Ending Soon! Save 33% on All Access

Want to Go to Space? Virgin Galactic Will Launch First Commercial Flight in June, Aiming For Monthly Flights After August Virgin Galactic announced its first commercial flight will take off in a launch window of June 27 to June 30.

By Madeline Garfinkle

Opinions expressed by Entrepreneur contributors are their own.

Patrick T. Fallon | Getty Images
Virgin Galactic founder Richard Branson.

Richard Branson's space tourism company, Virgin Galactic, is set to launch its first commercial flight this month, planning to take off between June 27 and June 30, the company announced on Thursday.

The first commercial spaceflight, "Galactic 01," is a scientific research mission and will carry three crew members from the Italian Air Force and the National Research Council of Italy to conduct microgravity research.

Following the announcement, stock for Virgin Galactic surged over 40% in extended trading on Thursday and is up nearly 34% year-to-date as of Friday afternoon.

Related: Virgin Galactic Just Opened Space Flights to the Public. Here's How Much It Will Cost You.

However, the space tourism company, founded in 2004, has faced a series of hardships over the past few years, marked mostly by consistent financial losses. Between 2018 and 2022, the company generated $12.5 million in revenue and $1.5 billion in operating losses, per the Wall Street Journal. In 2021, Branson himself sold about $300 million worth of Virgin Galactic stock shares, reducing his stake by nearly 75%.

In April, Virgin Orbit (Branson's other space company that specializes in satellite launches) filed for Chapter 11 bankruptcy following a failed launch attempt in early 2023, and the company's inability to secure long-term funding.

Nonetheless, things might finally be looking up (literally) for the space company.

After the planned launch of Galactic 01, "Galactic 02" is intended to launch in early August, and the company aims to have monthly commercial flights after that. By the end of 2022, Virgin Galactic had about 800 reservations, each seat on a spaceflight costing $450,000 a pop.

Madeline Garfinkle

News Writer

Madeline Garfinkle is a News Writer at Entrepreneur.com. She is a graduate from Syracuse University, and received an MFA from Columbia University. 

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Career

Is Consumer Services a Good Career Path for 2024? Here's the Verdict

Consumer services is a broad field with a variety of benefits and drawbacks. Here's what you should consider before choosing it as a career path.

Business News

'Creators Left So Much Money on the Table': Kickstarter's CEO Reveals the Story Behind the Company's Biggest Changes in 15 Years

In an interview with Entrepreneur, Kickstarter CEO Everette Taylor explains the decision-making behind the changes, how he approaches leading Kickstarter, and his advice for future CEOs.

Business Models

How to Become an AI-Centric Business (and Why It's Crucial for Long-Term Success)

Learn the essential steps to integrate AI at the core of your operations and stay competitive in an ever-evolving landscape.