipped with [3]Nokia gear for communications. And it has so far launched three commercial missions to the International Space Station (ISS) using a SpaceX Crew Dragon.
[4]
Its fourth mission, Ax-4, [5]is scheduled for spring 2025 , and will include a Polish astronaut from the European Space Agency (ESA), Sławosz Uznański.
[6]
[7]
The UK Space Agency has also [8]signed an agreement with Axiom Space for a potential all-UK mission, and former ESA astronaut [9]Tim Peake joined the Axiom Space team earlier this year as a strategic advisor, though the mission requires funding from private sponsorships.
According to Forbes, Axiom Space has lost money on every mission. It has also faced delays in constructing its space station, the first module now set for launch in 2026. Because the plan is to attach the new modules to the existing ISS and then detach Axiom Space's platform when the ISS is retired, the clock is starting to tick loudly. A few more years of delays, and there is a chance the ISS might have been deorbited before Axiom Space's lofty dreams are realized.
[10]
The Register has seen a letter from Ghaffarian to the company's customers, investors, and partners. In it, he complains about "an inaccurate picture" painted by the Forbes piece before extolling the company's virtues and its vision.
The letter does not, however, call out the figures and claims as being specifically inaccurate other than asserting that the company's investment outlook was rosy and more funding is on the way. Forbes's report mentioned job cuts as the company's cash flow was squeezed. By comparison, Ghaffarian wrote: "Our team is optimizing our organization structure."
[11]Axiom Space dials up Nokia to connect moonwalkers to 4G
[12]Tim Peake joins Axiom Space as an astronaut advisor
[13]Calculating Pi in the sky: Axiom Space plans to launch 'orbital datacenter'
[14]Brits sign Axiom Space deal for human spaceflight in name of science
Plenty of tech workers live in fear of being optimized right out of the door in the next round of organizational restructuring.
El Reg asked Axiom Space to comment, but the company had nothing further to share.
A UK Space Agency spokesperson said:"The UK Space Agency is continuing to work with Axiom Space to explore the potential for a commercially-sponsored UK astronaut mission."
[15]
In August, former NASA ISS Program Manager Michael Suffredini, a co-founder of Axiom Space, [16]stepped down as CEO , citing "personal reasons," making Ghaffarian interim CEO until the role can be filled permanently.
This week's events perhaps make clear that the transition from impressive presentations to actual flying hardware is both difficult and expensive. The commercial space landscape is littered with the wreckage of failed ventures – [17]Virgin Orbit, for example .
In his letter, Ghaffarian complained of biases and agendas, and an easy way to refute some worrying claims would be to set out clear figures and timelines. Writing "we are building a bold vision for the future, and we will not be deterred" may do little to calm any jittery customers. ®
Get our [18]Tech Resources
[1] https://www.forbes.com/sites/jeremybogaisky/2024/09/17/axiom-space-station/
[2] https://www.theregister.com/2022/09/08/axiom_spacesuits_artemis_moon_astronauts/
[3] https://www.theregister.com/2024/08/22/nokia_axiom_space_4g/
[4] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offbeat/science&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=2&c=2ZvGQpSNOTMolAxtMZcgtTAAAAVA&t=ct%3Dns%26unitnum%3D2%26raptor%3Dcondor%26pos%3Dtop%26test%3D0
[5] https://www.nasa.gov/event/axiom-mission-4/
[6] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offbeat/science&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44ZvGQpSNOTMolAxtMZcgtTAAAAVA&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[7] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offbeat/science&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=3&c=33ZvGQpSNOTMolAxtMZcgtTAAAAVA&t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0
[8] https://www.theregister.com/2023/10/25/brits_in_space_agreement_signed/
[9] https://www.theregister.com/2024/07/24/tim_peake_joins_axiom_space/
[10] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offbeat/science&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=4&c=44ZvGQpSNOTMolAxtMZcgtTAAAAVA&t=ct%3Dns%26unitnum%3D4%26raptor%3Dfalcon%26pos%3Dmid%26test%3D0
[11] https://www.theregister.com/2024/08/22/nokia_axiom_space_4g/
[12] https://www.theregister.com/2024/07/24/tim_peake_joins_axiom_space/
[13] https://www.theregister.com/2023/12/21/axiom_orbital_datacenter/
[14] https://www.theregister.com/2023/10/25/brits_in_space_agreement_signed/
[15] https://pubads.g.doubleclick.net/gampad/jump?co=1&iu=/6978/reg_offbeat/science&sz=300x50%7C300x100%7C300x250%7C300x251%7C300x252%7C300x600%7C300x601&tile=3&c=33ZvGQpSNOTMolAxtMZcgtTAAAAVA&t=ct%3Dns%26unitnum%3D3%26raptor%3Deagle%26pos%3Dmid%26test%3D0
[16] https://www.axiomspace.com/news/axiom-space-ceo-transitions-to-board-of-directors
[17] https://www.theregister.com/2023/05/24/virgin_orbit_ceases_ops/
[18] https://whitepapers.theregister.com/
Re: Commercially funded UK mission?
Vulch
Unlikely to be the same as last time with Helen Sharman's Juno flight, the Russian Space Agency eventually picked up most of the tab for that for propaganda purposes after approaches to commercial sponsors mostly resulted in "Nah".
Space ...
UCAP
... the financial frontier.
Trying to do too much
Gene Cash
People look at all the things SpaceX is doing and say "we can do that"
They don't stop to see SpaceX concentrated on one thing at a time:
* Get a rocket in orbit (which they almost didn't do)
* Get a NASA contract based on the previous (which saved the company)
* Land a rocket
* Relaunch that landed rocket
* Oh hey, now we're the only company in the world with cheap reusable rockets
They also don't realize the value of Starlink, which not only provides a revenue stream, but also a reason to launch all those rockets and do the "fail and try again" - if they lose a Starlink launch they don't care. It's not a real customer's payload. They have more where that came from.
Axiom is trying to do a ton of expensive and risky things. none of which will get paid for before they're done.
Commercially funded UK mission?
Mmmm, who will be the sponsors?