You are here: Home » International » News » Companies
Business Standard

Richard Branson's Virgin Orbit eyes $1-billion valuation in fundraising

British billionaire's satellite-launch business looking to raise money to support future launches

Topics
Richard Branson

Rama Venkat | Reuters  |  Bengaluru 

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

Richard Branson’s satellite-launch business Virgin Orbit is looking to raise up to $200 million in a funding round that could value it at around $1 billion, The Wall Street Journal reported on Sunday, 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 $150 million to $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.

chart

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, October 12 2020. 01:20 IST
RECOMMENDED FOR YOU
.