Virgin Orbit Falls From Valuation of US$ 3.7 Billion to Fire Sale of US$ 36 Million
Posted on 05/24/2023
Virgin Orbit, Richard Branson’s now bankrupt rocket company, will sell its assets for an estimated US$ 36 million. This blowup of a SPAC would vindicate GMO’s Jeremy Grantham, who had warned that many SPACs of the last several years were going to bust. Orbit went public for US$ 3.7 billion.
The headquarters in Southern California will go for US$ 16.1 million, to be purchased by another rocket SPAC, Rocket Lab. A 747 jet will go to Cerberus’ Stratolaunch for US$ 17 million. A plant in the Mojave Desert will go to launch company Vast for US$ 2.7 million.
It has recently come to light that Branson lost £1.5 billion in the pandemic.