Space Angels, Multiple Equilibria, and Financing the Space Economy

Chad Anderson had reason to be proud of his young space-focused investment firm, Space Angels. Since becoming CEO, Anderson had overseen growth along multiple dimensions, and Space Angels was “the preeminent name in space finance” according to one prominent space investor. But Space Angels was not alone, as high-profile rocket launches, rapid progress in satellite and other technology, and a wave of entrepreneurship had brought investors’ attention to the commercialization of space. Anderson believed that Space Angels—along with these other investors—was vital to the development of the market for commercial space activities. But success was far from guaranteed, as decades of grand visions of space commerce had gone unrealized. Did Space Angels have the right strategy and model to build a space economy and prove space skeptics wrong? How should it evolve along with that sector to ensure its place in it?