Lockheed Martin Corp has completed the acquisition of small satellite manufacturer Terran Orbital. The acquisition, valued at approximately $450m, cements Lockheed Martin’s foothold in the commercial satellite sector and marks the culmination of the partnership that began in 2017.
The acquisition positions Lockheed to leverage Terran’s expertise in low-cost satellite production for both military and commercial ventures. Lockheed Martin stressed that Terran Orbital, now rebranded as “Terran Orbital, a Lockheed Martin Company,” will continue to operate as a merchant supplier for the broader space industry.
The completed acquisition caps Lockheed Martin’s years-long relationship with Terran Orbital, formerly Tyvak Nano-Satellite Systems. The smallsat specialist, founded in 2011, initially focused on nanosatellites and cubesats, but transitioned to building larger satellite platforms after it rebranded in 2022. That shift in focus followed Terran Orbital’s public listing through a special purpose acquisition company (SPAC) merger, which aimed to accelerate its commercial growth.
At the start of the partnership, Lockheed Martin Ventures, the company’s venture capital arm, made its first investment in Terran Orbital in 2017. Since then, Lockheed incrementally increased its stake, reaching roughly one-third ownership through a series of investments in 2020 and 2022.
During this time, Lockheed Martin integrated Terran Orbital’s satellite buses into military projects, including a low Earth orbit satellite program spearheaded by the Space Development Agency. Lockheed and Terran have also collaborated on a series of Lockheed-funded technology demonstrations aimed at national defense and intelligence agencies.
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