Cosmic Girl, a modified Boeing 747, releases LauncherOne mid-air for the first time during a July 2019 drop test. (Virgin Orbit/Greg Robinson)
Small satellite-launch firm Virgin Orbit plans to become a publicly held company and use part of the proceeds to boost its rocket production rate, the US-based business announced on 23 August.
The transaction, which is expected to raise up to USD483 million in cash, will also help Virgin Orbit grow its other offerings, such as satellite-enabled communications and Earth observation, the company said.
Virgin Orbit intends to change its ownership status by merging with special purpose acquisition company NextGen Acquisition Corporation II, which is publicly traded. After the combination is completed by the year-end, Virgin Orbit's shares will be listed on the Nasdaq stock exchange under the ‘VORB' ticker symbol.
Virgin Orbit's LauncherOne two-stage rocket lofts satellites into space after being fired from a modified Boeing 747-400 carrier aircraft named Cosmic Girl. LauncherOne serves commercial and government customers, including such defence agencies as the Brazilian Air Force, Royal Netherlands Air Force, UK Royal Air Force, and US Space Force.
The company contends that Cosmic Girl's mobility offers an advantage over ground-launched competitors in the growing small satellite-launch market, providing “launch capabilities to dozens of nations that currently have space agencies and satellite industries but no domestic launch capability”. Virgin Orbit projects it will generate revenue of USD2.1 billion in 2026, up from USD15 million in 2021.
Founded in 2017, the company is part of Richard Branson's UK-based Virgin Group and has 575 employees. It designs and builds rockets in Long Beach, California, and intends to increase the production rate to about 20 rockets annually, up from about five rockets today.
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