Benzinga | Dec 23, 2021 09:54AM EST

Virgin Orbit Forges Launch Contract With Arqit Quantum

* Virgin Orbit inked a new launch contract covering two dedicated launches for Arqit Quantum, Inc (NASDAQ:ARQQ), a quantum encryption technology provider. Financial terms were not disclosed.

* Virgin Orbit is a responsive launch and space solutions company that declared a special purpose acquisition company (SPAC) merger with NextGen Acquisition Corp II (NASDAQ:NGCA).

* Related Content: Virgin Orbit Nears SPAC Merger: What Investors Should Know

* The two Arqit satellites delivered to Earth orbit by Virgin Orbit's LauncherOne air-launched system will be the core component of Arqit's Platform-as-a-Service. They will provide the root source of randomness to all Arqit data centers using Arqit's Quantum protocol ARQ19.

* Arqit and Virgin Orbit are collaborating on responsive space initiatives serving the nations of the Five Eyes (FVEY) international intelligence alliance, comprising Australia, Canada, New Zealand, the U.K., and the U.S.

* The parties also announced that the QuantumCloud Software License signed parallel to the launch services agreement will enable Virgin Orbit to use Arqit's platform to provide encryption to secure Virgin Orbit's global infrastructure.

* Price Action: ARQQ shares traded higher by 2.87% at $25.85 on the last check Thursday.