Blue Origin initiates external financing for the first time, aiming for a $130 billion valuation!

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Jeff Bezos’ space company Blue Origin has officially opened its doors to the capital markets. This rocket enterprise, which has operated for more than 25 years and long relied on its founder’s personal financing, is seeking to complete its first round of external fundraising at a $130 billion valuation for $10 billion, marking a new stage in its commercialization process.

According to The New York Times Dealbook, this round of fundraising is calculated at a pre-money valuation of $130 billion and is the first time Blue Origin has opened to external investors since its founding. Bloomberg reports that technology hedge fund Coatue Management expects to lead the round with a $4 billion commitment, accounting for 40% of the total; Bezos himself plans to contribute an additional $2 billion, while the remaining $4 billion is expected to be jointly subscribed by major institutional investors.

This financing is of profound significance to Blue Origin. The introduction of external capital will provide the company with a clear benchmark for market valuation, serving as a reference for future financing or other capital operations, and is also expected to ease the pressure on Bezos to continually sell Amazon stock to support company operations.

Bezos’ Long-Term Preparation, Financing Timing Carefully Planned

Bezos has publicly warmed up for this round of fundraising.

According to Dealbook, in a May interview with CNBC he said: “We finally have enough visibility into the company’s future and financial results—now is a good time to start considering bringing in external investors.”

In terms of financing structure, Coatue Management’s involvement is noteworthy.

Dealbook understands that the Bezos family office itself is a major investor in Coatue’s Innovative Strategies fund, which focuses on emerging tech startups, so Coatue’s lead investment in Blue Origin reflects a deep connection. Bezos’ own $2 billion additional commitment further demonstrates his confidence in the company’s prospects. The remaining $4 billion is expected to come from large institutional investors, whose specific identities have not yet been disclosed.

Burn Rate Pressure and Recent Setbacks

Blue Origin’s need for external capital has a practical background. According to the Financial Times in May, analysts estimate the company’s spending for this year alone will approach $5 billion, with a cumulative burn of about $28 billion since its founding—an enormous scale of capital consumption.

At the same time, the company has recently suffered significant technical setbacks. In May, a large New Glenn rocket exploded during testing, completely destroying the rocket and severely damaging the launchpad. However, Dealbook reports that potential investors are currently focusing on the company's future projects rather than this short-term event.

Satellite Communication Network Becomes Core Attraction for Capital

One of the core logics for investors betting on Blue Origin lies in its high-capacity satellite communication network TeraWave, launched in January this year.

The network aims to provide connectivity services for data centers and up to 100,000 key priority clients, and market demand is reportedly rising rapidly. This business is viewed as Blue Origin’s direct strategic challenge to SpaceX’s most profitable business—Starlink.

The timing of this round of financing also echoes SpaceX’s completion of a massive IPO.

Last month, SpaceX raised over $85 billion in its IPO, achieving a valuation of $1.77 trillion, with its current market cap approaching $2 trillion, despite a slight stock price decline after listing. SpaceX's capital strength provides it with ample ammunition for future competition, which has in turn accelerated Blue Origin’s move to seek external financing. Bezos has publicly stated that he believes Blue Origin will someday be worth more than Amazon.

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