Cowboy Space Corporation, formerly Aetherflux, closed a $275M Series B led by Index Ventures and filed plans for a 20,000-satellite "Stampede" constellation three days later. The largest single capital commitment in orbital compute history lands inside a thesis SatNews has been mapping bottleneck by bottleneck all year. Editor-in-Chief Nick Warfield on what Cowboy actually bet $275M on, and what they have to prove.
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