Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

As Virgin Galactic shares debut, here are the billionaires leading the new space race

As Virgin Galactic shares debut, here are the billionaires leading the new space race

Richard Branson’s Virgin Galactic Holdings on Monday became the first space-tourism business to go public as its stock began trading on the New York Stock...

Richard Branson’s Virgin Galactic Holdings on Monday became the first space-tourism business to go public as its stock began trading on the New York Stock Exchange.

The company listed its shares via a merger with Social Capital Hedosophia Holdings Corp, a special purpose acquisition company (SPAC), or blank-check company, founded by ex- FB, +4.46% executive Chamath Palihapitiya, which took a 49% stake in Virgin Galactic SPCE, -3.46% for about $800 million. The deal valued the company at $2.3 billion.

Shares in the new entity, which are trading under the ticker SPCE, rose 8% in New York trading.

CEO George Whitesides said: “For the first time, anyone will have the opportunity to invest in a human spaceflight company that is transforming the market.”

The commercial space sector is projected to be worth $2.7 trillion by 2045, according to Bank of America Merrill Lynch.

These are the billionaires fueling the current space race:


Virgin Galactic - Richard Branson

Virgin Galactic, which is headed by former Nasa chief of staff George Whitesides, says it will be ready to start commercial operations in 2020.

The company has collected $80 million in deposits representing $120 million in “potential revenue” from customers including actor Leonardo DiCaprio and pop star Justin Bieber, who have each paid $250,000 for a 90-minute suborbital flight.

Virgin Galactic has also attracted a $20 million investment from U.S. aerospace group The Boeing Co.’s BA, -0.82% startup division HorizonX Ventures. The company is also collaborating with sportswear maker Under Armour Inc. UA, -0.53% to develop spacewear for passengers.

Virgin Galactic companies reported a net loss of $138.1 million on $2.8 million in revenue in 2018, according to securities filings. In the first six months of 2019, it recorded losses of $86.7 million on $2.4 million in revenue.

Branson, the investor and founder of Virgin Group, founded Virgin Galactic in 2004, but the company’s plans have been continuously delayed and it suffered a major setback in 2014 after a fatal accident that killed the pilot.


SpaceX - Elon Musk

Elon Musk, chief executive of electric car maker Tesla Inc. TSLA, -0.38%, set up SpaceX in 2002 to help humanity colonize Mars.

In September, Musk unveiled the Starship spacecraft designed to carry 100 passengers and cargo to the moon, Mars “or anywhere else in the solar system” and land back on Earth perpendicularly instead of horizontally.

Musk said orbital test flights would start in less than two months, with plans to land on the moon before 2022. The company has not yet flown a single full-scale prototype and its engineers haven’t said what type of life-support systems they will employ.

In September, Musk unveiled the Starship spacecraft designed to carry 100 passengers and cargo to the moon, Mars “or anywhere else in the solar system” and land back on Earth perpendicularly instead of horizontally.

Musk said orbital test flights would start in less than two months, with plans to land on the moon before 2022. The company has not yet flown a single full-scale prototype and its engineers haven’t said what type of life-support systems they will employ.

The company has raised more than $1.3 billion this year to build both Starship and Starlink, a 30,000 satellite network to provide high-speed internet coverage.

Last year, SpaceX named Japanese tycoon Yusaku Maezawa, the CEO of fashion retailer Zozo, as its first private passenger to travel around the moon, a trip that is penciled in for 2023. Maezawa will be accompanied by eight artists.


Blue Origin - Jeff Bezon

Blue Origin, founded by Amazon.com Inc. AMZN, +0.24% founder, billionaire Jeff Bezos, in 2000, is hoping to launch its first manned space flight on its New Shepard reusable rocket by the end of 2019.

Last week, Bezos said Blue Origin had signed agreements with U.S. aerospace groups Lockheed Martin Corp. LMT, +2.03%, Northrop Grumman Corp. NOC, +1.99% and Draper to build a lunar landing system to take astronauts to the surface of the moon by 2024.

Blue Origin will be the prime contractor for the lander project, with its Blue Moon lander serving as the heart of the system. In May, Bezos revealed a model of the Blue Moon lander and said his space venture was developing a hydrogen-fueled BE-7 engine to provide propulsion.

Tesla shares have fallen 1.2% in 2019, while Amazon has gained 18%. The S&P 500 SPX, +0.33% has gained 21% and the Dow Jones Industrial Average DJIA, +0.43% has climbed 16%.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
More Than 150,000 Followers for a Fictional Character: The New Influencers Are AI Creations
EU Prepares for War
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Budapest Central European Fashion Week Kicks Off
U.S. Celebrates Labor Day
Hungarian National Team Captain Scores Epic Goal
×