Active Stocks
Fri Jun 21 2024 15:29:59
  1. Tata Steel share price
  2. 179.60 -1.51%
  1. ITC share price
  2. 419.90 -0.81%
  1. State Bank Of India share price
  2. 834.35 -1.12%
  1. Wipro share price
  2. 491.75 0.25%
  1. ICICI Bank share price
  2. 1,156.85 0.00%
Business News/ Companies / News/  Virgin Galactic re-opens ticket sales to space, sending stock soaring
BackBack

Virgin Galactic re-opens ticket sales to space, sending stock soaring

The 90-minute spaceflight includes 'several minutes of out-of-seat weightlessness,' according to the company's statement.

Virgin Galactic shares were last trading at $10.44, higher by 28.41% on Tuesday (Reuters)Premium
Virgin Galactic shares were last trading at $10.44, higher by 28.41% on Tuesday (Reuters)

Virgin Galatic's decision to re-open commercial ticket sales to space for general public sent the stock soaring by over 28%. The shares were last trading at $10.44, higher by 28.41% on Tuesday.

The space tourism company will re-open the ticket sales starting Wednesday for $450,000. However, customers can make an initial deposit of $150,000 when the ticket sales are open for reservation.

The 90-minute spaceflight includes “several minutes of out-of-seat weightlessness," according to the company's statement.

The spaceflight reservations include access to the Future Astronaut community, which will provide members access to events, trips and space-readiness activities before their trip.

"We plan to have our first 1,000 customers on board at the start of commercial service later this year, providing an incredibly strong foundation as we begin regular operations and scale our fleet," said Chief Executive Officer Michael Colglazier in a statement.

As of last November, the company said it had sold 700 tickets. The current fare is well above the $200,000-$250,000 paid by some waiting 600 customers from 2005 to 2014.

The announcement gives a big boost to Virgin Galactic, which has sputtered in recent months. After founder Richard Branson took a high-profile flight in July, the company said it would delay the start of commercial service to upgrade its space plane. The company also ran afoul of US regulators last year, forcing it to ground flights briefly.

Established in 2004, Billionaire Richard Branson's Virgin Galactic is looking to build on the success of a high profile test mission last July, which saw Branson beat Blue Origin founder Jeff Bezos in their billionaire space race by a few days.

But Virgin has not flown since then. In October it announced it was entering an "enhancement period" to make safety upgrades to its fleet, and pushed back a planned test flight with the Italian Air Force to this year.

Shares of Virgin Galactic have fallen 66% since October, when the company delayed its commercial space travel service to the fourth quarter of 2022.

Its target to fly its first paying individual customers towards the end of 2022 puts it behind its competition in the nascent space tourism sector -- Blue Origin and Elon Musk's SpaceX -- which have already flown commercial passengers.

3.6 Crore Indians visited in a single day choosing us as India's undisputed platform for General Election Results. Explore the latest updates here!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 15 Feb 2022, 10:28 PM IST
Next Story footLogo
Recommended For You