Similar to the short-lived direct listing wave, the idea of staying private indefinitely will likely only apply to a handful of elite, capital-rich companies like SpaceX. The vast majority of successful startups will still follow the traditional IPO path to provide liquidity and access public markets.

For projects requiring hundreds of millions, fundraising should be split into phases. The initial "pre-industrialization" phase, focused on proving technology, is suited for venture capital. Later phases for manufacturing and scaling should target project finance structures with debt/equity combinations and strategic partners.

The SPAC structure, which allows early investors to redeem shares before a merger, creates high uncertainty. Because of this risk, any company strong enough for a traditional IPO will choose that route. By definition, this leaves SPACs with a pool of weaker companies that cannot go public otherwise.

The next wave of space companies is moving away from the vertically integrated "SpaceX model" where everything is built in-house. Instead, a new ecosystem is emerging where companies specialize in specific parts of the stack, such as satellite buses or ground stations. This unbundling creates efficiency and lowers barriers to entry for new players.

Before Joby acquired them, Uber Elevate tested their complex, multi-modal transport system (car-to-aircraft-to-car) using existing helicopters in Manhattan. This allowed them to solve logistical and user experience challenges, proving the service model's viability independently of the new aircraft technology.

Beta Technologies isn't just selling electric airplanes; it's building a network of proprietary "charge cubes" at airports. This strategy, reminiscent of Tesla's Superchargers, creates a competitive moat and ensures viability for its own aircraft. It also establishes a new revenue stream, making money even if a competitor sells the plane.

The new wave of space startups is moving away from the SpaceX "build everything yourself" model. Instead, companies like Apex Space are unbundling the stack, specializing in one component like satellite buses. This allows for faster development cycles and creates a more robust, collaborative industry.

Joby recognized that noise, not just cost, limits helicopter scalability. They invested early in the fundamental physics of acoustics to create a quiet aircraft. This 'second-order' innovation is key to integrating their service into communities and achieving widespread adoption where helicopters have failed.