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A SpaceX Falcon 9 rocket lifts with a batch of broadband network satellites, at the Kennedy Space Center, in Cape Canaveral, Florida, April 22, 2020. REUTERS/Joe Skipper
NEW YORK, June 30 (Reuters Breakingviews) - With space startups, the sky is the limit. Momentus, a satellite-transport outfit, shows how quickly the sky can fall. Its revised merger deal with blank-check firm Stable Road Acquisition (SRAC.O) values Momentus at $567 million, half its $1.1 billion worth previously.
Stable Road set out in late 2019 to find a merger partner in or adjacent to the cannabis business. It ended up backing development-stage water plasma propulsion technology in space. Now after the U.S. government intervened on national-security grounds, Momentus s two co-founders have gone, selling their stock back to the company. Thanks to this and launch delays, Momentus has pushed back its financial projections by 18 months, cutting its 2027 EBITDA forecast in half to a still ambitious $1.