<SEC-DOCUMENT>0001193125-25-012229.txt : 20250313
<SEC-HEADER>0001193125-25-012229.hdr.sgml : 20250313
<ACCEPTANCE-DATETIME>20250124162746
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-25-012229
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250124

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TCFIII SPACECO HOLDINGS LLC
		CENTRAL INDEX KEY:			0002040127
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC [3728]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				852660232
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		5351 ARGOSY AVE
		CITY:			HUNTINGTON BEACH
		STATE:			CA
		ZIP:			92649
		BUSINESS PHONE:		(714) 898-9951

	MAIL ADDRESS:	
		STREET 1:		5351 ARGOSY AVE
		CITY:			HUNTINGTON BEACH
		STATE:			CA
		ZIP:			92649

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TCFIII SPACECO HOLDINGS LLC
		DATE OF NAME CHANGE:	20241003
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="48%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="25%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="25%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">


<IMG SRC="g882184g0114024602714.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">787 Seventh Avenue</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, NY 10019-6099</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tel: 212 728 8000</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Fax: 212 728 8111</P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January&nbsp;24, 2025 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Via
EDGAR Submission </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Technology </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention: Eiko Yaoita Pyles, Ernest Greene, Eranga Dias, Asia Timmons-Pierce </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>TCFIII SPACECO HOLDINGS LLC</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Amendment No.&nbsp;2 to Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Submitted January&nbsp;7, 2024 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>CIK No.&nbsp;0002040127 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and
Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of our client, TCFIII Spaceco Holdings LLC, a Delaware limited liability company (the &#147;<B>Company</B>&#148;),
set forth below are the Company&#146;s responses to the comments of the staff of the SEC (the &#147;<B>Staff</B>&#148;) communicated in its letter to the Company, dated January&nbsp;21, 2025 relating to the above referenced Amendment No.&nbsp;2 to
the Draft Registration Statement on <FONT STYLE="white-space:nowrap">Form&nbsp;S-1&nbsp;confidentially</FONT> submitted on January&nbsp;7, 2025. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with such responses, the Company will be filing, electronically via EDGAR, Amendment No.&nbsp;1 (the
&#147;<B>Amendment</B>&#148;) to the Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> initially filed on January&nbsp;21, 2025 (the &#147;<B>Registration Statement</B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For ease of reference, each of the Staff&#146;s comments is reproduced below in italics and is followed by the Company&#146;s response. In
addition, unless otherwise indicated, all references to page numbers in such responses are to page numbers in the Amendment. Capitalized terms used in this letter but not otherwise defined herein shall have the meaning ascribed to such term in the
Amendment. </P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">B<SMALL>RUSSELS</SMALL>
C<SMALL>HICAGO</SMALL> D<SMALL>ALLAS</SMALL> F<SMALL>RANKFURT</SMALL> H<SMALL>OUSTON</SMALL> L<SMALL>ONDON</SMALL> L<SMALL>OS</SMALL> A<SMALL>NGELES</SMALL> M<SMALL>ILAN</SMALL> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">M<SMALL>UNICH</SMALL> N<SMALL>EW</SMALL> Y<SMALL>ORK</SMALL> P<SMALL>ALO</SMALL> A<SMALL>LTO</SMALL> P<SMALL>ARIS</SMALL> R<SMALL>OME</SMALL>
S<SMALL>AN</SMALL> F<SMALL>RANCISCO</SMALL> W<SMALL>ASHINGTON</SMALL> </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 24, 2025 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Amendment No.&nbsp;2 to Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT>
filed January&nbsp;7, 2025 </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>General </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that you have restated the previously issued financial statements for the fiscal years ended
December&nbsp;31, 2023 and 2022. As appropriate, please label each column of the corrected financial information as &#147;restated&#148; throughout the filing (e.g., Summary of Consolidated Financial Data; Results of Operations). Refer to ASC <FONT
STYLE="white-space:nowrap">250-</FONT> <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">10-50-7</FONT></FONT> through <FONT STYLE="white-space:nowrap">50-10.</FONT></I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and advises that the Company has labeled each column of the corrected financial
