SpaceX versus RpK COTS [Updated]

(Via Clark Lindsey) NASA has published redacted versions of its COTS Space Act Agreements (PDF) with SpaceX and RpK.  There is lots of interest here, which I will explore in due course, but the headlines are the milestones and the money paid by NASA.

As you can see below, SpaceX not only managed to negotiate the more lucrative contract, but also managed to obtain a greater proportion front-loaded.  For instance, in '07, SpaceX will receive $112 million for its milestones versus $37 million for RpK.  In addition, the SpaceX money is timed more evenly, if NASA exercises its options for recrewing demonstration.  Interestingly, it appears that SpaceX and RpK's have similar burn rates.  SpaceX plans to burn $80 to $90 million per annum after peak expenditures versus $100 million for RpK.

[2/7/07 Update:  As has been pointed out by an anonymous reader, we do not know for certain the burn rates after peak, due to the fact that we do not know the amount and timing of SpaceX's and RpK's contributions to their programs.  The portions of the Space Act Agreements listing those dates and amounts are redacted.  Further, it should be pointed out that RpK's system will be reusable, while SpaceX's is designed to be reusable, but priced at this time as an expendable.  These factors will impact burn rate.]

Here are SpaceX's Parts A through C (resupply demonstration) milestones, totaling $278 million.  Importantly, SpaceX has already banked $44 million from the contract and will be paid $199 million before first flight.

Milestone	Date	($ m) Payment
1.  Project Management Plan Review	Sep '06	23.13
2.  Demo 1 System Requirements Review	Nov '06	5.00
3.  Demo 1 Preliminary Design Review	Jan '07	18.13
4.  Financing Round 1	Mar '07	10.00
5.  Demo 2 System Requirements Review	Mar '07	31.13
6.  Demo 1 System Critical Design Review	Aug '07	8.13
7.  Demo 3 System Requirements Review	Oct '07	23.33
8.  Demo 2 Preliminary Design Review	Dec '07	21.13
9.  Demo 1 Readiness Review	Feb '08	5.63
10.  Financing Round 2	Mar '08	10.00
11.  Demo 3 Preliminary Design Review	Apr '08	22.33
12.  Demo 2 System Critical Design Review	Jun '08	21.13
13.  Demo 1 Mission	Sep '08	5.63
14.  Demo 2 Readiness Review	Dec '08	16.13
15.  Demo 3 System Critical Design Review	Jan '09	22.33
16.  Financing Round 3	Mar '09	10.00
17.  Demo 2 Mission	Jun '09	6.13
18.  Demo 3 Readiness Review	Jul '09	12.33
19.  Demo 3 Mission	Sep '09	7.33

NASA has a SpaceX Part D (recrewing) option with the following milestones totaling $308 million.

Milestone	Date	($ m) Payment
D1.  Project Management Plan Review and Crew 1 Demo System Requirements Review	Dec '09	27.42
D2.  Financing Round D1	Mar '10	10.00
D3.  Crew Demo 1 System Preliminary Design Review	Apr '10	22.42
D4.  Crew Demo 2 System Requirements Review	Jun '10	25.42
D5.  Crew Demo 1 Critical Design Review	Aug '10	20.42
D6.  Crew Demo 2 System Preliminary Design Review	Oct '10	20.42
D7.  Crew Demo 1 System Demonstration Readiness Review	Dec '10	20.42
D8.  Crew Demo 3 System Requirements Review	Feb '11	25.42
D9.  Financing Round D2	Mar '11	10.00
D10.  Crew Demo 2 Critical Design Review	Mar '11	18.42
D11.  Crew Demo 3 System Preliminary Design Review	May '11	20.42
D12.  Crew Demo 1 Mission	Jun '11	15.42
D13.  Crew Demo 2 Demonstration Readiness Review	Jul '11	18.42
D14.  Crew Demo 3 Critical Design Review	Sep '11	18.42
D15.  Crew Demo 2 Mission	Dec '11	8.42
D16.  Crew Demo 3 Demonstration Readiness Review	Jan '12	18.42
D17.  Crew Demo 3 Mission	Apr '12	8.42

Here are RpK Parts A through C.  RpK has already banked $15 million (with $25 million more following its February milestones) and stands to receive  $146 million before first flight.  The total for RpK parts A through C is $207 million.

Milestone	Date	($ m) Payment
1.  Program Implementation Plan Review	Sep '06	7.3
2.  Financing Round 1	Sep '06	7.3
3.  System Requirements Review	Feb '07	17.5
4.  Financing Round 2	Feb '07	7.5
5.  Pressurized Cargo Module Critical Design Review	Aug '07	5.0
6.  Unpressurized Cargo Module Critical Design Review	Sep '07	5.0
7.  ISS Test Readiness Review	Oct '07	2.1
8.  Rendezvous Software Test Readiness Review	Feb '08	20.0
9.  Financing Round 3	Feb '08	20.0
10.  PCM Test Readiness Review	May '08	30.0
11.  K-1 Complete and Shipped to Woomera	Jul '08	20.0
12.  Certification of Flight Readiness	Sep '08	4.5
13.  Pre-Demo 1 Risk Reduction Flight	Nov '08	25.0
14.  First Demo Flight	Jan '09	25.0
15.  Second Demo Flight	Mar '09	10.6

NASA's RpK Part D option totals $200 million and has the following milestones.

Milestone	Date	($ m) Payment
D1.  Program Management Plan and System Requirements Review	Jan '09	15.0
D2.  Crew System Preliminary Design Review	Mar '09	10.0
D3.  Crew System Critical Design Review	May '09	15.0
D4.  Fabrication Start	Jun '09	15.0
D5.  Financing Round 1	Sep '09	10.0
D6.  Hardware/Software Integration Test	Jan '10	15.0
D7.  Safety Review	Apr '10	10.0
D8.  Financing Round 2	Jul '10	10.0
D9.  Test Readiness Review	Nov '10	10.0
D10.  Start of Crew Module Assembly and Integration	Feb '11	10.0
D11.  Crew System Integration Test Complete	May '11	15.0
D12.  Phase One Safety Review Panel	Jul '11	10.0
D13.  Financing Round 3	Oct '11	10.0
D14.  Crew Module Complete and Shipped to Woomera	Jan '12	10.0
D15.  Financing Round 4	Mar '12	10.0
D16.  Certification of Flight Readiness	Jun '12	15.0
D17.  Crew Demo Flight	Aug '12	10.0

Comments

[Mike McCray]

Interesting conclusion that you made with regards to front loading cash flow as an indication of "lucrative contract". That would give me an indication that they needed more upfront assistance to get over their current technical situation. Considering that they are advertising their launches and their vast array of existing contracts, why would they pull all the money forward unless they 'needed' it. The merger with Rocketplane and Kistler with the timeline of their funding requests makes me wonder what those guys at RpK have up their sleeve that they're not sharing with the rest of the world.

Either way, the best of luck to both companies!

Mike

[Daniel Schmelzer]

Hi Mike--

I rather meant it as a recitation of a fact rather than as a conclusion. In all business, early money is better than later money. But it is especially true in start-up rocket endeavors, what with their extreme discount rates.

These are neutral statements, and I wish nothing but the best to both companies.

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