The deal will bring Virgin Orbit $483 million in new capital
$383 million will be stored in NextGen and $100 million from another round of funding. Virgin Orbit says of those investors in that round include Boeing but it’s unclear how much they’ve pitched in.
The $483 million will help Virgin Orbit ramp up “rocket manufacturing to meet customer demand, and to fund growth in its space solutions business and Virgin Orbit’s ongoing product development initiatives,” the company said in a press release.
“Our success in launch has driven the business forward, and now we expect this investment will enable us to build on our R&D efforts and our incredible team,”
Virgin Orbit CEO Dan Hart said in a statement.
Indications that Virgin Orbit would go public has been looming for months, mainly after reports emergedearlier this year that the company was shopping for a SPAC with which to merge, required the company to go public.
