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August 10, 2021 07:00 am

SpaceX Is Buying Satellite Data Startup Swarm

SpaceX is acquiring satellite data start-up Swarm Technologies, in a rare deal by Elon Musk's space company that expands the team -- and possibly the technological capabilities -- of its growing Starlink internet service. CNBC reports: Swarm, which has 120 of its tiny SpaceBEE satellites in orbit, reached an agreement with SpaceX on July 16 to merge, according to an Aug. 6 filing with the Federal Communications Commission. The company will become "a direct wholly-owned subsidiary of SpaceX upon consummation of the Proposed Transaction," Swarm wrote in the filing. Terms and financial details about the deal were not disclosed. Swarm last completed a fundraising round in January 2019 at a $85 million valuation, according to Pitchbook. The deal marks an uncommon acquisition for SpaceX, which tends to design and build systems in-house. But FCC licenses can be difficult and time-consuming to get approved, and Swarm will transfer control of of its satellite and ground station licenses to SpaceX as part of the deal, according to the filing. "Swarm's services will benefit from the better capitalization and access to resources available to SpaceX, as well as the synergies associated with acquisition by a provider of satellite design, manufacture, and launch services," the filing said. The company noted that the acquisition benefits SpaceX by bringing "access to the intellectual property and expertise developed by the Swarm team."

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