Virgin Orbit Announces Space SPAC Deal

Place is the up coming frontier for SPACs, with Sir Richard Branson’s Virgin Orbit saying a offer on Monday in which Boeing will be an investor.

The satellite-launching startup explained its merger with NextGen Acquisition will raise up to $483 million in new money, which includes $one hundred million non-public financial commitment in general public equity, or PIPE, funding led by Boeing and space enterprise investor AE Industrial Associates.

Proceeds from the offer, which values Virgin Orbit at about $3.2 billion, will go toward expanding its providers and accelerating launches, with six expected up coming 12 months.

“I’m incredibly enthusiastic we are getting Virgin Orbit general public, with the support of our partners at NextGen and our other fantastic investors,” Branson explained in a news launch. “It’s one more milestone for empowering all of these working today to establish space technological innovation that will positively adjust the globe.”

Branson’s Virgin

Read More