The SPAC wave promised liftoff—but reality hit hard. In this episode of Specific Impulse, hosts Jason Carvalho (Carvalho Capital) and Jeff Thornburg (CEO, Portal Space Systems) dissect the post-SPAC correction, the rise of defense-aligned investing, and why real space infrastructure—not hype—is finally having its moment.

🔍 In this episode, we cover:

• Why most space SPACs failed—and what comes next
• The myth of building “the next SpaceX”
• How defense funding is shaping the real space economy
• New blended capital models and secondary markets
• What space founders must do post-2024 to raise, build, and win

💬 “VCs are finally asking the right question: How does this space company actually become a business?” — Jeff Thornburg

Whether you're an investor, founder, or operator navigating the dual-use frontier, this is essential listening for understanding where space is really headed.

🎧 Listen on: SpecificImpulse.fm

🔗 Mentioned in This Episode:

• Creative Destruction Lab (CDL)
• US DoD & Space Force Budget Insights
• Palantir, Project Maven, SpaceX
• Silicon Valley Defense Group & SPAC trends

00:00 Introduction and Welcome
01:11 Setting the Stage: Space Economy 2.0
03:16 Segment One: The Tipping Point of 2024
04:04 Investment Trends and Market Corrections
08:25 The SPAC Era and Its Aftermath
11:14 Challenges and Opportunities in Space Tech
19:55 The Role of Defense in Space Investment
42:22 AI and Robotics: The Future of Space Exploration
46:14 Building Successful Space Tech Companies
50:43 Scaling a Business: The CEO's Role
52:24 Aligning Sales and Engineering
54:53 The Importance of Leadership and Mentorship
55:25 Fractional Executives and Pricing Strategies
56:52 Building a Strong Network
59:42 Recommended Reading for Executives
01:03:22 The Role of Vision in Space Tech
01:11:51 Manifest Destiny in Space
01:16:28 NASA's Future and Commercial Space
01:29:15 Global Space Ambitions and Cooperation
01:35:56 The Future of Space Companies
01:37:45 The Future of Telecom: Satellite-Based Internet
01:39:09 Leapfrogging Traditional Infrastructure: India and Africa
01:39:57 China's Independent Space Ambitions
01:40:27 The New Space Race: Infrastructure and Investment
01:40:54 Emerging Technologies and the Future
01:47:24 The Role of NASA and Government Policy
01:59:13 Global Space Collaboration and Challenges
02:04:26 The Impact of Leadership and Policy on Space Innovation