Virgin Galactic

Virgin Galactic. It is an aerospace and spaceflight company within the Virgin Group, founded with the goal of providing commercial suborbital spaceflights. The company has developed a unique air-launch system to carry paying customers and scientific payloads to the edge of space. Its operations are centered at Spaceport America in New Mexico.

History

The company's origins trace back to the success of Scaled Composites' SpaceShipOne, which won the Ansari X Prize in 2004. Following this achievement, Richard Branson announced the formation of a new venture to commercialize the technology. A partnership was established with Scaled Composites to develop a larger spacecraft, SpaceShipTwo. Early development and testing were conducted at the Mojave Air and Space Port in California. After a lengthy development period marked by technical challenges and a fatal accident, the company relocated its primary operations to Spaceport America. A significant milestone was reached in July 2021, when Richard Branson himself flew aboard the VSS Unity, beating the rival flight of Blue Origin's New Shepard by days.

Spacecraft and technology

The core of its flight system is the SpaceShipTwo-class vehicle, a reusable, winged spacecraft designed for suborbital flight. The carrier aircraft, known as White Knight Two, lifts the spacecraft to an altitude of approximately 50,000 feet before release. Following release, the spacecraft ignites its hybrid rocket motor, designed by SpaceDev, to ascend to apogee. A unique "feathering" system, pioneered on SpaceShipOne, reconfigures the vehicle's tail booms to increase drag and stabilize it during re-entry into the Earth's atmosphere. The company is also developing a new generation of vehicles, known as the Delta class, intended to offer higher flight frequency and improved economics. These spacecraft are part of the broader market of commercial vehicles competing with systems like Blue Origin's New Shepard.

Commercial operations

Commercial service, branded as Unity missions, officially commenced in 2023 from its base at Spaceport America. Tickets have been sold to private individuals, often termed Future Astronauts, as well as researchers. Flights provide several minutes of weightlessness and views of the Earth's curvature from above the Kármán line. The company has also contracted with the Italian Air Force and the Royal Air Force for research flights. While primarily focused on tourism, it markets its flights for microgravity research and astronaut training. Its main competitor in the human suborbital market is Jeff Bezos's Blue Origin, though it operates differently from orbital tourism services offered by SpaceX and Axiom Space.

Safety and incidents

The development program has experienced significant setbacks. The most severe incident occurred on October 31, 2014, during a test flight of the first SpaceShipTwo, the VSS Enterprise. The vehicle broke apart mid-air over the Mojave Desert, resulting in the death of co-pilot Michael Alsbury and serious injuries to pilot Peter Siebold. An investigation by the National Transportation Safety Board determined the cause was the premature unlocking of the feathering system. A separate ground test incident in 2007 at the Mojave Air and Space Port involving a nitrous oxide tank explosion killed three employees of Scaled Composites. These events led to major redesigns of safety procedures and vehicle components.

Business and finances

The company became publicly traded in 2019 through a merger with Social Capital Hedosophia, a special-purpose acquisition company led by Chamath Palihapitiya. Its financial performance has been characterized by significant development costs and operational expenses, leading to consistent quarterly losses. Revenue streams are derived from ticket sales for future flights, which have been priced in the range of hundreds of thousands of dollars per seat, and contracts for research missions. Major investors and partners have included the Virgin Group and the government of New Mexico, which invested in the development of Spaceport America. The company's market valuation and future prospects are closely tied to its ability to achieve regular, frequent, and profitable flight operations.

Category:Aerospace companies Category:Space tourism