Richard Branson is taking Virgin Galactic to the stock market.
The billionaire’s space tourism venture stated on Tuesday that it’ll go public as a part of a deal that may see new buyers take a 49% stake in Virgin Galactic.
Virgin Galactic will join with Social Capital Hedosophia (IPOA) (SCH), an organization formed by venture capital firms Social Capital and Hedosophia. It is traded on the NY Stock Exchange.
“Upon closing of the transaction, which is predicted within the second half of 2019, [Virgin Galactic] will likely be launched as the primary and only publicly traded commercial human spaceflight company,” the businesses mentioned in a press release.
Virgin Galactic’s current buyers are being provided with a combination of SCH stock and money. The present management of Virgin Galactic will stay in place.
The Wall Street Journal first reported the deal.
Going public will help Virgin Galactic raise the cash needed to compete in opposition to rivals such as Jeff Bezos’ Blue Origin and Elon Musk’s SpaceX in the billionaire’s space race.
Lots of individuals are lined up to ride a short high-speed journey aboard a Virgin Galactic space aircraft and have agreed to pay $200,000 to $250,000 per seat.
Branson plans to be the first non-crew member to board the aircraft.