Key Takeaways:
- Blue Origin is raising $10 billion at a $130 billion pre-money valuation.
- Coatue Management leads the round with $4 billion; Bezos adds $2 billion.
- The raise marks the first outside funding in the company's 25-year history.
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Blue Origin raises $10 billion at $130 billion valuation in debut funding
Blue Origin is raising $10 billion at a $130 billion pre-money valuation, the New York Times DealBook reported Wednesday, marking the first time Jeff Bezos' space company has sought outside capital in its 25-year history.
Coatue Management, the big asset manager, is expected to lead the round with a $4 billion commitment, while Bezos is set to contribute an additional $2 billion, according to the report. The fundraising comes as investor appetite for space companies has surged following SpaceX's initial public offering last month, which lifted expectations for privately held aerospace firms.
The $130 billion valuation positions Blue Origin among the most valuable private companies globally, though it remains a fraction of SpaceX's market capitalization, which has exceeded $2 trillion since its Nasdaq listing under the ticker SPCX. Blue Origin's decision to seek outside investors follows a difficult period for the company. Its New Glenn rocket exploded during a static fire test on May 28, destroying a vehicle that cost $100 million to $150 million to build and causing extensive damage to its launch facility, which cost roughly $1 billion to construct.
The timing of the fundraising is notable. On May 20, Bezos said there was "enough visibility into our future and our financial success" to bring in outside investors — eight days before the New Glenn explosion. Blue Origin is burning nearly $5 billion per year, a burn rate that may increase as the company rebuilds its launch facilities and manufactures replacement rockets. The company has not yet filed for an initial public offering, and the test failure makes a near-term listing unlikely. The infusion of outside capital gives Blue Origin financial runway to resume testing and compete with SpaceX, which has dominated the commercial launch market.
This article is for informational purposes only and does not constitute investment advice.
