Virgin Galactic is getting ready to develop into a publicly traded firm later this yr, making it the primary such human spaceflight enterprise to take action. Richard Branson’s space-tourism firm will merge with Social Capital Hedosophia Holdings (SCH), giving the special-purpose acquisition firm a 49% stake, it stated in a launch Tuesday.
SCH will make investments round $800 million, the Wall Avenue Journal reported. It’s going to fund the enterprise because it races Jeff Bezos’ Blue Origin and Elon Musk’s SpaceX to function commercially and make a revenue.
“We’re on the daybreak of a brand new house age, with big potential to enhance and maintain life on Earth,” Virgin Galactic founder Richard Branson stated within the launch. “I’m delighted that SCH has determined to develop into such an necessary a part of our wonderful journey. They share our goals and collectively we’ll make them actuality.”
Chamath Palihapitiya, SCH’s founder, hailed Branson as “a once-in-a-generation visionary” and stated Virgin Galactic is “mild years forward of the competitors.”
It comes almost two months after Virgin Galacticto New Mexico’s Spaceport America. On the time, Branson stated he hopes to take his first flight to house aboard one among Virgin’s autos by the top of 2019. The corporate has seen some main setbacks, like a .
First revealed at 2:39 a.m. PT.
Up to date at 3:45 a.m. PT: Provides extra element.