Social Capital, formerly known as Social+Capital Partnership, is a venture capital firm based in Palo Alto, California. It specializes in technology startups, offering seed funding, venture capital, and private equity. Within the space industry, Social Capital has invested in space technology companies like Relativity Space and Swarm Technologies. In 2019, they facilitated Virgin Galactic's public trading through a reverse merger with Social Capital Hedosophia.
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The Virgin Galactic–Social Capital Hedosophia deal will provide $800,000,000 in capital for Virgin Galactic and will allow the company to be publicly traded once the deal closes.
Virgin Galactic will merge with Social Capital Hedosophia, with Social Capital Hedosophia taking a 49 percent stake in the combined entity.
Chamath Palihapitiya, founder of Social Capital Hedosophia, is investing $100,000,000 of his personal funds into Virgin Galactic and will serve as chairman of the company.
Virgin Galactic merged on 2019-07-09 with Social Capital Hedosophia, a special purpose acquisition company, whereby SCH will take a 49 percent stake in the merged company.
Social Capital Hedosophia is contributing $708,000,000 to the Virgin Galactic merger.
Social Capital Hedosophia will take a 49 percent stake in the merged company at a valuation of $1,500,000,000.
Virgin Galactic reached an agreement on 2019-07-09 to merge with Social Capital Hedosophia that will raise several hundred million dollars and allow Virgin Galactic to become publicly traded.
Chamath Palihapitiya, founder and chief executive of Social Capital Hedosophia, will invest an additional $100,000,000 into Virgin Galactic.