Virgin Galactic (NYSE:SPCE) is in the news Monday after announcing a deal with NASA for commercial space flights that have SPCE stock taking off.
The agreement between Virgin Galactic and NASA will allow the former to prepare flights to the International Space Station. It will also create a private orbital astronaut readiness program in preparation for the flights.
So what exactly will these trips to the International Space Station entail? NASA notes that it’s seeing an increasing demand from organizations that want to use the orbital facility. That includes for research and development, commercial visits, as well as those seeking international collaboration.
George Whitesides, CEO of Virgin Galactic, said this about the news.
“We are excited to partner with NASA on this private orbital spaceflight program, which will not only allow us to use our spaceflight platform, but also offer our space training infrastructure to NASA and other agencies.”
Virgin Galactic notes that teaming up with NASA will allow it to bring its own space travel experience to the table. The company has already been working on commercial space flights and it can use this knowledge when helping set up trips to the International Space Station.
Virgin Galactic also points out that the deal with NASA will have it managing the flights from beginning to end. Its space flight training will also focus on the specific needs of private astronauts.
SPCE stock was up 12.7% as of Monday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
