Space42 is a UAE-based, AI-powered SpaceTech company established in 2024, integrating satellite communications, geospatial analytics, and artificial intelligence. It has two business units: Yahsat Space Services and Bayanat Smart Solutions. Space42 focuses on satellite operations, geospatial data processing, and AI-driven solutions, with major shareholders including G42, Mubadala, and IHC.
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Space42 has contracted Airbus to construct the Al Yah 4 and Al Yah 5 satellites.
Space42 was established in 2024 following the merger of analytics provider Bayanat and Al Yah Satellite Communications.
In December 2024, Space42 signed an AED18.7 billion contract with the UAE government to provide secure satellite communication services for an additional 17 years, extending from 2026 until 2043.
Space42 has selected SpaceX to launch the Al Yah 4 and Al Yah 5 satellites into orbit using the Falcon 9 rocket launch vehicle.
Space42, a UAE subsidiary, secured $695.5 million for its Al Yah-4 and Al Yah-5 communication satellites program.
Space42 completed the Critical Design Review for its next-generation geostationary communications satellites, Al Yah-4 and Al Yah-5.
The Abu Dhabi Investment Office (ADIO) and Space42 have launched the region’s first satellite manufacturing facility to build local remote sensing capabilities.
Space42 is controlled by Group42, International Holding Company, and Mubadala Investment Company.
The Space42 Space Systems facility will localize the design, assembly, and testing of SAR satellites used for earth observation.
Yahsat (now Space42) appointed a US unit of Airbus Group to manufacture two new geostationary telecommunications satellites in June.
Space42 shares closed at AED1.82 on Monday, down 10 percent year to date.
SAR satellites produced in the United Arab Emirates by Iceye and Space42 will serve customers in the region, including the UAE’s planned SAR constellation.
Iceye partnered with Space42 on 2024-12-09 to produce SAR satellites in the United Arab Emirates.
Space 42 will receive a $1,000,000,000 advance payment from the UAE government for the upcoming Al Yah 4 and Al Yah 5 telecommunications satellites.
Space 42 expects the $1,000,000,000 advance payment for Al Yah 4 and Al Yah 5 to enhance and optimize its balance sheet to fund growth and accretive projects.
Space 42’s investor presentation projects $7,100,000,000 of revenue by 2030 with 92 percent of that revenue flowing from Yahsat Space Services.
Space 42 views its Al Yah geostationary satellites as a potential springboard to a multi-orbit system for delivering a secure communications network.
Space 42 has a contracted backlog of more than $7 billion, which is larger than the backlogs of SES and Eutelsat combined.
The merger that created Space 42 was completed on 2024-10-01.
Bayanat and Yahsat launched the first low Earth orbit synthetic aperture radar (SAR) satellite in partnership with ICEYE.