The possibility of realizing space tourism has become realistic in recent times. Private companies are founded by the world’s biggest billionaires – who are looking for thrills outside the atmosphere. In the past, only countries like the United States or the Soviet Union allowed themselves to engage in pretentious and wasteful space projects.
In recent years, private companies have begun to develop that decided to take the field of space exploration a few kilometers further – and combine tourism with it. NASA – the US space agency responsible for the US space program and aeronautics and space research on behalf of the US government buys services from Elon Musk’s private company SpaceX, SpaceX is an American company that operates launch services into space and manufactures cargo spacecraft and manned spacecraft.
In the past, the costs of launching into space were very high and, as mentioned, only countries like the USA and the Soviet Union at the time allowed themselves to be involved with pretentious and wasteful projects of this type. The private companies established in the field such as Elon Musk’s SpaceX, Jeff Bezos’s Blue Origin, the founder of Amazon When his company made its first tourist flight last year, and has since made two more. It is now the only company that offers space flights on a regular basis, as well as the public company Virgin Galactic founded by Richard Branson, managed to lower launch costs and obtain private investment On a large scale, partly through the development of the space tourism segment when billionaires invest hundreds of thousands of dollars and sometimes millions of dollars in tourist flights to space – and when it really becomes realistic Virgin Galactic shares (the only one as a public company)
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Virgin Galactic reported its results for the third quarter. The loss presented by the company in the bottom line was significantly higher than expected, a loss of 146 million dollars in the quarter compared to a loss of 48 million dollars in the corresponding quarter last year. It is important to note that Virgin Galactic has not yet started its commercial operations, so the bottom line profit is not that important. The company burned less cash than expected, a figure that is always good for a startup that was expected to burn cash higher than expected or at least in line with expectations.
The company used $107 million in the third quarter, a figure lower than the forecast left by the market that the company would burn $113 million – when as of the end of the company’s third quarter in 2022, the company has $1.1 billion cash left in the bank. According to Virgin Galactic, the company is expected to spend in the fourth quarter of this year about 125 million dollars, a figure lower than the estimates of the analysts who estimated that the company would burn about 130 million dollars in the fourth quarter.
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The company has enough cash to get the company into commercial spaceflight. “We continue on track to launch a commercial service in the second quarter of 2023,” said CEO Michael Colglazier. In the investor call after the reports, the company noted that it is working vigorously on expanding its fleet of spacecraft in order to support the company’s long-term growth. Cowen analyst Oliver C Chen noted that he is satisfied that the company is on track to launch a commercial service of flights to space in the first half of 2023. Chen estimates that Virgin Galactic will sell princess services to space for about $1 billion by 2028 – he also gives a target price of $7 per share
Virgin Galactic is selling seats for space flights for $450,000, compared to the previous price of $250,000. Virgin’s competing company, Blue Origin, which has already made a commercial drop into space, did not publish how much the pleasure cost those five passengers who paid, also in the past a ticket for a space trip together with Jeff Bezos was sold at auction for $28 million, there is no doubt that at these prices This business is only for the rich.
The forecast that Virgin Galactic will launch its commercial service as early as the first half of 2023 was good news for the company’s investors, who suffered from it since the beginning of the year when the share price fell by 65%. Investors in the stock market do not buy dreams – especially in the last year. Virgin is the first swallow in the industry to go public now it remains to wait for Elon Musk to issue Spice X, and Jeff Bezos to issue Blue Origin, to see how the market receives them.
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