Virgin Galactic’s spaceship outside of Spaceport America in New Mexico.
Virgin Galactic CEO Michael Colglazier outlined his long-term goals for the space travel venture on Thursday, saying he sees the company bring in up to $ 1 billion in annual revenue for each space port in the coming years.
“The first chapter of Virgin Galactic is to complete an extremely difficult mission, creating a spaceship system that can send people into space,”; Colglazier said while discussing the quarterly results. 3 of the company in a conference call. “The next chapter of Virgin Galactic is to use this system to send thousands and thousands of people into space and to realize our goal of opening space to change the world in a good way. Hey, we’re embarking on a multi-year effort that will lead to flights not once a month, or even once a week – but rather targeting 400 flights per year per aerospace. “
The daily launch schedule is still years away for Virgin Galactic, as the company is working to complete development of its SpaceShipTwo spacecraft. So far, the company has conducted two space flights – one in December 2018 and the other in February 2019 – and plans to fly two more test flights into space in the coming months before bringing Founder Richard Branson flies.
Additionally, Colglazier noted that reaching 400 flights per year would require more spacecraft to operate in Virgin Galactic’s fleet. The company currently has a pilot ship, the Unity spacecraft, and is expected to complete production and launch a second spacecraft by the first quarter of 2021. Colglazier stressed that the Virgin spacecraft The second and newer Galactic has been updated “for better turnaround times” between flights, saying they have a more “modular” design to improve the efficiency of checks and maintenance.
It is working on a third spacecraft, with Virgin Galactic in a legal filing on Thursday estimated to cost between $ 35 million and $ 55 million to complete the construction of the second and third spacecraft.
Because of Virgin Galactic’s approach to launch from a plane onto a spaceship – it uses a jet-powered aircraft to bring the spacecraft to about 45,000 feet to launch – Colglazier also noted that the company “will need some mother ships “at an aerospace reaching a cruising speed of 400 flights / year. The company said it was “in the early planning stages of developing and building the second aircraft carrier.”
“For now to rotate the pivot to meet the demand we expected, we will have to increase production in that respect. But I think it will be in the order of a few mother ships, several spacecraft. and … said Colglazier.
Given that each spacecraft can carry up to six passengers, UBS analyst Myles Walton stressed in a note to investors Friday that $ 1 billion in annual revenue and 400 flights each. Year means ticket price is around 400,000 dollars. Previously, the company sold around 600 tickets, mostly pre-booked at prices ranging from $ 200,000 to $ 250,000 each. Virgin Galactic has yet to confirm how much ticket prices will be when reopening, but company leaders say they expect to sell tickets higher than before thanks to substantial demand.
Virgin Galactic’s Unity spacecraft landed after a test flight in New Mexico on June 25, 2020.
Virgin Galactic is working towards the initiation of commercial service flights from Spaceport America in New Mexico. But the company’s management has discussed with other countries about setting up more aerospace airports around the world, including Abu Dhabi, Italy, the UK, Australia and Sweden.
“I am very optimistic about the transition experience we plan to offer and the prices we believe we can offer for this unique limited supply,” Colglazier said.
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