Weare seeing a sharp bifurcation between the winners and
everyone else, as the market mania of the previous two yearshas fully subsided, tourist investors have left the market and VCsare increasingly reserving capital for companies built on strongfundamentals. This is particularly apparentin Launch. Of the100+launch companies that collectively raised $27B over thelast decade, there are currently only two that are operational:SpaceX and Rocket Lab. Several aspirational launch companieshad setbacks in Q1, while some made progress. ABL’s rocketexperienced an anomaly and shut down prematurely. while VirginOrbit also saw a launch attempt fail, which ultimately led to thecompany filing for bankruptey. Relativity’s rocket passed a keymilestone, while China’s Space Pioneer reached orbit on theirrespective first attempts. ULA, the incumbent Lockheed/Boeingjoint venture, is reportedly up for sale. Meanwhle, SpaceX hadanother successful quarter with the return to flight of Falcon
Heavy, the launch of Crew-6 for NASA and a Starship full wet dressrehearsal along with a 33 Raptor engine static fire.The nextgen
Starship vehicle has now been stacked and rolled onto the pad for
its first integrated test launch.
However, the challenges in Launch and the disappointing
performance of many SPAC companies does nottell the full story.Several bright spots continue to emerge in the Space Economy,which are setting the stage for new record growth.
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