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Jeff Bezos invests $2 billion into Blue Origin's first outside funding round
Blue Origin plans to spend $4.8 billion on capital this year, after a New Glenn engine testing incident damaged its Cape Canaveral launch pad.
Jeff Bezos is putting $2 billion of his own money into Blue Origin’s first outside funding round, The Motley Fool reported via Yahoo Finance. The new injection comes after Bezos invested about $30 billion in Blue Origin over roughly 26 years, including an additional $2 billion last month, according to the article.
The report says Blue Origin expects to invest $4.8 billion in capital this year as it rebuilds its Cape Canaveral launch pad, which was destroyed when a New Glenn rocket blew up during engine testing in May. It also said the company will conduct tests to determine the cause of the explosion and reduce the risk of it happening again.
Bezos also announced that Blue Origin will raise $10 billion in total, with he and other investors contributing to the remaining amount. CNBC, as cited in the article, said Coatue Management reportedly wants to contribute $4 billion, with the balance coming from several other major investors, and that the round would value Blue Origin at $130 billion privately.
The article adds that Blue Origin’s spending plans include ramping New Glenn flights back up once the model is certified, targeting eight to 12 launches this year after a previous 14 target. It also said Blue Origin plans to build a constellation of 5,408 TeraWave broadband internet satellites, drawing comparisons to SpaceX’s Starlink constellation.