Quantum Space’s military SPAC is trying to catch SpaceX’s IPO wave

Quantum Space, a startup with plans to build highly maneuverable spacecraft for the U.S. military, announced plans to go public through a $1.2 billion merger with a publicly-traded special purpose acquisition company, or SPAC. In a season of mega-IPOs, there’s something almost quaint about a SPAC — in 2021, a fad for going public through the vehicle began in the space sector and spread throughout the tech world. Many SPACs proved disastrous for retail investors who wagered on immature companies, but a few deals, notably Rocket Lab and Planet, proved successful. Another positive outcome was Intuitive Machines, a purpose-built NASA contractor launched by Kam Ghaffarian, a long-time space investor who backed a team of former NASA officials eager to sell their expertise back to the agency.

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