Virgin Galactic, founded by Richard Branson, aims to provide suborbital spaceflights. The company operates from California and New Mexico, launching spacecraft from a carrier airplane. Virgin Galactic achieved its first suborbital space flight in 2018 and plans to offer commercial space tourism. Ticket sales opened in 2022 for $450,000, with about 700 customers as of November 2021. The company aspires to have three launches per month by 2023.
Richard Branson had nurtured the idea of space tourism since watching the moonwalk in 1969. This event served as a significant inspiration for his future endeavors.
Richard Branson began his entrepreneurial journey in the 1970s with a mail-order record company called Virgin Records. The success of this venture allowed him to expand into other industries, including music labels, communications, and games.
In 1984, Richard Branson founded Virgin Atlantic with the vision of improving the flying experience for passengers. This marked his entry into the aviation industry.
In 1986, Virgin Atlantic expanded its routes by launching a route from London Gatwick to Miami, showcasing its growth in the aviation sector.
In 1996, the X Prize Foundation announced a $10 million award for the first privately owned spacecraft to fly at least 3 people into space twice within two weeks, leading to the birth of Virgin Galactic.
In 1999, Richard Branson registered the Virgin Galactic Company with the aim of providing commercial suborbital flights to space, following the announcement of the X Prize.
SpaceShipOne successfully completed a flight into space on June 21, 2004.
On October 4th, 2004, SpaceShipOne completed its first flight, reaching an altitude of over 100 kilometers and winning the Ansari X Prize. This marked a significant milestone in the development of spacecraft for Virgin Galactic's space tourism endeavors.
In July 2005, Richard Branson and Burt Rutan established a company under Scaled Composites and Virgin Group, which later became Virgin Galactic. The Virgin Group eventually gained full ownership of the company.
In December 2005, New Mexico offered Spaceport America, a $225 million facility funded by taxpayers, to Virgin Galactic as their headquarters for test flights and spaceflights.
Three Scaled Composites employees were killed in an accident in Mojave on 26 July 2007, during a test of the rocket plane. The accident led to delays in the program.
In July 2008, Richard Branson predicted the maiden space voyage for SpaceShipTwo would occur within 18 months. This marked the beginning of the testing phase for the suborbital journey.
SpaceShipTwo was officially unveiled to the public at the Mojave Air and Space Port in California. It is a suborbital spaceplane designed for private passenger-carrying service.
In March 2010, both aircraft of Virgin Galactic flew together, showcasing the progress of the company's development.
In July 2010, Virgin Galactic conducted the first test flight for the crew flight, while also focusing on attracting customers for future spaceflights.
In October 2010, the 3,000 m runway at Spaceport America was opened, with SpaceShipTwo 'VSS Enterprise' being transported to the site.
In 2011, Virgin Galactic worked on the development of the LauncherOne liquid-fueled rocket, demonstrating their dedication to advancing space technology.
In July 2012, Virgin Galactic publicly announced LauncherOne, an expendable, two-stage, liquid-fueled rocket designed to be air-launched from White Knight Two.
After nearly three years of unpowered testing, the first SpaceShipTwo constructed successfully performed its first powered test flight. This marked a significant milestone in the development of commercial space travel.
On May 14, 2013, Richard Branson revealed on Virgin Radio Dubai's Kris Fade Morning Show that he intended to be on the first public flight of SpaceShipTwo, which was rescheduled to December 25, 2013. He even joked about dressing up as Father Christmas for the occasion.
On January 10, 2014, the third rocket-powered test flight of SpaceShipTwo successfully tested the spaceship's Reaction Control System (RCS) and the newly installed thermal protection coating on the vehicle's tail booms.
Virgin Galactic announced on May 23, 2014, that they had abandoned the use of the Sierra Nevada Corporation nitrous-oxide-rubber motor for SpaceShipTwo, opting for a polyamide grain powered motor instead.
On July 24, 2014, Sierra Nevada Corporation confirmed that they had also abandoned the use of the nitrous-oxide-rubber motor for its Dream Chaser space shuttle, similar to the decision made for SpaceShipTwo.
The accident, which took place over the Mojave Desert in California on October 31, 2014, killed 39-year-old pilot Michael Alsbury and injured 43-year-old Peter Siebold.
Virgin Galactic began focusing more on the smallsat launch business in 2015 due to delays in the human spaceflight program. This led to the creation of a new company called Virgin Orbit in 2017.
On 19 February 2016, the second SpaceShipTwo spacecraft, VSS Unity, was unveiled. It underwent ground-based system integration testing in September 2016.
Virgin Galactic made modifications to the second SpaceShipTwo, including adding an automatic mechanical inhibit device and explicit warnings in the checklist to prevent safety-critical issues with the feather system. They also adopted a crew resource management approach for SpaceShipTwo.
On 5 April 2018, VSS Unity performed a powered test flight, marking the first one since 2014.
On 13 December 2018, VSS Unity achieved Virgin Galactic's first suborbital space flight, reaching an altitude of 82.7 kilometers and officially entering outer space by U.S. standards.
Virgin Galactic announced a partnership with Under Armour to create space suits for passengers and pilots of SpaceShipTwo. Under Armour also designed uniforms for Virgin Galactic employees at Spaceport America.
VSS Unity was transferred to Spaceport America in New Mexico in February 2020, where altitude test flights were conducted.
In July 2020, Virgin Galactic made the decision to abandon its plans to enter the hypersonics market, which was initially part of its business model. This change occurred when Michael Colglazier became the CEO, replacing George Whitesides.
Due to a surge in Covid-19 cases in New Mexico, Virgin Galactic had to postpone a key test flight of its spacecraft in November 2020.
In December 2020, a computer connection issue prevented engine ignition during a test flight of VSS Unity.
On 25 February 2021, Virgin Galactic teased the upcoming SpaceShip III class of spaceplanes, set to follow SpaceShipTwo. The rollout of the first SpaceShip III plane was announced for 30 March 2021.
The first Spaceship III, VSS Imagine, was rolled out on March 30, 2021. Ground testing is planned before glide test flights starting in Summer 2021.
On 22 May 2021, VSS Unity flew its sixth powered test flight, reaching an altitude of 89 km, marking the first human space flight from New Mexico.
On 11 July 2021, Virgin Galactic founder Richard Branson and three other employees rode on a flight as passengers, marking a significant moment as the first time a spaceflight company founder traveled on his own ship into outer space.
On 14 October 2021, Virgin Galactic announced an upgrade program for Unity and Eve, delaying future commercial flights to mid-2022.
Virgin Galactic did not provide comment, citing a quiet period before its February 22 earnings report. Former employees believe the company may never be profitable due to lack of a viable long-term business plan.
Insiders explain the reasons behind Virgin Galactic's stock price decline after the company's ambitious plan to sell tickets to the ultrawealthy for space travel.
On 29 June 2023, Virgin Galactic successfully launched its first commercial space flight. This marked a significant milestone for the company in its space tourism endeavors.
In 2024, Virgin Galactic announces its future plans for space travel and exploration.
Virgin Galactic plans to have generation 2 motherships ready by 2025 for the next-generation Delta-class spaceplanes.
Virgin Galactic plans to begin flying paying customers with their new Delta class spacecraft in 2026, aiming for increased revenue generation.
Jefferies, an investment-banking firm, predicts that Virgin Galactic will generate $1.7 billion in revenue by 2030.