Virgin Galactic spikes 10% following successful launch of SpaceX rocket
- Virgin Galactic jumped as much as 10% on Monday following the successful launch of SpaceX's first manned launch of the Falcon 9 rocket.
- SpaceX became the first company ever to send astronauts into space on a commercial flight after Saturday's launch.
- Virgin Galactic is a space flight company that plans to offer commercial flights into orbit for customers who want to view Earth from space.
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Virgin Galactic jumped as much as 10% on Monday following the successful launch of SpaceX's Falcon 9 rocket over the weekend.
On Saturday, SpaceX, the private space exploration company founded by Tesla CEO Elon Musk, launched its first manned rocket, becoming the first company to send humans into space on a commercial flight.
Following the launch, the first stage of the Falcon 9 booster successfully landed on a drone ship in the middle of the Atlantic Ocean.
SpaceX teamed up with NASA to send astronauts Douglas Hurley and Robert Behnken to the International Space Station.
Previously, SpaceX successfully launched unmanned rockets to deliver cargo to the ISS.
Investors seem to be bidding up shares of Virgin Galactic, as it is the only publicly traded space exploration company that plans to make money by sending tourists briefly into space.
Virgin Galactic, founded by Richard Branson and chaired by Chamath Palihapitiya, plans to charge $250,000 for an approximately two-hour flight into space.
The company said it has already received nearly 8,000 reservations as of late February, which would translate to nearly $3 billion in potential revenue.
Shares of Virgin Galactic traded as much as 10% higher to $18.70 on Monday morning