Virgin Galactic shares surge as it announces commercial sales

Virgin Galactic shares were heading for the stratosphere on Tuesday, after the company announced it would open commercial ticket sales for its space flights.

The company said seats could be reserved for a $150,000 (£110,920) deposit from Wednesday, for tickets that it previously announced would start at $450,000.

Last year, the space tourism firm launched by Sir Richard Branson said it would offer three packages including single seats, packages for couples, family and friends, and entire flights.

At the time, it confirmed that $25,000 of its $150,000 deposit requirement would not be refundable.

“We plan to have our first 1,000 customers on board at the start of commercial service later this year, providing an incredibly strong foundation as we begin regular operations and scale our fleet,” said Virgin Galactic chief executive officer Michael Colglazier in a statement.

The firm’s share price had taken a beating in recent months, after it delayed the start of commercial flights to upgrade its aircraft.

Tuesday’s announcement also revealed a rebranding for the company, replacing the iris of Branson’s eye with an image of its space-going aircraft.

At 1044 EST (1544 GMT), shares in Virgin Galactic were up 18.57% in New York, at $9.64.