Specific Impulse

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

What is Specific Impulse ?

Welcome to 'Specific Impulse,' the ultimate podcast for space technology enthusiasts and professionals. Join spacetech investor Jason Carvalho and legendary space engineer Jeff Thornburg as they dive deep into the latest advancements in rocket engines, propulsion systems, and the future of space exploration. Whether you're an aspiring aerospace professional or a passionate space enthusiast, tune in for expert insights and inspiring conversations that propel you towards the stars.