Virgin Galactic Stock Goes Up Again (After Going Way Down)

Sir Richard Branson and New Mexico Gov. Bill Richardson in front of WhiteKnightTwo and SpaceShipTwo during the Spaceport America runway dedication ceremony in October 2010. The spaceport still awaits its first suborbital flight. (Credit: Douglas Messier)

by Douglas Messier
Managing Editor

Virgin Galactic’s wild roller coaster ride on Wall Street continued over the past week as Richard Branson’s spaceline marked five months as a publicly traded company and 13 months since the last launch of its SpaceShipTwo suborbital tourism vehicle.

Since debuting on the New York Stock Exchange at $12 last Oct. 28, the stock soared to a high of $42.49 on Feb. 20 before sinking to $10.49 on March 19. Over the past week, the stock has risen again; it reached $14.68 in after-hours trading on Monday.

(more…)

Virgin Galactic Chairman Declares We’re Not a Bubble Stock as Shares Slide

Chamath Palihapitiya (Credit: SCH)

by Douglas Messier
Managing Editor

Virgin Galactic Chairman Chamath Palihapitiya was on a financial news network yesterday denying the stock was a bubble, a claim that hasn’t aged well in the short term.

With shares soaring to a high of $41.55 only a week ago, they are hovering at around $23 as I writing this story. The shares were offered at $12 when Virgin Galactic went public last Oct. 28 and rose sharply in recent weeks.

The shares slid after Virgin Galactic reported a larger than expected loss for the fourth quarter 2019 and hinted at delays in the start of commercial suborbital flights, which were to have started in June. Analysts have downgraded the stock based on the earnings report.

(more…)

Virgin Galactic: High Losses, Minimal Revenues & A lot of “Registrations of Interest”

A view from inside the cockpit. (Credit: Virgin Galactic)

by Douglas Messier
Managing Editor

Richard Branson’s now publicly traded Virgin Galactic space tourism company had its first quarterly and full year earnings call on Tuesday. You can read the press release here. Below are the key takeaways.

Burning cash: Net losses were nearly $72.8 million for the fourth quarter and $210.9 million for 2019. Net losses for 2018 and 2019 totaled $349.1 million. Total expenditures since 2004 have exceeded $1 billion.

(more…)

Virgin Galactic Stock Soars

Virgin Galactic’s stock hit an all-time high on Friday at $29.29 in after hours trading. The stock soared by $5.63 the day the company flew SpaceShipTwo VSS Unity from its test site in Mojave, Calif. to its operating base at Spaceport America in New Mexico.

Not bad for a stock that was offered at $12 when it opened on the New York Stock Exchange last Oct. 28.

Stock prices are often based on future expectations. That’s certainly true of Virgin Galactic. The company has spent more than $1 billion over the past 15.5 years developing a suborbital space tourism vehicle that has never carried a single paying passenger. Virgin Galactic has never had an annual profit.

VSS Unity has flown two suborbital flights above 50 miles (80.4 km) since it was rolled out four years ago. The last flight was nearly one year ago. So, there hasn’t been any actual action in the sky — except for a ferry flight to New Mexico on Friday — to drive up the stock price.

Months of additional flight testing is set to take place before SpaceShipTwo VSS Unity conducts its first commercial flight with passengers. Virgin Chairman Richard Branson will be aboard that flight, which could take place before or on his 70th birthday on July 18.

Virgin says it’s got 603 passengers signed up for flights. It plans to begin selling tickets once commercial service begins at a cost higher than the current $250,000 price. The company says thousands of people have expressed interest in signing up.

Spaceport America Welcomes SpaceShipTwo Unity to New Mexico

TRUTH OR CONSEQUENCES, NM (NMSA PR) — Virgin Galactic Holdings, Inc., a vertically integrated aerospace company, has successfully completed another vital step on its path to commercial service, relocating SpaceShipTwo, VSS Unity, to its commercial headquarters at Spaceport America’s Gateway to Space building.

(more…)

SpaceShipTwo Unity Moved to New Mexico

SpaceShipTwo VSS Unity arrives at Spaceport America aboard WhiteKnightTwo VMS Eve. (Credit: Virgin Galactic)

TRUTH OR CONSEQUENCES, NM, February 13, 2020 (Virgin Galactic PR) – Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic” or “the Company”), a vertically integrated aerospace company, has successfully completed another vital step on its path to commercial service, relocating SpaceShipTwo, VSS Unity, to its commercial headquarters at Spaceport America’s Gateway to Space building.

(more…)

Virgin Galactic Begins End Game as SpaceShipTwo Unity Relocated to New Mexico

SpaceShipTwo VSS Unity arrives at Spaceport America aboard WhiteKnightTwo VMS Eve. (Credit: Virgin Galactic)

by Douglas Messier
Managing Editor

Four years after it was first rolled out, Virgin Galactic’s VSS Unity left the Mojave Air and Space Port in California on Thursday for its new home at in New Mexico, where it will undergo final flight testing and preparation for commercial suborbital space flights.

(more…)

2020: Four Spaceships & the End of America’s Cosmic Groundhog Day

Blue Origin’s New Shepard reusable, suborbital rocket. (Credits: Blue Origin)

by Douglas Messier
Managing Editor

The clock struck midnight on Jan. 1 amid raucous celebrations around the world. The arrival of a new year and decade merely confirmed what had been clear for months: 2019 was not the breakthrough year for getting humans off the planet.

