Why Virgin Galactic Stock Is Rocketing Higher After Hours

Virgin Galactic Holdings Inc SPCE shares are taking off in Thursday's after-hours session after the company announced the start of commercial spaceline operations.

The Details: Virgin Galactic said its first commercial spaceflight, "Galactic 01," is set to fly between June 27 and June 30. The spaceflight is a scientific research mission that will carry three crew members from the Italian Air Force and the National Research Council of Italy to conduct microgravity research.

The company's second commercial spaceflight is expected to take place in early August. Monthly spaceflights are expected thereafter.

"We are launching the first commercial spaceline for Earth with two dynamic products — our scientific research and private astronaut space mission. This next exciting chapter for Virgin Galactic has been driven by innovation, determination and a commitment to delivering an unparalleled and truly transformative customer experience," said Michael Colglazier, CEO of Virgin Galactic.

See Also: Adobe Stock Jumps On Earnings Beat, Strong Outlook: Company Says It's Positioned To Lead 'New Era Of Generative AI'

SPCE Price Action: Virgin Galactic shares were up 24.1% after hours at $5.06 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Virgin Galactic.