SpaceX 3D Printer Supplier Velo3D Rumored To Be In SPAC Deal: What Investors Should Know

Another 3D printing company could be going public via a SPAC merger with a rumor coming late in Wednesday’s trading session.

What Happened: Velo3D, which makes 3D metal printers, is in talks to go public with Jaws Spitfire Acquisition Corp (NYSE: SPFR), as per a Bloomberg report.

The report says Velo3D could be valued at around $1 billion in a deal with the SPAC that includes Barry Sternlicht and Serena Williams as part of the team.

About Velo3D: Velo3D is said to have the ability to manufacture previously impossible geometrics, according to Bloomberg.

The company counts SpaceX as one of its largest customers.

“SpaceX has started using us for a specific component that they had very significant issues manufacturing that using existing techniques,” the company said, according to TechCrunch.

SpaceX uses 3D printing for engines and other components.

Velo3D sells its printers with two methods. Companies can buy the custom 3D printers and license the design software or they can pay for the printers and software in a single bundled service.

Related Link: Additive Manufacturing Leader Markforged Gets SPAC Deal: What Investors Should Know

Financials: In April, Velo3D raised $28 million in funding. At that time, the company reported bookings of $29 million and revenue of $15 million in the previous 15 months.

The company announced a $20 million order from an aerospace company in June, which was the largest order in company 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.

Competitors Desktop Metal (NYSE: DM) and Markforged, which is merging with One (NYSE: AONE), are using the SPAC merger route to go public.

Price Action: Shares of Jaws Acquisition were up 3% in Wednesday’s regular trading session and up another 3% in after-hours trading hitting $10.89.

Photo courtesy: Velo3D