Skip to main content

Posts

Showing posts with the label Space

New SPAC Deals: Space Startups Rocket Lab, Spire Global

As usual, new weeks bring new SPAC merger deals and this new week has brought two new merger announcements, this time from the space industry. They are Rocket Lab , a well-known small satellite launch service provider, and Spire Global , a startup that specializes in the tracking of global data sets, e.g. maritime and aviation patterns, with the use of satellites in orbit. Rocket Lab Rocket Lab has announced an agreement to merge with Vector Acquisition Corporation (Nasdaq: VACQ), a special-purpose acquisition company (SPAC) sponsored by San Francisco-based investment firm Vector Capital.  Rocket Lab's merger deal will hand it over $320 million of cash held in trust by Vector Acquisition, plus a $470 million private-investment-in-public-equity (PIPE) round committed by investors including Vector Capital, BlackRock, and Neuberger Berman.  With the investors buying shares at $10 each, it implies a $4.1 billion valuation for Rocket Lab, 5.4x the satellite launch provider's projec

SpaceX Raises $850M, Valued At $74B: Report

Over the past few months, rumors have abounded that SpaceX was tapping into the market for new funds, despite having closed a $1.9 billion round, its largest single round ever, just in August last year. Now, it appears that those rumors have been substantiated, with CNBC reporting that SpaceX has raised a new round of $850 million that values the company at $74 billion. For its report, CNBC cites "people familiar with the financing". It's said that SpaceX raised its new funds by selling shares for $419.99 apiece, seemingly a nod to the $420-per-share Tesla takeover saga that got Elon Musk in hot water with regulators in 2018. SpaceX's last known funding round in 2020 valued it at $46 billion, so it appears that the company's valuation has now shot up by about 60% in less than a year. The new reported round comes a few months after SpaceX made history by being the first private company to send astronauts into orbit to the International Space Station (ISS). Spa

New SPAC Merger: Rocket Startup Astra

Every day or the other, there's likely a new SPAC merger to be announced. For those not in the know, SPACs refer to special-purpose acquisition companies, which are shell publicly-traded corporations with no operations designed to take existing companies public by merging with them. Just recently, the latest company to seal a SPAC deal to go public was the on-demand private aviation startup Wheels Up . Now, the next is also in the aviation and mechanical flight sector but even higher, being a rocket building startup named Astra, which has announced  a SPAC merger deal just roughly a year after emerging from stealth.  Astra will merge with Holicity Inc. (NASDAQ: HOL), a SPAC created by the telecom billionaire Craig McCaw. The merger deal values Astra at $2.1 billion, wherein up to $500 million in cash will be handed over to Astra, consisting of $300 million raised and held in trust by Holicity Inc. and an extra $200 million cash infusion committed by a group of investors led by the

SpaceX Plans All-Civilian Space Mission For This Year

After successfully launching and returning astronauts to and from the International Space Station (ISS) last year, it appears that the Elon Musk-led aerospace company SpaceX has its eyes set on making another record, this time organizing the first all-civilian crewed mission to the ISS. SpaceX has announced  plans to carry out the first all-civilian mission to space in the fourth quarter of 2021. The mission will be manned by four people led by Jared Isaacman, a billionaire tech entrepreneur who's the CEO of Shift4 Payments, a publicly-traded payments company. Isaacman is the one funding the mission and will select the other space tourists to ride with him. The mission, dubbed "Inspiration4" is planned to launch from the well-known Launch Complex 39A at NASA’s Kennedy Space Center in Florida on SpaceX's Falcon 9 launch vehicle and Dragon spacecraft. Isaacman and the crew that he's tagging along with will undergo commercial astronaut training by SpaceX to prepare

The First Private ISS Mission Seems Near

The International Space Station (ISS) is a modular space station in low Earth orbit that's famous across the globe. Every day, it travels around the globe, able to circle the whole Earth in the span of roughly 93 minutes. The ISS is governed by intergovernmental treaties and agreements, with the US at the forefront. Dozens of astronauts and cosmonauts as well as a few space tourists have gone to the ISS since it was launched in its current form in 1998. All of the missions to the ISS have been governmental and organized by the space agencies of various countries like the US, Russia, Japan, and Canada. Now, it appears that the first private mission to space is near, with the aerospace company Axiom Space having just announced  its private crew of four people that'll man the first private mission proposed to fly to the ISS.  The four people include an American, a Canadian, and a former Israeli Air Force pilot as passengers, and the fourth being Michael López-Alegría, a Spanish-Am

