British billionaire Richard Branson’s space-tourism unit Virgin Galactic plans to go public later this year, the company announced Tuesday. 'The amount of people who would love to go to space is enormous,' Branson said this morning on SquawkCNBC.
British billionaire Richard Branson's space-tourism unit Virgin Galactic plans to go public later this year, the company announced Tuesday., a special-purpose acquisition company created by venture capitalist Chamath Palihapitiya.
Social Capital Hedosophia, formed by Palihapitiya's Social Capital and venture capital firm Hedosophia in 2017, will invest $800 million for a 49% stake in the combined company. The firm will have an enterprise value of $1.5 billion, Virgin Galactic said.Branson's space venture would be the first publicly-listed human spaceflight firm, with the stock market listing slated to take place in the second half of 2019.
Branson had been in talks with Palihapitiya since he suspended talks over a Saudi investment in his space companies last year. Riyadh had planned to invest a total of $1 billion into Virgin Galactic and Virgin Orbit, which focuses on small satellites, but the deal fell through over the murder of journalist Jamal Khashoggi.
The billionaire business magnate, who founded Virgin Galactic in 2004, is currently locked in a tense space race with rivals including
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