Ok, not terrorists precisely. Iran, actually.
A Cubesat launcher terrifies non-proliferation wonks who are afraid that a bunch of little commercial competitors would be sloppy controlling access to their blueprints, or worse, would just publish them online, thereby giving Iran detailed plans for upgraded rockets. We have to remember that the other name for an orbital launcher is an ICBM. If the parts truly can be had at Radio Shack, it's just a matter of the skill to design a way to assemble them, and to write some software to control what you've made. Shoestring development projects encourage shoestring organizations, who in turn are far more likely to open source designs these days than, say, the entrenched military-industrial complex. Given Iran's continued and persistent efforts to prevent anybody from being educated in anything other than verses from a particular medieval book, having The Great Satan design and build the tool for The Next Big Attack (that we're all supposed to be frightened of) would appeal to the ayatollahs. (Of course the likely first target would be Israel, who would feel obliged to retaliate with their own nuclear arsenal, and the Middle East would be a whole lot quieter for a while afterwards. Craters don't complain about who is squatting on whose land.)
We also have to remember that SpaceX was supposed to fail. It was supposed to be impossible to engineer a heavy lift launch vehicle from scratch in less than a decade for less than half a billion dollars. We got ULA partisans posting on Slashdot for years telling us how SpaceX couldn't possibly succeed. Now that SpaceX has undeniably succeeded, with an order of magnitude or two less money than they were supposed to require, there's a very real possibility that a Cubesat launcher project could also succeed for yet more orders of magnitude less money. That brings the cost of an orbital launch vehicle down to practically backyard standards. (I hear suborbital is already a backyard project.) Admittedly with a relatively tiny payload, if it's only supposed to launch one Cubesat at a time, but still. Once you've got something that works, you build it a little bit bigger and you can launch something dangerous with it. And of course, it's already fairly dangerous kinetically all by itself.
The CIA allegedly pursued a global space denial program for decades, and fear of the potential payloads is the reason why. Space is expensive because the only thing that works is missile technology, and that scares people. (And that also explains why NASA spent a lot of time pushing the space elevator Centennial Challenges that the last blog post linked in the summary is complaining about. Space elevators aren't missiles.)
Source: http://rss.slashdot.org/~r/Slashdot/slashdotScience/~3/LW2XWGMzES0/story01.htm
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