Space Perspective, once hailed as a pioneer of luxury space tourism on Florida’s Space Coast, was officially evicted from its leased facility at Space Coast Regional Airport on January 22, 2025.

The eviction marks a significant downfall for the company, which is now grappling with severe financial troubles and allegations of mismanagement, as previously reported by Talk of Titusville.

Space Perspective Eviction: Employees Demand Accountability Amid Allegations of Mismanagement

Eviction and Financial Woes

The January eviction followed months of unpaid rent for three parcels at Space Coast Regional Airport, with records showing Space Perspective owed $90,295 in arrears dating back to May 2024.

A default notice issued in December warned of eviction unless payments were made, but the company was unable to resolve its financial obligations.

Space Perspective Faces Shutdown Amid Financial Troubles, Furloughs, and Allegations of Mismanagement

In a February 5 email to stakeholders, Interim CEO Michael Savage provided the latest updates, shedding light on failed funding efforts, the company’s dire financial situation, and attempts to restructure its debt. The email also acknowledged the gravity of the challenges ahead, hinting at the possible closure of operations.

Savage’s email outlined efforts to secure funding, including meetings with investors Fortuna and Broadlight, both of whom ultimately declined to proceed. Savage explained that while there was initial interest, the company’s mounting debt and financial instability deterred further investment.

“Both [investors] have expressed interest, but despite the current circumstances and since Nov./Dec. 2024, they feel that their LPs would not stomach the numbers,” Savage wrote.

Leadership Efforts and Debt Challenges

In the email, Savage revealed that he, along with other executives, had taken significant steps to reduce the financial burden. This included removing themselves from payroll for much of 2024 and early 2025 and converting salary into equity.

Despite these efforts, Savage pointed to earlier financial decisions that limited the company’s flexibility to restructure its debt. He mentioned that attempts to consolidate debts or refinance operations failed due to existing equity and tax restrictions. “For a year, WHY that flexibility was limited… had already been taxed previously,” Savage noted, adding that he wanted to make this clear without “placing any blame.”

“We truly made the effort,” Savage wrote. “Myself, Hunter [Abramson], and Michael Golomb opted into flexible pay processes to try and do what we could.” Savage stated in the email, “The board has at this stage asked that we [pursue] winding down the company and we have engaged with counsel to doo so.

Allegations of Mismanagement

As detailed in previous Talk of Titusville reports, former employees have accused the company of financial mismanagement, with concerns raised about excessive spending on marketing at the expense of manufacturing and operational needs.

“This company had the potential to lead the space tourism industry, but decisions were made that seemed to prioritize appearances over actual progress,” one former employee said.

Additional allegations included delays in employee paychecks and a lack of transparency from leadership. Employees demanded accountability, accusing executives of ignoring warning signs of financial instability as the company continued to market ambitious projects.

From Highs to Lows
The current situation contrasts sharply with Space Perspective’s earlier achievements. In September 2024, the company successfully launched an uncrewed test flight of its Spaceship Neptune-Excelsior, reaching an altitude of 100,000 feet.

Richard Branson to Co-Pilot Space Perspective’s First Crewed Space Balloon Flight

Just a month later, billionaire entrepreneur Richard Branson announced he would co-pilot Space Perspective’s first crewed space balloon flight, sparking excitement across the Space Coast.

However, as financial troubles mounted, the company’s public image began to unravel. In January 2025, Talk of Titusville reported on mounting employee frustrations and financial mismanagement claims, painting a grim picture of the company’s internal operations.

A Grim Outlook

Savage’s email acknowledged the frustration and uncertainty faced by stakeholders. He assured recipients that the company was doing everything it could to manage the situation but admitted the odds were slim.

“We are not avoiding calls or emails; we are just simply swamped,” Savage wrote, adding that he would provide updates as they became available.