Richard Branson, the founder and largest shareholder of suborbital spaceflight company Virgin Galactic, will sell more than a fifth of Virgin Group’s majority stake in the company to raise funds to aid its other companies affected by the pandemic.
Virgin Galactic executives said May 5 that the suborbital spaceflight company has taken measures to resume regular operations during the coronavirus pandemic, but said they didn’t yet know its overall impact on the business.
Virgin Galactic conducted the first test flight of SpaceShipTwo from its New Mexico spaceport May 1 as the company edges closer to finally beginning commercial flights of the suborbital spaceplane.
With SpaceShipTwo and Blue Origin’s New Shepard set to begin commercial service as soon as late this year, the focus has been on those vehicles carrying space tourists. But some believe that those vehicles are also ideal for research missions.
Virgin Galactic executives suggested Feb. 25 that the beginning of commercial flights of its SpaceShipTwo suborbital vehicle might slip again, even as the company starts planning to resume ticket sales.
Virgin Galactic’s SpaceShipTwo suborbital spaceplane arrived at the company’s spaceport in New Mexico Feb. 13, ready for a final series of test flights before the company starts commercial operations.
Virgin Galactic is making progress in the development of its next SpaceShipTwo suborbital spaceplane, although the company is saying little about when its existing SpaceShipTwo will be ready to resume test flights.
Nearly a month after Virgin Galactic’s debut on public markets, the investment community is largely taking a wait-and-see approach to whether it will be a model for other space companies seeking to go public.
Shares in suborbital spaceflight company Virgin Galactic were flat in their first day of trading as company leadership says that they will retain a long-term mindset despite now being a public company.
Virgin Galactic signed a contract Oct. 2 with the Italian Air Force to fly a set of research payloads, and three people, on a future SpaceShipTwo suborbital spaceflight.
As Virgin Galactic prepares to finish the test program for its SpaceShipTwo suborbital vehicle, the company says the New Mexico spaceport it will operate from is ready.
Virgin Galactic’s merger with a publicly-traded investment company is likely a one-off event based on the company and people involved, and not a sign of more fundamental changes in the industry, investors argue.
With an $800 million infusion thanks to a merger with a public investment vehicle, Virgin Galactic expects to rapidly build up commercial operations and be profitable as soon as 2021.
Virgin Galactic announced July 9 it had reached an agreement to merge with a public investment vehicle, raising several hundred million dollars of capital and allowing the company to become publicly traded.