Starlink Rival OneWeb Raises $400M After Rescue From Bankruptcy

After emerging from bankruptcy with a joint rescue from the UK government and the Indian telecoms firm Bharti Global, OneWeb, a company seeking to build out a satellite internet network rivaling SpaceX's Starlink, has raised $400 million in new funding from SoftBank and Hughes Network Systems, a subsidiary of the satellite communications provider EchoStar. With the fresh $400 million round, OneWeb has now raised a total of $1.4 billion after emerging from bankruptcy. SoftBank provided $350 million out of the $400 million round, returning as an investor in OneWeb after previously pumping $1 billion into the company before getting its investment wiped out by a bankruptcy. As it seems, SoftBank has much money to burn on OneWeb, returning to invest in the company after getting burned earlier. Before filing for bankruptcy, OneWeb had raised a whopping $3 billion in venture funding but didn't give much output for that huge amount. Now controlled by the UK government and Bharti Globa

SpaceX's Starlink Gets UK Greenlight

Starlink, the proposed satellite internet service from SpaceX, has received licensing approval from the UK's communications regulator, clearing the way for the venture to get into another major broadband market. An authorization for SpaceX's Starlink was granted in November, according to a statement from a spokesman at the UK Office of Communications (Ofcom). Going by local reports, Starlink has also received approval in other European countries including Greece, Germany, and Australia. The satellite internet service originates from the US where SpaceX is based and has begun tests in both the country and neighboring Canada. Starlink consists of a planned constellation of thousands of mass-produced small satellites in low Earth orbit that'll beam internet access to the Earth by working in combination with ground transceivers. Already, SpaceX has launched more than 950 Starlink satellites into orbit out of a planned constellation of 42,000 such satellites, for which it's

Lockheed Martin Buys Aerojet Rocketdyne

The American aerospace and defense company Lockheed Martin has announced that it's reached a definitive agreement to buy Aerojet Rocketdyne, a publicly-traded rocket and missile propulsion manufacturer, in a $5 billion deal. Lockheed Martin has agreed to pay $56 in cash for each share of Aerojet Rocketdyne, representing a 33% premium to the company's closing price on Friday, the 18th of December, 2020.  Under the terms of the purchase, $5 out of the $56 will go towards a special dividend to Aerojet's shareholders, leaving the remaining acquisition price at $51 per share and summing up to $4.4 billion. The special dividend will be paid to Aerojet's shareholders in March next year while the entire acquisition is expected to be completed in the first half of next year.  The $5 billion deal for Aerojet Rocketdyne represents one of the biggest acquisitions in the aerospace industry this year. It's the first major deal spearheaded by Lockheed's new CEO, Jim Taiclet,

SpaceX Shoots For $92B Valuation

The aerospace company SpaceX is seeking to raise a fresh big round of funding at a targeted valuation of up to $92 billion, Business Insider reports , citing "two people with knowledge of the deal". SpaceX just raised a $1.9 billion round at a valuation of $46 billion this August so a target to now double that valuation seems very ambitious. Since its inception, the company has raised a total of $5.4 billion in venture funding so it doesn't seem to have a problem attracting big investors. SpaceX is ramping up its Starlink satellite and Starship rocket programs so likely requires more capital to uphold those projects, which aren't currently generating revenue for the company. Just recently, the company flew its Starship rocket to its highest altitude yet in a test flight before it exploded during the process of landing back on Earth. Likewise, SpaceX is making significant progress on its Starlink satellite project and has launched nearly a thousand satellites out of

SpaceX Nabs $885M Starlink Aid From FCC

The aerospace company SpaceX has been awarded the sum of $885 million in federal subsidies from the US government under a program from the  US  Federal Communications Commission (FCC)  that doled out $9.2 billion in aid to dozens of companies for the deployment of  high-speed broadband internet service to underserved rural areas. The FCC awarded nearly $900 million in aid to SpaceX for its Starlink satellite internet network which is still in the works. Starlink consists of a planned constellation of 42,000 satellites that'll beam internet access to areas on Earth. So far, it's gotten approval from the FCC to launch 12,000 satellites and has launched nearly 1,000 satellites for the initial phase. Starlink satellite deployed over Earth. The Covid-19 pandemic this year has proved the importance of high-speed internet access as a utility, whereas rural areas in the US are usually underserved and don't have access to the high-speed internet access available in cities. For refe

