Design and optimization of an osculating-cones waverider at Mach 20 is performed to demonstate capabilities and evaluate performance predictions of a continuum-based conceptual design tool at its bounds of Mach number and Reynolds number validity. To maximize the value of the resulting waverider, both performance and practicality are considered during the design process, and an objective function is chosen that equally weights maximum lift-to-drag ratio and volumetric efficiency. The Waverider Interactive Parameter Adjustment Routine is used to optimize families of waveriders within a user-defined design space. Results computed by the design tool at the limit point of its continuum-based algorithms predict an optimized lift-to-drag ratio of 0.94 for the waverider's lower surface when maximum lift-to-drag ratio is the sole optimization metric. Including volumetric efficiency within the design and optimization process adds wetted area to the waverider's freestream upper surface, reducing the total L/D ratio from 0.19 to 0.14. These results suggest that lift-to-drag ratios near one are possible for waveriders optimized at the design tool's limit point if lift-to-drag ratio is the sole design and optimization criteria and a freestream upper surface is chosen. Practical operational considerations may overcome the performance boost obtained from the waverider concept for low-Reynolds number applications unless volumetric efficiency is considered during conceptual design.
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