Virgin Galactic Has New COO, a New Ship and a Surging Stock
- Shares soar 30% on investor optimism before commercial flights
- Morgan Stanley sees early mover status for hypersonic travel
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Virgin Galactic Holdings Inc. has surged 29% since Jan. 1 as the company prepares to fly its first space tourists in 2020.
Investors are also betting that Virgin Galactic, founded by entrepreneur Richard Branson, will be one of the first companies to offer point-to-point hypersonic travel, one day potentially reducing intercontinental flights to less than three hours. In a December report, Morgan Stanley analysts valued that market at $800 billion by 2040, dwarfing the space tourism business.