Aevum Unveils Satellite-Launching Drone

Aevum, an Alabama-based aerospace startup, has unveiled a big autonomous drone that it aims to use to deliver satellites into space. The unveiling of the new drone comes after Aevum had secured contracts for 20 satellite missions from the US government that could be worth up to $986 million if fulfilled. Aevum's drone, named Ravn X is 80 ft. long, has a 60 ft. wingspan, is 18 ft. tall, and has a gross takeoff weight of 55,000 lbs. Aevum says it'll be 70% reusable out of the gate and will be up to 95% reusable 'in the near future'. The company says Ravn X uses the same jet fuel as a normal airplane and will be able to launch from any 1-mile runway. The design of the newly-unveiled drone was five years in the making, wherein Aevum worked from its headquarters in the state of Alabama to come up with the concept. Aevum is working to fulfill its first mission next year for the United States Space Force, wherein it's picked up an initial $4.9 million satellite launch con

Sequoia Bets $500M On SpaceX

This August, SpaceX raised $1.9 billion in new funding that was made known by filings with the US Securities and Exchanges Commission. The company didn't put out a formal press release regarding the round, leaving speculation as to who wrote the checks. Now, the news site The Information reports that Sequoia Capital led the round with a $500 million investment from its part. Sequoia is a big venture capital firm with billions of dollars of capital under its management so writing a $500 million check to SpaceX doesn't seem startling. Sequoia is, however, not much big into aerospace and high-tech companies like SpaceX, with most of its investments having gone to software-based companies. Sequoia is a storied venture capital firm that has clinched very successful exits on companies like Google, Instagram, Square, and Oracle. SpaceX seems to be the first aerospace company that the venture capital firm has ever backed. The $1.9 billion round that SpaceX raised in August pegged it

Relativity Space Nabs $500M Round

Relativity Space, a Los Angeles-based startup that's working on 3D-printed rockets, has announced that it's raised $500 million in Series D funding from a party of investors led by the hedge fund Tiger Global. Other notable participants in the round include General Catalyst, Baillie Gifford, Fidelity, Mary Meeker's Bond, Playground Global, and entrepreneurs Mark Cuban and Spencer Rascoff (Zillow). The $500 million round represents one of the largest-ever single rounds for a space startup, on par with several rounds raised by the aerospace leader SpaceX. Although the valuation that came with the round isn't disclosed, previous reports that shed light on the funding round even before its formal announcement pegged the valuation at $2.3 billion. Relativity Space is a very notable company, given its work on 3D printing rockets and rocket parts. It's the first known company that's looking to 3D print the majority of an entire rocket, with an aim of making the rocket

SpaceX Set For Historic Crew Mission

  Astronauts Michael Hopkins (left) and Soichi Noguchi (right).  Photo credit: NASA After getting formally certified earlier this month by NASA for crew missions to and fro the International Space Station following the success of its recent pilot mission when it sent two astronauts to the ISS on the Falcon 9 in May and successfully returned them in August, the aerospace company SpaceX is set to perform another crew mission, this time with four astronauts that'll it send to the International Space Station aboard a Falcon 9 and Crew Dragon human spaceflight system on Sunday night. SpaceX is set to send four astronauts into space, three of whom are from America's NASA and one from the Japan Aerospace Exploration Agency (JAXA). They are by names Mike Hopkins, Victor Glover, Shannon Walker, and Soichi Noguchi, heading on a mission to the ISS that'll last for six months.  The crew mission is the first out of three that are scheduled to take place over this year and the next. Sp

Astroscale Lands $51 Million Round

Nobu Okada, CEO, Astroscale. Photo credit: Tech In Asia Astroscale, a Japanese orbital debris removal company, has announced that it's secured $51 million in Series E funding led by investment firm aSTART, a funding round that brings the total amount of financing raised by the company to $191 million. Astroscale will use the new funding to further its business of helping space and satellite companies to recover orbital debris from space.  A significant problem for space exploration is the presence of debris from satellites or parts of satellites launched into space from earth and discarded after use or tests. Astroscale, now Japan's most funded private space venture, has stepped in to address that problem by looking to offer space debris removal missions. Astroscale was founded in 2013 and raised its first external funding round two years later. Most of the company's investors hail from Japan where it's based while also maintaining other offices in the US, UK, Israel, a

