Richard Branson’s Virgin Orbit, with a rocket under the wing of a modified Boeing 747 aircraft, will take a test of the key release of its high-altitude launch system for satellites from Mojave, California, on July 10, 2019.
Mike Blake Reuters
Virgin Orbit, a satellite launch spinoff Sir Richard Branson Virgin Galactic, is in advanced debates to go public on an estimated $ 3 billion through the SPAC led by the former Goldman Sachs partner, confirmed CNBC on Saturday.
The company is in negotiations for an agreement Procurement of NextGen II, a person familiar with the discussions told CNBC. NextGen II is a special-purpose acquisition company led by George Mattson, who was previously co-CEO of Goldman’s global industry group, and former President and CEO of PerkinElmer Gregory Summe.
Sky News reported first talks on Saturday, saying the deal is expected to be announced in the coming weeks. Virgin Orbit denied CNBC’s request for comment.
The company is spin-off Branson’s Virgin Galactic space tourism company. It’s Virgin Orbit privately owned Branson’s multinational conglomerates Virgin Group, with a minority stake in the state fund Abu Dhabi Mubadala.
The first demonstration presentation of the company in May 2020.
Greg Robinson | Virgin Orbit
Virgin Orbit uses a modified one Boeing 747 rocket launch aircraft, a method known as air launch. Instead of launching rockets from the ground, like competitors like Rocket Lab or Astra, the company’s plane carries its LauncherOne rockets to a height of about 45,000 feet and throws them just before they launch the engine and accelerate into space – a method that the company considers more flexible than the land system.
LauncherOne is designed to carry small satellites weighing up to 500 kilograms,, into space. Virgin Orbit completed its first successful launch in January, and plans to perform a second later this month.
The next Generation II raised $ 350 million when it completed its initial public offering in March, as well as an additional closure of over $ 33 million in April, for a total of $ 383 million. The funds would mainly go to help Virgin Orbit expand its business. Virgin Orbit CEO Dan Hart told CNBC in October that the company wanted to raise about $ 150 million in fresh capital.