Virgin Galactic pilots walk up to the company’s SpaceShipTwo Unity spacecraft, attached to the Eve jet.
Virgin Galactic
Shares of Virgin Galactic surged when a message from the Federal Aviation Administration indicated that the company’s next space flight test is on track to begin as early as Saturday.
A message from the FAA posted Thursday said that airspace around Virgin Galactic’s operational base at Spaceport America in New Mexico would be restricted for spaceflight operations from Saturday at 9 a.m. ET through Sunday at 6 p.m. ET.
A Virgin Galactic spokesperson confirmed to CNBC that the company is “making good progress with our flight preparations,” noting that the flight attempt is pending weather and technical readiness.
Virgin Galactic’s stock was up a whopping 9% during trading from the previous close of $ 52.39 a share.
The spaceflight test will be a repeat of the December attempt that the company aborted mid-launch. Virgin Galactic spent two months analyzing the cause of the abortion and conducting ground tests, with the test flight set to check “the restoration work that has been completed.”
While there will be only two pilots on board, the flight is expected to be the first of three in a series as the company aims to complete development of its spacecraft system.
Virgin Galactic will focus on each of the original objectives of the December flight attempt, “ including evaluating elements of the passenger cabin, testing the spaceship’s livestream capability to the ground, and assessing the improved horizontal stabilizers and flight controls. during the boost. phase of the flight, ”the company said.
Following the flight test, Virgin Galactic said it will “complete a comprehensive data review” to “inform the next steps in the test flight program.”
The stock has more than doubled since early 2021, a move that earlier this week caused UBS to lower its rating on the stock to neutral. UBS said in a note to customers that “we are aware of the valuation that seems full,” even as upcoming test flights create an attractive “catalyst chain.”
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