Rocket Lab is nearing an agreement to go public by merging with a special-purpose acquisition company, a so-called SPAC, the newspaper said.
The space transportation startup “is in talks with Vector Acquisition Corp. about a deal that would value the U.S.-New Zealand startup at around $4.1 billion including debt, according to people familiar with the matter”. The transaction could be finalized as early as today.
Rocket Lab’s deal with Vector is expected to include additional funds of about $470 million from investors including BlackRock and Neuberger Berman, the people familiar with the matter told the Wall Street Journal.
The start-up is expected to use the proceeds to fund the development of a medium-lift vehicle called Neutron, tailored for use in satellite mega-constellations, space missions and commercial spaceflight, the Wall Street Journal quoted its sources.
Neutron “is expected to be able to lift most satellites forecast to launch in the coming years and be positioned as a lower-cost alternative to larger vehicles”.