(Reuters) - Satellite launch firm Virgin Orbit Holdings Inc and Spire Global Inc entered into a deal under which the satellite operator will purchase multiple launches over several years starting 2023, the companies said on Wednesday.
Spire Global, which is looking to boost its space services business, said that the deal provides flexibility and control over launches instead of it relying on the rideshare market where satellites will launch with others on a large rocket.
Cannacord Genuity analyst Austin Moeller said Virgin Orbit's inaugural November launch from British soil is also highly convenient for Spire, which builds its satellites in Glasgow, Scotland.
Earlier in January, Virgin Orbit – on its first successful mission since going public – carried satellites for Spire, the U.S. Defense Department, and the Polish company SatRevolution.
Virgin puts satellites into orbit using a rocket, LauncherOne, that is mounted on a modified Boeing (NYSE:BA) CO 747 jumbo jet.