BLANK CHECK C/O THE STARS Market analysis given short shrift as companies cash in on SPAC spree

摘要

An enduring streak of large private investments not seen the space industry's six decades of existence has taken hold in the past several years. By Northern Sky Research's count, the space sector has garnered close to $32 billion in investments since the current wave of financing started in 2014 when Google paid $500 million for Skybox. While $32 billion pales in comparison to the inflation-adjusted $288 billion the United States shelled out during the 1960s to beat the Soviet Union to the moon, the unrestrained spending NASA marshaled to win the Space Race seems to be finding an echo in the current wave of thoughtless investments. But this time, there's no moon-or-bust crash program driving the influx of capital. Instead, we are seeing a rush to write blank checks without detailed consideration for what commercial enterprises worldwide value most: the market.