Photo: Rob Kim/Getty Images

Virgin Galactic is going public, joining with former Facebook senior executive Chamath Palihapitiya's Social Capital Hedosophia in a special-purpose acquisition company (SPAC) that will see SCH invest $800 million for a 49% stake in the company.

Details: The company is expected to finish the merger by the second half of the year, according to a press release sent this morning, making Richard Branson's space-tourism venture into the first publicly traded human spaceflight company.

  • Virgin Galactic is in a race with Jeff Bezos' Blue Origin to send tourists into space, and the company expects the deal will provide enough capital to fund the business until its commercial spaceships can operate and turn a profit.
  • Virgin Galactic has raised more than $1 billion since it was founded in 2004, mostly from Branson's own fortune.

Our thought bubble from Axios Space newsletter writer Miriam Kramer: Taking the company public is a bold move for a private spaceflight company that has yet to fly its first tourists. Spaceflight is hard, and Virgin Galactic's program has been marked by delays and a tragic accident in 2014 that killed one pilot and injured another.

  • And Axios' Felix Salmon: If this deal values Virgin Galactic at $1.5 billion, that's less than 5% of the valuation of SpaceX.

Go deeper: Richard Branson's Virgin Galactic conducts historic 2nd test flight

Go deeper

Updated 45 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Obama: Trump is "jealous of COVID's media coverage" Axios-Ipsos poll: Federal response has only gotten worse.
  2. Health: Hospitals face a crush — 13 states set single-day case records last week.
  3. Business: Winter threat spurs new surge of startup activity.
  4. Media: Pandemic causes TV providers to lose the most subscribers ever.
  5. States: Nearly two dozen Minnesota cases traced to three Trump campaign events.
  6. World: Putin mandates face masks.

Louisiana braces for 3rd hurricane in 2 months as Tropical Storm Zeta nears

Municipality workers clean the streets of garbage in Playa del Carmen, Mexico, on Tuesday that was left by Zeta, which struck the Yucatan Peninsula as a Category 1 Hurricane a day earlier — causing no major damage to infrastructure. Photo: Medios y Media/Getty Images

Tropical Storm Zeta is expected to strengthen back into a hurricane and bring dangerous storm surge conditions to parts of the northern Gulf Coast on Wednesday, per the National Hurricane Center.

The state of play: Louisiana Gov. John Bel Edwards (D) requested a pre-landfall Federal Declaration of Emergency in a letter to President Trump on Tuesday, ahead of the storm's expected arrival south of New Orleans.

3 hours ago - Technology

Trump's campaign website hacked

A screenshot of the Trump campaign website after it was hacked.

The Trump campaign website briefly went down and its "About" page was modified after hackers attacked the site Tuesday evening.

The big picture: With just seven days before the election, the hackers emulated the FBI and declared on the "About" page that: "this was seized. the world has had enough of the fake-news spreaded [sic] daily by president donald j trump. it is time to allow the world to know truth." Two addresses linked to the cryptocurrency Monero appeared on the site. Trump campaign spokesperson Tim Murtaugh in a statement said no sensitive data had been exposed in the attack.

Go deeper: Twitter hack raises fears of an unstable election