Lunar lander builder Intuitive Machines looks to join the Space SPAC index this week. Shareholders are set to vote on its reverse merger with Inflection Point Acquisition Corp. on Wednesday morning. If the deal goes through, the Houston-based company will begin trading on Nasdaq under the symbol LUNR.
Resplendent in a blue Virgin Galactic flight suit, Richard Branson was in an exuberant mood as he sat at the New York Stock Exchange doing a TV interview on Oct. 28, 2019. His space tourism company had just gone public in a $774 million merger with billionaire Chamath Palihapitiya’s Social Capital Hedosophia special purpose acquisition company.
Virgin Galactic now had an estimated market value of more than $2.2 billion despite never having flown a single passenger or earned any serious revenue in 15 years. Virgin Galactic would have $450 million to complete its flight test program and begin commercial flights — if the company’s Securities and Exchange Commission filings were to be believed — in June 2020. Branson and the Mubadala Investment Company, an Abu Dhabi government sovereign wealth fund, would divide up $274 million to offset about $1 billion in investment made thus far.
Two Chinese companies — CAS Space and Space Transportation — are pursuing the suborbital tourism market, with the former closely copying Blue Origin’s fully reusable New Shepard vehicle and the latter developing a winged vehicle that could be adapted for hypersonic point-to-point travel between distant locations on Earth.
CAS Space, a.k.a., Guangzhou Zhongke Aerospace Exploration Technology Co., Ltd., is developing a single-stage reusable rocket that lands under its own power topped with a capsule that descends under three parachutes.
The first half of 2022 saw more commercial travelers — 16 — launch into space than the 10 professional astronauts who work for government-run space agencies. However, those numbers come with an asterisk or two.
Four of the 14 astronauts who launched into orbit flew on Axiom Space’s privately funded and operated crew flight to the International Space Station (ISS). Blue Origin launched 12 individuals into space on two flights of the company’s New Shepard suborbital vehicle.
The other 10 astronauts who launched to ISS and the Tiangong space station worked fulltime for NASA, European Space Agency (ESA), China Manned Space Agency, or Russia’s Roscosmos State Space Corporation. SpaceX flew American and European astronauts to ISS on the company-owned Crew Dragon spacecraft under a NASA contract. The Russians and Chinese flew aboard government-owned and operated spacecraft.
TOKYO (JAXA/Mitsui Sumitomo Insurance Co. PR) –– Sumitomo Mitsui Marine Fire Insurance Co., Ltd. (President: Shinichiro Funabuchi) of MS & AD Insurance Group and Japan Aerospace Exploration Agency (JAXA, Chairman: Hiroshi Yamakawa) aim to create space-related businesses with new ideas. Under the framework of “JAXA Space Innovation Partnership (J-SPARC)”, we started co-creation activities related to “Space Travel Insurance Business” in July 2022.
Details of co-creation activities
Currently, insurance for space travel is not yet in full swing. The reason is none other than the small number of space travelers. Under such circumstances, 2021 was called the “first year of space travel,” and for the first time in history, the number of space travelers exceeded the number of professional astronauts. Now that space travel by various means has been realized or proposed, space travel insurance that meets the needs is required. Sumitomo Mitsui Marine and JAXA are co-creating activities related to “product development of space travel insurance” and “support for expanding the space travel market”, and by creating and disseminating the “space travel insurance” that is now needed. It adds peace of mind to space travel and contributes to the expansion of humankind’s economic sphere.
Virtuoso adds spaceflight partner to its exclusive global portfolio
Limited number of remaining seats available to Virtuoso’s global client base
NEW YORK & TUSTIN, Calif. (Virtuoso/Virgin Galactic PR) — Virtuoso®, the leading global network specializing in luxury and experiential travel, and Virgin Galactic (NYSE: SPCE), an aerospace and space travel company, today announced a strategic partnership to make a limited number of seats for Virgin Galactic’s spaceflight experience available to Virtuoso’s global client base.
MESA, Ariz., July 14, 2022 (Virgin Galactic PR) – Virgin Galactic Holdings, Inc. (NYSE: SPCE) (the “Company” or “Virgin Galactic”), an aerospace and space travel company, today announced it has signed a long-term lease for a new final assembly manufacturing facility for its next-generation Delta class spaceships. Located in Mesa, Greater Phoenix area, adjacent to the Phoenix-Mesa Gateway Airport, the facility will be capable of producing up to six spaceships per year and will bring hundreds of highly skilled aerospace engineering and manufacturing jobs to the area.
The first half of 2022 was a busy period in suborbital space with 23 launches conducted that did not involve tests of ballistic missiles or defensive systems. Twelve people flew above the Karman line, new boosters and space technologies were tested, and the first commercial suborbital launch was conducted from Australia. And some science was done.
We covered the above mentioned flights in depth in a story published on Tuesday. In this piece we’ll look a broader look at who launched what, when, where, why and on what.
Virgin Galactic has seen the departures of its director of safety and chief legal officer over the past month.
Chief Legal Officer and General Counsel Michelle Kley is leaving Virgin Galactic as of July 19 after two years and seven months with the company. She will become chief legal officer at Volta, a company that runs an electric vehicle charging network.
Her departure comes as Virgin Galactic battles lawsuits from unhappy shareholders who claim to have lost money since the company went public more than 2.5 years ago.
Kley joined Virgin Galactic as executive vice president, chief legal officer, general counsel and secretary in December 2019. She previously served as senior vice president, chief legal officer, general counsel and secretary at Maxar Technologies from July 2016 to March 2019.
For decades, the suborbital launch sector was largely a backwater. Militaries tested ballistic missiles, scientists conducted experiments, and engineers tested new technologies. A sounding rocket is small potatoes compared with orbital rocket launches and the glamor of human spaceflight. Few people paid much attention.
All that has changed in recent years as Virgin Galactic and Blue Origin and their billionaire owners — Richard Branson and Jeff Bezos — started launching themselves and others on suborbital joyrides. Startups have been conducting suborbital flight tests of new orbital launch vehicles designed to serve the booming smalls satellite market. Suborbital has become a much more interesting sector.
This year has been no exception. The first half of 2022 saw Blue Origin send 12 people into space on two New Shepard flights, a Chinese company conduct six launches in a program to develop aa suborbital spaceplane and hypersonic transport, South Korea and Iran perform flight tests of three different smallsat launchers, Germany test technologies for reusable rockets, and first-ever commercial launch from Australia. And, a great deal of science was done.