I haven't looked into Boom's business plan but I assume they wouldn't have gotten this amount of money for this long without a plan to make money that at least looks plausible to investors.
Products or technologies that launch new markets often look like 'bad ideas' until someone figures out a way to make it work profitably. Otherwise we'd already be doing them. Paul Graham wrote a good essay on this, saying basically a startup entrepreneur's job isn't just finding a good idea that hasn't been done, because anything that looks like a good idea is probably already being done. It's finding something that looks like a bad idea (so isn't being done) and figuring out it's not bad if you just do it a different way or add a certain innovation. Of course, most things which look like bad ideas are actually bad ideas but searching the edges for exceptions is the valuable thing entrepreneurs do (along with creating new jobs).
Also, you might be surprised there are several companies selling high-end transcontinental private jets. One of the newer features of the latest generation is that they can fly at .9 to .95 mach instead of .8 to .85 mach. That shaves more than an hour off a flight. It's a relatively small market but this new generation has a waiting list of those lining up to pay ~$20M more to save a few hours per round-trip. Sure, it's a small market but it's profitable. Note: I have no idea if Boost's plan involves that market but paying more to go faster, and especially having the fastest option, is usually of interest to someone.
Products or technologies that launch new markets often look like 'bad ideas' until someone figures out a way to make it work profitably. Otherwise we'd already be doing them. Paul Graham wrote a good essay on this, saying basically a startup entrepreneur's job isn't just finding a good idea that hasn't been done, because anything that looks like a good idea is probably already being done. It's finding something that looks like a bad idea (so isn't being done) and figuring out it's not bad if you just do it a different way or add a certain innovation. Of course, most things which look like bad ideas are actually bad ideas but searching the edges for exceptions is the valuable thing entrepreneurs do (along with creating new jobs).
Also, you might be surprised there are several companies selling high-end transcontinental private jets. One of the newer features of the latest generation is that they can fly at .9 to .95 mach instead of .8 to .85 mach. That shaves more than an hour off a flight. It's a relatively small market but this new generation has a waiting list of those lining up to pay ~$20M more to save a few hours per round-trip. Sure, it's a small market but it's profitable. Note: I have no idea if Boost's plan involves that market but paying more to go faster, and especially having the fastest option, is usually of interest to someone.