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Axelspace Aims for June IPO Amid Mixed Investor Sentiment and Government Space Push

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Tokyo-based satellite startup Axelspace plans to go public as early as June, according to sources familiar with the matter. The IPO, pending approval from the Tokyo Stock Exchange later this month, would mark the fifth listing of a Japanese space venture in two years, a notable milestone in the country’s rapidly evolving private space sector.

Key Details:

  • IPO Timing & Valuation: Axelspace’s listing could take place in June, with a potential valuation in line with peers Synspective (121B yen) and iQPS (72.5B yen), according to sources.

  • Lead Underwriter: SMBC Nikko Securities is acting as lead manager, though neither the firm nor Axelspace commented on the IPO plans.

  • Satellite Milestones: The company has launched five optical Earth observation satellites and plans to add seven more next year. It also manufactures satellites for clients like Weathernews.

  • Investor Backing: Axelspace has raised 14.3 billion yen in funding to date, with backing from Mitsui & Co. and ANA Holdings. Its Series D round was completed in 2023.

Market Context:

  • Sector Growth: Japan’s private space sector, valued at around 4 trillion yen ($27.8B), is backed by substantial government funding—including 600 billion yen from the Space Strategy Fund—and aims to double in size by the early 2030s.

  • Investor Challenges: Despite tailwinds, most Japanese space startups remain loss-making, and investor confidence is tempered by mixed stock performance in existing space IPOs like Astroscale (down ~40%) and ispace (only recently recovered to IPO level).

  • IPO Appeal: Going public provides access to debt financing, increased hiring capacity, and new strategic partnerships, according to industry executives. However, a second wave of space IPOs may take longer due to scrutiny over profitability and market conditions for small-cap Japanese firms.

Strategic Significance:

The IPO effort signals not just Axelspace’s growth ambitions but also Japan’s strategic alignment between public defense spending and private space innovation—particularly in response to China’s rising military and tech influence. It also reflects limited private fundraising alternatives for startups in Japan compared to U.S. firms like SpaceX.

Japan and Tokyo Governments Eye $4.7 Billion Valuation for Tokyo Metro in Upcoming IPO

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Japan’s national and Tokyo governments are targeting a 700 billion yen ($4.7 billion) valuation for Tokyo Metro as they gear up for what could be the nation’s largest initial public offering (IPO) in nearly six years. The listing, expected to take place as early as late October, will see the sale of half of the company, potentially raising 350 billion yen. This IPO is poised to surpass the size of Kokusai Electric’s IPO last year and become the biggest since SoftBank Group listed its wireless unit in 2018.

Currently, the two governments own 100% of Tokyo Metro, with the central government holding a 53.4% stake and the Tokyo government owning the remaining 46.6%. The funds from the IPO will be used by the central government to repay reconstruction bonds issued after the devastating 2011 earthquake and tsunami. As they move forward with the listing, the governments plan to brief brokerages within the week and anticipate approval from the Tokyo Stock Exchange by mid-September.

Tokyo Metro, with a rich history dating back to 1920, operates 195 kilometers (120 miles) of subway lines that serve 6.5 million passengers daily. The company has diversified its business to include real estate and retail, and it reported a significant rise in net profit to 46 billion yen for the financial year ending in March 2024, as Japan’s economy rebounded from the COVID-19 pandemic.

Nomura, Mizuho, and Goldman Sachs have been appointed as the joint global coordinators for the listing, which is set to mark a significant moment in Japan’s financial and infrastructure sectors.