Why Virgin Galactic Went SPAC

Richard Branson celebrates the first Virgin Galactic trade on the New York Stock Exchange. (Credit Virgin Galactic)

by Douglas Messier
Managing Editor

During the SmallSat Symposium last week, Richard Branson was asked why Virgin Galactic had gone public using a special purpose acquisition company (SPAC).

“I’m impatient. The SPAC gets through all of the rigmarole of public companies. Yes, I thought, that’s great, let’s do it,” he replied.

Branson was half right. A SPAC makes it a lot easier for a company to go public. But, impatience was probably not the main reason Virgin Galactic went SPAC.

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NM AG: Excess Local Tax Revenues Improperly Spent to Support Spaceport America Operations

The Virgin Galactic Gateway to Space terminal hangar facility (center), Spaceport Operations Center (Left) and “Spaceway” (Runway) at Spaceport America. (Credit: Bill Gutman/Spaceport America)

by Douglas Messier
Managing Editor

Excess local tax revenues collected to support Spaceport America have been improperly spent on the facility’s operational costs, the New Mexico Attorney General’s Office has concluded.

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Virgin Galactic Postpones Suborbital Flight Test

Virgin Galactic had planned to fly from Spaceport America in New Mexico as early as Saturday. The company has said there are open dates for the rest of February.

The suborbital flight will include two pilots and a load of microgravity experiments in the passenger cabin. It will be a repeat of a flight that was aborted in December after VSS Unity‘s computer lost contact with the ship’s hybrid engine.

The upcoming flight will be the first of three final suborbital tests of the rocket plane before Virgin Galactic begins flying paying passengers. The company said it might add more flight tests if necessary.

As Virgin Galactic Crew Celebrated Second Suborbital Flight, Problems Loomed Behind the Scenes

Chief Pilot David Mackay celebrates a successful flight with champagne as Chief Astronaut Beth Moses looks on. (Credit: Virgin Galactic)

by Douglas Messier
Managing Editor

Newly arrived back on Earth after a quick visit to space, Virgin Galactic Chief Astronaut Beth Moses was effusive as she described the suborbital flight she had just taken aboard the company’s SpaceShipTwo rocket plane, VSS Unity.

“Richard, you’re going to love it!” she told Virgin Chairman Richard Branson, who had remotely monitored the Feb. 22, 2019 flight that had taken place over California’s Mojave Desert.

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Orbital Space Tourism is Back, Baby! And on Steroids

The Axiom Space Ax-1 crew: former NASA astronaut Michael Lopez-Alegria, Canadian businessman Mark Pathy, American investor Larry Connor, and Israeli businessman Eytan Stibbe. (Credit: Axiom Space)

by Douglas Messier
Managing Editor

NewSpacers of the world, rejoice! After a 12-year gap, orbital space tourism is back! And it’s bigger and more expensive than ever. The only bad news: Maverick will stay grounded — at least for now.

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Axiom Names Crew for First Private Mission to ISS

The Axiom Space Ax-1 crew: former NASA astronaut Michael Lopez-Alegria, Canadian businessman Mark Pathy, American investor Larry Connor, and Israeli businessman Eytan Stibbe. (Credit: Axiom Space)

HOUSTON (Axiom Space PR) – Axiom Space on Tuesday announced its crew for humankind’s first flight of a group of private individuals to a Low Earth Orbit destination – the first-ever entirely private mission proposed to fly to the International Space Station (ISS).

The proposed historic Axiom Mission 1 (Ax-1) will consist of: former NASA astronaut and Axiom vice president Michael López-Alegría as commander; American entrepreneur and non-profit activist investor Larry Connor as pilot; Canadian investor and philanthropist Mark Pathy; and impact investor and philanthropist Eytan Stibbe of Israel.

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Video of My Appearance on the Tipping Point New Mexico Podcast

Posted by Douglas Messier on Monday, December 21, 2020

On Monday, I joined Rio Grande Foundation President Paul Gessing for an episode of the Tipping Point New Mexico podcast. We talked about the latest developments involving Virgin Galactic and Spaceport America. Topics include:

  • aborted SpaceShipTwo flight test of Dec. 12
  • reasons for 22-month delay in powered flights
  • new Virgin Galactic CEO Michael Colglazier’s extravagant vision for the space tourism company
  • why Virgin Galactic hasn’t been able to deliver on promises made to New Mexico taxpayers
  • shakeup in the management at the New Mexico Spaceport Authority, and
  • recent audit that recommended former Spaceport America Executive Director Dan Hicks and ex-CFO Zach DeGregorio be invested for possible criminal charges.

Enjoy!

Virgin Galactic Looks on the Bright Side After Launch Abort

WhiteKnightTwo takes off with SpaceShipTwo VSS Unity from Spaceport America in New Mexico. (Credit: Virgin Galactic)

by Douglas Messier
Managing Editor

It was a flight 22 months in the making. But, when it came time for the rubber to meet the oxidizer, the whole thing suddenly flamed out.

The hybrid engine on Virgin Galactic’s SpaceShipTwo VSS Unity failed to fire properly on Saturday, sending the suborbital rocket plane, pilots David Mackay and C.J. Sturckow and a load of NASA-sponsored experiments into a rapid descent and landing back at Spaceport America, instead of a graceful parabolic arc into suborbital space.

