Another “Space Race” Failure
Space companies are a big craze among investors. After all, the vast depths of space present vast opportunities for profit…right? Unfortunately for investors, the equation hasn’t been that simple. 😢
First, let’s start with Astra Space, which came public via a special purpose acquisition company (SPAC) in early 2021. At the time, the company raised $500 million in cash at a $4.1 billion valuation, hoping to achieve its goal of cheaply and rapidly producing small rockets. 🚀