Jul 07, 2021, 12:35pm
Updated on: Jul 07, 2021, 12:35pm
The Pentagon is moving to cancel its long-awaited JEDI cloud computing contract with Microsoft. The defense department says the $10 billion contract no longer meets its needs following advances in cloud technology. The project had led to years of competition between Amazon and Microsoft over which company would be awarded the job. The Pentagon tapped Microsoft for the contract, and Amazon later filed a lawsuit over the decision.
Social media app Nextdoor announced on Tuesday it will be going public via SPAC. The deal with Khosla Ventures acquisition will value the firm at $4.3 billion. Nextdoor CEO Sarah Friar says going public will bring in around $686 million of gross proceeds that will help fuel expansion. The Nextdoor app was created in 2011 and allows users to organize local events, alert neighbors of danger, and spread local business postings.
Satellite imagery company Satellogic announced on Tuesday it will be going public via SPAC. The deal, sponsored by cantor Fitzgerald, gives the space company a $1.1 billion valuation. It’s expected to close early in the fourth quarter of this year. Satellogic joins the trend of space companies going public via SPAC recently, a trend started by Virgin Galactic back in 2019. It will trade on the Nasdaq under ticker SATL.