Spaceflight and space tourism firm Virgin Galactic will go public, likely by November, to become the first publicly traded "New Space" company in the world.
Virgin Galactic founder Sir Richard Branson didn't explain the reason for advancing the date for going public from December but did say going public might take place in the early part of the fourth quarter.
When it does list, Virgin Galactic will become the first human spaceflight company to go public. This milestone will take place when Virgin Galactic merges with Social Capital Hedosophia Holdings Corporation (SCH), a publicly-traded special-purpose shell company owned by venture capitalist Chamath Palihapitiya.
"It's not long now" until Virgin Galactic lists on the New York Stock Exchange said, Branson.
The merger will transform Virgin Galactic into a publicly-traded "New Space" company without having to go through the traditional IPO process. It will create "the first and only publicly-traded commercial human spaceflight company" in the world.
Branson confirmed he will retain his majority stake even after Virgin Galactic lists, saying he doesn't plan to sell his shares. The merger will see SCH shareholders acquire 49 percent of Virgin Galactic's equity.
"I will retain control of the company," said Branson. "I will keep roughly 51%."
The publicly traded Virgin Galactic will have an enterprise value of $1.5 billion and expects to begin generating revenue by 2023.
Virgin Galactic said it's market capitalization will rise to $2 billion. This sum will be offset by $500 million in cash and marketable securities easily convertible into cash after the merger.
Virgin Galactic is developing commercial spacecraft such as VSS Unity to fly space tourists into low Earth orbit (LEO). It will also undertake suborbital launches for space science missions for NASA and scientific institutions worldwide.
VSS Unity can carry up to six paying passengers plus two pilots to LEO. It's launched from a jet-powered aircraft and climbs through the Earth's atmosphere to reach LEO. At the edge of space, the spacecraft's passengers float weightless for a few minutes. The spacecraft then glides back Spaceport America in New Mexico for a landing.
Spaceport America is the world's first commercial spaceport. In mid-August, Virgin Galactic declared Spaceport America "operationally functional" and transferred all its spaceflight operations to this facility. It also revealed the interior of its "Gateway to Space" building at the spaceport.
While waiting for its first space tourists, Virgin Galactic has been making Spaceport America more comfortable and passenger-friendly.
