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I know what you mean

As I see it, a big issue for obtaining funds to even attempt to build Skylon is lack of a roadmap from proving basic technologies (such as current heat exchanger work) to the billions needed for a full vehicle. Maybe Reaction Engines have such a plan and it's too commercially sensitive to discuss. But like you I can't see it happening without some smaller - and useful - intermediate development steps.

P.S. That's pre-supposing it's all technically achievable, which isn't a universally held view ...