Virgin Orbit will use the proceeds of a merger with a special-purpose acquisition company to expand its launch business and develop a satellite constellation for internet-of-things and Earth observation services.

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Jeff Foust has more than a decade of experience writing about space policy, entrepreneurial ventures and regulatory affairs. In 2001, he established spacetoday.net to aggregate and summarize the day's space-related news stories. In 2003, he started The...