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Virgin Galactic

Virgin Galactic loses $500m

Sir Richard Branson’s Virgin Galactic business has reported a significant trading loss for 2022. The company said it remained “on track” to start carrying paying passengers in its space tourism business despite racking up $500 million in losses last year. The losses, specifically at Virgin Galactic Holdings, amount to $500 million compared to a loss […]

March 3, 2023By Chris Forrester

Virgin Galactic readies tourist spaceplane

Virgin Galactic is finalising its plans for its ‘next generation’ sub-orbital, tourist spaceplane. Virgin has signed agreements with Bell Textron and Qarbon Aerospace for its new ‘Delta Class’ spaceplane. Virgin will build the planes at a new facility in Mesa, Arizona at a rate of up to six units per year. The company says it […]

November 4, 2022

Branson’s Virgin Galactic further delays flights

Sir Richard Branson’s Virgin Galactic sub-orbital flight plan has slipped further. It will not resume flights on its VSS Unity spaceplane until Q2 2023. Virgin says its upgrades to its SpaceShipTwo aircraft are taking longer than expected. It had previously stated that commercial flights would take place during Q1 2023. Virgin’s main task is work […]

August 8, 2022By Chris Forrester

Virgin Galactic selects Arizona for spaceplane

Sir Richard Branson-backed Virgin Galactic will build its new ‘Delta-class’ sub-orbital spaceplanes at Mesa, Arizona, a suburb of Phoenix. Construction has already started. The Mesa facility will assemble the new spaceplanes and Virgin says the facility will be fully operational by the end of 2023 with the first aircraft carrying passengers by 2026. Completed aircraft […]

July 21, 2022

Virgin Galactic to build new motherships

Virgin Galactic has signed a contract with a subsidiary of Boeing to build two new ‘mothership’ aircraft which will be used as launch platforms for its future spaceplanes and launching of satellites. Virgin has ordered the aircraft from Aurora Flight Sciences. They will take the place of its current WhiteKnightTwo (also known as Virgin Mothership […]

July 7, 2022

Virgin Galactic signs 800 future astronauts

Space tourism business Virgin Galactic says around 800 would-be “astronauts” have made reservations for one of its sub-orbital flights. That might be the best news for the Sir Richard Branson-backed company which declared a delay to its passenger flights (to Q1/2023) and a net loss of $93 million for Q1 this year ($130 million loss […]

May 9, 2022

Inside trading suit filed against Virgin Galactic

Sir Richard Branson and Chamath Palihapitiya, the former chairman of Branson’s Virgin Galactic rocket tourism company, who unexpectedly stepped down in February, have been accused of issuing misleading information to shareholders over the company’s share float and how it was financed. The investor lawsuit, filed February 21st by Virgin Galactic shareholder Thomas Spiteri, seeks damages […]

March 7, 2022By Chris Forrester

Virgin Galactic boss steps down

Chamath Palihapitiya, chairman and a member of Virgin Galactic’s board, Is stepping down. He says he wants “to focus on other public company board commitments.” His departure is immediate, says a company statement. As part of the announcement, the Board appointed director Evan Lovell as Interim Chairman until a new chair is in place. Lovell […]

February 21, 2022By Chris Forrester

Virgin Galactic to offer $425m of new debt

Sir Richard Branson’s Virgin Galactic Holdings is looking to sell $425 million (and up to $500 million if the response is good) of convertible bonds in a private offering. Virgin Galactic will use the cash to fund working capital and general administrative purposes. The company has next-to-zero income (last year it declared just $3.2 million […]

February 1, 2022By Chris Forrester

Virgin Galactic signs up another 100

Richard Branson’s Virgin Galactic space tourism business says it has added “about” 100 new clients, at $450,000 each, to fly to the edge of space. The added voyagers have been signed up despite certain delays to any passenger-carrying flights not likely until, at best, Q4/2022 when an Italian crew could fly. Virgin Galactic’s CEO Michael […]

November 11, 2021By Chris Forrester