Peter Diamandis talks about how he will become a trillionaire by mining asteroids, predicts commercial suborbital space flights will begin by 2008, and says the discovery of ubiquitous life on Mars within a decade.
Virgin Galactic Founder predicts SpaceShipTwo would be ready to fly in 12 months. A year after that — March 2009 — the vehicle would begin commercial suborbital space flights.
The reality is that in 2007 they didn’t have an engine capable of firing for the one minute needed to send SpaceShipTwo above 50 miles. They weren’t even close to having one. It would take another 7.5 years to develop one they would even risk firing for more than 20 seconds in flight.
SpaceShipTwo VSS Enterprise was destroyed on Oct. 31, 2014 during the flight during which they were supposed to test that engine. That accident set the program back by another five years.
Virgin Galactic Chairman Chamath Palihapitiya was on a financial news network yesterday denying the stock was a bubble, a claim that hasn’t aged well in the short term.
With shares soaring to a high of $41.55 only a week ago, they are hovering at around $23 as I writing this story. The shares were offered at $12 when Virgin Galactic went public last Oct. 28 and rose sharply in recent weeks.
The shares slid after Virgin Galactic reported a larger than expected loss for the fourth quarter 2019 and hinted at delays in the start of commercial suborbital flights, which were to have started in June. Analysts have downgraded the stock based on the earnings report.
Richard Branson’s now publicly traded Virgin Galactic space tourism company had its first quarterly and full year earnings call on Tuesday. You can read the press releasehere. Below are the key takeaways.
Burning cash: Net losses were nearly $72.8 million for the fourth quarter and $210.9 million for 2019. Net losses for 2018 and 2019 totaled $349.1 million. Total expenditures since 2004 have exceeded $1 billion.
Editor’s Note: They kind of buried the lede here. Read down to paragraph 4 of 7. Virgin also closed ticket sales after VSS Enterprise crashed in October 2014, at which time it had more 700 firm reservations. But, notice the legalistic clarification: formally closed.
MOJAVE, Calif. (Virgin Galactic PR) — Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic” or “the Company”), a vertically integrated aerospace company, announced today that in preparation for the re-opening of spaceflight sales, it is introducing the One Small Step initiative. The company formally closed its doors to new ticket sales after its history-making first space flight in December 2018.
Jeff Bezos’ Blue Origin released a fact sheet about its programs when it opened its new Huntsville manufacturing facility on Monday. Below is an excerpt on the New Shepard suborbital program.
BLUE ORIGIN FACT SHEET
Named after Mercury astronaut Alan Shepard, the first American to go to space, New Shepard is Blue Origin’s fully reusable suborbital launch vehicle designed to take astronauts and research payloads past the Kármán line (100km), the internationally recognized boundary of space, then return them safely to Earth.
Video Caption: Andrew Chanin, the CEO of ProcureAM, talks his firm’s Procure Space ETF (UFO) as its top holding skyrockets. With CNBC’s Bob Pisani, ETF Trends’ Tom Lydon and Astoria Portfolio Advisors’ John Davi.
Virgin Galactic’s rally began two months ago but trading in the speculative space company has recently accelerated in a way that tops even the momentum behind Tesla.
VIENNA, Va., February 18, 2020 (Space Adventures PR) — Building on the success of Crew Dragon’s first demonstration mission to the International Space Station in March 2019 and the recent successful test of the spacecraft’s launch escape system, Space Adventures, Inc. has entered into an agreement with SpaceX to fly private citizens on the first Crew Dragon free-flyer mission. This will provide up to four individuals with the opportunity to break the world altitude record for private citizen spaceflight and see planet Earth the way no one has since the Gemini program.
TRUTH OR CONSEQUENCES, NM (NMSA PR) — Virgin Galactic Holdings, Inc., a vertically integrated aerospace company, has successfully completed another vital step on its path to commercial service, relocating SpaceShipTwo, VSS Unity, to its commercial headquarters at Spaceport America’s Gateway to Space building.
TRUTH OR CONSEQUENCES, NM, February 13, 2020 (Virgin Galactic PR) – Virgin Galactic Holdings, Inc. (NYSE: SPCE) (“Virgin Galactic” or “the Company”), a vertically integrated aerospace company, has successfully completed another vital step on its path to commercial service, relocating SpaceShipTwo, VSS Unity, to its commercial headquarters at Spaceport America’s Gateway to Space building.
Four years after it was first rolled out, Virgin Galactic’s VSS Unity left the Mojave Air and Space Port in California on Thursday for its new home at in New Mexico, where it will undergo final flight testing and preparation for commercial suborbital space flights.
The clock struck midnight on Jan. 1 amid raucous celebrations around the world. The arrival of a new year and decade merely confirmed what had been clear for months: 2019 was not the breakthrough year for getting humans off the planet.
Neither Richard Branson’s Virgin Galactic and Jeff Bezos’ Blue Origin followed through on long-standing promises to fly paying passengers on suborbital joyrides. An era of commercial space tourism that seemed so close that October day in 2004 when Brian Binnie guided SpaceShipOne to a landing at the Mojave Air and Space Port quietly slipped into yet another year.