Jeff Bezos’ Blue Origin is raising $10 billion as the rocket startup aims to catch up with Elon Musk’s SpaceX.
In a memo sent to employees on Wednesday and seen by Business Insider, Blue Origin CEO Dave Limp said the company would raise funds at a $130 billion valuation.
“We are entering a period where opportunities in space are expanding rapidly,” Limp told staff.
“Securing this investment will be a clear vote of confidence from investors and validates the ambition and credibility of what we’re building for the long term,” he added.
It marks the first time that Blue Origin, which Bezos founded in 2000 and has self-funded ever since, has tapped external investors for funding.
The New York Times’ DealBook earlier reported on the raise and said it is being led by asset management firm Coatue Management with a $2 billion contribution from Bezos. Limp’s memo has not yet been reported.
Blue Origin did not immediately respond to a Business Insider request for comment.
It comes as Blue Origin races to catch up with Musk’s rocketmaker, which has established a commanding lead in the space industry. SpaceX has completed hundreds of rocket launches, compared with a handful of orbital tests by Blue Origin.
SpaceX raised a record-breaking $86 billion when it went public last month, surpassing a $2 trillion valuation.
Read the full email Limp sent to Blue Origin employees:
Read the original article on Business Insider
The post Jeff Bezos’ Blue Origin is raising external funding for the first time. Read the CEO’s email to staff. appeared first on Business Insider.
