Virgin Galactic Reaffirms Commercial Spaceflight Launch Timeline for Late 2024

Virgin Galactic confirmed on May 14 that it remains on track technically and financially to commence commercial flights of its next-generation suborbital spaceplane by the end of the year. During its first-quarter earnings call, executives reported that the first SpaceShip vehicle has moved to testing at its Phoenix facility, with rollout expected by August. Flight testing is scheduled for the third quarter, leading to space flights in the fourth quarter. The company has informed its 650 existing customers that their flights will occur between 2027 and early 2028. Financially, Virgin Galactic reported a $65 million net loss but holds $251 million in cash, deemed sufficient to reach commercial service. The company recently sold 50 tickets at $750,000 each, citing strong global interest from individuals and organizations. To support increased flight cadence, Virgin is establishing a hybrid rocket motor assembly line in Phoenix, expected to be completed in the fourth quarter. This strategic move aims to transition staff from vehicle assembly to motor production seamlessly, ensuring operational efficiency as the company exits its pre-revenue phase.