VSS Imagine
VSS Imagine is the first of the new SpaceShip III line of suborbital vehicles by Virgin Galactic, which look similar to SpaceShipTwo but with structural and manufacturing improvements. Credit: Virgin Galactic

The once high-flying space finance sector has come crashing back to Earth. Two years ago, startups were raising large rounds or going public through mergers with special purpose acquisition companies, or SPACs. There seemed to be no shortage of funding for companies working on capital-intensive efforts like launch vehicles or satellite constellations.

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Jeff Foust writes about space policy, commercial space, and related topics for SpaceNews. He earned a Ph.D. in planetary sciences from the Massachusetts Institute of Technology and a bachelor’s degree with honors in geophysics and planetary science...