Richard Branson's Virgin Orbit seeks US$1 billion valuation in funding round: Report

Richard Branson's Virgin Orbit seeks US$1 billion valuation in funding round: Report

Richard Branson's Virgin Orbit, with a rocket underneath the wing of a modified Boeing 747 jet
File photo of Richard Branson's Virgin Orbit, with a rocket underneath the wing of a modified Boeing 747 jetliner, prior to its takeoff on a key drop test, Mojave, California, US, Jul 10, 2019. (Photo: REUTERS/Mike Blake)

NEW YORK: Richard Branson's satellite-launch business Virgin Orbit is looking to raise up to US$200 million in a funding round that could value it at around US$1 billion, the Wall Street Journal reported on Sunday (Oct 11), citing people familiar with the matter.

Branson's space ventures compete with those of fellow billionaires Elon Musk and Jeff Bezos in the commercially led space exploration industry.

Virgin Orbit said in August it had hired LionTree Advisors and Perella Weinberg Partners to look at potential financial transactions. Those banks are helping it raise between US$150 million to US$200 million by as early as the end of the year for capital expenditure and to fund satellite launches, the Journal said.

Virgin Orbit did not immediately respond to a request for comment on the report.

Source: Reuters/dv

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