Virgin Galactic is set to launch its first commercial space tourism in June
image for illustrative purpose
Virgin Galactic, the space tourism firm founded by Richard Branson, has announced that its long-awaited commercial spaceflight service will finally launch later this month. The news sent the company's shares soaring by over 55% in after-hours trading. The first spaceflight, named "Galactic 01," is scheduled to take place between June 27 and June 30, with "Galactic 02" set to follow in early August. The company plans to offer monthly spaceflights thereafter.
Last year, Virgin Galactic's shares suffered a significant blow, losing more than two-thirds of their value due to delays in the launch of their commercial service. However, the recent announcement has reignited investor enthusiasm, leading to a surge in the stock price. In aftermarket trading on Thursday, shares were valued at $6.30.
To ensure the success of their commercial service, Virgin Galactic temporarily suspended flights of their spaceplane VSS Unity and carrier plane in 2021. This hiatus allowed the company to implement crucial spacecraft enhancements, causing a delay in their debut customer mission to the edge of space. However, in February, the firm declared that it had completed an extensive upgrade period for its flagship tourist spacecraft, clearing the way for its inaugural commercial spaceflight.
In 2023, Virgin Galactic's shares have experienced a modest rise of approximately 16%. The eagerly anticipated launch of the commercial service has brought renewed optimism to investors and the industry as a whole. The company aims to capitalize on the growing demand for space tourism and offer an extraordinary experience to customers.
The first commercial mission will feature three crew members from the Italian Air Force and the National Research Council of Italy. Their primary objective will be to conduct microgravity research during the spaceflight. This milestone not only marks a significant achievement for Virgin Galactic but also showcases the potential of space tourism as a platform for scientific exploration.
As the launch date approaches, excitement continues to build within the space tourism sector. The success of Virgin Galactic's commercial service will not only establish the company as a key player in the industry but also pave the way for further advancements and opportunities in space exploration and travel.
