Boeing will become an investor in Richard Branson’s satellite launch company Virgin Orbit when it goes public in a merger with a special purpose acquisition company in a deal that values it at more than $3bn.

Virgin Orbit, a spin-off from Branson’s Virgin Galactic tourism company, will merge with the blank cheque entity NextGen Acquisition II co-founded by a former Goldman Sachs banker, resulting in a listing on New York’s Nasdaq exchange.

The deal will bring up to $483m in new capital to Virgin Orbit, including $100m private investment in public equity, or Pipe, financing led by US aerospace giant Boeing and space business investor, AE Industrial Partners. Virgin Orbit intends to use the proceeds to expand its services and accelerate launches, with six expected next year.