Virgin Galactic Shares Jump After Opening Spaceflight Ticket Sales

(Bloomberg) -- Virgin Galactic Holdings Inc. shares notched their second-biggest gain since trading began in 2019 after the space tourism company said it would open commercial ticket sales -- a significant milestone in the path toward consumer flights.

Customers can make an initial deposit of $150,000 when sales open to the general public Wednesday, Virgin Galactic said in a statement. Reservations will cost a total of $450,000 for a 90-minute spaceflight, which includes “several minutes of out-of-seat weightlessness,” the company said Tuesday.

“We plan to have our first 1,000 customers on board at the start of commercial service later this year, providing an incredibly strong foundation as we begin regular operations and scale our fleet,” Chief Executive Officer Michael Colglazier said in the statement.

The announcement gives a needed boost to Virgin Galactic, which has sputtered in recent months. After founder Richard Branson took a high-profile flight in July, the company said it would delay the start of commercial service to upgrade its space plane. The company also ran afoul of U.S. regulators last year, forcing it to ground flights briefly.

The shares soared 32% to $10.74 in New York, the biggest one-day gain since June 25. Despite the performance, the stock is still down 81% from the June peak.

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