Virgin Galactic surges 47% as Richard Branson's space tourism company preps first commercial flight
Virgin Galactic stock rocketed as much as 47% higher on Friday, as investors cheered the news that the space tourism company was preparing its first commercial flights after a long series of delays.
Soon after the market opened, the stock jumped to $5.97, then pared its gain to $5.50, up 36% from Thursday's close. that the first flight, dubbed Galactic 01, is scheduled between June 27 and June 30. The flight will carry a science team of three crew members from the Italian air force who will conduct microgravity research, the company said. A second flight will follow in early August. Private space flights will cost $450,000 per ticket, according to the Wall Street Journal.
The news comes after a string of delays and technical issues that pushed out the date of Virgin's first commercial operations. The company has also struggled to make money. It rode a wave of enthusiasm around the SPAC boom in the early days of the pandemic, but ultimatelyAs the air came out of the SPAC bubble over the course of 2022, many firms that went public in a merger with a blank-check firm saw their stock price crumble.
In 2021, Branson was aboard the first fully crewed spaceflight of Virgin Galactic's SpaceShipTwo. That was part of the test flight program.
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