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Virgin Orbit joins on the SPAC shipINTL

Virgin Orbit joins on the SPAC ship

British billionaire Richard Branson is hoping a SPAC can take his aerospace company Virgin Orbit to the moon, and even beyond. Word on the street is the deal could value the company at $3b.

Richard Branson is no stranger to SPACs. In 2019, Branson took his space tourism company Virgin Galactic Holdings (SPCE) public via a SPAC. Branson currently owns 80% of Virgin Orbit, and the rest is owned by Mubadala Investment Company, the UAE’s sovereign wealth fund — so can we take creds for the region and label this as a MENA story?!

Meanwhile, operating a few hundred miles closer to Earth’s surface, Branson’s Virgin Atlantic Airways has been struggling amidst global travel restrictions. The airline is currently seeking a £160m cash injection to stay afloat. Guess things aren’t too rosy for Brandon’s entire portfolio, but after all, that’s the point of diversification.

why it matters
Since going public in 2019, Virgin Galactic Holdings has seen an upward trajectory — well, until Chamath Palihapitiya dumped his shares earlier this month. Time will tell if Virgin Orbit will enjoy the same success (we're referencing the upwards traction, of course).