Beautiful Virgin Islands

Tuesday, Jun 24, 2025

Sir Richard Branson's Virgin Orbit valued at $3.2bn in 'blank cheque' deal

Sir Richard Branson's Virgin Orbit valued at $3.2bn in 'blank cheque' deal

The deal comes two years after the entrepreneur took his space tourism operation, Virgin Galactic, public and is the latest step in his efforts to build up a multibillion dollar business in the burgeoning space sector.

Sir Richard Branson's Virgin Orbit has been valued at $3.2bn in a deal to take the satellite launch company public on the US stock market.

The company confirmed plans first revealed by Sky News to merge with Nasdaq-listed special purpose acquisition company (SPAC) NextGen II.

Virgin Orbit is currently 80% owned by Sir Richard's Virgin Group and 20% by Mubadala, the Abu Dhabi sovereign fund.

The merger represents the latest step in the tycoon's efforts to build up a multibillion dollar business in the burgeoning space technology sector.

In 2019, he took space tourism operation Virgin Galactic - the company with which he recently completed a successful test flight - on to the US market in a similarly-structured SPAC deal.

Virgin Orbit - which was spun out of Virgin Galactic in 2017 - and rivals Firefly and Rocket Lab are seen as front-runners in a new wave of firms building miniaturised launch systems to cash in on the rapid growth of compact satellites expected over coming years.

They offer an air-launch method of sending satellites into space.

Virgin Orbit uses a customised Boeing 747 aircraft as a mobile launch site, which it says helps it to achieve a "significant performance advantage over grounded launch sites", while also reducing carbon emissions and noise impacts that would normally be felt at the surface.

The company received a burst of publicity this summer when Boris Johnson was pictured in front of one of its LauncherOne rockets at Newquay's Spaceport ahead of the G7 summit.

Boris Johnson viewed the LauncherOne at the Spaceport at Newquay Airport.


In January, it launched 10 small NASA satellites into space from its Californian base. A further launch took place at the end of June.

The deal is part of a trend of companies using SPAC or "blank cheque" vehicles to go public on the stock market.

SPACs such as NextGen II - which was set up by George Mattson, a former Goldman Sachs banker - raise capital from investors through an initial public offering before merging with a private firm, in this case Virgin Orbit.

The deal will see Virgin Orbit's current owners retain control of 85% of the company, with public investors holding 10%.

Investors led by Boeing and AE Industrial Partners, who are ploughing $100m into the business as part of the deal, will hold some of the remainder, alongside the SPAC's management team.

The deal, expected to complete around the end of the year, will provide $483m in proceeds for the combined company.

Sir Richard said the announcement was "another milestone for empowering all of those working today to build space technology that will positively change the world".

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Airlines Evaluate Flight Cancellations Amid Escalating US-Iran Tensions
Starmer Invites Innovators to Join Government Talent Scheme
UK Economy’s Strong Opening Quarter Shows Signs of Cooling
Harrods Seeks Court Order to Secure Al Fayed Estate for Victims
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
BBC Demands Perplexity AI Immediately Stop Using Its Content
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
Political Turmoil Resurfaces in Belgium Amid Economic Concerns
Fed policymakers divided on timing of interest rate cuts
Trump signals imminent agreement with Harvard University
Inheritance tax referendum alarms Swiss billionaire community
Japan cancels bilateral security meeting amid US defence demands
AI skeptic Emily Bender warns that ‘the emperor has no clothes’
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
×