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Virgin Galactic: Branson's space launch company



  Sir Richard Copyright copyright
Reuters

Caption

The founder has been working on his space tourism project for over 10 years

Virgin Galactic, the space venture backed by Sir Richard Branson, is ready to launch ̵

1; not out of space, but on the New York Stock Exchange (NYSE).

Shares in Virgin Galactic are set to start trading on Monday, first for a space tourism company.

The move follows Virgin's merger with the listed Silicon Valley holding company Social Capital Hedosophia.

This deal brought Virgin $ 800 million (£ 624m) to Virgin as it rushes to reach the goal of sending customers to space in 2020.

Taking the general public will "open space for more investors and on it way to open space for thousands of new astronauts, "said Sir Richard at that time.

Social Capital Hedosophia is already listed on the NYSE, so Virgin could sell shares without following the traditional stock offer process.

Shares in Social Capital Hedosofia, which will start trading under the ticker SPCE on Monday, jumped 11% on Friday pending its debut. [19659013] Virgin boss Sir Richa rd Branson prepares for space

  • The billionaires running a space race
  • Space race

    Virgin Galactic runs with Elon Musk's SpaceX and Jeff Bezos & # 39; Blue Origin & # 39; as the first company to send charge-paying passengers into space.

    Founded in 2004, the company has spent more than $ 1 billion developing its program, which is years behind schedule and hit after a fatal accident in 2014.

    Image copyright
    Virgin Galactic [19659004] Image caption

    Virgin Galactics aircraft will be taken to an altitude of 12,000 meters before launching the rocket

    However, Virgin has told investors that they hope to make 16 trips to space with customers as soon as next year.

    In a presentation, it predicts that revenue will skyrocket as the number of flights increases.

    By 2023, the company expects to make 270 trips to space, bring in nearly $ 600 million and generate profits of more than $ 430m.

    Around 600 people, including pop star Justin Bieber, have already deposited for 90 minutes of experience at a cost of around $ 250,000 per ticket, according to the company.

    Virgin's plans are exciting – but investments carry some significant risks, Swen Lorenz notes, to the economic analysis site Undervalued Shares.

    "No respect, but Virgin Galactic is both a plan and a dream, rather than a sure future cash flow," he concludes in his write-up of the company.

    Billion Dollar Business

    The New York Stock Exchange follows last week's implementation of the bond, which valued Virgin at $ 1.5 billion.

    Social Capital Hedosophia took a 49% stake in Virgin in exchange for a $ 700 million investment.

    Founder of Social Capital Hedosofia, former Facebook boss Chamath Palihapitiya, also personally invested $ 100 million.

    In addition, Virgin recently announced that US aviation giant Boeing would invest $ 20 million by buying shares.

    Sir Richard said last year that Virgin would not proceed with talks on possible investment from Saudi Arabia following the killing of journalist Jamal Khashoggi.


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