Richard Branson's Virgin Orbit seeks $1 billion valuation in funding round

Virgin Orbit said in August it had hired LionTree Advisors LLC and Perella Weinberg Partners LP to look at potential financial transactions.

Richard Branson, founder of Virgin Group, poses for a photograph on board of his new cruise liner, the Scarlet Lady at Dover Port in Dover, Britain, February 21, 2020. REUTERS/Simon Dawson/Files (REUTERS)

Richard Branson's satellite-launch business Virgin Orbit is looking to raise up to $200 million in a funding round that could value it at around $1 billion, The Wall Street Journal reported on Sunday, citing people familiar with the matter.

Branson's space ventures compete with those of fellow billionaires Elon Musk and Jeff Bezos in the commercially led space exploration industry.

Virgin Orbit said in August it had hired LionTree Advisors LLC and Perella Weinberg Partners LP to look at potential financial transactions. Those banks are helping it raise between $150 million to $200 million by as early as the end of the year for capital expenditure and to fund satellite launches, the Journal said. Virgin Orbit did not immediately respond to a request for comment on the report.