After raising $800 million, Virgin Galactic plans to go public

virgin galactic

Richard Branson’s commercial space travel company, Virgin Galactic could be the first of its kind to become a public company if its plan to raise new funds goes through.

This is because, Social Capital Hedosophia Holdings Corp., (SPAC) is planning to invest up to $800 million in the commercial space company.

SPAC is a special purpose vehicle company.

People with the knowledge of the matter told the Wall Street Journal that SPAC’s investment could acquire up to 49% stake in Virgin Galactic.

Sources said the company will seek to go public after closing the investment.