Virgin Orbit has hired Credit Suisse Group AG and LionTree LLC, the report said, as the satellite launching company aims for a value ranging from $2.5 billion to over $3 billion.

Virgin Orbit was not immediately available for comment.

The development comes as Branson, a serial entrepreneur and a prolific investor, has raised hundreds of millions through multiple blank-check companies so far.

Earlier this week, Branson-backed blank-check firm Virgin Group Acquisition Corp III said https://www.reuters.com/article/us-virgin-group-acquisition-ipo-idUSKBN2B12UN it was looking to raise as much as $500 million through an initial public offering.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Devika Syamnath and Shailesh Kuber)