Richard Branson’s Virgin Orbit is look for investors. The company posted the following notice on its website:
Virgin Orbit LLC, (together with its subsidiaries and affiliates, the “Company”), is exploring a possible transaction and has retained LionTree Advisors LLC (“LionTree”) and Perella Weinberg Partners LP (“PWP”) (together, the “Financial Advisors”).
The website includes a link to a password protected presentation that potential investors can review.
Virgin Orbit is developing LauncherOne, a small-satellite booster that is air launched from a modified Boeing 747 airliner.
Virgin Orbit’s first launch attempt failed in late May when the rocket’s engine stopped about five seconds after it began firing. The company is planning another launch attempt later this year.
The travel-heavy Virgin Group has been struggling to fund its companies due to the COVID-19 pandemic.
Virgin Galactic plans to resume suborbital flight tests of SpaceShipTwo (SS2) VSS Unity in late October from Spaceport America in New Mexico after a 20-month long hiatus, according to a filing the company made with the Federal Communications Commission (FCC).
A provision in George Whitesides’ contract has Virgin Galactic’s chief space officer — and possibly his wife, Loretta Hidalgo Whitesides — flying on one of SpaceShipTwo’s early suborbital flights from Spaceport America in New Mexico.
MOJAVE, Calif. — Virgin Orbit’s first LauncherOne flight failed on Monday due to an anomaly in the booster’s first stage, marking a setback for Richard Branson’s effort to enter the booming small satellite launch industry.
For nearly 16 years, Richard Branson’s obsession with space travel has been massive money pit for the billionaire’s Virgin Group. Branson’s conglomerate has poured more than $1 billion into Virgin Galactic, Virgin Orbit and The Spaceship Company without launching a single tourist or satellite into space while generating minuscule revenues and not a single penny of profit.
And yet, by the strange workings of modern finances, this money losing effort will be helping to prop up the Virgin Group, which has been laid low financially by the global COVID-19 pandemic.
LONG BEACH, Calif., April 22, 2020 (Virgin Orbit PR) —Virgin Orbit, Sir Richard Branson’s responsive satellite launch company, announced today that regulators at the U.S. Food and Drug Administration (FDA) have granted an Emergency Use Authorization for the immediate delivery and use of a new “bridge” ventilator designed and built by the aerospace firm. With that authorization now in place, Virgin Orbit expects to begin delivering ventilators to hospitals within the next few days.
Virgin Orbit completed a cryogenic captive carry flight test with a fueled LauncherOne rocket aboard for the first time, clearing the last hurdle before Richard Branson’s company can conduct the maiden flight of the air-launched booster.
Virgin Galactic’s wild roller coaster ride on Wall Street continued over the past week as Richard Branson’s spaceline marked five months as a publicly traded company and 13 months since the last launch of its SpaceShipTwo suborbital tourism vehicle.
Since debuting on the New York Stock Exchange at $12 last Oct. 28, the stock soared to a high of $42.49 on Feb. 20 before sinking to $10.49 on March 19. Over the past week, the stock has risen again; it reached $14.68 in after-hours trading on Monday.
Video Caption: Virgin Orbit’s Cosmic Girl 747 conducted a slow-speed taxi test down the runway with a fueled LauncherOne under its wing at the Mojave Air and Space Port in California on March 5, 2020. The test covered about 2 miles on runway 12-30.
The taxi test was a precursor to a flight test with a fueled booster for Sir Richard Branson’s launch company. LauncherOne is designed to orbit small satellites after being dropped from the modified Boeing airliner. Virgin Orbit plans to conduct a flight test of the booster for later this year.
Investment in commercial space companies soared to $5.7 billion in 2019 from $3.5 billion the year before, but the bulk of the funding went to a handful of companies most of which are run by billionaires, according to a new report from Bryce Space and Technology.
Virgin Galactic Founder predicts SpaceShipTwo would be ready to fly in 12 months. A year after that — March 2009 — the vehicle would begin commercial suborbital space flights.
The reality is that in 2007 they didn’t have an engine capable of firing for the one minute needed to send SpaceShipTwo above 50 miles. They weren’t even close to having one. It would take another 7.5 years to develop one they would even risk firing for more than 20 seconds in flight.
SpaceShipTwo VSS Enterprise was destroyed on Oct. 31, 2014 during the flight during which they were supposed to test that engine. That accident set the program back by another five years.