Billionaire Richard Branson’s Virgin Orbit, a small satellite launch service provider, is going public through a merger with a blank-check vehicle that values it at about $3.2 billion. The deal with NextGen Acquisition Corp. II, announced on Monday, includes $100 million in funding from Boeing Co, AE Industrial Partners, and others in the form of private investment in public equity, or PIPE. Virgin Orbit and rivals Firefly and Rocket Lab are among firms building miniaturized launch systems to capitalize on an expected boom in demand for compact satellites. They offer a unique “air-launch” method of sending satellites to orbit. “We can turn any runway across the globe, from an airport into a spaceport, because we fly a [Boeing] 747,” said Chief Executive Officer Dan Hart, a former executive of the U.S. planemaker. The rocket has to “start work” when it is already at 35,000 feet, reducing carbon use by 90 …
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