Virgin Galactic Rolls Out Delta-Class Ship Apeiron, Pins Future on Test Flights

Virgin Galactic unveiled its first Delta-class spacecraft, Apeiron, on Wednesday, flying it by carrier to its New Mexico spaceport for months of testing as the company bets its future on the six-passenger ship. Shares closed down 2 cents at $2.66, valuing the company at $403 million, down from a peak above $10 billion. The Tustin-based company retired its four-passenger VSS Unity in June 2024 after seven commercial flights. It has spent hundreds of millions developing the Delta class and hopes to fly twice weekly, targeting a fleet it says could generate billions in annual revenue. By the end of last year, 675 people had reserved flights at $750,000 a ticket. The first flight target has slipped repeatedly, from this year to the first quarter and now to the second or third quarter. Cash and short-term investments fell from $911 million in December 2023 to $338 million at the end of last year, though the CFO said $134 million raised in second-quarter equity offerings funds completion of testing. Virgin Galactic, founded by Richard Branson in 2004, remains the sole provider of tourist flights to the edge of space.