Virgin Galactic Becomes the First Commercial Space Travel Company to Go Public: Valued at $1.5 billion USD.
Commercial space travel and tourism company Virgin Galactic has become the first company in its industry to go public. The firm will be merging with a Cayman Islands shell company founded in 2017, called Social Capital Hedosophia, which was created to take high-caliber start-ups public while avoiding all the disclosure requirements. This arrangement — dubbed “IPO 2.0” by SCH — is known as a “blank check” company, as Virgin Galactic becomes publicly listed under SCH without having to meet disclosure requirements from a conventional IPO, which also means investors will be left in the dark as to what to expect from their investment. The newly-merged company will have an initial valuation of $1.5 billion USD.