Virgin Orbit to mount IPO
March 15, 2021
By Chris Forrester
Richard Branson’s Virgin Orbit company has reportedly hired bankers in preparation for an Initial Public Offering.
Virgin Orbit will use a Special Purpose Acquisition Company (SPAC) as its first step on the road to public participation and the overall aim is for a valuation of some $2.5-$3 billion, according to The WSJ.
Virgin Orbit uses a modified Boeing 747 (Cosmic Girl) with a rocket housing under its port wing. The rocket, dubbed Launcher One, accommodates a satellite or a number of small craft.
The WSJ says that Virgin Orbit has hired Credit Suisse and LionTree to help with the process.
Virgin Orbit can handle small cube-sats or a single satellite weighing up to 300 kgs. Its first flight on January 17th 2021 carried ten cube-sats into low Earth orbit. A previous test flight (May 25 2020) saw the rocket fail to reach orbit.
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