Voyager Space Holdings is raising a new round. It's a $60M convertible note with a 15% discount to the next round (IPO), 5% coupon, and $550M valuation cap. We anticipate the company exiting at a significantly higher valuation than this (see below).

SpaceFund has a $25M allocation, which we are putting into an SPV (terms are 2/20 + small setup fee). Minimum investment amount is $250,000. This is a fast moving deal, closing the first week of June, so capital will be called no later than the last week of May. As an exclusive opportunity for SpaceFund investors only, this is STRICTLY confidential.

Deal highlights:

• Company is expected to conduct a traditional IPO in 6 - 9 months

• Company has already received (and declined) two SPAC term sheets with valuations of $1.1B and $1.3B

• SpaceFund and only one other existing investor have received these terms; the rest of the investors in the fully subscribed round have a valuation cap of $800M

• Use of funds is to purchase controlling interest in at least two more high revenue generating space companies to increase valuation at IPO

• As an existing SpaceFund portfolio company, we are highly confident in the team, excited about the unique business model, and thrilled at the company's success since our initial investment

• Fund Two will participate in this SPV, making Voyager a portfolio company of both funds