After more than three decades in public and project finance, I have learned that real inflection points in infrastructure development rarely announce themselves loudly. They usually arrive embedded in financing authority — technical on the surface, but transformational in effect. The spaceport bond provision enacted through the One Big Beautiful Bill Act (OBBBA) is one of those changes.

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Craig Hrinkevich is a managing director of Public and Project Finance, at D.A. Davidson & Co., an employee-owned investment banking firm.