Virgin Galactic Optimistic Despite Harsh Economic Times

Virgin Galactic’s business plan does not appear to be negatively affected by the global economic downturn according to a September 4 Aviation Week & Space Technology article.

“With a rather unique support base of $40 million in deposits representing $60 million in total income from 300 suborbital adventurers, the project’s financial footing remains firm despite the global economic gloom. ‘These are the kinds of customers who are not much affected by that, and sales this month are better than they were a year ago. Regardless of what’s happening in the economy, success or failure is in the hands of the people in the project,’ says [Virgin Galactic President Will] Whitehorn.”

The company has its sights set not only on space tourism, but delivering cargo and science payloads to space, according to the article, with longer-term plans to develop a satellite launch vehicle to be launched from Abu Dhabi, which recently committed to buy a 32 percent stake in the company.