Virgin Galactic’s stock hit an all-time high on Friday at $29.29 in after hours trading. The stock soared by $5.63 the day the company flew SpaceShipTwo VSS Unity from its test site in Mojave, Calif. to its operating base at Spaceport America in New Mexico.
Not bad for a stock that was offered at $12 when it opened on the New York Stock Exchange last Oct. 28.
Stock prices are often based on future expectations. That’s certainly true of Virgin Galactic. The company has spent more than $1 billion over the past 15.5 years developing a suborbital space tourism vehicle that has never carried a single paying passenger. Virgin Galactic has never had an annual profit.
VSS Unity has flown two suborbital flights above 50 miles (80.4 km) since it was rolled out four years ago. The last flight was nearly one year ago. So, there hasn’t been any actual action in the sky — except for a ferry flight to New Mexico on Friday — to drive up the stock price.
Months of additional flight testing is set to take place before SpaceShipTwo VSS Unity conducts its first commercial flight with passengers. Virgin Chairman Richard Branson will be aboard ...