Who pays when rockets explode? China insures SpaceX’s rivals in orbital race against US

AI Summary

SpaceX competitors are insured by Chinese companies amidst the orbital race against the US. The article highlights the impact of SpaceX's IPO and the financial risks associated with rocket failures.

This is part of a series on the global impact of SpaceX’s historic IPO, tracing how mainland Chinese investors’ strategies, the Hong Kong market and wider capital flows are being reshaped by Elon Musk’s trillion-dollar rocket gamble. In 2016, a SpaceX rocket carrying a satellite blew up during a test, destroying on-board equipment and surrounding facilities worth millions of US dollars. Fortunately, the satellite operator, Israel’s Space Communications, had an insurance policy worth almost...