Pros
Cool projects, you get the opportunity to make engineering decisions and have ownership early on. You'll learn a lot. Opportunities to work in many fields (although the majority of projects are aerospace-related, since the founders are from SpaceX). Growing presence in non-space industries. People are open, willing to chat & help but also very busy. Engineering club vibes - a little shoestringy, but everyone's really going for it.
Cons
If you loved your engineering club, this is the place for you. If you didn't enjoy that, this is probably not for you. There's very little structure. The least aggressive people get stuck with all of the paperwork/organizational tasks. Projects vary a lot, some are great, some are stressful, and/or not that fun. Pay is on the low side. Company (including leadership) is made up of mostly young guys without families. Managers are inexperienced, more skilled as tech leads than people managers.