information as &#147;restated,&#148; where appropriate, throughout the filing. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Summary Consolidated Financial Data, page 17 </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Your disclosures on page <FONT STYLE="white-space:nowrap">F-25</FONT> and
<FONT STYLE="white-space:nowrap">F-49</FONT> state that, in connection with an initial public offering and potential changes in corporate structure, vested P Units are &#147;entitled&#148; to be exchanged or converted into new shares of the
converted Company. Please revise to clarify what you mean by &#147;entitled to be exchanged or converted&#148; (e.g., automatic conversion; exchanged at holders&#146; discretion) and whether any shares of the P Units are expected to be outstanding
after the IPO and changes in corporate structure. If so, revise to disclose more detail information about the terms and rights of the P Unit holders.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and advises the Staff that the disclosures on page <FONT
STYLE="white-space:nowrap">F-25</FONT> and <FONT STYLE="white-space:nowrap">F-49</FONT> have been revised to clarify that P Units are required to be converted in connection with a corporate conversion and that no P Units will remain outstanding
after a corporate conversion and related initial public offering. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We also note that your calculation of the pro forma per share data do not appear to reflect the impact of
the exchange or conversion of the P Units. Please revise or explain, as appropriate.</I> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company respectfully
acknowledges the Staff&#146;s comment and advises the Staff that the disclosures for pro forma per share data have been revised to include the additional expense associated with the vesting of the P Units and Phantom Units and a placeholder for the
assumed conversion of existing equity interests and conversion of P Units. Please see page 20 of the Amendment. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">We advise the Staff that
the number of shares for which the Company&#146;s outstanding equity interests and P Units will be converted into is dependent upon the ultimate offering price and associated equity value of the Company in connection with the offering. Once an
offering range is included in the Registration Statement, the Company will update the pro forma weighted average shares outstanding to reflect the assumed conversion. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>12. Share-Based Compensation, page <FONT STYLE="white-space:nowrap">F-25</FONT> </U></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your revised disclosures in response to prior comment 11. You previously indicated that ASC 710 was
applied to account for your PIUs or P units. However, you later determined that the P Units should have been accounted for as share-based compensation awards under ASC 718. As previously requested, please provide us with a comprehensive analysis of
the rights and characteristics of the PIUs that you considered and your basis for the accounting treatment, including specific authoritative guidance that supports your analysis. Please specifically discuss your consideration of an employee&#146;s
rights upon a voluntary termination.</I> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and advises the
Staff that the Company&#146;s analysis consisted of the following considerations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Under ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">718-10-15-3,</FONT></FONT></FONT> the guidance in the Compensation or other equity instruments, (b)&nbsp;the awards require or may require settlement by issuing the entity&#146;s equity
shares or other equity instruments. As further discussed in Note 12 of the audited financial statements, according to the equity incentive plan governing the P Units, the P Units were issued to &#151; Stock Compensation Topic applies to all
share-based payment transactions in which a grantor acquires goods or services to be used or consumed in the grantor&#146;s own operations or provides consideration payable to a customer by issuing (or offering to issue) its shares, share options,
or other equity instruments or by incurring liabilities to an employee or a nonemployee that meet either of the following conditions: (a)&nbsp;the amounts are based, at least in part, on the price of the entity&#146;s shares or other equity
instruments, (b)&nbsp;the awards require or may require settlement by issuing the entity&#146;s equity shares or other equity instruments. As further discussed in Note 12 of the audited financial statements, according to the equity incentive plan
