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First Space Company To Go Public!

Yesterday Virgin Galactic went live on the NYSE to start off the new week and once again solidify Richard Branson and his iconic brands in stone as he did his typical stunt showing up wearing a space suit to talk to media. Below is the tweet…

Virgin Galactic is the first “space race 2.0” company to be publicly traded and will trade under the $SPCE ticker. Branson and his backers have sunk more than $1 billion into this project so far, the most recent being a raise over $450M, apparently Virgin suffers from similar issues as most other space companies do and that is they burn through cash!

Over the last 30 months alone they have burned through $380M and the company isn’t generating too much revenue but by 2023 Virgin plans to have 5 spacecraft, each carrying at least 5 passengers, conducting 5 flights per month. That’s a lot of fives there….

Guess I need to add that to my master 100yr chart!

Also we got an updated number on people who have made deposit to take the 90 minute, $250k trip into space, its over 600 people so far! The company expects the cost per ticket to increase somewhat before falling again because of economies of scale and manufacturing improvements.

Virgin now has become the most expensive luxury experience.


Sources:
https://www.bnnbloomberg.ca/virgin-galactic-takes-a-bunch-of-hedge-funds-into-outer-space-1.1338635
https://www.bnnbloomberg.ca/branson-s-virgin-galactic-space-venture-starts-trading-on-nyse-1.1338614
https://www.bnnbloomberg.ca/boeing-bets-20-million-on-virgin-galactic-as-space-trips-beckon-1.1328171

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