Blue Origin is raising $10 billion at a $130 billion valuation. For a company Jeff Bezos founded in 2000 and has paid for himself ever since, it is the first time outside investors are being asked to put money in.
CEO Dave Limp told employees in a memo sent on a Wednesday. Business Insider saw the memo. “We are entering a period where opportunities in space are expanding rapidly,” Limp wrote. “Securing this investment will be a clear vote of confidence from investors and validates the ambition and credibility of what we’re building for the long term.”
The New York Times’ DealBook reported the raise first. It said asset manager Coatue Management is leading the round, with a $2 billion contribution from Bezos. Limp’s memo calls the figure a pre-money valuation.
A message to staff
Limp spent much of the memo steering people away from the headline number. “While the headlines will naturally focus on the dollars, I’d encourage all of us to think about today’s announcement differently,” he wrote. “A valuation is not our mission. It’s not a finish line. It’s an assessment of what investors believe we can do together.”
What counts, he said, will still be “our execution, our innovation, and our ability to deliver for customers.” He told staff the raise had been in the works for some time and that more details would come at a town hall on July 30. He signed off with the company’s motto: “It’s Worth It.”
Catching SpaceX
Business Insider placed the raise against Blue Origin’s effort to catch up with Elon Musk’s SpaceX, which holds a commanding lead in the industry. SpaceX has completed hundreds of rocket launches. Blue Origin has flown a handful of orbital tests.
SpaceX raised a record $86 billion when it went public the previous month, at a valuation above $2 trillion.
Blue Origin did not immediately respond to a Business Insider request for comment.