governing the P Units, the P Units were issued to certain key management employees of the Company in exchange for their services provided to the Company. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 24, 2025 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Management advises the staff that it considered whether the Class&nbsp;P Units, as profits
interests are more akin to equity interests subject to the scope of ASC 718 or more akin to a profit-sharing arrangement or performance bonus that would generally be in the scope of ASC 710. Judgment is required in determining whether profits
interests represent an equity interest or if the profits interests are more akin to a profit-sharing arrangement or performance bonus. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Criteria</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Analysis of Class&nbsp;P Unit Profits
Interests</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">a.&#8195;&#8201;&#8202;The legal form of the instrument</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Class&nbsp;P Units are the legal equity of Spaceco Management Equity LLC.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Therefore, this criterion is more indicative of equity or
<FONT STYLE="white-space:nowrap">non-determinative.</FONT><B> (ASC 718 or <FONT STYLE="white-space:nowrap">non-determinative)</FONT></B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">b.&#8195;&#8201;Participation features such as voting rights, distribution rights, and liquidation
rights</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Voting Rights</I>&#151;The Incentive Units do not hold any voting rights.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Distribution and Liquidation Rights</I> &#150; Holders of the Class&nbsp;P Units are
eligible for distributions of Net Available Cash and Capital Transaction Proceeds. However, no Class&nbsp;P Unit may participate in a distribution until the aggregate distributions to the Members, pursuant to Section&nbsp;8.3 of the&nbsp;TCFIII
Spaceco Holdings LLC&#151;Third Amended and Restated LLC Agreement, since the date that such Class&nbsp;P Unit was issued equal the applicable Hurdle Amount for such Class&nbsp;P Unit.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Distributions to holders may occur prior to an exit event at the discretion of the
board, based on relative percentage interest held. Class&nbsp;P unit holders participate in distributions, based on each holder&#146;s pro rata share of ownership, provided the applicable Hurdle Amount is met and the specified capital accounts have
first been reduced to zero.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">While a lack of voting interests is a characteristic of
a profit-sharing arrangement or performance bonus, participation in the distributions and manner in which the Class&nbsp;P Units participate in distributions is more consistent with equity.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(<B>ASC 718</B>)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">c.&#8195;&#8201;&#8202;Transferability of the instrument</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As outlined in Section&nbsp;10.1 of Spaceco Management Equity LLC Agreement, no holder of the units may Transfer all or any part of such
Units without the prior written consent of the Board of Managers, which the Board of Managers may grant, condition, or withhold in its sole discretion.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This factor has features of both equity and liability instruments.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(<B><FONT STYLE="white-space:nowrap">Non-Determinative</FONT></B>)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">d.&#8195;&#8201;Retention of interests upon termination of employment and/or repurchase
features</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Employees can retain vested awards upon termination or any separation of employment, including a voluntary separation, if not repurchased by
the Company.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">As per section 2.5 of the Spaceco Management Equity LLC Award Agreement
and section 10.7 of Spaceco Management Equity LLC Agreement, the Company would have the<B>&nbsp;optional right</B> to repurchase the vested units. The purchase price of those units shall be the value of the units, approved by the Board of Managers.
The value of the units is intended to represent the fair value of the underlying equity.</P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 24, 2025 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 4
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="80%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additionally, while there is no stated expiration of the Repurchase Right, based upon the Company&#146;s expectations, from the initial grant
date on July&nbsp;29, 2022, the P Units had an expected life of 2.9 years. Within 2.9 years, the P Units are expected to be settled in connection with a change in control sale transaction, or through an IPO Transaction with a Corporate Conversion.
