Reportedly, Richard Branson’s space venture is closer to filing its shares openly than some might anticipate and, once it starts flying frequently, the billionaire founder said to CNBC, Virgin Galactic will seek to expand its business across the globe. Virgin Galactic is gearing up to become the first human spaceflight firm to go public. With a merger declared in July with SCH (Social Capital Hedosophia), the company is intending to do listing on the NYSE (New York Stock Exchange). While the firm stated it intends to do listing during the fourth quarter of 2019, Branson suggested that it might be in the first part of the quarter. While unveiling the company’s spacewear collection with Under Armour, Branson told CNBC, “It is not long now, till Virgin Galactic lists.”
Once the attainment is completed, Virgin Galactic will be worth $1.5 Billion, with SCH keeping a 49% stake. Branson stated that he will keep his majority stake even after the firm goes public, saying he has no intends to sell his shares. Branson said, “I will keep control of the company and will keep about 51%.” Chamath Palihapitiya—Venture Capitalist—views Virgin Galactic as “a business that has margins like software.” He said there is a “really powerful risk-reward” behind the tourism in space. In a March report, UBS projected that space tourism has a promising market of $3 Billion in a decade from now, although it is “still at an emerging phase.”
Recently, Virgin Galactic was in news as Boeing plans to invest $20 Million in the spaceflight company. An aerospace giant is investing some money into one of the major space tourism company. Reportedly, Boeing will spend $20 Million in Virgin Galactic—which intends to start flying paying clients to suborbital space and back in the future—spokesperson of both firms stated. In a statement, founder Branson said, “This is the commencement of a noteworthy partnership for the future of space travel, which is the next step for human spaceflight program.”
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