The SPAC wave promised liftoff—but reality hit hard. In this episode of Specific Impulse, hosts Jason Carvalho (Carvalho Capital) and Jeff Thornburg (CEO, Portal Space Systems) dissect the post-SPAC correction, the rise of defense-aligned investing, and why real space infrastructure—not hype—is finally having its moment.🔍 In this episode, we cover:Why most space SPACs failed—and what comes nextThe myth of building “the next SpaceX”How defense funding is shaping the real space economyNew blended capital models and secondary marketsWhat space founders must do post-2024 to raise, build, and win💬 “VCs are finally asking the right question: How does this space company actually become a business?” — Jeff ThornburgWhether you're an investor, founder, or operator navigating the dual-use frontier, this is essential listening for understanding where space is really headed.🎧 Listen on: SpecificImpulse.fm🔗 Mentioned in This Episode:Creative Destruction Lab (CDL)US DoD & Space Force Budget InsightsPalantir, Project Maven, SpaceXSilicon Valley Defense Group & SPAC trends00:00 Introduction and Welcome01:11 Setting the Stage: Space Economy 2.003:16 Segment One: The Tipping Point of 202404:04 Investment Trends and Market Corrections08:25 The SPAC Era and Its Aftermath11:14 Challenges and Opportunities in Space Tech19:55 The Role of Defense in Space Investment42:22 AI and Robotics: The Future of Space Exploration46:14 Building Successful Space Tech Companies50:43 Scaling a Business: The CEO's Role52:24 Aligning Sales and Engineering54:53 The Importance of Leadership and Mentorship55:25 Fractional Executives and Pricing Strategies56:52 Building a Strong Network59:42 Recommended Reading for Executives01:03:22 The Role of Vision in Space Tech01:11:51 Manifest Destiny in Space01:16:28 NASA's Future and Commercial Space01:29:15 Global Space Ambitions and Cooperation01:35:56 The Future of Space Companies01:37:45 The Future of Telecom: Satellite-Based Internet01:39:09 Leapfrogging Traditional Infrastructure: India and Africa01:39:57 China's Independent Space Ambitions01:40:27 The New Space Race: Infrastructure and Investment01:40:54 Emerging Technologies and the Future01:47:24 The Role of NASA and Government Policy01:59:13 Global Space Collaboration and Challenges02:04:26 The Impact of Leadership and Policy on Space Innovation

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