Momentus Eyes Reverse Listing

Mikhail Kokorich, Founder and CEO, Momentus. Photo credit: Steve Jurvetson on Flickr , licensed under Creative Commons Momentus, a space transportation company, is in discussions to go public by the way of a reverse merger with Stable Road Acquisition Corp, a special purpose acquisition company (SPAC), according to a report [paywall] from Bloomberg . Momentus is said to be targeting a valuation of nearly $1 billion from its reverse merger. Stable Road Acquisition Corp, the reported SPAC mergee, raised $172.5 million in its public market debut in November last year, money that'll be transferred to Momentus in the case of a merger. Momentus, a Y Combinator alum, is a space transportation company with ambitions of providing “last-mile delivery” in space by transporting satellites and cargo to specific orbits using a specially made vehicle named the  Vigoride . The Vigoride is akin to a delivery truck that'll bring a package to its final destination after a large cargo aircraft de

SpaceX Wins US Deal To Build Satellites

Photo credit: NASA Johnson Aerospace company SpaceX has won a $149 million contract to build missile-tracking satellites for the U.S. Space Development Agency (SDA), marking the aerospace company's first-ever such government contract to build satellites. The contract stipulates that SpaceX will build four overhead persistent infrared imaging (OPIR) satellites that'll be able to "provide missile tracking data for hypersonic glide vehicles and the next generation of advanced missile threats". SpaceX won its contract along with L3Harris Technologies, another defense contracting giant that'll itself also build four missile-tracking satellites for the U.S. Space Development Agency (SDA). L3Harris is, however, charging a substantially higher $193 million for its portion of the contract. SpaceX will construct the missile tracking satellites at its assembly plant in Redmond, Washington, where it currently assembles its Starlink internet satellites. The company will build

Virgin Orbit Rows With OneWeb

Photo credit: Virgin Orbit Virgin Orbit, a satellite launch provider that's part of the Virgin Group, is in an apparent row over monetary payments with OneWeb, a satellite internet operator being bailed out by investors after bankruptcy . Virgin Orbit is seeking a $46 million payout from OneWeb after the company canceled dozens of launches that it had ordered from Virgin back in 2015. Virgin Orbit is demanding that OneWeb pays it a termination fee that was agreed as part of the contract between both parties. OneWeb fell into bankruptcy earlier this year even after raising up to $3 billion in private funding from investors including Virgin Group. Following its bankruptcy, a rescue package for the company was put in place by the U.K. Government and Indian telecom company Bharti Global, with both parties agreeing to pony up $500 million each for respective 45% stakes in OneWeb as part of a restructuring. Previous OneWeb investors apparently lost significantly, with Bharti and the U.K.

Brief: SpaceX Nears $2 Billion Raise

SpaceX CEO Elon Musk. Photo credit: Tesla Owners Club Belgium on Flickr , under Creative Commons license Aerospace company SpaceX is close to finalizing $2 billion in new funding, up from an initial target of $1 billion, according to a report [paywall] from Bloomberg . According to Bloomberg , Fidelity Investments is a major participant in the SpaceX's new fund-raise, which would value it at $46 billion post-money. Notably, SpaceX is ramping up its Starlink internet program , an area where the funding comes in handy. The company is reported to have already spent hundreds of millions of dollars on the program. Before now, SpaceX is known to have raised about $3.5 billion in total funding since its inception.

SpaceX's Next Crewed Mission Set For October

Photo credit: SpaceX NASA and SpaceX have announced a specific date for the next crewed mission that'll see SpaceX launch more astronauts into space, after getting certified with the recent successful launch and return of NASA astronauts Doug Hurley and Bob Behnken. On the 23rd of October, SpaceX will undertake its first formal operational crewed mission where it'll send three NASA astronauts as well as another from Japan to the International Space Station onboard its Crew Dragon spacecraft. The astronauts are by names Michael Hopkins, who'll be commander; Victor Glover, pilot; Shannon Walker, mission specialist; and Soichi Noguchi, a mission specialist for the Japan Aerospace Exploration Agency (JAXA). They'll be heading to the ISS for a six-month mission aboard an orbiting laboratory. The next mission is scheduled to takeoff from Launch Complex 39A at NASA’s Kennedy Space Center in Florida.

