London Daily

Focus on the big picture.
Wednesday, Jul 09, 2025

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%.

Newsletter

Related Articles

0:00
0:00
Close
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Weinstein Victim’s Lawyer Says MeToo Movement Still Strong
U.S. Enacts Sweeping Tax and Spending Legislation Amid Trade Policy Shifts
Football Mourns as Diogo Jota and Brother André Silva Laid to Rest in Portugal
Labour Expected to Withdraw Support for Special Needs Funding Model
Leaked Audio Reveals Tory Aide Defending DEI Record
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
London Stock Exchange Faces Historic Low in Initial Public Offerings
A new online platform has emerged in the United Kingdom, specifically targeting Muslim men seeking virgin brides
Trump Celebrates Independence Day with B-2 Flyover and Signs Controversial Legislation
Boris Johnson Urges Conservatives to Ignore Farage
SNP Ordered to Update Single-Sex Space Guidance Within Days
Starmer Set to Reject Calls for Wealth Taxes
Stolen Century-Old Rolls-Royce Recovered After Hotel Theft
Macron Presses Starmer to Recognise Palestinian State
Labour Delayed Palestine Action Ban Over Riot Concerns
Swinney’s Tax Comments ‘Offensive to Scots’, Say Tories
High Street Retailers to Enforce Bans on Serial Shoplifters
Music Banned by Henry VIII to Be Performed After 500 Years
Steve Coogan Says Working Class Is Being ‘Ethnically Cleansed’
Home Office Admits Uncertainty Over Visa Overstayer Numbers
JD Vance Questions Mandelson Over Reform Party’s Rising Popularity
Macron to Receive Windsor Carriage Ride in Royal Gesture
Labour Accused of ‘Hammering’ Scots During First Year in Power
BBC Head of Music Stood Down Amid Bob Vylan Controversy
Corbyn Eyes Hard-Left Challenge to Starmer’s Leadership
London Tube Trains Suspended After Major Fire Erupts Nearby
Richard Kemp: I Felt Safer in Israel Under Attack Than in the UK
Cyclist Says Police Cited Human Rights Act for Riding No-Handed
China’s Central Bank Consults European Peers on Low-Rate Strategies
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Musk Battles to Protect Tesla Amid Trump Policy Threats
Air France-KLM Acquires Majority Stake in Scandinavian Airlines
UK Educators Sound Alarm on Declining Child Literacy
Shein Fined €40 Million in France Over Misleading Discounts
Brazil’s Lula Visits Kirchner During Argentina House Arrest
Trump Scores Legislative Win as House Passes Tax Reform Bill
Keir Starmer Faces Criticism After Rocky First Year in Power
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
Poland Implements Border Checks Amid Growing Migration Tensions
Political Dispute Escalates Between Trump and Musk
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
US Senate Votes to Remove AI Regulation Moratorium from Domestic Policy Bill
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
Jury Deliberations in Diddy Trial Yield Partial Verdict in Serious Criminal Charges
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
×