Virgin Galactic to begin trading on the NYSE as the first space tourism stock
Private space tourism is about to go public.
Shareholders approved Virgin Galactic’s merger with one of Chamath Palihapitiya’s ventures, setting up the space tourism company to list directly on the New York Stock Exchange on Monday.
“Virgin Galactic is making history again today as it becomes the world’s first and only publicly traded commercial human spaceflight company. For the first time, anyone will have the opportunity to invest in a human spaceflight company that is transforming the market,” CEO George Whitesides said in a statement.
The merger was announced in July, with Palihapitiya’s Social Capital Hedosophia taking a 49% stake in Virgin Galactic. The deal gives the combined company a valuation of $1.5 billion, with Virgin Galactic founder Sir Richard Branson retaining a 51% controlling stake.
Palihapitiya’s company already trades on the NYSE, under the ticker “IPOA.” The new combined venture’s shares will trade under the ticker symbol “SPCE” on the NYSE on Monday.
A ticket for a Virgin Galactic flight goes for about $250,000 per person, and the company has a list of 603 customers waiting to fly.
Oct. 29, 2019