Saudi Arabia invests $1 billion into Virgin Galactic with $480 million option for space services

The Public Investment Fund (PIF) of Saudi Arabia and Virgin Group (Virgin), have signed a non-binding Memorandum of Understanding (MoU) for a partnership under which PIF intends to invest approximately $1 billion into Virgin Galactic, The Spaceship Company and Virgin Orbit, with an option for $480 million of future additional investment in space services.

This big space investment for Saudi Arabia follows plans for a $500 billion high tech megacity and investment of about $40 billion into Softbanks Singularity Technology fund.

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