London / 24.08.2021 00:46:45
Boeing will become an investor in Virgin orbit, the satellite launch company of Richard Branson, when it goes public in a merger with a special purpose acquisition company (SPEC) in a deal that gives it a valuation of $ 3.2 billion.
Virgin orbit, a company that emerged from the tourism company Virgin Galactic by Branson, will be merged with the blank checks entity NextGen Acquisition II co-founded by a former banker from Goldman sachs, which will result in an IPO on the Nasdaq New York Stock Exchange.
The agreement will provide up to $ 483 million in new capital to Virgin orbit, including 100 million private investment in public capital, or PIPE, of financing spearheaded by the American aerospace giant Boeing and the commercial space investors AE Industrial Partners. Virgin orbit it intends to use the proceeds to expand its services and accelerate launches, with six planned for next year.
Virgin orbit is the latest company to tap into a growing investor appetite for rapidly expanding space-based opportunities, following deals reached earlier this year Planet Labs and Spire Global.
Virgin orbit was founded in 2017, when Spacex, from Elon musk, began to make space for private companies by reducing launch costs with reusable rockets. Morgan stanley projects the space sector to expand from $ 350 billion a year in 2016 to more than $ 1 trillion by 2040.