Branson's Virgin Orbit to go public through $3.2 bln SPAC merger

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ICYMI: Richard Branson's Virgin Orbit is going public through a merger with NextGen Acquisition Corp. II, a blank-check vehicle, in a deal that values it at $3.2 billion and includes an investment from Boeing

Virgin Orbit and rivals Firefly and Rocket Lab are among firms building miniaturized launch systems to capitalize on an expected boom in demand for compact satellites. They offer a unique "air-launch" method of sending satellites to orbit.

"We can turn any runway across the globe, from an airport into a spaceport, because we fly a 747," said Chief Executive Officer Dan Hart, a former executive of the U.S. planemaker.Billionaire entrepreneur Richard Branson at a news conference in New Mexico, U.S., July 11, 2021. REUTERS/Joe SkipperThe rocket has to "start work" when it is already at 35,000 feet, reducing carbon use by 90%, Hart said in an interview.

He added the company was pursuing $4 billion in opportunities and had $300 million in backlogs across contract and launch service deals, among others. It won a $35 million contract in 2020 from the U.S. Space Force for three missions.

 

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It seems that corporates are finding more ways to extract money from society.

this is terrible news

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