Virgin Galactic Opens Up Space Flights: Here's How Much It Will Cost To Fly To Space Like Richard Branson

The successful flights of Sir Richard Branson and Jeff Bezos could lead to a surge in the number of people who want to travel to space.

What Happened: Space tourism company Virgin Galactic Holdings SPCE announced its quarterly financials Thursday afternoon.

Included in the report was the company saying it's reopening its sales and reservations for flights on future spacecraft.

The new price point will be $450,000 per seat aboard a Virgin Galactic flight. This is an increase from the $200,000 to $250,000 range the company had previously charged per seat.

“Leveraging the surge in consumer interest following the Unity 22 flight, we are excited to announce the reopening of sales effective today,” said Virgin Galactic CEO Michael Colglazier.

Seats will be offered in three tiers of single seat, multi-seat (couples, friends, family) and a full-flight buy-out option. A “significant” list of early hand-risers from the company will get the first opportunity to reserve their place on a flight followed by a priority list opened to the public.

Related Link: SpaceX CEO Elon Musk Books A Flight With Richard Branson's Virgin Galactic

Why It’s Important: Virgin Galactic has 600 reservations (as of June 30) and had stopped taking new names and deposits. Among the people who booked a flight are Leonardo DiCaprio, Justin Bieber and Tesla Inc TSLA CEO Elon Musk.

If you can’t afford a flight on the Virgin Galactic spacecraft, there is a sweepstakes to win two tickets for as low as $5. The winner and a guest will be on a flight expected in early 2022 with a retail value of $510,000.

The contest runs through Aug. 31, 2021, and will announce a winner around Sept. 29.

What’s Next: Virgin Galactic updated its plans for future launches. The company received FAA approval for a full commercial launch in June and completed a successful space flight with a full crew in July.

The next spaceflight called Unity 23 is targeted for a late-September launch. The flight will get revenue for the company through a partnership with the Italian Air Force.

The company ended the second quarter with $552 million in cash.

SPCE Price Action: Shares are up 5% to $33.13 in after-hours trading.

Disclosure: Author is long shares SPCE.

See also: How to Buy Virgin Galactic (SPCE) Stock