Blue Origin Is Valued at 175x Revenue. Its Plan Runs Through One Launchpad
Article excerpt
Bezos spent 26 years as Blue Origin’s only customer for equity. The first outside round prices a forecast whose three engines all have to leave the ground from the same rebuilt pad in Florida. Jeff Bezos has put $30 billion into Blue Origin since 2000, including $2 billion in its first-ever round with outside investors, according to documents reviewed by The Wall Street Journal. The round has raised $10 billion at a $140 billion valuation, against $800 million of revenue in 2025 and a forecast of more than $30 billion in 2030. That is about 175 times last year’s revenue, roughly double the multiple the public market puts on SpaceX. Every part of the plan behind that number needs New Glenn flying regularly, and New Glenn has one launch complex, which it has not used since April. In 2017, Bezos described Blue Origin’s funding model in one line: “I sell about $1 billion a year of Amazon stock.” It sounded like a billionaire being cute. It turned out to be a budget. Thirty billion dollars over 26 years works out to about $1.15 billion a year. He averaged slightly more than he promised, for longer than anyone expected, with no outside shareholder asking when it would stop. That arrangement ended this month. Blue Origin now has investors who are not Jeff Bezos, and they have written down the price of what his money built. The Journal’s documents also show what the company told...
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It is converting LC-36 to a hybrid horizontal-to-vertical process and building a second pad, LC-36B, for a larger nine-engine New Glenn variant.
