Daily Management Review

Virgin Galactic shares up 24% after announcement of first flight with tourists


Virgin Galactic’s papers grew by more than 24% on the New York Stock Exchange on Monday following the company's announcement of its first commercial flight.

Global Panorama
Global Panorama
The New York Stock Exchange opened trading on Monday with Virgin Galactic shares up 24.4% to $4.49 after the firm announced the launch of its first commercial space voyage. According to the press release, it will happen at the end of June. The stock price dropped latter and the overall increase was up only 11.08%.

The business did not reveal additional information about the Galactic 01 mission flight. The first commercial passengers of the mission were not named either. However, the announcement did mention that Unity 25 will conduct a test flight before making its first commercial launch, which is planned for late May. In addition to the crew, there will be four other passengers on board, including Beth Moses, who participated in Virgin Galactic's maiden flight with a complete crew in July 2021.

In the past, Virgin Galactic has repeatedly postponed beginning of commercial flights, notably because of supply problems and plans to upgrade the spaceship and launch vehicle. The ship, with the aid of this plane, rises to an altitude of 80–100 kilometers throughout the voyage, which is technically suborbital, and spends several minutes in zero gravity. Richard Branson, the owner of Virgin Galactic, was one of the first people to travel on such voyages when he boarded the Unity 22 mission in July 2021.

source: bloomberg.com