Branson: Virgin Galactic Costing Lots of Money

Richard Branson speaks to the press at the Mojave Air and Space Port about the crash off SpaceShipTwo. (Credit: Douglas Messier)
Richard Branson speaks to the press at the Mojave Air and Space Port about the crash off SpaceShipTwo. (Credit: Douglas Messier)

Richard Branson has suggested that Virgin Galactic’s burn rate is $14 million per month (according to an interview with The Independent) or $15 million or month (according to The Express). That would put annual expenses at between $168 and $180 million.

If that’s the burn rate, it will go up quite a bit when flight testing resumes on SpaceShipTwo. Powered flights of the vehicle are reported to cost close to $1 million apiece.

Branson also says he’s trying to raise $400 million for OneWeb, the global satellite Internet program headed by Greg Wyler.  The Virgin Group is an investor in the company and plans to launch a portion of the 900 plus satellites in the constellation with its LauncherOne rocket.