They're very cool. We're finishing a 3U cubesat that will study the effects of the aurora on radio transmissions, will launch later this year. Also have a 1U cubesat in development with a camera onboard. I have some doubts that $8k will be sustainable, highly depends on the demand. Currently 1U cubesats can get a launch for under $50k.
It's not just the USA either, there are a number of universities worldwide with cubesat projects in the works. Spain, Italy, Denmark, India, Japan, Poland, Germany, Turkey off the top of my head.
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