In this news, we discuss the Richard Branson’s Virgin Orbit seeks $1 billion valuation in funding round: WSJ.
(Reuters) – Richard Branson’s satellite launch business, Virgin Orbit, seeks to raise up to $ 200 million in a funding round that could value him at around $ 1 billion, reported Sunday the Wall Street Journal, citing people familiar with the subject.
Branson’s space businesses rival those of fellow billionaires Elon Musk and Jeff Bezos in the commerce-led space exploration industry.
Virgin Orbit said in August that it hired LionTree Advisors LLC and Perella Weinberg Partners LP to review potential financial transactions. These banks are helping it raise between $ 150 million and $ 200 million by the end of the year for capital spending and to finance satellite launches, the Journal said.
Virgin Orbit did not immediately respond to a request for comment on the report.
Report by Rama Venkat in Bengaluru; Edited by William Mallard
Original © Thomson Reuters