“Galactic 01” Planned for Takeoff, with “Galactic 02” following in August

Despite a fairly small number of "test flights," Virgin Galactic announced the date for its very first commercial spaceflight, planning on launching between June 27 and 30 of this year, with a following mission to take place in early August.

Virgin Galactic has been hammered by the stock market in recent years, when it fell from its optimistic high of $55.91 in June of 2021 to the single-digit range. It’s no secret that space travel is exceedingly expensive, and one unforeseen delay after another chipped away at investor confidence as commercial service looked increasingly unlikely. In 2023, the stock has bounced from low $3’s to mid $6’s, depending on the level of market enthusiasm and confidence. Virgin Galactic’s sister brand, Virgin Orbit, unfortunately fell into bankruptcy earlier this year, when the satellite launch service failed to raise additional capital to sustain its similarly pricey operations. Orbit’s remains were snapped up by Rocket Lab back in May, but news on future air-launched satellite delivery has been quiet. The turnabout was odd, from an investor standpoint - who would have expected that the functional, utilitarian logistics brand would fold before the expensive space tourism one? 

The launch news proved to be a shot in the arm for Virgin Galactic, when after-hours stock prices vaulted it from $4.06 to a high of $6.41. Whether it can sustain that enthusiasm will depend on a successful flight. The first commercial operation, “Galactic 01”, will take a team of specialists from the Italian Air Force and the National Research Centre of Italy as they look to conduct microgravity research on the edge of space.

“This next exciting chapter for Virgin Galactic has been driven by innovation, determination and a commitment to delivering an unparalleled and truly transformative customer experience,” CEO Michael Colglazier said in a statement. The question is this.... are they really ready for commercial service or rushing things a bit in order to restore some value to the faltering company.

FMI: www.virgingalactic.com