Most Read Posts

Cashing Out: Jeff Bezos Sells $2.5B Of Amazon Stock

Amazon founder Jeff Bezos has continued his routine selling of Amazon shares to fund his other escapades. For a few years now, he's had an arranged trading plan that sees him regularly sell Amazon stock worth billions of dollars. Jeff Bezos' latest sell-off is of 739,000 Amazon shares worth around $2.5bn, SEC filings show. Another separate filing indicated that he plans to sell as many as 2 million shares that could net him nearly $7bn at current prices. This latest share sell-off from Bezos is noteworthy as one of his last in his position as Amazon's CEO which he's handing off soon to a top lieutenant named Andy Jassy. Jassy is currently CEO of AWS, Amazon's very profitable cloud computing division. Usually, a CEO offloading large amounts of stock in a company he leads draws some displeasure from investors, but as Jeff Bezos would soon no longer be Amazon's CEO, it opens up opportunities to sell larger amounts of shares than usual if the desires. Amazon's

EVs: Ford, BMW Co-Invest In An EV Battery Startup

It's currently of no doubt that electric vehicles represent the future for the automobile market, and many automakers have taken heed to that. Tens of billions of dollars in spending have been earmarked for the R&D and production of electric vehicles by global automakers, with efforts spanning battery development, building new factories, charging stations et al. Now, two of the world's biggest automakers, BMW and Ford, have jointly invested in a startup working on battery technology for electric vehicles. That startup is Solid Power, a Colorado-based startup developing solid-state batteries for EVs. Details: Solid Power has raised a $130 million Series B round  co-led by Ford and BMW. The two automakers were joined by green-focused venture fund Volta Energy Technologies in the round. As part of the strategic round, Ford and BMW have expanded their joint agreements with Solid Power to develop solid-state batteries for their use. In a way, the two automakers are funding and o

Is Apple Brewing A Major Digital Health Play?

That Apple has high ambitions in the digital health space isn't foreign news to anyone following the moves of the company. In fact, its CEO Tim Cook once referred to health as Apple's “greatest contribution to mankind.” Apple's main health product is the Apple Watch for which health represents a major use case and a selling point. The latest Apple Watch series has key health features including the ability to measure ECG (electrocardiogram) and oxygen saturation level in the blood. With all its grand ambitions, the reality is that Apple is progressing very well in the digital health space but yet hasn't gotten a big foothold in it like it's done in other markets. There still exists a large gap for Apple to conquer to make waves in the digital health market and the company seems much hell-bent on covering that gap. Details: A certain revelation has come out that details Apple's grand plans in the health sector, and it's that of a UK startup working on next-ge

Big Pay: AT&T Shareholders Vote Against Execs Pay

To bring back one of our most favorite sayings, "America is the land of many things, including very enormous executive pay". Executives of publicly-traded companies in the US are familiar with very large compensation packages on a scale not seen in other countries, take recent examples including Palantir CEO Alex Karp landing a $1.1 billion payday  and former T-Mobile CEO John Legere getting a $137 million severance pay . But with all the large executive pay packages flying around, it appears that the shareholders of one public company are not okay with it and that company is telecoms giant AT&T.  Details: AT&T in a statement  revealed that the majority of its shareholders voted not in favor of the compensation of its executive officers in 2020. Just under 49% of votes were cast in favor of the compensation, leaving the remaining majority 51%, not in favor.  Last year, AT&T had large pay packages for its top brass including $21 million for CEO John Stankey and $52

Deal: Verizon Sells Yahoo And AOL To PE Firm For $5B

Telecoms giant Verizon has found a buyer for its Verizon Media Unit which includes veteran internet properties like Yahoo and AOL, and that buyer is a major private equity firm. To note, though Yahoo and AOL have long faded from their glory days, they aren't exactly dead properties but ones still with a great deal of users bringing in a few billion in revenue annually. Details: Verizon has struck a deal to sell 90% of Verizon Media to private equity firm Apollo which will pay $5 billion for it, while Verizon retains a  10%  minority stake in the business. The deal takes off many internet properties off Verizon's hands, including bigger ones like Yahoo and smaller ones like technology news site TechCrunch operating under the AOL umbrella. Though it's selling for a seemingly huge price of $5 billion, Verizon paid a combined $9 billion to buy the web properties making up its Verizon Media unit so it doesn't come out on top financially from the sale.  Verizon paid $4.4bn t

