SpaceX has significantly strengthened its in-house manufacturing capabilities by acquiring the aerospace division of Hexagon Purus ASA for up to $15 million. This strategic move brings specialized expertise in composite pressure vessels directly into SpaceX’s supply chain.
Deal Details and Strategic Rationale
The acquisition involves SpaceX purchasing Hexagon Masterworks Inc., a wholly owned subsidiary of Hexagon Purus. Hexagon Masterworks is known for supplying high-pressure composite storage cylinders essential for aerospace and space launch applications. Notably, the subsidiary’s hydrogen business is excluded from this transaction.
The deal’s valuation stands at approximately $15 million, comprising $12.5 million in cash to be paid at closing, along with potential contingent earn-out payments of up to $2.5 million, subject to standard conditions. This acquisition aligns with Hexagon Purus’ strategic review of its portfolio, aiming to enhance its financial position and extend its liquidity runway.
Expertise Integration and Future Growth
Hexagon Purus stated that its aerospace unit has reached a maturity where a dedicated aerospace-focused owner would best facilitate its next growth phase. SpaceX is expected to fulfill this role by integrating Masterworks into its long-term operational framework.
Morten Holum, CEO of Hexagon Purus, expressed satisfaction with the outcome. “I am pleased that we have found a new home for Masterworks with an owner that views our composite cylinder expertise as world-class and intends to integrate the business into its supply chain to support its long-term growth,” Holum said. He also extended gratitude to the Masterworks team, acknowledging that while parting with a well-performing business is difficult, the transaction fortifies Hexagon Purus’ financial standing and allows for a sharper focus on its core strategic priorities.
The integration of Hexagon Masterworks’ advanced composite pressure vessel technology is poised to further enhance SpaceX’s vertical integration strategy, supporting its ambitious goals in space exploration and launch services.