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XCOR’s bankruptcy has revealed how far the company was from actually building and flying its Lynx suborbital spacecraft.
In original financial filings, XCOR reported having $1,424.66 in cash.
No value was given to the Lynx MK1, a spaceplane in development that would take off and land horizontally. Between $15 million and $20 million would be required to finish the Lynx, according to documents. An estimated $25 million to $30 million was invested.
It is hard to say whether XCOR was a scam, or a good idea that simply never could get the investment capital to fly. In the end, however, it essentially turned out to be both. According the article, local government agencies in both Florida and Texas have lost millions from investments they made in the company in the hope it would produce jobs in their communities.