"JP Morgan Chase.. brought in $1bn and was a critical anchor partner: "
I'll bet.
It's the VC version of the halo effect. Much loved in the US where some celebrity says "This is great," and people buy it because y'know "They wouldn't steer us wrong, would they?"
Which when you say it out loud sounds kind of retarded. Financial follow-the-leader.
$2.6 Billion So what's that get you?
That's ball park for what Intel spends on designing a new generation Pentium (not the wafer mfg process)
That's what ARM spent on designing several generations of ARM processors.
That would have Reaction Engines build their ground test engine core, E/D nozzle combustion chambers and inlet and be well on the way to their flight test vehicle.
That's a shedload of money for what doesn't look like much at all.