_{Graph: Promus Ventures. Snapshot taken Feb. 17, 2022 before market open.}

As we’ve written before, investing in space is not for the faint of heart. In a recent op-ed for the FT, Sinéad O’Sullivan, a space economist, HBS senior researcher, and friend of Payload, digs a bit deeper into the dynamics of space investing. 

The good: In 2021, privately held industry leader SpaceX reportedly crossed a $100B valuation after secondary share sales. Nine space companies went public via SPAC. And investors put $14.5B+ into space infrastructure companies, an annual leap of more than 50%. 

• SPACs provide retail investors (and traders) an opportunity to back earlier-stage companies closer to the ground floor. Due to US securities laws, non-accredited investors have historically been barred from investing in startups.  

The bad: Space, or more specifically, SPAC investing is a double-edged sword that cuts both ways. Virgin G