Satellite Maker SWISSto12 Said to Weigh IPO as Soon as Next Year
(Bloomberg) — Swiss satellite systems maker SWISSto12 SA is considering an initial public offering as soon as 2027, according to people familiar with the matter.
The Renens, Switzerland-based company has held initial talks with prospective advisers about going public, the people said, asking not to be identified as the information is private. Zurich is among the venues being considered for the IPO, they said.
An offering could value SWISSto12 above 1 billion Swiss francs ($1.3 billion), one of the people said, declining to give more specific figures due to the early stage of the process.
No decisions have been made and the plans could change, the people added. A representative for SWISSto12 declined to comment.
Established 15 years ago as a spin-off from the Swiss Federal Institute of Technology in Lausanne, SWISSto12 uses 3D-printing technology to produce satellites for high orbits. The company raised more than €100 million ($118 million) in its latest funding round announced last month, as it looks to accelerate the development of its HummingSat satellite platform and expand manufacturing capacity.
The consideration to seek further funding in public markets comes as Elon Musk has pushed forward with plans to list SpaceX, which revolutionized the industry by bringing fast-moving satellites to lower orbits, enabling new use cases for internet connectivity. SpaceX now accounts for the majority of all active satellites around the world, and its IPO could be the biggest first-time share sale of all time.
Europe is ramping up investment in satellites and other space assets as part of a broader buildup of strategic infrastructure, while plans to rapidly expand military spending has spurred demand for related stocks.
The European Space Agency is seeking to deploy €22 billion in the next three years, a 36% increase from its previous budget, and has proposed a program to help strengthen and synchronize the continent’s defense capabilities in space.
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