Virgin Orbit Puts Its $1 Billion Valuation to Work

Virgin Orbit is a magical unicorn -- and it may have just saved another space company from going bankrupt.

Last month, Virgin Orbit -- the Sir Richard Branson-owned space company that is not Virgin Galactic (NYSE: SPCE), and has not yet had an IPO -- announced plans to seek a $1 billion market valuation by selling $150 million to $200 million worth of its shares on the private market. As far as we know, Branson hasn't quite sealed that deal just yet. According to The Wall Street Journal, he wants to sell the shares before the end of the year. But he's already putting some of that money to work. 

Down in Australia, reports SpaceNews.com, Virgin Orbit is finalizing plans to take a 14.7% stake in publicly traded penny stock Sky and Space Global (SAS).

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Source Fool.com