Germany's SAP Fined $8M For Violating Iran Sanctions

SAP, the German software giant, has agreed to pay a fine in the US for violating sanctions imposed by the country on conducting business in Iran. It'll pay over $8 million in fines after admitting to handling thousands of exports of its software to Iran violating US law. Details: SAP admitted to exporting US-origin software to Iran beginning in 2010 up until 2017. The exports including delivering software upgrades and patches more than 20,000 times to Iranian users and offering Iranian users access to US-based cloud services. As charged, executives at SAP were aware that the company didn't have geolocation protections to block downloads of its US-origin software in Iran and turned a blind eye to the situation.  SAP was also charged with neglecting to put in place adequate export control for cloud services made by some US-based companies that it acquired and integrated into its software suite. For the charges, SAP admitted guilt and reached a  Non-Prosecution Agreement with the

IPO: Cybersecurity Startup Darktrace Debuts On UK Markets

A major cybersecurity startup from the UK has held an initial public offering (IPO) and debuted to positive investor fanfare on the domestic public markets. That startup is Darktrace, a fast-growing cybersecurity startup founded by a team of mathematicians in collaboration with British intelligence agencies in 2013. Darktrace sells cyber-defense software that's claimed to harness artificial intelligence in spotting and managing cyber threats. It listed on the London Stock Exchange under the symbol "DARK". By the numbers: Darktrace debuted to positive investor fanfare that saw its shares soar by 40% on its first day of trading. It raised £143 million ($198m) from the public float at a valuation of £1.7 billion ($2.3bn) which soared to almost £2.4 billion ($3.3bn) on its debut trading day. Darktrace's IPO prospectus reports $199 million in revenue in its most recent fiscal year ending June 30, 2020. This was up from $137 million in the previous year, 2019, and $79 mill

Earnings: Pfizer Rakes In Cash From COVID Vaccine

Pfizer, one of the few pharmaceutical companies worldwide to produce an approved Covid-19 vaccine, has unveiled its earnings report for the first quarter of this year. As usual, the report provides a solid peek into the company's financials and with very noteworthy nuggets this time around. One key nugget from Pfizer's earnings report is that the company brought in $3.5bn in revenue from its Covid-19 vaccine in Q1' 21. It made up nearly a fourth of the company's total $14.6bn revenue for the period. The Covid vaccine was the biggest single source of revenue for Pfizer in the quarter. It's definitely a good time for the company in that regard, as it elected to keep the profit from the sale of its vaccines unlike some of its competitors which volunteered to waive off any profit-seeking from their vaccines. Unlike some of its competitors also, Pfizer didn't take money from the US government to fund the development of its vaccine under the Trump administration'

Earnings: Covid Vaccines Deliver Big Sales, Profit For Moderna

Moderna was among the few biotech companies that saved the day with the development of an emergency-authorized vaccine to tackle the Covid-19 pandemic. It was a breakthrough for the company, which was before then a cancer-fighting moonshot with minimal revenues and no working product. Being a publicly-traded company, Moderna is mandated to release quarterly earnings reports to the public and it has done so this time around, releasing its financial results for the first quarter of this year 2021. Moderna's latest earnings report shows that of a company that saw big success from its Covid vaccines, as it reported record revenue and its first-ever net profit as a public company. By the numbers: Moderna made $1.9bn in revenue in Q1' 21, compared to a paltry $8mn for the same quarter in 2020. The revenue came wholly from Covid vaccine sales in the US and foreign markets. Moderna reported a huge net income of $1.2bn in the quarter, compared to a net loss of $124mn for the same perio

Court Docs: Fortnite Maker Epic Made $15B In 2018-2020

Fortnite maker Epic Games is having a court battle with Apple over the latter's App Store practices and that battle has led to several documents coming out of the shadows with valuable information about Epic Games not publicly known before.  Among the information revealed in court proceedings between Epic and Apple is the sheer scale of Epic's revenue largely gotten from its hit game Fortnite . Official documents indicate that Epic Games made respective annual sales of $5.6bn, $4.2bn, and $5.1bn in 2018, 2019, and 2020, summing up to just shy of $15bn. Epic's revenue in 2018 and 2019 was revealed in financial documents made public as part of its court battle with Apple while its revenue for 2020 was separately revealed in a court testimony by Epic CEO Tim Sweeney. The vast majority of Epic's revenue comes from Fortnite while its other products like the Unreal Engine and the Epic Games Store bring in a minority of revenues. Specifically, Fortnite brought in $5.5bn a