TAMPA, Fla. — Denver-based Lux Aeterna emerged from stealth June 25 with $4 million in pre-seed funding to develop a fully reusable satellite slated to launch in 2027, equipped with a heat shield and parachute for safe atmospheric reentry and landing.

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Jason Rainbow writes about satellite telecom, finance and commercial markets for SpaceNews. He has spent more than a decade covering the global space industry as a business journalist. Previously, he was Group Editor-in-Chief for Finance Information Group,...