Acquired by Lockheed Martin for ~$450M enterprise value ($0.25/share), completed Oct 2024.
The rise & fall
6 moments · 2013–2024
The key moments, with employee sentiment along the way.
2013
🌱
2013
Founded to build small satellites
Marc Bell's venture builds smallsats and space vehicles, largely for defense customers.
Wikipedia
Mar 2022
📈
Mar 2022
The peak: a $1.6B SPAC debut$1.6B
Merges with Tailwind Two Acquisition Corp — public, unicorn and at its high-water mark in the same month.
SEC filing
2022
💔
2022
Slips out of the club
Customer concentration, cash burn and a punishing market for space stocks crush the shares within the year.
Macrotrends
2022–24
💬
From the inside · Glassdoor reviews, 2022–24
Glassdoor reviews from the public years described heavy turnover and an exodus of engineers as stock grants lost most of their value; after the takeover, reviewers described a leadership overhaul and a cultural reset under Lockheed.
Aug 2024
Aug 2024
The biggest customer makes its move
Lockheed Martin — Terran's largest customer and a shareholder — agrees to buy the company for just $0.25 a share.
PRNewswire
Oct 2024
🤝
Oct 2024
Acquired by Lockheed Martin for ~$450M$450M
The deal closes October 30, 2024 at roughly $450M enterprise value — about 72% below the de-SPAC price.
PRNewswire
💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.
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.
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)
Founders
Marc Bell
Co-founder, Chairman & CEO
Now Managing Partner at Marc Bell Capital Partners · LinkedIn ↗
