The third quarter closed out with some green shoots in the IPO market, but the days of startups going public through special purpose acquisition companies or SPACs remain firmly rooted in the recent past.

SPACs were popular among space companies leading to a

flurry of stocks focused on everything from human spaceflight to rockets and

satellite imaging. But as the Federal Reserve has hiked interest rates and investors have focused more

fundamentally on cash flow and profits, the space spacks have gotten smashed.

The SPAC bubble looked a lot like the dot-com era.

There was a lot of very questionable business plans that were getting funded at extremely high

evaluations and I think that many of those are now coming home to Roost.

I don't think the amount of money put in was as big as the dot-com bubble.

We didn't have a large multi-million dollar investments as you've had in Iridium and Global Star, but you had a number of several

hundred million dollar investments which are now, you know, not doing so well.

Some have shut down.

We're seeing sort of a cleanup of the industry.

So the fallout hasn't been quite as bad,

but we are definitely seeing the fallout from that.

Armand Musi has been studying the telecom satellite

and space sectors since the 90s.

Name to the Institutional investor All America team three times during his tenure at Bank of America.

In 2007, he founded his own research and advisory firm, Summit Ridge Group, to consult for heavy hitters like Viasat, Research and space company valuations, market trends, and why the industry may come to regret the spate of

specs.

I'm Morgan Brennan and this is Manifest Space. manifest space. Let's talk a little bit about Summit Ridge Group.

What you do at Summit Ridge?

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