Velo3D to become public company valued at $1.6 billion

March 23, 2021

Velo3D’s current management team, including CEO Benny Buller (pictured), will continue on with the company through the combination (Courtesy Velo3D)

Velo3D, Inc, Campbell, California, USA, and the JAWS Spitfire Acquisition Corporation, a special purpose acquisition company, have entered into a definitive business combination agreement. Upon completion of the transaction, expected in the second half of 2021, the combined company will operate as Velo3D, listed on the New York Stock Exchange under the new ticker symbol VLD.

The transaction values the combined company at an enterprise value of approximately $1.6 billion, at the $10 per share PIPE subscription price and assuming no public shareholders of JAWS Spitfire exercise their redemption rights. Velo3D will receive up to $345 million in proceeds from JAWS Spitfire’s cash in trust and a $155 million private placement of common stock at a $10.00 per share value. The private placement will be led by strategic and institutional investors, including Baron Capital Group and Hedosophia.

Upon completion of the transaction, Velo3D is set to benefit from a flexible capital structure with approximately $470 million of cash on the company’s balance sheet, net of debt and assuming no redemptions are effected.

Velo3D’s current management team, including founder and CEO Benny Buller and CFO Bill McCombe, will continue to lead the company through this next stage.

“Velo3D partners with the world’s most innovative companies leading the future of space travel, transportation and energy,” stated Buller. “I am proud that such visionary partners continue to trust Velo3D to build products through methods that were previously impossible. With JAWS Spitfire’s long-term partnership, we expect to extend the reach of Velo3D’s technology and bring its solutions to even more customers globally. As we scale our business and advance our growth strategy, we expect to expand the high value metal Additive Manufacturing market and strengthen our competitive position.”

Velo3D’s financial model is asset light, backed by significant investments and positioned to rapidly scale to meet demand. The company’s growth strategy is to focus on specific products that are tailored to its abilities within the $100+ billion total addressable market for high-value metal parts. The additional capital provided from this transaction will allow Velo3D to make substantial investments in engineering, product development, sales, marketing and customer support.

“Benny and the Velo3D team have placed technical innovation at the core of their business model, and we are excited to partner as they bring their technology to a broader set of similarly innovative customers across the world,” added Barry Sternlicht, co-founder and chairman of JAWS Spitfire. “Since commercialisation, Velo3D has attracted an impressive customer base, showcasing the seamless, cost-competitive production of previously unattainable designs. Velo3D is well-positioned for robust growth in an established and expanding market.”

Sapphire integrates with Velo3D Flow pre-print software and Assure quality assurance and control systems (Courtesy Velo3D)

Velo3D is ready to release its newest Laser Beam Powder Bed Fusion (PBF-LB) offering, Sapphire XC, expected to ship in the fourth quarter of 2021. Sapphire XC is designed as a scale-up of the previous Sapphire machine and will support the production of parts that are up to five times higher volume and three times lower cost than existing Sapphire technology.

Assuming no public shareholders of JAWS Spitfire exercise their redemption rights, Velo3D’s existing shareholders will own approximately 72%, JAWS Spitfire’s existing shareholders and sponsor will own approximately 21% and PIPE investors will own approximately 7% of the issued and outstanding shares of common stock, respectively, of the combined company at closing.

The transaction was unanimously approved by the boards of directors of both companies, though is still subject to approval by JAWS Spitfire’s shareholders and other customary closing conditions.

Download the latest issue of Metal AM magazine

Our latest issue is now available to view online or download in PDF format.

As well as an extensive AM industry news section, this 204-page issue includes articles and reports on:

  • Mauro Antolotti and BEAMIT: The story of Italy’s leading AM parts producer and its founder’s view on the industry
  • Why do we need Women in 3D Printing? The what, the who, and the why of the blog that became a movement
  • The need for speed, and how the right powder can reduce AM part production costs by 50%
  • Metal Additive Manufacturing:
    Why standards lay the foundation for continued industry growth
  • The advantages of Additive Manufacturing for the processing of platinum group metals
  • Obstacles to the adoption of metal AM by small- and medium-sized enterprises
  • Additive Manufacturing of aluminium parts by Directed Energy Deposition: Possibilities and challenges
  • Euro PM2020 technical review: Advances in process control for metal Binder Jetting (BJT)
  • > More information

Latest news


    Sign up to our e-newsletter, sent weekly to AM professionals and end-users around the world. We'll also let you know each time a new issue of Metal AM magazine is available.

    Discover our magazine archive…

    The free to access Metal Additive Manufacturing magazine archive offers unparalleled insight into the world of metal Additive Manufacturing from a commercial and technological perspective through:
    • Reports on visits to leading metal AM part manufacturers and industry suppliers
    • Articles on technology and application trends
    • Information on materials developments
    • Reviews of key technical presentations from the international conference circuit
    • International industry news
    All past issues are available to download in PDF format, in either single page format or as double-page “spreads” for viewing on large monitors. All downloads are free of charge. Go to archive...

    Connect with us

    Visit our social media channels and sign up to our e-newsletter

    Copy link
    Powered by Social Snap