SpaceX has transformed the commercial space market, accomplishing feats not previously thought possible for a privately-held company. However, the jury is still out concerning whether the company has a sustainable business strategy. There are at least five challenges that might threaten the enterprise’s existence over the long run: commercial market stagnation, military market access, civil space safety, weak enterprise profitability and oversized capital requirements. I have written a commentary on these issues for Forbes that you can read here.
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