MorningBrew: Virgin Orbit announced a $3.2 billion SPAC—here’s what it means
Richard Branson announced on Monday that his satellite launching venture, Virgin Orbit, will SPAC at a $3.2 billion valuation. The $9 billion launch services industry is predicted to grow to $17 billion in the next decade, according to Northern Sky Research, so expect to see more players entering the space…but also expect them to face a hard road.
“The competition is very fierce—there are long-standing relationships. Flight reliability, costs, and schedule are the main factors. And it’s hard as a startup to compete on any of those.”