Terran Orbital
- 🦄Became a unicorn2022
- 📈Peak valuation$1.6 Billion ’22
- 💔Became a Unitard2022
- 💸Last valuation~$448M
How it happened
Terran Orbital built small satellites and space vehicles, largely for defense, and went public in March 2022 via a SPAC merger with Tailwind Two Acquisition Corp at about $1.6B. Customer concentration, cash burn and a punishing market for space stocks crushed the shares. In August 2024 its biggest customer and shareholder, Lockheed Martin, agreed to buy the company for roughly $450M — just $0.25 per share — closing that October. Glassdoor reviews from the public years describe heavy turnover and an exodus of engineers, with staff noting stock grants that lost most of their value as shares fell; after the takeover, reviewers described a leadership overhaul and cultural reset under Lockheed.
Employee accounts paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗. See our methodology.
Source: Lockheed Martin / PRNewswire / SEC (~$1.6B de-SPAC value via Tailwind Two Acquisition Corp, March 2022; Lockheed Martin acquisition ~$450M EV at $0.25/share, completed Oct 30 2024)