Neither Richard Branson’s Virgin Galactic and Jeff Bezos’ Blue Origin followed through on long-standing promises to fly paying passengers on suborbital joyrides. An era of commercial space tourism that seemed so close that October day in 2004 when Brian Binnie guided SpaceShipOne to a landing at the Mojave Air and Space Port quietly slipped into yet another year.

(more…)

Watch Virgin Galactic’s WhiteKnightTwo Land at Mojave

WhiteKnightTwo VMS Eve returned to Mojave on Friday after a months-long stay at Spaceport America in New Mexico. The pilots did about a half dozen flights over the runway, some just above it and others touch-and-goes. This was the final approach and landing.

Virgin Galactic hasn’t made any announcement about its return. (Odd, because they tend to announce everything.) Officials have said in the past that WhiteKnightTwo would return to Mojave to bring SpaceShipTwo VSS Unity to New Mexico to complete its flight tests and then begin commercial flights.

Virgin Galactic’s WhiteKnightTwo Returns to Mojave

WhiteKnightTwo (Credit: Kenneth Brown)

After spending months at Spaceport America in New Mexico, Virgin Galactic’s WhiteKnightTwo carrier ship VMS Eve flew back to the Mojave Air and Space Port in California on Friday.

WhiteKnightTwo (Credit: Kenneth Brown)

The pilots made about a half dozen low passes over runway 12-30. Several were just above the runway, while others were touch-and-goes on which they briefly landed before soaring again into the desert sky.

WhiteKnightTwo (Credit: Kenneth Brown)

Virgin Galactic officials have said that WhiteKnightTwo would return to Mojave to transport SpaceShipTwo VSS Unity to the Spaceport America to complete its flight test program.

WhiteKnightTwo (Credit: Kenneth Brown)

Virgin Galactic is hoping to fly it founder, Richard Branson, on the first commercial SpaceShipTwo suborbital flight in time for his 70th birthday on July 18.

The company has said it has a backlog of 603 ticket holders who have paid either $200,000 or $250,000 apiece. Thousands of other potential space tourists have expressed interest in signing up once Virgin Galactic starts selling tickets again, officials said. The company plans to take reservations at an even higher price once commercial service begins.

Spaceport America Seeking Additional $92.6 Million for Improvements

Sunset at the “Virgin Galactic Gateway to Space” terminal hangar facility at Spaceport America. (Credit: Bill Gutman/Spaceport America)

by Douglas Messier
Managing Editor/Publisher

It’s budget season again in Sante Fe. As usual, the New Mexico Spaceport Authority (NMSA) is seeking money for additional upgrades to Spaceport America.

The Albuquerque Journal has a story outlining a series of requests totaling nearly $93 million. I have helpfully summarized the information in the table below.

(more…)

2019: A Busy Year in Suborbital Flight

Blue Origin’s New Shepard reusable, suborbital rocket. (Credits: Blue Origin)

by Douglas Messier
Managing Editor

Last year was a busy one for suborbital flights as Jeff Bezos’ Blue Origin and Richard Branson’s Virgin Galactic conducted a combined four flights of their crewed suborbital vehicles. Despite hopes to the contrary, neither company flew paying tourists on their spaceships.

There were also 26 sounding rocket launches that carried scientific experiments and technology payloads above the atmosphere. The year saw:

  • Japanese startup Interstellar Technologies conduct a successful launch of its Momo commercial sounding rocket;
  • Texas-based Exos Aerospace continue to struggle with its reusable SARGE booster; and,
  • the first suborbital launch ever achieved by college students.
(more…)

SpinLaunch Receives Additional Investment of $35 Million, Bringing Total Investment to $80 Million

Illustration depicting SpinLaunch orbital vehicle inside the electric kinetic launcher (Credit: SpinLaunch)

LONG BEACH, Calif. (SpinLaunch PR)–Jonathan Yaney, Founder and CEO of SpinLaunch, Inc.,has announced that the company has received an additional investment of $35 million for continued development of the world’s first kinetic launch system, designed to provide the lowest-cost, environmentally responsible orbital launch system to serve the rapidly growing small satellite industry.

(more…)

Collaboratory Formed to Promote New Mexico’s Spaceport America During Closed Door Meeting

Sunset at the “Virgin Galactic Gateway to Space” terminal hangar facility at Spaceport America. (Credit: Bill Gutman/Spaceport America)

by Douglas Messier
Managing Editor

Officials from New Mexico, the federal government and Virgin Galactic met last week behind closed doors for the state’s first Space Valley Summit to form a “collaboratory” to promote Spaceport America and the state’s aerospace economy.

The one group not invited: taxpayers who have forked over about $250 million to build the spaceport where Virgin Galactic is the anchor tenant. As the Las Cruces Sun News dryly noted

Minutes after [Gov. Michelle Lujan Grisham] exhorted the summit to “make sure every New Mexican … knows exactly what is happening here,” all reporters were asked to leave. 

(more…)

ABL Completes E2 Rocket Engine Test Campaign

UPHAM, NM (Spaceport America PR) – ABL Space Systems, a company founded by former SpaceX engineers, recently completed a successful test campaign of its E2 rocket engine at Spaceport America.

“Spaceport America provided the perfect location and support staff for us to test the E2 rocket engine,” explained ABL CFO Dan Piemont. “Our team did a great job rapidly activating our deployable test site, and we are happy with how E2 performed. This campaign was an important step toward bringing the RS1 launch vehicle to market.”

(more…)