12 New Space SPACs in 2021, $25 billion valuation. Cause for celebration or worry? Yes

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PARIS — Twelve young space companies that announced or concluded SPAC-enabled stock-market introductions in 2021 had a combined market capitalization of $25 billion, according to market data as of Dec. 8.

Some of these companies are so young they had yet to report revenue. Others’ enterprise valuations valuations were 20x, 30x and even 70x forecasted 2022 revenue.

Some of them were introducing technologies and business plans that were not comparable to anything on the market now, making comparative valuations impossible. In a few cases, an insignificant number of . . .

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