Astroscale Holdings
186A.TMEDIUMScore: 22.5Satellite · Weight: 12%· Data as of 2026-04-17
Investment Thesis
First-mover globally in on-orbit servicing. JAXA CRD2 Phase II ¥13.2B contract (active debris removal demonstration) + ELSA-M commercial OneWeb deorbit mission launching 2026 with Isar Aerospace. ESA + UK Space Agency + Eutelsat OneWeb funding (~$15M ARTES contract). JAXA Space Strategy Fund selected for 'flexible spatial mobility' (orbital transfer + on-orbit refuelling). Only publicly-listed pure-play debris/servicing name globally.
Risk
1) P/B 18x richest in the basket — priced for execution. 2) ELSA-M mission is 2026 — any launch failure resets narrative 1-2 yrs. 3) Cash ¥14B vs burn ¥10B+/yr operating, ¥15B FCF — dilution near-certain inside 24 months. 4) Debris-removal pricing model still unproven: no published rate card for commercial end-of-life service.
Monitoring Trigger
ELSA-M launch (2026) — success triggers re-rating, failure triggers 40%+ drawdown. Also watch CRD2 Phase II milestones and any Space Strategy Fund orbital-transfer awards. If a dilutive raise announced >15% of shares, TRIM before the offering.
Key Dates
Key Metrics
Business Segments
| Segment | Revenue | Share | Description |
|---|---|---|---|
| Debris Removal & Life Extension | ¥4.4B | 100% | CRD2 (JAXA), ELSA-M (ESA/OneWeb), ADRAS-J, orbital servicing |
Supply Chain Evidence
| Evidence | Customer | Product | Detail |
|---|---|---|---|
| confirmed | JAXA | CRD2 Phase II active debris removal | Contract value ~¥13.2B signed 2024; ADRAS-J preceded |
| confirmed | Eutelsat OneWeb (via ESA/UKSA ARTES) | ELSA-M multi-client deorbit service | €13.95M contract; 2026 launch with Isar Aerospace |
| confirmed | JAXA Space Strategy Fund | Orbital transfer + on-orbit refuelling R&D | Selected theme: 'Technology to Realise Flexible Spatial Mobility' |