"Banks?! Investment funds?! Bonds? Stock?! Pretty much any open Capital Market?!" Zero of them. There is $0 available for anyone wanting to spend billions of

"Banks?! Investment funds?! Bonds? Stock?! Pretty much any open Capital Market?!" Zero of them. There is $0 available for anyone wanting to spend billions of dollars developing risky technology for a market that does not exist. Nuclear power came from the Manhattan project. Jet engines. Large aircraft. GPS. The Internet. All of those come from defence spending and would not have come to fruition from private markets. Your thesis is dismissed by the fact that there are zero large aircraft makers in the world that exist without having been created by - and - supported by governments. If what you said is true: Airbus and the new Chinese aircraft company would have been made long ago by 'private investors'. Even the sales cycle for large aircraft depends on the diplomatic corps of nations. Sales of large aircraft are often tied to other geopolitical issues.