Virgin Galactic seeks space tourism boost with market launch

phys.org | 5/10/2019 | Staff
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Virgin Galactic is offering customers just a few minutes in space, six at a time. They will float in the spacecraft's cabin and see the curvature of the Earth under a black sky through huge windows.

British billionaire Richard Branson's Virgin Galactic will merge with a US investment firm to become the world's first publicly-traded space tourism venture—with an eye on sending its first clients into space within a year, the group's chief executive said Tuesday.

Chapter - Point - Virgin - Galactic - Development

"By embarking on this new chapter, at this advanced point in Virgin Galactic's development, we can open space to more investors and in doing so, open space to thousands of new astronauts," Branson said in a statement.

Virgin Galactic and Wall Street investment firm Social Capital Hedosophia will merge, with SCH expected to own up to 49 percent of the combined company, the statement said.

Value - Merger - Parties - Transaction - Half

The total value of the merger is $1.5 billion, the parties said. The transaction is expected to be complete in the second half of 2019.

Until now, Virgin Galactic has largely been funded by Branson himself, who launched the company in 2004 and has thus far invested more than $1 billion of his personal fortune.

Years - Development - Accident - Co-pilot - Company

After years of development, and a fatal accident in 2014 that killed a co-pilot, the company has a viable spacecraft that has twice reached the edge of space.

But so far, no paying customers have taken the journey.

Year - Executive - George - Whitesides - AFP

"We plan to do that within a year," chief executive George Whitesides told AFP.

Until then, test flights will continue. The company is also moving into its spaceport in New Mexico, the base for its commercial flights.

Date - Virgin - Reservations - People - Countries

To date, Virgin has reservations from more than 600 people across 60 countries, earning it about $80 million in paid deposits and $120 million in potential revenues, the group said Tuesday.

Whitesides said there are 2,500 people on the waiting...
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