Virgin Orbit, Spire Global Sign Multilaunch Agreement

Rhea-AI Summary

Spire Global (NYSE: SPIR) has signed a Launch Service Agreement with Virgin Orbit (NASDAQ: VORB) to purchase multiple launches starting in 2023. These launches aim to support Spire’s expanding Space Services business and enhance its satellite constellation. Virgin Orbit is preparing for its first international launch from the UK, reflecting a growing backlog of launches. This collaboration showcases the demand in the small satellite market, providing Spire with greater flexibility and reliable access to space for its customers.

Positive

• Spire Global's Launch Service Agreement with Virgin Orbit enhances its Space Services business.
• The collaboration provides Spire with flexible launch options, improving service delivery timelines.

Negative

• No financial terms or conditions disclosed regarding the Launch Service Agreement.
• Dependence on Virgin Orbit may introduce risks related to launch schedules and operational capabilities.

• Spire Global has committed to purchase multiple launches from Virgin Orbit, starting in 2023.
• The launches will support Spire’s growing Space Services business as well as upgrades and enhancements to the company’s fully deployed satellite constellation.
• The launches are part of Virgin Orbit’s growing launch backlog as it heads towards its first international launch later this year from the United Kingdom.

LONG BEACH, Calif.--(BUSINESS WIRE)-- Building on their shared record for successful collaboration in responsive space, Spire Global, Inc. (NYSE: SPIR), a global provider of space-based data, analytics and space services, has entered a binding Launch Service Agreement with leading launch provider, Virgin Orbit (Nasdaq: VORB), to purchase multiple launches over several years. The first launch is expected to take place in 2023.

Spire's model satellite sits in front of a full-scale LauncherOne in Times Square, New York, January 2022, Courtesy Virgin Orbit

Exemplary of the growing demand for the small satellite market, the launches will support the growth of Spire Space Services, a platform which offers customers fast and scalable access to space through a subscription model, and continual upgrades and enhancements to the company’s fully deployed satellite constellation. Spire will make full use of LauncherOne’s demonstrated flexibility by launching to a variety of orbits – from mid-inclination to polar – all out of Virgin Orbit’s first spaceport in Mojave, California.

Spire Global and Virgin Orbit previously demonstrated the flexibility of LauncherOne’s rapid call-up capabilities with the late-load of Spire’s ADLER-1 satellite on board the Above the Clouds mission from Mojave, CA in January 2022, an expedition which took just 22 days from the initial call-up to payload integration. Building on that success, the two companies are teaming up to provide rapid and flexible launch solutions to Spire’s global customer base.

“We’re very pleased to have formed this strategic relationship with the innovative Spire team. Our previous joint execution of the ADLER-1 launch demonstrated the potential of marrying expert satellite capabilities with rapid, flexible launch,” said Virgin Orbit CEO, Dan Hart. “Demand from the small satellite market continues to be strong and we are privileged to be among the few operational companies serving this vitally important sector.”

“Working with Virgin Orbit gives us flexibility and control over launches, rather than waiting for the secondary rideshare market to provide the orbits we want on timelines that we have to work with,” said Robert Sproles, Vice President, Constellation Planning & Operations. “It’s particularly crucial for offering our Space Services customers rapid and reliable access to space so that they can meet their mission-critical deadlines.”

Spire joins Virgin Orbit’s growing backlog of customers seeking both flexibility of launch location and orbital destination. As a small launch provider, Virgin Orbit is dedicated to providing flexible, affordable, rapid launch opportunities anytime, anywhere to the commercial, educational, and government small satellite industry.

About Virgin Orbit

Virgin Orbit (Nasdaq: VORB) operates one of the most flexible and responsive space launch systems ever built. Founded by Sir Richard Branson in 2017, the company began commercial service in 2021, and has already delivered commercial, civil, national security, and international satellites into orbit. Virgin Orbit’s LauncherOne rockets are designed and manufactured in Long Beach, California, and are air-launched from a modified 747-400 carrier aircraft that allows Virgin Orbit to operate from locations all over the world in order to best serve each customer’s needs. Learn more at www.virginorbit.com and visit us on LinkedIn, on Twitter @virginorbit, and on Instagram @virgin.orbit.

About Spire Global, Inc.

Spire (NYSE: SPIR) is a leading global provider of space-based data, analytics and space services, offering access to unique datasets and powerful insights about Earth from the ultimate vantage point so that organizations can make decisions with confidence, accuracy, and speed. Spire uses one of the world’s largest multipurpose satellite constellations to source hard to acquire, valuable data and enriches it with predictive solutions. Spire then provides this data as a subscription to organizations around the world so they can improve business operations, decrease their environmental footprint, deploy resources for growth and competitive advantage, and mitigate risk. Spire gives commercial and government organizations the competitive advantage they seek to innovate and solve some of the world’s toughest problems with insights from space. Spire has offices in San Francisco, Boulder, Washington DC, Ontario, Glasgow, Oxfordshire, Luxembourg, and Singapore. To learn more, visit www.spire.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the ability of Virgin Orbit (the “Company”) to access sources of capital; its ability to grow market share in the developing space economy; market acceptance of its current and planned products and services and ability to achieve sufficient production volumes, as well as the factors, risks and uncertainties included in the Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2022, as well as in the Company’s subsequent filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investor Information section of the Company’s website at www.virginorbit.com. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Virgin Orbit assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Virgin Orbit gives no assurance that it will achieve its expectations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221012005333/en/

MEDIA ENQUIRIES:

Virgin Orbit:

Alison Patch, Senior Director of Communications

+1-949-616-2504

Alison.patch@virginorbit.com

Spire Global:

Kristina Spychalski, Senior Manager of Communications

+1-407-310-1914

kristina.spychalski@spire.com

Source: Virgin Orbit

FAQ

What is the agreement between Spire Global and Virgin Orbit?

Spire Global has entered into a Launch Service Agreement with Virgin Orbit to purchase multiple launches starting in 2023.

How will the launches affect Spire Global's business?

The launches will support Spire Global's growth in Space Services and enhance its satellite constellation.

When is the first launch scheduled to occur?

The first launch is expected to take place in 2023.

What does the agreement mean for Virgin Orbit?

The agreement adds to Virgin Orbit's backlog of launches, demonstrating increasing demand in the small satellite market.

What risks are associated with Spire Global's dependence on Virgin Orbit?

Spire Global may face risks related to launch schedules and operational capabilities from Virgin Orbit.