Virgin Galactic Chairman Declares We’re Not a Bubble Stock as Shares Slide

Chamath Palihapitiya (Credit: SCH)

by Douglas Messier
Managing Editor

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.

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Virgin Galactic: High Losses, Minimal Revenues & A lot of “Registrations of Interest”

A view from inside the cockpit. (Credit: Virgin Galactic)

by Douglas Messier
Managing Editor

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 release here. 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.

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Virgin Galactic Starts Taking Flight Deposits Again

WhiteKnightTwo and SpaceShipTwo fly right overhead. (Credit: Kenneth Brown)

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.

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Video: Virgin Galactic Shares Soar

Video Caption: CNBC’s space reporter Michael Sheetz and FinTech reporter Kate Rooney break down why Virgin Galactic’s stock has taken off with the “Power Lunch” team.

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.

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Spaceport America Welcomes SpaceShipTwo Unity to New Mexico

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.

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SpaceShipTwo Unity Moved to New Mexico

SpaceShipTwo VSS Unity arrives at Spaceport America aboard WhiteKnightTwo VMS Eve. (Credit: Virgin Galactic)

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.

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Virgin Galactic Begins End Game as SpaceShipTwo Unity Relocated to New Mexico

SpaceShipTwo VSS Unity arrives at Spaceport America aboard WhiteKnightTwo VMS Eve. (Credit: Virgin Galactic)

by Douglas Messier
Managing Editor

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.

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2020: Four Spaceships & the End of America’s Cosmic Groundhog Day

Blue Origin’s New Shepard reusable, suborbital rocket. (Credits: Blue Origin)

by Douglas Messier
Managing Editor

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.

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A Case for Durational Research: Space Plants Co-Investigators Robert Ferl and Anna-Lisa Paul

Robert Ferl_and Anna-Lisa Paul (Credit: NASA)

NASA Flight Opportunities Program Q&A

University of Florida-Gainesville co-investigators Robert Ferl and Anna-Lisa Paul are no strangers to suborbital research. They’ve been conducting plant research in microgravity since the late 1990s—first on the Space Shuttle and then on the International Space Station (ISS) and parabolic flights, many of which have been facilitated by Flight Opportunities.

More recently, the pair have begun flying their “space plants” (Arabidopsis thaliana) on rockets, including Virgin Galactic’s SpaceShipTwo and Blue Origin’s New Shepard. We spoke with Ferl and Paul about how they have approached their long-duration research to lead to successful, iterative investigations on multiple flights. 

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Watch Virgin Galactic’s WhiteKnightTwo Land at Mojave

WhiteKnightTwo VMS Eve returned to Mojave on Friday after a months-long stay at Spaceport America in New Mexico. The pilots did about a half dozen flights over the runway, some just above it and others touch-and-goes. This was the final approach and landing.

Virgin Galactic hasn’t made any announcement about its return. (Odd, because they tend to announce everything.) Officials have said in the past that WhiteKnightTwo would return to Mojave to bring SpaceShipTwo VSS Unity to New Mexico to complete its flight tests and then begin commercial flights.

Virgin Galactic’s WhiteKnightTwo Returns to Mojave

WhiteKnightTwo (Credit: Kenneth Brown)

After spending months at Spaceport America in New Mexico, Virgin Galactic’s WhiteKnightTwo carrier ship VMS Eve flew back to the Mojave Air and Space Port in California on Friday.

WhiteKnightTwo (Credit: Kenneth Brown)

The pilots made about a half dozen low passes over runway 12-30. Several were just above the runway, while others were touch-and-goes on which they briefly landed before soaring again into the desert sky.

WhiteKnightTwo (Credit: Kenneth Brown)

Virgin Galactic officials have said that WhiteKnightTwo would return to Mojave to transport SpaceShipTwo VSS Unity to the Spaceport America to complete its flight test program.

WhiteKnightTwo (Credit: Kenneth Brown)

Virgin Galactic is hoping to fly it founder, Richard Branson, on the first commercial SpaceShipTwo suborbital flight in time for his 70th birthday on July 18.

The company has said it has a backlog of 603 ticket holders who have paid either $200,000 or $250,000 apiece. Thousands of other potential space tourists have expressed interest in signing up once Virgin Galactic starts selling tickets again, officials said. The company plans to take reservations at an even higher price once commercial service begins.

Spaceport America Seeking Additional $92.6 Million for Improvements

Sunset at the “Virgin Galactic Gateway to Space” terminal hangar facility at Spaceport America. (Credit: Bill Gutman/Spaceport America)

by Douglas Messier
Managing Editor/Publisher

It’s budget season again in Sante Fe. As usual, the New Mexico Spaceport Authority (NMSA) is seeking money for additional upgrades to Spaceport America.

The Albuquerque Journal has a story outlining a series of requests totaling nearly $93 million. I have helpfully summarized the information in the table below.

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Alsbury’s Name Added to Space Mirror Memorial

Scaled Composites pilot Mike Alsbury died in the break up of SpaceShipTwo Enterprise on Oct. 31, 2014. The memorial at NASA’s Kennedy Space Center Visitors Center includes pilots who died during spaceflight and those in training for them.

2019: A Busy Year in Suborbital Flight

Blue Origin’s New Shepard reusable, suborbital rocket. (Credits: Blue Origin)

by Douglas Messier
Managing Editor

Last year was a busy one for suborbital flights as Jeff Bezos’ Blue Origin and Richard Branson’s Virgin Galactic conducted a combined four flights of their crewed suborbital vehicles. Despite hopes to the contrary, neither company flew paying tourists on their spaceships.

There were also 26 sounding rocket launches that carried scientific experiments and technology payloads above the atmosphere. The year saw:

  • Japanese startup Interstellar Technologies conduct a successful launch of its Momo commercial sounding rocket;
  • Texas-based Exos Aerospace continue to struggle with its reusable SARGE booster; and,
  • the first suborbital launch ever achieved by college students.
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Collaboratory Formed to Promote New Mexico’s Spaceport America During Closed Door Meeting

Sunset at the “Virgin Galactic Gateway to Space” terminal hangar facility at Spaceport America. (Credit: Bill Gutman/Spaceport America)

by Douglas Messier
Managing Editor

Officials from New Mexico, the federal government and Virgin Galactic met last week behind closed doors for the state’s first Space Valley Summit to form a “collaboratory” to promote Spaceport America and the state’s aerospace economy.

The one group not invited: taxpayers who have forked over about $250 million to build the spaceport where Virgin Galactic is the anchor tenant. As the Las Cruces Sun News dryly noted

Minutes after [Gov. Michelle Lujan Grisham] exhorted the summit to “make sure every New Mexican … knows exactly what is happening here,” all reporters were asked to leave. 

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