You used to be serving as a Nassau executive and a former assistant director for space policy at the White House. So you are in the know. Just how crucial is this test later this evening.Oh, it's critically important because what we're going to see are thermal tests, some stress tests, some flight maneuvers as they prepare for the next version, as you indicated. And it's going to take them several months because they are going to ensure that Starship version three will go into orbit, conduct some recoveries ...

Blue Origin launched its New Shepard NS-36 space tourism flight Wednesday, sending six people on a brief suborbital trip before landing in the ship's capsule in the Texas desert https://t.co/Y1WBdXcPHq https://t.co/LcLmQAugJt ...

Engineers are designing a new generation of space habitats meant to make life easier for astronauts and appealing to space tourists https://t.co/WqJKfuhmMd ...

Core Viewpoint - Virgin Galactic reported a significant decline in GAAP revenue for Q2 2025, reflecting ongoing challenges in commercial operations while showing improvements in net loss due to cost control measures [1][5][6]. Financial Performance - GAAP revenue fell by 90.5% year-over-year to $0.4 million in Q2 2025, compared to $4.2 million in Q2 2024, and was below analyst estimates of $0.45 million [2][5]. - The net loss per share improved to $(1.47) in Q2 2025 from $(4.36) in Q2 2024, a 66.3% reduction, driven by lower operating expenses [2][6]. - Non-GAAP total operating expenses decreased by 38.1% year-over-year to $58.5 million [2]. - Adjusted EBITDA improved from $(79.0) million in Q2 2024 to $(52.2) million in Q2 2025 [2][7]. - Free cash flow remained negative at $(113.8) million, nearly unchanged from the previous year [2][7]. Operational Focus - The company is currently focused on the development of the Delta Class SpaceShips, which are intended to enhance flight frequency and capacity [4][9]. - Major assembly milestones for the Delta Class SpaceShips are expected to be completed by late 2025 or early 2026, which are critical for resuming commercial operations [9][10]. - The company aims to shift spending towards capitalized assets to support long-term scaling while maintaining cost control [10]. Strategic Initiatives - Virgin Galactic is exploring new business areas beyond tourism, including potential research payloads and government contracts, in collaboration with Lawrence Livermore National Laboratory [11]. - The company plans to reopen reservations for flights in Q1 2026, ahead of the anticipated service restart in fall 2026 [12][13]. Cash Position - Cash reserves stood at $508 million as of June 30, 2025, bolstered by $56 million from issuing new shares, although this resulted in shareholder dilution [8]. - The company expects free cash flow to remain negative in Q3 2025, projected between $(100) million to $(110) million, but anticipates a decline in quarterly cash burn for the remainder of 2025 [13][14].

Core Insights - The space economy is experiencing significant growth, driven by innovation and investor enthusiasm, as evidenced by the S&P Kensho Space Index outperforming the S&P 500 [1] Investment Performance - The S&P Kensho Space Index has increased by 51.99% over the past year and 22.26% year to date, while the S&P 500 has gained 12.69% and 7.07% respectively during the same periods [2] Market Projections - Experts predict the global space economy will nearly triple by 2035, reaching approximately $1.8 trillion, fueled by space exploration, tourism, and practical satellite applications [3] Militarization of Space - The militarization of space is becoming crucial for defense operations, with initiatives like President Trump's proposed $175 billion Golden Dome missile defense concept highlighting the trend [4] - Europe’s "ReArm" initiative and NATO's proposal to increase defense spending to 5% of GDP indicate a broader commitment to military investment in space [5] Space Tourism - The space tourism market is projected to reach $10.09 billion by 2030, growing at a CAGR of 44.8% from 2024 to 2030, driven by high net worth individuals and increased R&D investments [6] Climate Control - Space technologies are playing a vital role in climate control, with investments focusing on disaster management and monitoring, enhancing communication networks, and optimizing satellite tracking [7] Investment Vehicles - Space-focused ETFs are gaining traction as investors seek exposure to the growing space economy, particularly in light of the militarization trend [8] - Notable ETFs include ARK Space Exploration & Innovation ETF (ARKX), Spear Alpha ETF (SPRX), Procure Space ETF (UFO), and SPDR S&P Kensho Final Frontiers ETF (ROKT), with ARKX being the most liquid option [10] ETF Performance - ARKX has an asset base of $385.2 billion, the largest among its peers, while SPRX has shown significant performance, gaining 23.96% over the past month [11]