Saudi Press

Saudi Arabia and the world
Friday, Aug 22, 2025

As Virgin Galactic shares debut, here are the billionaires leading the new space race

As Virgin Galactic shares debut, here are the billionaires leading the new space race

Richard Branson’s Virgin Galactic Holdings on Monday became the first space-tourism business to go public as its stock began trading on the New York Stock...

Richard Branson’s Virgin Galactic Holdings on Monday became the first space-tourism business to go public as its stock began trading on the New York Stock Exchange.

The company listed its shares via a merger with Social Capital Hedosophia Holdings Corp, a special purpose acquisition company (SPAC), or blank-check company, founded by ex- FB, +4.46% executive Chamath Palihapitiya, which took a 49% stake in Virgin Galactic SPCE, -3.46% for about $800 million. The deal valued the company at $2.3 billion.

Shares in the new entity, which are trading under the ticker SPCE, rose 8% in New York trading.

CEO George Whitesides said: “For the first time, anyone will have the opportunity to invest in a human spaceflight company that is transforming the market.”

The commercial space sector is projected to be worth $2.7 trillion by 2045, according to Bank of America Merrill Lynch.

These are the billionaires fueling the current space race:


Virgin Galactic - Richard Branson

Virgin Galactic, which is headed by former Nasa chief of staff George Whitesides, says it will be ready to start commercial operations in 2020.

The company has collected $80 million in deposits representing $120 million in “potential revenue” from customers including actor Leonardo DiCaprio and pop star Justin Bieber, who have each paid $250,000 for a 90-minute suborbital flight.

Virgin Galactic has also attracted a $20 million investment from U.S. aerospace group The Boeing Co.’s BA, -0.82% startup division HorizonX Ventures. The company is also collaborating with sportswear maker Under Armour Inc. UA, -0.53% to develop spacewear for passengers.

Virgin Galactic companies reported a net loss of $138.1 million on $2.8 million in revenue in 2018, according to securities filings. In the first six months of 2019, it recorded losses of $86.7 million on $2.4 million in revenue.

Branson, the investor and founder of Virgin Group, founded Virgin Galactic in 2004, but the company’s plans have been continuously delayed and it suffered a major setback in 2014 after a fatal accident that killed the pilot.


SpaceX - Elon Musk

Elon Musk, chief executive of electric car maker Tesla Inc. TSLA, -0.38%, set up SpaceX in 2002 to help humanity colonize Mars.

In September, Musk unveiled the Starship spacecraft designed to carry 100 passengers and cargo to the moon, Mars “or anywhere else in the solar system” and land back on Earth perpendicularly instead of horizontally.

Musk said orbital test flights would start in less than two months, with plans to land on the moon before 2022. The company has not yet flown a single full-scale prototype and its engineers haven’t said what type of life-support systems they will employ.

In September, Musk unveiled the Starship spacecraft designed to carry 100 passengers and cargo to the moon, Mars “or anywhere else in the solar system” and land back on Earth perpendicularly instead of horizontally.

Musk said orbital test flights would start in less than two months, with plans to land on the moon before 2022. The company has not yet flown a single full-scale prototype and its engineers haven’t said what type of life-support systems they will employ.

The company has raised more than $1.3 billion this year to build both Starship and Starlink, a 30,000 satellite network to provide high-speed internet coverage.

Last year, SpaceX named Japanese tycoon Yusaku Maezawa, the CEO of fashion retailer Zozo, as its first private passenger to travel around the moon, a trip that is penciled in for 2023. Maezawa will be accompanied by eight artists.


Blue Origin - Jeff Bezon

Blue Origin, founded by Amazon.com Inc. AMZN, +0.24% founder, billionaire Jeff Bezos, in 2000, is hoping to launch its first manned space flight on its New Shepard reusable rocket by the end of 2019.

Last week, Bezos said Blue Origin had signed agreements with U.S. aerospace groups Lockheed Martin Corp. LMT, +2.03%, Northrop Grumman Corp. NOC, +1.99% and Draper to build a lunar landing system to take astronauts to the surface of the moon by 2024.

Blue Origin will be the prime contractor for the lander project, with its Blue Moon lander serving as the heart of the system. In May, Bezos revealed a model of the Blue Moon lander and said his space venture was developing a hydrogen-fueled BE-7 engine to provide propulsion.

Tesla shares have fallen 1.2% in 2019, while Amazon has gained 18%. The S&P 500 SPX, +0.33% has gained 21% and the Dow Jones Industrial Average DJIA, +0.43% has climbed 16%.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Dogfights in the Skies: Airbus on Track to Overtake Boeing and Claim Aviation Supremacy
Tim Cook Promises an AI Revolution at Apple: "One of the Most Significant Technologies of Our Generation"
Are AI Data Centres the Infrastructure of the Future or the Next Crisis?
Miles Worth Billions: How Airlines Generate Huge Profits
Zelenskyy Returns to White House Flanked by European Allies as Trump Pressures Land-Swap Deal with Putin
Beijing is moving into gold and other assets, diversifying away from the dollar
Cristiano Ronaldo Makes Surprise Stop at New Hong Kong Museum
Zelenskyy to Visit Washington after Trump–Putin Summit Yields No Agreement
High-Stakes Trump-Putin Summit on Ukraine Underway in Alaska
Iranian Protection Offers Chinese Vehicle Shipments a Cost Advantage over Japanese and Korean Makers
Saudi Arabia accelerates renewables to curb domestic oil use
Cristiano Ronaldo and Georgina Rodríguez announce engagement
Asia-Pacific dominates world’s busiest flight routes, with South Korea’s Jeju–Seoul corridor leading global rankings
Private Welsh island with 19th-century fort listed for sale at over £3 million
Sam Altman challenges Elon Musk with plans for Neuralink rival
Australia to Recognize the State of Palestine at UN Assembly
The Collapse of the Programmer Dream: AI Experts Now the Real High-Earners
Armenia and Azerbaijan to Sign US-Brokered Framework Agreement for Nakhchivan Corridor
British Labour Government Utilizes Counter-Terrorism Tools for Social Media Monitoring Against Legitimate Critics
WhatsApp Deletes 6.8 Million Scam Accounts Amid Rising Global Fraud
Nine people have been hospitalized and dozens of salmonella cases have been reported after an outbreak of infections linked to certain brands of pistachios and pistachio-containing products, according to the Public Health Agency of Canada
Texas Residents Face Water Restrictions While AI Data Centers Consume Millions of Gallons
Tariffs, AI, and the Shifting U.S. Macro Landscape: Navigating a New Economic Regime
India Rejects U.S. Tariff Threat, Defends Russian Oil Purchases
United States Establishes Strategic Bitcoin Reserve and Digital Asset Stockpile
Thousands of Private ChatGPT Conversations Accidentally Indexed by Google
China Tightens Mineral Controls, Curtailing Critical Inputs for Western Defence Contractors
OpenAI’s Bold Bet: Teaching AI to Think, Not Just Chat
BP’s Largest Oil and Gas Find in 25 Years Uncovered Offshore Brazil
JPMorgan and Coinbase Unveil Partnership to Let Chase Cardholders Buy Crypto Directly
British Tourist Dies Following Hair Transplant in Turkey, Police Investigate
WhatsApp Users Targeted in New Scam Involving Account Takeovers
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Russia Formally Recognizes Taliban Government in Afghanistan
×