Gigafund is inspired by Elon Musk’s SpaceX

Luke Nosek is leaving Founders Fund, the venture capital firm he co-founded more than a decade ago with Peter Thiel, Axios reported. Luke was previously a founding exec at PayPal.

UPDATE – The Nextbigfuture article was read by Luke Nosek and he provided the correction to the previously inaccurate information.

Nosek categorized the aerospace industry as stale for decades. He pointed to entrenched supply chains, overwhelming costs, and only a handful of companies being allowed to operate in space. He even repeated Musk’s favorite mantra about what truly kept things from progressing.

“The old companies were so entrenched that there was no innovation—maybe even negative innovation—for years and years,” he said. “A number of things caused this, but it was mostly how the US government did its contracting—it worked on a cost-plus. Imagine if data centers worked this way: ‘go build it, we’ll pay you whatever you spend plus give you more money.’ That’s how the aerospace industry worked, and then comes Elon. He knows it’s important for humanity to get to space, sees that technology is moving backwards, and knew it had to be for human reasons.”

In 2008, Elon Musk told Nusek he wanted to reduce cost launch by a factor of ten.

Spacex is working to complete new Boca Chica, Texas launch facilities in 2019.

Boca Chica is not and will not be a priority until both of SpaceX’s East coast pads, LC-40 and LC-39A, are respectively reactivated and upgraded for Falcon Heavy and Commercial Crew launches.

Elon Musk is scheduled to provide an update on SpaceX’s Mars colonization strategy in exactly two weeks.

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