Saudi Arabia plans to invest $1 billion in Richard Branson’s private space venture Virgin Galactic, as well as its spinoff companies The Spaceship Company and Virgin Orbit. The country has the option of investing an additional $480 million in the future, too. The money will go toward Virgin’s space tourism program and help accelerate the development of the company’s new launch vehicle to send small satellites into orbit.
“This investment will enable us to develop the next generation of satellite launches and accelerate our programme for point to point supersonic space travel,” Branson said.
The billionaire added that Virgin Galactic was just “months away” from going into space with people on board and his other company Virgin Orbit placing satellites around the Earth.
Branson last year unveiled a new commercial spaceship in a ceremony in California, with his company stressing that commercial space flights would not be available until they could be done safely.
The company’s efforts faced a major setback when the first version of the SpaceShipTwo disintegrated over California’s Mojave Desert in October 2014, with investigators blaming premature brake deployment during the test flight.
Saudi Arabia’s investment appears to be part of a collaboration with Branson, who praised the kingdom’s economic and social reforms spearheaded by Crown Prince Mohammed bin Salman.
“I am so excited about Saudi Arabia,” Branson told the Future Investment Initiative in Riyadh.
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