Planet Enters New Orbit by Diversifying Business Model

In space, no one can hear you scream. Back on terra firma, investors have spent many nights screaming into their pillows over the volatile nature of space stocks. It’s certainly been a bumpy ride since 2019 when more than a dozen space startups invaded the public markets through mergers with special purpose acquisition companies (SPACs). Indeed, one of the first startups assimilated during the SPAC attack was Virgin Galactic (SPCE), a space tourism company that has taken all of 55 passengers into orbit over the last two decades in operation. The company, whose shares were down 98% at the end of March 2025, likely only still exists thanks to its billionaire benefactor Richard Branson.

Branson’s rocket company, Virgin Orbit, was not so lucky. In 2023, the company crashed and sold off its assets to competitors. Astra Space, a revenue-less rocket company launched through a merger with a SPAC company, has disappeared into a black hole after losing 99% of its value and being taken private. Last year in a video, we dissected the current state of the commercial space industry after shares of several stocks inexplicably soared. This included AST SpaceMobile (ASTS), a company with grand plans to build a