Virgin to Get $1 Billion Saudi Investment in Launch, Spaceflight Capabilities

The Public Investment Fund of Saudi Arabia will put $1 billion into Virgin's space companies Virgin Galactic, Spaceship Co. and Virgin Orbit, with an option for an additional $480 million, under a nonbinding memorandum of understanding, Virgin announced Thursday. Virgin founder Richard Branson said its Virgin Galactic commercial spaceflight business and Virgin Orbit launch business are close to operational, and the investment will help it develop future smallsat satellite launch capabilities and accelerate its plans for point-to-point supersonic space travel.