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Space Tourism Rewind: Branson & Richardson Announced Spaceport America Deal 15 Years Ago

Early Spaceport America artwork showed facilities built underground. (Credit: Virgin Galactic)

New Mexico to spend $225 million
Commercial spaceflight set to begin in 2010
Virgin Galactic to fly 50,000 peassengers in 10 years

SANTE FE, NM, Dec. 14, 2005 (New Mexico Economic Development Department PR) — Governor Bill Richardson and Sir Richard Branson, Chairman of the Virgin Companies, today announced that Virgin Galactic, the world’s first commercial space tourism business, will locate its world headquarters and Mission Control in New Mexico. The agreement between the State of New Mexico and Virgin Galactic calls for New Mexico to build a $225 million spaceport in the southern part of the state, on 27- square miles of state land.

“This is a historic day for our great state, and particularly Southern New Mexico,” said Governor Bill Richardson. “With Virgin at the controls, enthusiasts from around the world will fly to space, routinely and safely, just a few years from now. And they will be flying from the world’s first purpose-built spaceport here in New Mexico. I am excited that New Mexico will be on the ground floor of this new industry, and I know this will mean new companies, more high-wage jobs and opportunities that will move our state’s economy forward.”

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Virgin Galactic Unveils Flight Suits for SpaceShipTwo Pilots

On Friday, Virgin Galactic unveiled new flight suits for the pilots who will fly SpaceShipTwo. The company worked on the suits with Under Armour, which also designed similar garments for passengers.

The press release refers to the pilot garments as spacesuits 16 times even though they do not meet any accepted definition of the word. Per Marriam-Webster:

space suit: a suit equipped with life supporting provisions to make life in space possible for its wearer.

What Virgin Galactic and Under Armour have produced for both crew and passengers are flight suits that provide the wearer with zero protection against the vacuum and radiation of space. To call them spacesuits is false and unacceptable stretching of the word.

You can find the press release and pictures on Virgin Galactic’s website.

Spaceport America Board Approves Spending $20 Million for New Capital Projects

The Virgin Galactic Gateway to Space terminal hangar facility (center), Spaceport Operations Center (Left) and “Spaceway” (Runway) at Spaceport America. (Credit: Bill Gutman/Spaceport America)

by Douglas Messier
Managing Editor

Fresh off a stinging report saying that it failed to properly oversee a state-owned facility rife with fraud, waste and abuse, the New Mexico Spaceport Authority (NMSA) Board of Directors approved spending up to $20 million on capital improvements to Spaceport America.

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Report Recommends Former Spaceport America Executives be Investigated for Possible Criminal Charges

Sunset at the “Virgin Galactic Gateway to Space” terminal hangar facility at Spaceport America. (Credit: Bill Gutman/Spaceport America)
  • Outside investigation concluded former Executive Director Dan Hicks ignored spending regulations, submitted falsified travel documents, and wasted hundreds of thousands of dollars on unnecessary travel and unrealistic projects
  • Hicks portrayed by staff as an incompetent manager who bullied employees
  • Ex-CFO Zach DeGregorio facilitated Hicks’ violations by improperly approving travel and ignoring rules and statutes
  • Former New Mexico Spaceport Authority Board Chairman Rick Holdridge accused of allowing violations to continue

by Douglas Messier
Managing Editor

A highly critical investigation of Spaceport America has determined the New Mexico state government should consider formal criminal and/or administrative charges against former Executive Director Dan Hicks and former Chief Financial Officer (CFO) Zach DeGregorio for their mishandling of the spaceport’s finances.

“As detailed above, there is evidence to conclude that Dan Hicks violated criminal and administrative statutes, as well as the State of New Mexico Governmental Compliance Act, and Governor Lujan Grisham’s Code of Conduct, during his tenure as Director of the Spaceport,” the report said.

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Virgin Galactic Delays SpaceShipTwo Flight Test Due to COVID-19

SpaceShipTwo Unity in its first powered flight. (Credit: Kenneth Brown)

by Douglas Messier
Managing Editor

Virgin Galactic’s first suborbital flight in nearly two years will have to wait a bit longer due to the worsening COVID-19 pandemic.

The company has postponed a powered flight test of SpaceShipTwo VSS Unity that had been scheduled to take place between Nov. 19-23 from Spaceport America after New Mexico reenacted its shelter in place order as the rising number coronavirus cases have begun to overwhelm hospitals.

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Virgin Galactic’s WhiteKnightTwo Conducts Flight Test on Eve of Earnings Call

by Douglas Messier
Managing Editor

One week before Virgin Galactic is expected to report another large quarterly loss, the company’s WhiteKnightTwo VMS Eve took to the skies on Thursday over Spaceport America for the first time since June 25.

The flight was the first of four tests designed to pave the way for Virgin Galactic to begin commercial SpaceShipTwo suborbital tourism flights with VSS Unity during the first quarter of next year.

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For New Virgin Galactic CEO, the Ultimate Perk: An All-Expenses Paid Trip to Space

Michael Colglazier (Credit: Virgin Galactic)

by Douglas Messier
Managing Editor

For 26 years, Michael Colglazier worked for a company whose theme parks feature a popular attraction named Space Mountain. They aren’t really mountains and they don’t go anywhere near space, but as rollercoasters they are pretty good.

When the former Walt Disney Company executive signed on to become Virgin Galactic’s CEO in July, his contract included a free ride to space for himself and three friends aboard his new employer’s SpaceShipTwo suborbital vehicle.

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