London Daily

Focus on the big picture.
Friday, Jun 20, 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
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
UK Home Secretary Apologizes Over Child Grooming Failures
Trump Organization Launches 5G Mobile Network and Golden Handset
Towcester Hosts 2025 English Greyhound Derby Amid Industry Scrutiny
Gary Oldman and David Beckham Knighted in King's Birthday Honours
Over 30,000 Lightning Strikes Recorded Across UK During Overnight Storms
Princess of Wales Returns to Public Duties at Trooping the Colour
Red Arrows Use Sustainable Fuel in Historic Trooping the Colour Flypast
Former Welsh First Minister Addresses Unionist Concerns Over Irish Language
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
France Bars Israeli Arms Companies from Paris Defense Expo
King Charles Leads Tribute to Air India Crash Victims at Trooping the Colour
Jack Pitchford Embarks on 200-Mile Walk to Support Stem Cell Charity
Surrey Hikers Take on Challenge of Climbing 11 Peaks in a Single Day
UK Deploys RAF Jets to Middle East Amid Israel-Iran Tensions
Two Skydivers Die in 'Tragic Accident' at Devon Airfield
Sainsbury's and Morrisons Accused of Displaying Prohibited Tobacco Ads
UK Launches National Inquiry into Grooming Gangs
Families Seek Closure After Air India Crash
Gold Emerges as Global Safe Haven Amid Uncertainty
Trump Reports $57 Million Earnings from Crypto Venture
Trump's Military Parade Sparks Concerns Over Authoritarianism
Nationwide 'No Kings' Protests Challenge Trump's Leadership
UK Deploys Jets to Middle East Amid Rising Tensions
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
Germany Holds First Veterans Celebration Since WWII
U.S. Health Secretary Dismisses CDC Vaccine Advisory Committee
Minnesota Lawmaker Melissa Hortman and Husband Killed in Targeted Attack; Senator John Hoffman and Wife Injured
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
×