Virgin Galactic

Space tourism remains a business more of promise than of scale, and Virgin Galactic is its most visible pure play. Richard Branson founded the company in 2004 to fly paying passengers to the edge of space aboard a rocket-powered plane that is carried aloft by a larger aircraft, then released to climb above the atmosphere for a few minutes of weightlessness. It operates from Spaceport America in New Mexico and has flown crewed missions, but flights have been infrequent and the ticket count small relative to the cost of developing the vehicles. The company is pouring money into a next generation of Delta class ships meant to fly far more often, which is the crux of the investment case. Until that fleet is running at cadence, Virgin Galactic burns cash, and the stock trades on belief about a future that keeps slipping later.

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