Virgin Galactic stock skyrockets on first commercial space flight announcement

Virgin Galactic Holdings Inc (NYSE: SPCE) says it will take tourists to space as early as this month. Shares are up roughly 40% today.

Galactic 01 to fly in the final week of June

On Friday, the conglomerate said it’s first commercial space flight – the Galactic 01 will be launched between June 27^th and June 30^th.

The flight will take three members of Italy’s Air Force to undertake microgravity research. According to CEO Michael Colglazier:

Last month, the California-based company said its net loss in the first quarter widened materially on a year-over-year basis to almost $160 million. Versus its year-to-date high, Virgin Galactic stock is down about 20% at writing.

Space flights will soon be scheduled monthly

The space tourism firm has already completed vehicle inspections and routine analysis for the Galactic 01. It had completed final test spaceflight in May.

Virgin Galactic Holdings Inc also confirmed this morning that its second commercial space flight is planned for early August. From there on, flights will be scheduled monthly.

The New York listed company has already sold around 800 tickets for commercial space flights at $450,000 each. Estimates are for each flight to bring in more than $2.7 million for the company co-founded by Sir Richard Branson.   

Wall Street currently has a consensus “hold” rating on the Virgin Galactic stock.