Founder Story: Mikhail Kokorich of Momentus

Mikhail Kokorich's from a Russian entrepreneur to the founder of Momentus, a once-promising space transportation company, is a tale of ambition, innovation, and ultimately, controversy. His vision of revolutionizing space infrastructure captured the imagination of investors and the industry, propelling Momentus to a billion-dollar valuation. However, Kokorich's story took a dramatic turn, leading to his forced divestment from the company he founded and leaving a complex legacy in the commercial space sector.

From Russian Entrepreneur to Space Visionary

Mikhail Kokorich's path to becoming a space entrepreneur was anything but conventional. Born in Siberia, Kokorich showed an early aptitude for science and business. He founded his first company, Dauria Aerospace, in 2011, which became Russia's first private satellite manufacturer. This experience laid the groundwork for his ambitious vision in the space industry.

In 2017, Kokorich moved to the United States, bringing with him a wealth of experience and a bold vision for the future of space transportation. He saw an opportunity to create a new category of space infrastructure services, focusing on the growing market for small satellite launches and in-space transportation.

"I realized that the real bottleneck in space exploration wasn't launching rockets, but efficiently moving payloads once they're in orbit," Kokorich stated in a 2019 interview.

This insight led to the founding of Momentus in 2017. The company's core innovation was the Microwave Electrothermal Thruster (MET), a novel propulsion system that used water as fuel. This technology promised to offer a more efficient and cost-effective method for maneuvering satellites in space, potentially revolutionizing the economics of satellite operations.

A Vision Born from Personal Experience

Kokorich's experience with Dauria Aerospace had given him firsthand knowledge of the challenges faced by satellite operators. He understood the complexities and costs associated with placing satellites in their final orbits after launch. This personal experience shaped Momentus' mission to provide "last mile" delivery services in space.

The company's first product, the Vigoride orbital transfer vehicle, was designed to address this specific need. Kokorich envisioned a future where Momentus would not only transport satellites but also offer in-space servicing, refueling, and even manufacturing.

"We're not just building a company; we're creating an entire ecosystem for the space economy," Kokorich often said, highlighting his ambitious vision.

The Unconventional Path to Funding

Kokorich's approach to building Momentus was as unconventional as his background. Rather than following the traditional path of stealth mode development followed by a big reveal, he chose to be remarkably open about Momentus' plans and progress from the very beginning.

This transparency, combined with the potential of the technology, attracted significant investor interest. In 2018, Momentus graduated from Y Combinator, one of Silicon Valley's most prestigious startup accelerators. This was followed by an $8.3 million seed funding round in November of the same year, led by Prime Movers Lab.

Kokorich's ability to articulate his vision and the potential market impact of Momentus' technology played a crucial role in this early fundraising success. He painted a picture of a future where space transportation would be as routine and efficient as shipping containers on Earth, resonating with investors looking for the next big thing in the space industry.

Rapid Growth and SPAC Merger

Under Kokorich's leadership, Momentus experienced rapid growth and garnered significant attention in the space industry. The company's ambitious plans and innovative technology attracted not only investors but also potential customers eager to solve the challenges of in-space transportation.

In 2020, riding the wave of enthusiasm for space companies and the SPAC boom, Kokorich announced that Momentus would go public through a merger with Stable Road Acquisition Corp. The deal valued Momentus at an eye-watering $1.2 billion, despite the company not having yet demonstrated its technology in space.

This move catapulted Kokorich into the spotlight as one of the most talked-about entrepreneurs in the space industry. The SPAC deal promised to provide Momentus with the capital needed to bring its ambitious plans to fruition, and Kokorich was hailed as a visionary leader ushering in a new era of space commercialization.

Crisis and Transformation

However, Kokorich's meteoric rise was about to face severe turbulence. As Momentus prepared to go public, concerns about Kokorich's background and the company's technology claims began to surface.

In January 2021, the Committee on Foreign Investment in the United States (CFIUS) raised national security concerns about Kokorich's Russian citizenship and his access to sensitive space technology. This led to a series of events that would dramatically alter the course of both Momentus and Kokorich's career:

Forced Divestment: On January 21, 2021, Kokorich resigned as CEO and divested his entire stake in Momentus to address the national security concerns.
SEC Investigation: The U.S. Securities and Exchange Commission launched an investigation into Momentus and Stable Road Acquisition Corp., focusing on claims made about the company's technology and Kokorich's background.
Technology Claims Questioned: It emerged that Momentus had overstated the success of its in-space tests of the MET propulsion system, a key selling point for investors and customers.
Financial Penalties: In July 2021, Momentus and Stable Road agreed to pay more than $8 million to settle SEC charges that they had misled investors.

These events marked a dramatic fall from grace for Kokorich and a significant setback for Momentus. The company he had founded and led to a billion-dollar valuation was now facing an uncertain future without him at the helm.

The Price of Innovation

Kokorich's journey with Momentus highlights both the potential and the pitfalls of ambitious space startups. His vision for revolutionizing space transportation was compelling enough to attract significant investment and interest. However, the pressure to deliver on ambitious promises in a highly regulated and technologically challenging industry ultimately led to overstatements and regulatory issues.

The case of Momentus under Kokorich's leadership serves as a cautionary tale for the space industry, highlighting the importance of transparency, regulatory compliance, and realistic technology claims. It also underscores the unique challenges faced by foreign entrepreneurs in the U.S. space sector, where national security concerns can have significant implications.

Legacy and Industry Impact

Despite the controversies, Kokorich's impact on the commercial space industry is undeniable. Momentus, even after his departure, continues to pursue the vision of in-space transportation services, albeit with a more measured approach and under new leadership.

The concept of orbital transfer vehicles and in-space servicing, which Kokorich championed, has gained traction in the industry. Several companies are now developing similar services, indicating that Kokorich was indeed ahead of the curve in identifying this market need.

Moreover, the Momentus saga has led to increased scrutiny and due diligence in space industry investments, particularly in SPAC deals. This may ultimately lead to a more mature and stable investment environment for space startups.

Closing Thoughts

Mikhail Kokorich's story is a complex tapestry of innovation, ambition, and controversy. His journey from a Siberian entrepreneur to the founder of a billion-dollar space startup, followed by a dramatic fall from grace, encapsulates many of the challenges and opportunities in the new space economy.

While his tenure at Momentus ended in controversy, Kokorich's vision of a more accessible and efficient space transportation infrastructure continues to influence the industry. His experience serves as both an inspiration and a warning to future space entrepreneurs about the fine line between pushing the boundaries of innovation and overselling capabilities.

As the commercial space industry continues to evolve, Kokorich's legacy will likely be viewed as a pivotal chapter in its early history. His story reminds us that in the high-stakes world of space technology, vision and execution must be carefully balanced with transparency and regulatory compliance.

"The dream of making space accessible is worth pursuing, but it must be done with integrity and realism," reflects a space industry analyst. "Kokorich's journey with Momentus will long be studied as a case of what to do – and what not to do – in building a revolutionary space company."