Commentary: Space travel? Virgin Galactic leads the race

DUBLIN, Ireland: Richard Branson rang the opening bell at the New York Stock Exchange on Oct 28 as Virgin Galactic became the first commercial spaceflight company toIt was valued at more than US$1 billion following its merger with publicly-listed holding firm Social Capital Hedosophia, then experienced a 20 per cent drop in its share price after a week of trading. It is now worth around US$800 million.

This artist's illustration courtesy of SpaceX shows the SpaceX BFR passenger spacecraft, which has only been shown in designs and images so far. NASA announced in June that it would offer trips to the ISS at a cost of US$35,000 per night, not including the cost of a taxi ride there from SpaceX andThe cost of these rides is likely to be at least US$60 million, which is what NASA pays to take its astronauts to the ISS, and these visits are due to start in 2020.

By 2023, it is forecasting revenues of US$590 million and expects to have flown more than 3,000 passengers. Since that number is a tiny portion of the target market of high net-worth individuals with assets of at least US$10 million, its projections could well be achievable.

Sir Richard Branson rings a bell on the floor of the New York Stock Exchange as Virgin Galactic begins public trading in New York, U.S., October 28, 2019. REUTERS/Brendan McDermid

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