Another 3D printing company could go public via a SPAC merger, with a rumor surfacing in the trading session late Wednesday.
What happened: Metal 3D printer manufacturer Velo3D is in talks to go public Jaws Spitfire Acquisition Corp. (NYSE: SPFR) according to a Bloomberg report.
The report says Velo3D could be valued at around $ 1 billion under a contract with SPAC that includes Barry Sternlicht and Serena Williams as part of the team.
About Velo3D: According to Bloomberg, Velo3D should be able to produce previously impossible geometries.
SpaceX is one of its largest customers.
“SpaceX started using us on a specific component that had very important manufacturing issues that were using existing techniques,” the company said, according to TechCrunch.
SpaceX uses 3D printing for engines and other components.
Velo3D sells its printers using two methods. Companies can purchase the custom 3D printers and license the design software, or pay for the printers and software in a single bundled service.
Related Link: Market Leader in Additive Manufacturing Markforged Receives SPAC Deal: What Investors Should Know
Finances: In April, Velo3D raised $ 28 million. At that time, the company reported bookings of $ 29 million and revenue of $ 15 million for the past 15 months.
The company announced a $ 20 million contract from an aerospace company in June. This was the largest order in the company’s history at the time. The deal came from an existing aerospace customer but was not named.
Boom Supersonic was also added as a customer in 2020.
Competitor Desktop metal (NYSE: DM) and Markforged to merge with One (NYSE: AONE) use the SPAC merger route to go public.
Price action: Jaws Acquisition’s shares rose 3% in Wednesday’s regular trading session and another 3% in over-the-counter trading to $ 10.89.
Photo courtesy of Velo3D
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