I recently talked with Paul Gessing who runs the Tipping Point New Mexico podcast. We talked about my article, “Spaceport America and Virgin Galactic: The Numbers Never Added Up,” which looked at the promises made to justifying spending $225 million on a custom-built spaceport for Richard Branson’s suborbital space tourism company. We also discussed Virgin Galactic’s recent move to go public.
Five years ago today, SpaceShipTwo VSS Enterprise broke up over the Mojave Desert during a flight test. Co-pilot Mike Alsbury died and pilot Pete Siebold was seriously injured.
The crash ended Virgin Galactic’s effort to begin commercial crewed suborbital spaceflights in the first quarter of 2015. Those flights are not forecast to begin in June 2020 — five years later than planned.
After 15 years of making extravagant but unkept promises to fly more than 600 “future astronauts” to space, Richard Branson must now please an entirely new group of people who are usually much shorter on patience: shareholders.
Following the completion last week of a merger with Social Capital Hedosophia (SCH), the British billionaire’s Virgin Galactic suborbital “space line” will begin trading under its own name on the New York Stock Exchange (NYSE) on Monday.
Going public now is an unusual move for a space tourism company that hasn’t flown a singlet tourist to space since Branson announced the SpaceShipTwo program in 2004. Some might see it has putting the cart before the horse.
NEW YORK, October 25, 2019 (Virgin Galactic PR) — Virgin Galactic (“VG”), a vertically integrated aerospace company, and Social Capital Hedosophia (“SCH”), a public investment vehicle, today announced the completion of their previously announced business combination.
The resulting company is named Virgin Galactic Holdings, Inc. (“VGH”) and its common stock, units and warrants are expected to commence trading on the New York Stock Exchange under the new ticker symbol “SPCE”, ”SPCE.U” and “SPCE WS”, respectively, on October 28, 2019. The Company manufactures its space vehicles in Mojave, California, through its aerospace development subsidiary The Spaceship Company, with commercial operations centered at Spaceport America in New Mexico.
On Monday, Virgin Galactic will become the first space tourism company to be publicly traded on a stock exchange — without having flown a single space tourist in the two decades since Richard Branson founded the company.
The move to list on the New York Stock Exchange (NYSE) comes after shareholders of Social Capital Hedosophia (SCH) overwhelmingly approved an $774 million acquisition deal on Wednesday. The proposal received more than 95 percent of the 61.3 million votes cast.
NMPolitics.net and its publisher, Heath Haussamen, have settled a lawsuit against the secretive New Mexico Spaceport Authority (NMSA) that runs Spaceport America. The authority agreed to release a group of fully unredacted leases of tenants at the spaceport and to pay the website $60,000.
NEW YORK, Oct. 16, 2019 (Virgin Galactic PR) — In January 2019, Virgin Galactic Founder Sir Richard Branson and Under Armour CEO and Founder Kevin Plank announced a collaboration which saw Under Armour become Virgin Galactic’s Technical Spacewear Partner. Today, the companies unveiled the collaboratively designed spacewear system for Virgin Galactic astronauts comprising of a base layer, spacesuit, footwear, training suit and Limited Edition astronaut jacket. It is the first such collection ever created specifically for private astronauts.
Editor’s Note: My guess is they will unveil the passenger flight suits in some sort of fashion event, probably involving some fashion models. I wonder if Karlie Kloss, who has said her dream is to fly to space, will be there.
Why do I think it’s the flight suit? Ticket holders have been coming in and other of Mojave in recent months to get fitted for the “spacesuit.” There’s not going to be a lot of things going into space with them. And NYC is a major fashion capital.
Chief Pilot David Mackay gave a talk recently here in Mojave. He said passengers will not wear pressure suits, but they will have oxygen masks in the event of an emergency.
If they are unveiling the flight suit on Wednesday, calling it a milestone is a bit of a stretch. The Crew Dragon parachute drop tests, static fire, in-flight abort flight and orbital mission discussed during the briefing at SpaceX headquarters on Thursday are actual milestones.
Unveiling a flight suit is primarily a marketing and public relations event. Really important milestones will be completing the SpaceShipTwo flight test program and actually flying some passengers next year.
New York, USA, October 10, 2019 (Virgin Galactic PR) — Social Capital Hedosophia Holdings Corp. (“SCH”) and Virgin Galactic today announced that Wanda Austin, Craig Kreeger and George Mattson have agreed to join the board of directors of Virgin Galactic Holdings, Inc. (“VGH”), the company resulting from the pending business combination transaction involving SCH and Virgin Galactic. The board appointments are contingent on approval by SCH’s shareholders and the completion of the business combination between SCH and Virgin Galactic.
NEW YORK, Oct. 10, 2019 (SCH PR) —Social Capital Hedosophia Holdings Corp. (“SCH”) announced today that it will hold its extraordinary general meeting (the “Extraordinary General Meeting”) at 12:30 p.m., Eastern Time, on October 23, 2019, to approve, among other things, the previously announced business combination (the “Business Combination”) with TSC Vehicle Holdings, Inc., Virgin Galactic Vehicle Holdings, Inc. and V4GH, LLC (collectively, “Virgin Galactic” and, together with Vieco USA, Inc. and Vieco 10 Limited, “VG”). The Extraordinary General Meeting is scheduled to be held at The Westin Palo Alto, located at 675 El Camino Real, Palo Alto, CA 94301.
NEW YORK, Oct. 8, 2019 (Boeing PR) — Boeing [NYSE: BA] will invest $20 million in Virgin Galactic, a vertically integrated human spaceflight company. The companies will work together to broaden commercial space access and transform global travel technologies.
WASHINGTON, DC, October 2, 2019 (Virgin Galactic PR) — Virgin Galactic has announced a new contract with the Italian Air Force for a research flight on the company’s SpaceShipTwo system during which Italian researchers will actively conduct experiments while they are in space.
DIDCOT, England (UKspace PR) – Space industry pioneer and entrepreneur, Will Whitehorn, today takes over from Andy Green as President of UKspace, the trade association which represents the UK space industry.
Will, who was formerly President of Virgin Galactic, played a central role in the development and concept of commercial spaceflight, and now holds several non-executive roles at companies including the Royal Air Force, Good Energy PLC, Stagecoach Group PLC, AAC Clyde Space and Scottish Event Campus Ltd. He is also a Fellow of the Royal Aeronautical Society. He was also awarded the 2010 Geoffrey Pardoe RAeS Space Award for services to the space industry.