[Paddywack]

I’m not a scientist, but is it not at terminal velocity for most of the way down by definition? So it’s not slowing down to reach terminal velocity, it’s just that the resistance becomes higher thus reducing terminal velocity?

[lief79]

Terminal velocity is the fastest speed it would accelerate to via the pull of gravity versus air resistance. In space, there is no air, hence no terminal velocity.

If the object is heating up due to air resistance (and compressed air), then it's moving far faster than terminal velocity. The heat is from the air getting compressed and slowing it down.