Virgin Galactic’s record of delays and broken promises raises doubts about its ambitious supersonic aircraft project as company founder Richard Branson fights to save his struggling empire in the midst of a global pandemic.
Updated on 10/27/20 at 12:39 p.m. PDT to include spending comparison of Virgin Orbit to Rocket Lab.
by Douglas Messier Managing Editor
Richard Branson’s dream of a suborbital Virgin Galactic vehicle zipping passengers between distant cities at hypersonic speeds above Mach 5 (6,174 km/h, 3,836 mph) is dead. At least for now.
In August, the space tourism company he founded pivoted to a slower supersonic Mach 3 (3,704 km/h, 2,302 mph) business jet. Virgin Galactic unveiled a mission concept for an aircraft that would carry 9-19 passengers at a cruising altitude of 60,000 ft (18,288 m).
With a critical launch attempt looming at the end of the year, Richard Branson’s Virgin Orbit is seeking up to $200 million in investment that could value the company at $1 billion, The Wall Street Journalreported.
For nearly 16 years, Richard Branson’s obsession with space travel has been massive money pit for the billionaire’s Virgin Group. Branson’s conglomerate has poured more than $1 billion into Virgin Galactic, Virgin Orbit and The Spaceship Company without launching a single tourist or satellite into space while generating minuscule revenues and not a single penny of profit.
And yet, by the strange workings of modern finances, this money losing effort will be helping to prop up the Virgin Group, which has been laid low financially by the global COVID-19 pandemic.
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