What‘s Up in Space: MDA w/ Another Deal, New Launch Vehicles, Lunar Cargo

Research evidence excerpt

What‘s Up in Space: MDA w/ Another Deal, New Launch Vehicles, Lunar Cargo

USA | Aerospace & Defense Electronics EquityJulyResearch12, 2026

What's Up in Space: MDA w/ Another Deal, New

Launch Vehicles, Lunar Cargo

In this weekly report, we highlight key events and implications for the space

sector: 1) MDA to acquire 70% of CLS, expanding downstream EO data services,

2) Space Force adds Impulse Space and Relativity Federal to NSSL Phase 3

Lane 1, 3) ispace books Starship lunar capacity for no earlier than 2030, and 4)

China completes its first orbital-class rocket recovery.

MDA to Acquire 70% of CLS, Vertically Integrating into Downstream EO Data Services and

Expanding Global Geointelligence Distribution. MDA agreed to buy 70% of Collecte Localisation

Satellites for $650MM cash, implying a total EV of $1.1BB (3.5X EV/Sales), with CNES retaining

30%. CLS adds AI-driven EO analytics, forecasting, monitoring, and decision-support services

downstream of MDA’s satellites, ground stations, and geointelligence operations. CLS 2026E

sales of €286MM, doubling MDA's recurring revenues, with EBITDA margins inline with MDA's

18-20% range.CLS adds a global sales channel for MDA to accelerate CHORUS distribution and

broaden commercial and government geointelligence reach. CNES’s retained stake also deepens

MDA’s relationship with European space agencies to expand EO services and int'l exports.

Space Force Adds Impulse Space and Relativity Federal to NSSL Phase 3 Lane 1, Expanding

Eligible Provider Pool to 7. SSC awarded Impulse Space and Relativity Space’s Relativity Federal

subsidiary $5MM firm-fixed-price task orders for risk and capability assessments under NSSL

Phase 3 Lane 1, which covers non-critical payload launches including SDA satellites. The awards