Virgin Galactic Plans First Commercial Space Flight This Month

Topline

Virgin Galactic announced Thursday it will launch its first two commercial space flights in June and August, causing the 19-year-old company’s share price to spike over 40% in after-hours trading.

Billionaire Virgin Galactic founder Richard Branson answers questions during a 2021 news conference … [+] in New Mexico. Virgin Galactic is planning its first commercial flight, a science mission with the Italian Air Force, this month. (AP Photo/Susan Montoya Bryan, File)

Key Facts

The company said that its first voyage, dubbed “Galactic 01,” will fly between June 27 and 30, and a second flight, “Galactic 02,” will take place in early August.

The first spacecraft in June will carry three members of the Italian Air Force and National Research Council of Italy to conduct microgravity research, while the August trip will take the company’s first private astronauts to space, the company said.

After those two, the company plans monthly flights going forward.

Shares in Virgin Galactic jumped 44% in extended trading Thursday after the announcement, and were trading at around $5.86 per share as of 6:15 p.m. after closing Thursday at $4.06—still well below the company’s 52-week high of $8.56 last summer.

Key Background

Virgin Galactic was founded by billionaire Richard Branson in 2004 with the goal of taking wealthy clients to the edge of space, and it went public in 2019. Branson became the first billionaire to fly to space on his own rocket two years ago, and has operated several test flights, a new phase in what some have dubbed a space race amongst the super wealthy. Other members of the billionaire class have been itching to get into space travel including Elon Musk, the founder of SpaceX, which contracts with NASA to transport astronauts to the International Space Station and was established with the lofty goal of putting humans on Mars. Meanwhile, Jeff Bezos used his Amazon wealth to create Blue Origin, which has similarly taken him to the edge of space.

Big Number

$450,000. That’s how much it costs in total for tourists to ride in the spacecraft with Virgin Galactic.

Forbes Valuation

We estimate Branson’s net worth at $3 billion.

Tangent

Virgin Orbit, another Branson company that launches satellites into space, has had a more tumultuous road. In March, CEO Dan Hart announced the company was ceasing operations and letting go 90% of its employees after it failed to secure sufficient funding. This meant 675 employees lost their jobs, bringing its head count to roughly 100.