Management notes that Spaceco Management Equity LLC has the right, but not the obligation, to repurchase the vested units upon certain contingent events that could occur prior to such a change in control or IPO Transaction. Spaceco Management Equity
LLC has full control of whether to exercise the Repurchase Right for any shares or not.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Management also considered that Spaceco Management Equity LLC does not have a history of repurchasing Class&nbsp;P Units, nor do they have an intention to
repurchase Class&nbsp;P Units from the Participants in the future. Management determined that it is not probable that Spaceco Management Equity LLC will exercise the right to repurchase any Class&nbsp;P units under any circumstances prior to the
expiration of the Repurchase Right upon Corporate Conversion or within six months of an employee terminating voluntarily.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company has no history of repurchasing the vested units, and did not exercise the Repurchase Right in connection with a voluntary retirement that occurred
in 2023.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As such, vested units are expected to be retained.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(<B>ASC 718</B>)</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">e.&#8195;&#8201;&#8202;The settlement features</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The P Units are required to be converted in connection with a Corporate Conversion and would not remain outstanding in connection with a
related IPO. The P Units could be permitted to survive certain change in control or IPO events, which may not require a Corporate Conversion.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Under no circumstances is the Company or Spaceco Management Equity LLC required to settle the Class&nbsp;P units for cash. A lack of cash settlement
requirement is indicative of equity.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">(<B>ASC 718</B>)</P></TD></TR>
</TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 24, 2025 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 5
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Based on management&#146;s evaluation above, and in consultation with the Company&#146;s
audit committee, the Company&#146;s management concluded that the P Units are more akin to equity. In connection with the analysis above, management determined that the Company has offered to issue an equity instrument as the Company&#146;s P Units
are legal form equity, entitle the recipient to residual interest upon a distribution in excess of a stated threshold amount, which is proportionate to their percentage ownership of the Company&#146;s P Units and do not meet the criteria for
liability classification. Thus, the P Units should be accounted for as equity classified share-based compensation under ASC 718. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Recently issued
accounting pronouncements, page <FONT STYLE="white-space:nowrap">F-39</FONT> </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">5.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note that your disclosures regarding adoption of recently issued standards. Given your intention to take
advantage of the extended transition period provided in Section&nbsp;7(a)(2)(B) of the Securities Act, please revise your disclosure to disclose the date on which adoption is required for <FONT STYLE="white-space:nowrap">non-emerging</FONT> growth
companies and also the date on which you will adopt the recently issued accounting standard, assuming you remain an EGC at such time. Refer to Question 14 of the Jumpstart Our Business Startups Act Frequently Asked Questions.</I>
</P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and advises the Staff that the disclosures regarding
recently issued accounting standards have been revised to disclose the date upon which adoption is required for <FONT STYLE="white-space:nowrap">non-emerging</FONT> growth companies and also the date of which we will adopt the recently issued
accounting standard assuming we remain an EGC at such time. Please see pages <FONT STYLE="white-space:nowrap">F-39</FONT> through <FONT STYLE="white-space:nowrap">F-40</FONT> of the Amendment. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Amendment No.&nbsp;1 to Draft Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> filed December&nbsp;23, 2024 </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>General </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">6.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>We note your revisions made in response to previous comment 10 and reissue same. Please revise your
disclosure to fully respond to previous comment 10. If the forum selection provision applies to Securities Act claims, please also state that investors cannot waive compliance with the federal securities laws and the rules and regulations
thereunder. In that regard, we note that Section&nbsp;22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules and
regulations thereunder. If this provision does not apply to actions arising under the Exchange Act, please also ensure that the exclusive forum provision in the governing documents states this clearly or tell us how you will inform investors in
future filings that the provision does not apply to any actions arising under the Exchange Act. Please add appropriate risk factor disclosure regarding your forum selection provision.</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company respectfully acknowledges the Staff&#146;s comment and has revised the disclosure on pages 54, 56, and 117 of the Amendment
accordingly. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * * </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 24, 2025 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 6
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please do not hesitate to contact Sean M. Ewen at (212)
<FONT STYLE="white-space:nowrap">728-8867</FONT> at Willkie Farr&nbsp;&amp; Gallagher LLP with any questions you may have regarding this submission or if you wish to discuss any of the above responses. </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Very truly yours,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Sean M. Ewen</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sean M. Ewen, Willkie Farr&nbsp;&amp; Gallagher LLP</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Tony Koblinski, TCFIII Spaceco Holdings LLC </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Mike Willis, TCFIII Spaceco Holdings LLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Brandon McCoy, Willkie Farr&nbsp;&amp; Gallagher LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Hugh McLaughlin, Willkie Farr&nbsp;&amp; Gallagher LLP </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g882184g0114024602714.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g882184g0114024602714.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  6 4L# 2(  A$! Q$!_\0
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M$$IN2GED;<EAL/'S=CVKB+BXMO#WQ0\(ZS'>6TK:M"^GZEY,JM^]=MZDX/\
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IG,1&_;\OHO'3KVKN(M"TF"/9'IMJ!N+',2DDDDDDGDDDDY]Z** /_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
