If you’ve been wanting to own shares in the latest generation of space companies, now is your first chance.
Social Capital Hedosophia, the investment vehicle of venture capitalist Chamath Palihapitiya, is merging with Richard Branson’s Virgin Galactic in a deal that will open the space tourism company to public investors later this year. Social Capital Hedeosophia will own 49% of the combined company.
Investors can already buy shares of Social Capital Hedosophia and, therefore, can buy a stake in Virgin Galactic, which is set to be the first publicly-traded human spaceflight company.
The special purpose acquisition company (SPAC) is listed on the New York Stock Exchange under the ticker “IPOA,” having raised $600 million in a 2017 public offering. The SPAC was set up as a way for investors to back Palihapitiya in his search for an overlooked or undervalued private technology company. SPACs give an investment manager up to two years to buy at least one asset, with investors getting…