Jeff Bezos Is Seeking Outside Investors for Blue Origin for the First Time in the Company's 25-Year History
Blue Origin is seeking a capital raise following a catastrophic explosion.
Overview
It has been a tough summer for Blue Origin, Jeff Bezos's rocket company. Another rocket company, Space Exploration Technologies (NASDAQ: SPCX), has seen its valuation soar above $2 trillion following a successful IPO. Blue Origin, meanwhile, saw its New Glenn rocket -- one of its most advanced rocket designs -- explode on the launchpad. The rocket alone cost $100 million to $150 million to build, and its complete loss is added to by extensive damage to Blue Origin's new launch facility, which cost roughly $1 billion to build.
Blue Origin's New Glenn rocket exploded during a routine engine test. Apparently, the company's engineers still aren't sure of the root cause of the accident.
Details
If Blue Origin's testing had been successful and followed up by successful launch attempts, the company would be looking to raise money at an impressive valuation. The company has not yet filed for an IPO. But experts had been speculating about whether one was on the horizon.
Source
Originally published at www.fool.com.