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The crown prince was securing future investment and the endorsement of a prominent Western billionaire. Branson was getting much needed cash infusion for his space companies and investment opportunities in Saudi Arabia. And given the company’s long record of delays and cost overruns (commercial service was supposed to have begun in 2007), it probably could not have gone public otherwise.īranson embraced Saudi Arabia’s de facto ruler, Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud, as a reformist who let women drive and relaxed other restrictions in the tightly controlled kingdom. And it had just seen a major funding round fall apart. Virgin Galactic went SPAC because it needed more funding. And it had already spent more than $1 billion developing the suborbital rocket plane and its WhiteKnightTwo carrier aircraft. Branson had launched the SpaceShipTwo project 15 years earlier in 2004. (He did not comment on Virgin Galactic.)Īt the time Virgin Galactic went SPAC in 2019, it was far from an early-stage company. Jurvetson said that companies that go SPAC tend to be early-stage e n t i t i e s “that are unable to raise a penny from any other source” at that point in their development. He is concerned that it will lead to companies being listed on the stock exchange that should not be publicly traded. Venture capitalist Steve Jurvetson, whose investments have included SpaceX and Planet Labs, is not a big fan of SPACs. Redwire has acquired Made in Space, Deep Space Systems and four other companies with complementary capabilities. The SPAC approach contrasts with the strategy taken by Redwire and Voyager Space Holdings, which focus on acquiring small companies. Launch provider Astra Space and in-space transportation company Momentus have announced plans to go public using SPACs. Since Virgin Galactic went public, going SPAC has become a bit of a trend in the space industry.
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Going SPAC skips a lot of the more expensive and time consuming steps required to go public in traditional ways. It was relatively quick process that primarily involved convincing Social Capital Hedosophia’s shareholders to invest $800 million in Branson’s space tourism company.
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In October 2019, Virgin Galactic merged with the venture capitalist’s SPAC, Social Capital Hedosophia, and began trading under the Virgin name (SPCE) on the New York Stock Exchange. In Virgin Galactic’s case, Branson’s space company attracted the attention of Chamath Palihapitiya.