Virgin Galactic plans to introduce two new spacecraft that will be easier to service and rotate for daily missions

Virgin Galactic

Virgin Galactic is offering new shares to raise $ 500 million for the development of the space fleet and spaceport.

The CEO told the Financial Times that the company ran into obstacles following a successful flight with founder Richard Branson.

Two more tests are expected later this year before commercial flights begin in 2022.

Virgin Galactic is seeking $ 500 million to fund the development of its space fleet and the expansion of global space airports, according to the Securities Exchange Commission (SEC).

The announcement came a day after founder Richard Branson and company staff flew to the edge of space in the VSS Unity spacecraft.

However, the CEO told the Financial Times that there are still some short-term issues to be addressed before the space tourism company fully achieves its goal of 400 flights a year from each spaceport.

"I think for a while this is going to be a very supply-constrained business," stated by Michael Colglazier, who became CEO last year.

The company plans to conduct two more test flights this year before reducing the waiting list for commercial ticket holders to 600 by 2022. According to the app, the total ticket sales are $ 80 million, with an additional 1,000 people receiving $ 1,000. Deposit for future ticket purchases when sales resume.

"I'm expecting high single-digit numbers to low double-digit numbers of spaceships [at each site] in order to kind of reach numbers like that," he mentioned.

Colglazier also told the FT that Branson's decision to continue with Branson's flight schedule ahead of Jeff Bezos's Blue Origin departure next week was motivated by Branson's role in customer experience testing, not competition.

 

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