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Virgin Galactic Stock Briefly Falls Below Debut Price

In the last six months, the value of the space exploration company fell by nearly 75%.

For the first time in two years, Virgin Galactic ( (SPCE) - Get Virgin Galactic Holdings Inc Reportshares have dipped below what the company was worth when it went public in October 2019.

On Thursday, stock of the space tourism company fell to as low as $11.30 before rising back to $11.90 by the afternoon. When the company merged with a special purpose acquisition company to go public in 2019, its debut price was $11.75.

As initially reported by CNBC, delays to its planned space launches and the commercial tourism industry promised by founder Richard Branson have kept Virgin Galactic shares volatile. 

While Branson beat Amazon ( (AMZN) - Get Amazon.com, Inc. Report) Blue Origin founder Jeff Bezos into space by a little over a week, both companies have had to push back subsequent space flights while extravagant claims about making space travel accessible to the wealthy rather than only the elite are yet to materialize.

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Blue Origin stock has fallen as low as $7 immediately after its debut, and it has been at $57 in the first months of 2021. In the last six months, it has been on a nosedive as value plunged by nearly 75%.

The company is pre-revenue and, according to numbers published on CNBC, is losing between $55 and $65 million per quarter on an adjusted Ebitda basis.

The $11.30 seen this morning is a 52-month low. As the company's value tumbled, Branson himself sold as much as $300 million of Virgin Galactic shares in a single go in August. He sold around $1.25 billion of stock in total but still remains the company's largest shareholder.