There is no way this is a business. The sums require such generous massaging just to get to break even it’s migraine-inducing.
Without a capital infusion, read as massive shareholder dilution, they’ll be out of money in roughly 12 months.
Their only asset worth speaking of is the very friendly (€3M a year) lease on the New Mexico spaceport that could be useful for someone who doesn’t want to fight with others when it expires in 5 years.
Most of their other assets are very specific to ‘business’ and have value but not much more than to stick in the aeronautical museum as a folly.
Today’s successful launch was clearly a damp squib if you were hoping it would send the share price sub-orbital.
Multiple men have tried to work out how to
a. Make this work
b. Make some money doing it.
They’ve all either realised and quit or realised and passed the financial burden onto public market investors.
Burt Rutan, Chamath, Branson.
I have loved space travel for most of my life and the idea that this rocket power glider that needs towing on and off the runway with a 4x4 could be considered in the space breath as the brave and genius work of real space engineering is insulting.