Why Virgin Galactic Stock Soared on Friday
The era of commercial spaceflight services has officially started for Virgin Galactic (NYSE: SPCE), according to an official press release yesterday afternoon. And this has the market very excited today, considering Virgin Galactic stock was up 30% as of 9:50 a.m. ET.
To be clear, Virgin Galactic has flown before. For example, billionaire Sir Richard Branson flew to space aboard one of the company's spacecrafts in 2021.
Moreover, demand for Virgin Galactic's spaceflights has been strong, considering the company had over $100 million in customer deposits as of the first quarter of 2023. However, Virgin Galactic hadn't been ready to start commercial flights until now, and that's why the market is excited about this space stock today.
Source Fool.com
