It has been a tumultuous week for aerospace startup Planet and its subsidiary Astra. In a double setback for the companies, they have announced both the ending of a major rocket project and a substantial round of layoffs.
The project in question is the Max Q rocket, a two-stage booster that was intended to launch small payloads into space. The rocket was in development for the past three years and had been under construction at Astra facilities in California and the United Arab Emirates since the beginning of last year. Unfortunately, due to multiple delays and budget overruns, the rocket was never able to make it to the launch pad. In a statement released earlier this week, Planet announced that it has decided to terminate the Max Q project and will focus its resources on other projects in its portfolio.
The second piece of news was a round of layoffs that affected around eighty employees at both Planet and Astra. Though the exact numbers have not been made available, the companies cited increasing competition and a challenging macroeconomic environment as key factors in the decision to downsize.
Planet and Astra have been playing catch-up in a rapidly expanding space industry. While both companies boast an impressive list of accomplishments, they’re now finding themselves under tremendous pressure to deliver products that can compete in the increasingly crowded and competitive space race.
It’s been a whirlwind month for both companies, and only time will tell what kind of impact the end of Max Q and the layoffs have on Planet and Astra. Regardless, it’s no doubt a blow to the spirit of innovation and exploration that has come to define the space industry.
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