I agree with most of what you have said, government contracting...

I agree with most of what you have said, government contracting takes time and there is alot of shaping which goes into it pre-tender. By shaping I mean a company sitting sown with prospective government customers to work out what they want and discuss how this could be delivered in a theoretical sense, without the stress of commercial negotiations. This is because governments and militarys want certain things which may not yet be available, however the correct resources to stand up the capability usually sit with a commercial company.

Therefore, the reassurances you have taken by the investment to date sit with what I understand to be a logical assumption of how things are done the real world. Of course nothing is certain and priorities change, therein lies the risk/reward.

With regards to a capital raise for funding, I do see the appeal for control of the project and if the company was >$1bil MC, maybe the dilution would be worth it. However, given this will be the first of many constellations, and future iterations may make it obsolete, I would prefer to dilute this more at the project level to retain a smaller number of SOI. Then investing profits to sole fund future peojects, provided that is commercially allowed. Commercial freedoms will depend on the eventual structure of spacelink.

This also assumes that the dilution will be more at the project level. Given how cheaply EOS is trading, with the project being funded on its own merits, the overall dilution may be similar...

All IMO, please DYOR and GLTAH.