COLORADO SPRINGS — Aerospace and defense companies have raised more than $11 billion in the first quarter of 2021 through mergers with special purpose acquisition companies. The SPAC trend does not appear to be letting up, says a new report by Avascent and Jefferies, but analysts caution that these deals, while attractive for space companies, can be risky for investors.

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Sandra Erwin writes about military space programs, policy, technology and the industry that supports this sector. She has covered the military, the Pentagon, Congress and the defense industry for nearly two decades as editor of NDIA’s National Defense...