- Short sellers are circling Richard Branson's Virgin Galactic (NYSE:SPCE) stoked by its hefty $3.9B market cap, ravenous cash consumption and scant prospects for significant near- and medium-term revenues.
- About 700 customers have submitted prepayments for flights aboard SpaceShipTwo at $225K per ticket, a discount off its expected fares. The maiden voyage, traveling to the lower thermosphere where occupants, including Mr. Branson himself, will experience several minutes of weightlessness, has been pushed back from this year to 2021.
- According to its most recent financials, it consumed ~$108M in H1. Cash and equivalents at the end of June were $360M.
- The company's long-term plan is to enter the conventional airline market with a supersonic jet that can travel from London to New York in two hours, faster than the Concorde which last operated in 2003. It is working with Rolls Royce on the design.
- The company is a rival of Elon Musk's SpaceX and Jeff Bezos' Blue Origin.
Virgin Galactic gobbles up cash as maiden voyage delayed
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About SPCE Stock
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| Symbol | Last Price | % Chg |
|---|---|---|
| SPCE | - | - |
| Virgin Galactic Holdings, Inc. | ||