Virgin Galactic will become the first space-tourism company to list on the New York Stock Exchange next weekOctober 24, 2019
- Virgin Galactic will list on the New York Stock Exchange on Monday, October 28 under the ticker “SPCE.”
- To go public, the space-tourism company merged with Social Capital Hedosophia, a venture capital firm. The merger was approved by shareholders Wednesday, according to an SEC filing.
- Virgin Galactic has a waitlist of more than 600 people ready to be among the first space tourists.
- Read more on Business Insider.
Starting Monday, investors can trade space tourism on the New York Stock Exchange for the first time ever, thanks to Virgin Galactic.
The space-tourism company run by billionaire Sir Richard Branson has been approved to merge with Social Capital Hedosophia, a venture capital firm that helps technology companies list on public markets, according to a Wednesday SEC filing from the company.
The merger is expected to close Friday. On Monday, Social Capital’s ticker, “IPOA,” will become Virgin Galactic’s, and trade under “SPCE.”
Virgin Galactic announced in July that it intended to merge with Social Capital Hedosophia to go public and become the first “publicly traded commercial human spaceflight company,” according to a release. The deal valued the combined company at $1.5 billion and gave Social Capital Hedosophia a 49% stake to Branson’s 51%.
Since its founding in 2004, Virgin Galactic has raised more than $1 billion to develop the first commercial service to take people to space. The company currently has a waitlist with more than 600 people from 60 countries signed up to take a space-tourism flight. Each ticket costs about $250,000 per person, and adds up to $80 million in total collected deposits and $120 million of potential revenue, Virgin Galactic said in a release.
The company expects that it will earn about $600 million in annual revenue and $270 million in Ebitda in 2023. By 2023, Branson also hopes that Virgin Galactic will be sending people to space every 32 hours.
While it may be the first to list publicly, Virgin Galactic isn’t the only space-tourism company in the world. Its main competitors are Blue Origin, owned by Jeff Bezos, and SpaceX, owned by Elon Musk.