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  "documentTitle": "Astra Space, Inc. (ASTR)",
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  "authorName": "Kerrisdale Capital",
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  "presentationDate": "2021-12-01 00:00:00",
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  "notes": "The slide uses a narrative structure to highlight management's lack of preparedness and the inadequacy of their current rocket specifications.",
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      "text": "Announcing a 66% jump in payload capacity is not a trivial matter in rocket development.",
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      "text": "Astra's strategy of applying Silicon Valley tech/software development to scaled rocket manufacturing has potential benefits – but how that should look in the launch industry today is a bigger, more reliable rocket with the advantage of full or partial reusability.",
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      "text": "Announcing a 66% jump in payload capacity is not a trivial matter in rocket development. It involves meaningful redesign work with new components and a more powerful engine – one that apparently Astra did not have.",
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      "text": "In addition to higher payloads, rockets that are partially or fully reusable continue to lower the cost profile of the launch industry. In the conference call announcing Astra's SPAC merger, management claimed the unit economics of mass manufacturing small rockets could match that of a large rocket.",
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      "text": "Now examine Astra's development path and some of the changes it has announced only months into being a public company. At the time of the SPAC announcement 10 months ago, Astra's stated goal was a 300kg payload to 500km Sun-Synchronous Orbit by 2023.",
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      "kind": "paragraph",
      "text": "Examine the actions of the leading small rocket launch company, Rocket Lab. After 20 successful Electron launches (300kg payload), Rocket Lab recently unveiled details of its Neutron rocket, a new medium-lift vehicle capable of delivering 8,000kg - 15,000kg payloads to LEO.",
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