Terran Orbital

Space / satellitesUSA

New to Unitard

🤝 Acquired

Peak $1.6 BillionToday

~-72%

from peak

🦄
Became a unicorn
2022
📈
Peak valuation
$1.6 Billion ’22
💔
Became a Unitard
2022
💸
Last valuation
~$448M

Current status

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

Founded to build small satellites

Marc Bell's venture builds smallsats and space vehicles, largely for defense customers.

Wikipedia

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

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

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

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 PartnersLinkedIn ↗
Daniel Staton
co-founder & chairman
No public profile matched
Anthony Previte
co-founder & founding CEO
Still there — CEO & PresidentLinkedIn ↗

Current roles as self-reported on LinkedIn, retrieved 2026-08-19. See our methodology.

Disclosed investors (8)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round · Crunchbase ↗ · 2026-10-13 · Methodology · Leaderboard