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It doesn't seem that atypical when extremely high capex and proprietary R&D are moats. Off the top of my head, the semiconductor industry looks broadly similar right now and the fusion industry might end up looking similar for a while.


Only small parts of the semiconductor industry at the very cutting edge even remotely resemble that. And that’s technology with outcomes (I.e. process nodes) that are genuinely new and have never been done before. What’s being accomplished now in space are outcomes that were accomplished before PCs existed, so the idea of it being insurmountable R&D doesn’t hold. It’s very telling that the only “commercially viable” launch providers are billionaire trophy assets with induced demand from a heavy slice of government sponsorship and self dealing.




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