The space-SPAC wave (2020–2021)
Dozens of space startups went public through SPAC mergers during a boom, including Virgin Galactic, Rocket Lab, Astra, Momentus, and Planet. Many had little or no revenue and promised aggressive launch and growth timelines to public investors.
The companies raised billions quickly without the scrutiny of a traditional IPO.
Most traded far below their starting price. Astra and Momentus cratered, and Virgin Orbit went bankrupt in 2023. Rocket Lab is the rare survivor that grew into its valuation.
Quantum Space is taking the same route, with the same gap between promise and flight record. The earlier wave shows both the speed SPACs offer and how punishing public markets are when milestones slip.
