Billionaire Richard Branson’s space tourism venture Virgin Galactic Holdings (“Virgin Galactic” as it is better known) has announced its financial results for the third quarter ended September 30, 2021.
“We are entering our fleet enhancement period with a clear roadmap for increasing the durability, reliability and predictability of our vehicles in preparation for commercial service next year,” said Michael Colglazier, Chief Executive Officer of Virgin Galactic. “Demand for space travel is strong, and we’ve been selling seats ahead of the pace we had planned. This demonstrates the incredible market for our product and appreciation for the value of the unique experience we offer. It’s a pivotal time for the Company as we transition from a prototyping space innovator to the global, scaled, commercial operation we are becoming.”
Virgin Galactic has reportedly sold around 100 tickets to space since reopening sales in August, the company said in its third quarter earnings. With the surge in space travel demand, the company is now charging $450,000 per seat, up from $250,000 years ago. It plans to start commercial service by the end of 2022, with roughly 700 ticket holders as of now.
Virgin Galactic is expected to start private astronaut commercial service on track for Q4 2022. In July 2021, the company had successfully completed its first fully crewed spaceflight, Unity 22. The flight fulfilled several test objectives including evaluating the cabin and customer experience. The livestream was watched by tens of millions around the world.
Virgin Galactic has also announced the beginning of a planned vehicle enhancement period. This program will increase vehicle service life and flight-rate capability in preparation for commercial service. It has also entered into a lease agreement for a new design and collaboration center where the next generation vehicles will be designed and engineered.
