World View Enterprises is a private American aerospace company focused on stratospheric exploration and flight. They design, manufacture, and operate stratospheric balloon flight technology, offering services like remote sensing, stratospheric observation, and, in the near future, space tourism. Their key products include "Stratollites" for remote sensing and a passenger capsule for flights to the stratosphere, with planned spaceports located near world landmarks. They also have contracts with NASA for flight testing.
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World View has a strategic partnership with Sierra Nevada Corporation under which SNC will buy a minimum number of flights annually over five years with the 2023 minimum set at $5,000,000.
World View projects $17,000,000 in revenue and an adjusted EBITDA loss of $11,600,000 in 2023.
World View projects receiving up to $47,000,000 from the SPAC proceeds assuming no redemptions.
World View announced in October 2021 that it would resume development of the Explorer Space Capsule capable of carrying 10 people for flights lasting up to 12 hours.
World View plans to use the capital from the transaction to expand its global remote sensing business into new markets and industries.
World View’s proprietary altitude-control technology provides up to 45 days of continuous flight while delivering persistent, small-radius station keeping over a specific area of interest for several weeks.
As a result of the transaction with Leo, World View may receive up to $121,000,000 in gross proceeds assuming no shareholders elect to redeem their shares and after giving effect to a proposed transaction financing.
World View’s last announced financing before the SPAC deal was a $26,500,000 Series C round in 2018.
World View will use funding from the SPAC deal to expand its business developing stratospheric platforms that can complement or compete with satellites.
In October 2021 World View announced plans to return to the tourism business with a balloon system and pressurized cabin to take up to 10 people to altitudes of about 30 km for flights lasting 6 to 12 hours.
As part of the new lease World View agreed to have at least 90 full-time employees working at the Pima County headquarters 2023 with a long-term goal of 125 employees.
World View stopped paying rent on the Pima County facility and was $400,000 behind in lease payments before agreeing to pay it back in the new lease agreement.
Pima County built a $14,000,000 facility as part of an economic incentive package for World View.
World View would receive up to $121,000,000 in gross proceeds from the SPAC transaction assuming there are no shareholder redemptions.
The original lease agreement required World View to ultimately employ 400 people at the Pima County facility.
World View is offering passenger stratospheric balloon flights starting as soon as early 2024 for $50,000 per ticket.
World View collected 1,000 reservations as of 2022-05-04, each reservation requiring a $500 deposit.
On 2021-10-04, World View revived plans to offer crewed stratospheric ballooning flights.
World View expects it will be able to perform about 100 balloon flights per year at any given location depending on wind conditions and expects to be supply limited rather than demand limited.
World View expects the first Explorer Space Capsule flight no earlier than early 2024 with the nonprofit Space for Humanity buying the inaugural flight.