With money in the bank the uncertainty over Galactic may soon come to an end. Galactic is confident that there’s cash available for a final push–$666 million to be precise–according to the annual statement.
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In February, Galactic announced its fourth quarter and full year results for 2020, yet to generate any revenue of note the company posted a total comprehensive loss of $273 million, up from $210 million in 2019. On June 17, the stock closed up 4.47% at $36.95. But the stock has had a rocky year, with shares rising to $54 in February, only to crater to $16 by mid May. Virgin Galactic went public in October 2019 at a $1 billion market capitalization in a SPAC merger with publicly traded Social Capital Hedosophia, run by former Facebook executive Chamath Palihapitiya. In a congratulatory tweet from Branson, he pointed out that billionaire space race rival Bezos had capitalized on a four-year head start. However, significant questions remain over the prospects of Branson’s better known space tourism venture, Virgin Galactic, which has been sitting on the runway in one form or another since Burt Rutan won the X Prize in 2004.īranson has now lost first mover advantage to Jeff Bezos, who announced earlier this month that he would fly into space in late July on his company Blue Origin’s spacecraft. Branson is never one to miss a marketing opportunity, and with the next launch available for the world to watch online, the success and timing of the SPAC listing likely depends on the success of this next mission. Department of Defense and the Royal Netherlands Air Force. Later this month, Virgin will launch another mission from its base in the Mojave desert in California, carrying payloads for the U.S. Rocket Lab, however, has 17 missions under its belt, and when it claims it will do “$1 billion in revenue in 2026,” it does so with a good understanding of the market that’s built on the back of long standing relationships with customers that include the U.S. In March, Rocket Lab announced its own plans for a SPAC listing later this year, seeking a valuation of $4.1 billion. The feat put Virgin Orbit in among the likes of SpaceX and Kiwi challenger Rocket Lab, to name but two of its small satellite market rivals. The company launches its payloads from under the wing of a 747 airplane, and in January this year Virgin Orbit defied the doubters and put its first batch of client satellites into low-earth orbit after a failed attempt in May 2020. Virgin Orbit is certainly a unique offering. Virgin Galactic, meanwhile, posted losses of over $200 million last year. It's reported value of $3 billion also remains unproven, revenue projections from space industry analysts for the coming 12 months put its value considerably lower than that reported. However, Virgin Orbit has not yet executed on a fully commercial flight, Orbit remains unproven as a market participant, and the time it will take Orbit to begin paying back the $1 billion Branson has spent on its development remains unclear.
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