Virgin Galactic skyrockets 30% after announcing it will begin selling tickets for flights to space

• Virgin Galactic shares surged more than 28% after the company announced it would begin selling spaceflight reservations this Wednesday.
• Reservations will cost $450,000, and will include access to the company's Future Astronaut Membership Community.

Shares of Virgin Galactic jumped as much as 30% after the company said it will open spaceflight ticket sales to the general public starting Wednesday.

Shares of the company were trading at $10.59 as of 12:15 p.m. ET Tuesday.

Richard Branson's space exploration company will sell reservations to 1,000 customers for its commercial spaceflight service set to launch later this year.

Spaceflight reservations will cost $450,000, starting with an initial deposit of $150,000.

Flights will launch from Spaceport America in New Mexico, and will last 90 minutes. Passengers, or "astronauts" as Virgin Galactic calls them, will have several minutes of weightlessness during the journey.

Buyers will also be granted access to the Future Astronaut membership community, which the company says includes "money-can't-buy experiences, trips, and space-readiness activities."

Last year, the company announced plans to send tourists to space three times per month once its new spaceship is ready in 2023. Before the general sale, Virgin Galactic has already amassed hundreds of reservations for future flights.

Stock of Virgin Galactic soared Tuesday but is still hovering nearly 80% below its price one year ago.