Richard Branson’s Virgin Galactic Goes Public With Extravagant Promises to Keep

Richard Branson wears the SpaceShipTwo flight suit. (Credit: Virgin Galactic)

by Douglas Messier
Managing Editor

After 15 years of making extravagant but unkept promises to fly more than 600 “future astronauts” to space, Richard Branson must now please an entirely new group of people who are usually much shorter on patience: shareholders.

Following the completion last week of a merger with Social Capital Hedosophia (SCH), the British billionaire’s Virgin Galactic suborbital “space line” will begin trading under its own name on the New York Stock Exchange (NYSE) on Monday.

Going public now is an unusual move for a space tourism company that hasn’t flown a singlet tourist to space since Branson announced the SpaceShipTwo program in 2004. Some might see it has putting the cart before the horse.

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SpaceX Embarks on Another Funding Round to Raise $400 Million

Gwynne Shotwell

SpaceX is seeking to raise $400 million in its latest round of fundraising. According to a document filed with the Securities and Exchange Commission, SpaceX has raised 11 percent of the total:

Total Amount Offered: $399,999,936
Total Amount Sold: $43,999,332
Total Remaining to be Sold: $356,000,604

Five investors have participated in the funding round thus far.

Elon Musk’s company is preparing to launch its Starlink constellation of satellites, which could eventually include nearly 12,000 spacecraft that would provide high-speed Internet and other communications services. The launch of the first satellites is scheduled for no earlier than May.

SpaceX has also begun testing its Raptor engine, which will power its Starship vehicle and super heavy booster.











Musk Settles SEC Case, to Give Up Chairmanship of Tesla for 3 Years

Elon Musk (Credit: SpaceX)

Tesla CEO Elon Musk and the Securities and Exchange Commission have reached a settlement in a case in which the billionaire SpaceX founder was charged with fraud, the Los Angeles Times reports.

Musk and Palo Alto-based Tesla agreed to pay a total of $40 million to settle the case, and he will give up his chairmanship for at least three years. The electric-car maker also is required to install an independent chairman and two new board members, though Musk will remain on the board, according to terms of the settlement.

Musk and Tesla will each pay $20 million to settle the case; both reached the deal without admitting wrongdoing. The company declined to comment.

The SEC charged Musk with fraud Thursday, alleging that his tweets about taking Tesla private — at $420 a share — were “false and misleading.” As part of the lawsuit, the agency asked a federal court to remove him from the company’s leadership and ban him from running a public company.











Planetary Resources Raises $12 Million in Financing

planetary_resourcesPlanetary Resources has raised $12.2 million in new financing as part of an offering of $20 million, according to a company filing with the Securities & Exchange Commission. The funding came from 16 unnamed investors.

The Redmond, Wash., company is focused on mining asteroids. It was co-founded by Peter Diamandis and Eric Anderson.