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Virgin Orbit announced the merger with NextGen Acquisition Corp. II on 2021-08-23 and expects the deal to close at the end of 2021.
Virgin Orbit projects its first Space Solutions revenue at $10,000,000 in 2023 and growing Space Solutions revenue to $436,000,000 in 2026.
Virgin Orbit will establish a Space Solutions business to develop and launch a constellation of satellites to provide IoT and Earth observation services.
Virgin Orbit estimates negative EBITDA of $155,000,000 in 2021, near break-even EBITDA in 2023, positive EBITDA of $229,000,000 in 2024, and positive EBITDA of $854,000,000 in 2026.
Virgin Orbit projects $15,000,000 in revenue in 2021 and forecasts revenue reaching $2,060,000,000 in 2026.
Virgin Orbit will use proceeds of a merger with NextGen Acquisition Corp. II, a special-purpose acquisition company, to expand its launch business and develop a satellite constellation for internet-of-things and Earth observation services.
The SPAC merger and concurrent funding provide Virgin Orbit with as much as $483,000,000 in capital before transaction expenses.
Virgin Orbit plans to launch its first four satellites in early 2023, consisting of two satellites with IoT payloads and two satellites with imagery payloads.
Virgin Orbit presented a LauncherTwo concept with a rocket mounted on top of the 747, featuring wings and larger tail fins and offering a potential tripling of performance.
The DiskSat design is based on the payload volume of Rocket Lab’s Electron rocket but can be modified for larger vehicles like Virgin Orbit's LauncherOne.
Virgin Orbit developed the world’s first air-launched, liquid-fueled launch system since its founding in 2017.
Virgin Orbit uses a customized Boeing 747 aircraft as a mobile launch site, a flying mission control, and a fully reusable first stage vehicle.
Tom Alexiou is program manager for Virgin Orbit’s evolved launch vehicle and Virgin Orbit’s N3.2 engine development testing program is planned to continue into 2022.
Virgin Orbit signed a Space Act Agreement with NASA’s Stennis Space Center in November 2020 to gain access to NASA expertise and test facilities at Stennis.
Virgin Orbit’s most recent successful launch on 2021-06-30 delivered satellites for commercial and national security customers directly into their target orbits.
The merger could provide Virgin Orbit with up to $483,000,000 in capital depending on how many NextGen shares are redeemed by shareholders.
Virgin Orbit’s first launch failed in May 2020 and the company reached orbit in January carrying a set of cubesats for NASA.
Virgin Orbit successfully launched satellites for NASA in January 2021.
The merger will make Virgin Orbit a publicly traded company on the Nasdaq with an initial valuation of $3,200,000,000.
The transaction values Virgin Orbit at an implied pro forma enterprise value of approximately $3,200,000,000.