A Canadian company called the Geometric Energy Corporation confirmed that it will pay SpaceX solely in dogecoin in order to secure a spot for an 88-pound satellite on a mission, called Doge-1, slated to take off in early 2022. The satellite will “obtain lunar-spatial intelligence from sensors and cameras,” according to a press release.
“This is not a joke,” Geometric Energy Corporation CEO Samuel Reid said via phone. He declined further comment about the deal.
It’s unclear what was driving the dogecoin sell-off. Perhaps investors wanted Musk to say something more supportive of the cryptocurrency. But more likely, there was some “buy the rumor, sell the news” strategy, where traders buy an asset based on speculation in advance of an event and sell it after the event occurs.
SpaceX did not respond to requests for additional information about its deal with the Geometric Energy Corporation and its planned moon mission. But the company’s vice president of commercial sales, Tom Ochinero, said in a statement that the mission intends to “demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce.”
“Indeed, through this very transaction, DOGE has proven to be a fast, reliable, and cryptographically secure digital currency that operates when traditional banks cannot and is sophisticated enough to finance a commercial Moon mission in full,” the press release reads. “It has been chosen as the unit of account for all lunar business between SpaceX and Geometric Energy Corporation and sets precedent for future missions to the Moon and Mars.”
Geometric Space Corporation states on its website that it was founded in 2015 and is primarily intellectual property, manufacturing and logistics company focused on renewable energy. But it recently launched a new division, called “Geometric Space Corporation,” that focuses on organizing rideshares to space for small satellites. The company announced a separate deal with SpaceX, for example, to send a bundle of satellites on a ride share mission to low-Earth orbit in June of 2022.