People could soon be heading to space as Virgin Galactic is on track to start its commercial space shuttle service.
Key Details
- Billionaire Richard Branson’s Virgin Galactic Holdings Inc. is taking an Italian Air Force research crew to space this year with plans of sending more passengers soon after.
- Virgin Galactic will conduct many ground tests of its space vehicles before taking them to the air, but commercial service is in sight.
- The company aims to regularly take customers to space, with ticket sales opening to the general public last year for $450,000 each.
- Along with the commercial flight news, the company announced its fourth-quarter revenue landing at $869,000—higher than analysts’ expectations of $564,000, according to Bloomberg data.
Why it’s news
The World Economic Forum predicts that the space economy is currently worth $469 billion and will expand to more than $1 trillion by 2030.
Many other businesses are taking to space along with Virgin Galactic, including SpaceX, Relativity Space, United Launch Alliance, and ASTRA.
SpaceX is among the most popular being owned by Elon Musk. The company has had over 200 successful flights and is continuously making new space innovations like reusable rocket boosters, and the company is also working toward commercial flight but hasn’t set any definite dates.
Astronauts are some of the only people who have gotten to see space, but that could change as Virgin Galactic Holdings Inc. nears commercial space flight.
The company recently announced that it is taking an Italian Air Force research crew to space later this year and is planning to make regular trips with customers soon after allowing anyone to get a view of space.
Before sending passengers to space, the company still has many steps to take, including ground testing of its planes and a full test flight filled with Virgin Galactic employees.
Customers will board the VSS Unity, which climbs to the edge of space after dropping from its carrier aircraft and then glides to a runway like a plane, according to Bloomberg. Ticket sales for the shuttle have already begun with a price tag of $450,000 each.
“Our near-term objective for commercial spaceline operations is to safely deliver recurring flights with our current ships while providing an unrivaled experience for private astronauts and researchers,” says CEO Michael Colglazier.
The company flew owner Richard Branson to space in 2021, but months later announced that it needed to update its software and make other upgrades.
While it still has some obstacles and tests to complete, the company says it is on track to begin commercial space shuttling in the near future.