Virgin Galactic is merging with Social Capital Hedosophia, whose CEO, Chamath Palihapitiya, will become chairman of the combined entity. The value of the merger was put at $1.5 billion.
The company intends to offer “a unique, multi-day experience culminating in a personal spaceflight that includes out-of-seat gravity and views of Earth from space.”
Virgin Galactic has reservations from some 600 people in 60 countries, with $80 million in deposits and $120 million in potential revenue.
It says it has “overcome a substantial number of technical hurdles'” required to make the company viable.
It aims to complete the merger later this year before listing on the New York Stock Exchange.