After Astra Loses 99% of Its Value, Founders Take Rocket Firm Private

Astra Space, a California-based rocket company, has announced it will go private at a valuation significantly lower than its $2.1 billion debut in 2021. The company's market value is about $13 million at current levels. The company's co-founders, Chris Kemp and Adam London, will acquire all outstanding shares at $0.50 each, well below the current trading price of $0.80. Astra has faced challenges, with only two successful launches out of seven attempts of its Rocket 3 vehicle. The company pivoted to the larger Rocket 4 in 2022 but has yet to conduct test launches. Astra faces competition from established players like Rocket Lab and Firefly, as well as new entrants such as ABL Space and Stoke Space. The company's future remains uncertain as it navigates a competitive small launch market, with SpaceX's Transporter missions offering lower prices by launching dozens of satellites simultaneously on its Falcon 9 booster.

Read more of this story at Slashdot.