April 19, 2024

Cyprus Mail
BusinessInternational

Branson begins selling space flight tickets for $450,000

By 0733
branson flight space
Branson after flying to space.

Spaceship company Virgin Galactic (SPCE.N) said it will open ticket sales on Thursday for space flights starting at $450,000 a seat, weeks after billionaire founder Richard Branson’s high-profile trip to the edge of space.

The first 600 people to buy tickets to fly with Virgin paid about $250,000 but after its recent spaceflight, the price went up.

Branson soared more than 50 miles above the New Mexico desert aboard a Virgin Galactic rocket plane on July 11 and safely returned in the vehicle’s first fully crewed test flight to space, a symbolic milestone for a venture he started 17 years ago.

“We’re here to make space more accessible to all,” an exuberant Branson, 70, said shortly after embracing his grandchildren following the flight. “Welcome to the dawn of a new space age.”

Shares of the company rose 5 per cent in extended trading on Thursday.

In June, Virgin Galactic received approval from the US aviation safety regulator to fly people to space.

The company said it will have three consumer offerings – a single seat, a multi-seat package and a full-flight buy out. Sales will initially open to the company’s significant list of “early hand-raisers”, it said.

Virgin Galactic’s next space flight is scheduled for late September in New Mexico with the Italian air force.

Virgin Galactic announced the offerings as it reported Thursday that it lost $94m in the second quarter on soaring costs for overhead and sales. The company posted revenue of $571,000, barely enough to cover one seat on a future flight.

Virgin Galactic CEO Michael Colglazier said in a statement. “Leveraging the surge in consumer interest following the Unity 22 flight, we are excited to announce the reopening of sales effective today, beginning with our Spacefarer community. As we endeavor to bring the wonder of space to a broad global population, we are delighted to open the door to an entirely new industry and consumer experience.”

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