Virgin Galactic reveals new ship, but it's running out of time and cash
Summary
Virgin Galactic showed a new spaceship being moved outside its factory as it works on a next-generation craft for space tourism. The company has stopped flying its current ship and plans the first flight of the new vehicle around late 2026 or early 2027, but its cash reserves are shrinking due to low revenue and delayed flights.Key Facts
- Virgin Galactic was founded 22 years ago to offer space tourism.
- The company flew passengers with its VSS Unity spacecraft, completing six spaceflights in 2023.
- It stopped flying VSS Unity in June 2024 to focus on a new spaceship.
- Virgin Galactic revealed a photo of the new ship being moved for final testing in Mesa, Arizona.
- The first flight with research payloads is planned for summer 2026; private astronaut flights may begin in fall 2026.
- The company’s cash reserves dropped from $982 million in early 2024 to $338 million by March 2025.
- Blue Origin stopped its suborbital tourist flights in January 2024, leaving Virgin Galactic as the main company in this market.
- Space tourism remains expensive and challenging, with companies struggling to make profits.
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