Space Economy
Virgin Galactic pushes first commercial spaceflight to February, keeps 2027 cash flow target
Virgin Galactic has delayed its first commercial spaceflight to February 2027 while maintaining its projection for positive quarterly cash flow within 2027. CEO Michael Colglazier said the schedule shift stems from modest time duration extensions across hundreds of small installation tasks, with no single issue driving the push. The company reported its recent tranche of spaceflight expeditions at the $750,000 price point was oversubscribed, adding over $50 million to expected future spaceflight revenue, and plans to open a new tranche this fall at higher price points. CFO Douglas Ahrens said Virgin Galactic raised $134 million through its ATM during the second quarter, ended the period with $286 million in cash, cash equivalents, and marketable securities, and reduced the principal balance on its 2027 and 2028 notes by $93 million. Third-quarter revenue is expected to be approximately $400,000, with free cash flow projected between negative $95 million and $100 million, while the company continues to forecast a flight rate of 10 or more spaceflights per month by the end of the second quarter of 2027.