TAMPA, Fla. — Shares in Spire Global, the small satellite constellation operator, closed down 5.2% to $9.41 at the end of its first day as a public company Aug. 17.

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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,...