Richard Branson’s Virgin Orbit is looking to raise up to $200 million in a funding round that could value the satellite-launch business at around $1 billion, according to people familiar with the matter.
The fundraising comes as the British billionaire’s sprawling travel-to-finance empire and the wider commercial space industry have been hit hard by the coronavirus pandemic.
Virgin Orbit said in August it had hired LionTree Advisors LLC and Perella Weinberg Partners LP to look at potential financial transactions. Those banks are now charged with helping it raise between $150 million to $200 million by as early as the end of the year for capital expenditure and to fund satellite launches, according to the people familiar with the plans.
Article source: Wall Street Journal