Virgin Galactic Holdings, Inc. (SPCE) Stock Price & How to Invest

Virgin Galactic operates a suborbital human spaceflight business, selling tickets that carry private and research passengers briefly above the recognized boundary of space for a period of weightlessness and views of Earth. Tickets have historically been priced around ~$600,000 (as of 2026-06-27), and the company has reported a backlog of roughly 675 to 800 reserved future astronauts built up over prior sales rounds. Its closest direct peer in suborbital tourism is Blue Origin.

In June 2024 the company paused commercial flights of its original VSS Unity vehicle to focus resources on developing its next-generation Delta-class spaceships, which it says are designed for far higher flight frequency than Unity. That transition means revenue is minimal today while the company spends on building the new fleet. Virgin Galactic's history is highly speculative: it has funded operations through repeated equity and debt issuance that diluted shareholders, executed a 1-for-20 reverse stock split in June 2024 to maintain its NYSE listing, and in June 2026 completed a ~$30.5M debt-for-equity swap that issued additional shares. As of 2026-06-27 it remains pre-commercial on the new vehicles.

Virgin Galactic generates minimal revenue today (~$0.2M in Q1 2026, as of 2026-06-27) and is burning cash heavily, with free cash flow of roughly $(93.3)M in Q1 2026 and Q2 2026 guidance of about $(87)M to $(92)M. Funding that burn has meant repeated dilution, including a ~46% increase in shares outstanding over the prior year and a June 2026 debt-for-equity swap, on top of a 1-for-20 reverse split in 2024. The investment depends on flawless execution of an ambitious flight-test and manufacturing timeline that has already slipped, where any delay extends the cash drain. Spaceflight also carries inherent safety risk, and the underlying unit economics of high-frequency suborbital tourism are unproven at commercial scale.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Virgin Galactic Holdings, Inc.'s investor relations page or your broker.

• Quarterly revenue (Q1 2026): ~$0.2M, essentially pre-revenue, derived from access fees on future reservations rather than completed flights
• Net loss (Q1 2026): ~$64.7M, an improvement from a ~$84M loss in the year-ago quarter
• Free cash flow (Q1 2026): ~$(93.3)M, with Q2 2026 guided to roughly $(87)M to $(92)M
• Cash and marketable securities: ~$251M as of March 31, 2026, the runway funding the Delta build-out
• Market capitalization: ~$300M, with the share price around ~$2.88 as of June 26, 2026 (figures move sharply and vary by source)
• Reverse split and dilution: 1-for-20 reverse split in June 2024; shares outstanding up ~46% over the prior year, plus a ~$30.5M debt-for-equity swap (~6.73M shares) in June 2026

Traditional earnings multiples do not apply to Virgin Galactic because it is pre-revenue and deeply unprofitable; the company is valued on the speculative promise of future Delta-class flights rather than current financials. With cash burn running near or above $90M per quarter against roughly ~$251M of cash and marketable securities (as of March 31, 2026), cash runway and the pace of further capital raises are central to the story, and additional dilution is a recurring feature of how the company funds itself. Figures here are tied to the asOf date and can change quickly.

There are three common ways to get SPCE exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so SPCE sits alongside other stocks that express the same thesis.

Walnut takes the basket route. Describe a thesis where SPCE fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

If you believe Virgin Galactic can deliver its Delta-class spaceships on schedule, fly its backlog of reserved customers, and eventually run frequent, profitable suborbital flights, then SPCE is a way to express that view. It is a pre-revenue, high-burn, story-driven stock whose value rests on milestones that are still years from proving out, and a history of dilution and a 2024 reverse split shows how quickly the share count and price can move against holders. This page is descriptive and not a recommendation to buy or sell.

Whether SPCE is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is SPCE a buy?, and where the stock could go from here in the SPCE stock forecast.

For income investors, whether SPCE pays a dividend and how the payout looks is covered in does SPCE pay a dividend?