Boeing partners with Virgin Galactic to broaden commercial space access

Boeing [NYSE: BA] has announced it is investing USD 20 million in human spaceflight company Virgin Galactic to broaden commercial space access and transform global travel technologies, the company said.

Boeing´s strategic investment facilitates efforts to drive the commercialization of space and broaden consumer access to safe, efficient, and environmentally responsible new forms of transportation.

To date, Virgin Galactic has invested USD 1 billion of capital to build reusable human spaceflight systems designed to enable significantly more people to experience and utilize space. In July, the company announced its intent to become a publicly-listed entity via a business combination with Social Capital Hedosophia Holdings Corp. The Boeing investment will be in return for new shares in Virgin Galactic and is therefore contingent on the closing of that transaction, which is expected to close in the fourth quarter of 2019, and any such investment will be in the post-business combination company.

This investment brings together two companies with extensive experience in the space industry. Virgin Galactic is a pioneer of commercial human space flight and is the first and only company to have put humans into space in a vehicle built for commercial service, having built and flown a Mach 3 passenger vehicle.

Boeing is an aerospace company and provider of commercial airplanes, defense, space and security systems, and global services. As a top US exporter, the company supports commercial and government customers in more than 150 countries. Boeing employs more than 150,000 people worldwide and leverages the talents of a global supplier base.

Virgin Galactic and The Spaceship Company form a vertically-integrated aerospace company pioneering human spaceflight for private individuals and researchers.