Following the successful first fully crewed spaceflight on July 11, Virgin Galactic has now reopened sales for its commercial space flights.
For the private astronaut market, Virgin Galactic will have three consumer offerings: i) a single seat; ii) a multi‐seat couples / friends / family package; and iii) full‐flight buy out. Pricing for these offers will begin at $450,000 per seat. Sales will initially open to the company’s significant list of early hand‐raisers, prioritising the Spacefarer Community, who will be given first opportunity to reserve their place in space. A follow‐on priority list will be opened to customers interested in reserving future spaceflights.
The company reports that its total retention of existing Future Astronaut reservations remained steady at approximately 600, as of June 30, 2021.
“In the second quarter, we made meaningful progress towards commencing commercial service in 2022. We successfully completed two spaceflights from New Mexico — the latest carrying a full crew of mission specialists in the cabin and garnering an extraordinary global media and consumer response. In addition, we received FAA approval to expand our existing launch license, marking the first time the FAA has licensed a Spaceline to fly customers to space,” said Michael Colglazier, Chief Executive Officer of Virgin Galactic. “Leveraging the surge in consumer interest following the Unity 22 flight, we are excited to announce the reopening of sales effective today, beginning with our Spacefarer community. As we endeavour to bring the wonder of space to a broad global population, we are delighted to open the door to an entirely new industry and consumer experience.”
In June, Virgin Galactic announced a new contract for a human‐tended research spaceflight. The company will fly Kellie Gerardi, a researcher for the International Institute for Astronautical Sciences (IIAS), on a dedicated research flight, during which Kellie will conduct experiments and test new healthcare technologies while she is in space.
The next rocket‐powered spaceflight, Unity 23, is targeted to occur in late‐ September from Spaceport America in New Mexico. This flight will be a revenue‐generating flight with the Italian Air Force.
Virgin Galactic reported a net loss of $94 million for the second quarter ended June 30, 2021 compared to a $72 million net loss in the prior-year period, with a reported adjusted EBITDA of negative $56 million, compared to negative $54 million in the second quarter of 2020. Virgin Galactic states that its cash position remains strong, with cash and cash equivalents of $552 million as of June 30, 2021.
In July, Virgin Galactic completed an “at‐the‐market” equity offering program and also filed a prospectus supplement with the SEC to offer and sell up to $500 million of shares of the Company’s common stock from time to time. The Company ultimately generated $500 million in gross proceeds through the sale of approximately 13.7 million shares of common stock. Virgin Galactic intends to use the net proceeds generated from the ATM Offering for general corporate purposes, with a priority on expansion of its spaceship fleet.