Richard Branson's private space company, Virgin Galactic, is receiving a $1 billion investment from Saudi Arabia. That money will be distributed to Virgin Galactic and its spinoffs, The Spaceship Company and Virgin Orbit. This investment is arising from a new partnership between the country and Virgin.
Virgin's projects are receiving money from the Public Investment Fund in Saudi Arabia. There's an option for Galactic to receive an additional $480 million at some point as well.
This deal must still receive regulatory approval from the US government before Virgin Galactic can get the money.
As long as the funding is permitted, Virgin's space tourism and space launch vehicle initiatives will get a sizable boost.
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