A rocket-builder’s SPAC cash is rehabbing a defunct Navy base

As the stock price of tech companies plunges, cash that flowed to SPACs and meme stocks has been vaporized, or landed in the pockets of banks and big name sponsors. But some of it has washed up on the shores of the San Francisco Bay.

Astra Space, a company that designs and builds small rockets and satellites, has set up headquarters in a former Naval base on Alameda, an island a stone’s throw from Oakland, California. Last year, Astra went public by merging with a Special Purpose Acquisition Company, or SPAC, led by telecom investor Craig McCaw, part of a trend kickstarted by nascent space firms.

After years of negotiation, the city of Alameda took over the former base from the military in 2013, with plans to build new infrastructure and housing.

Read the rest of this story on qz.com. Become a member to get unlimited access to Quartz’s journalism.