Editor's note: After this article was published, the company announced it is now targeting Jan. 13 for the soonest launch window, saying "As our team works through our pre-flight checklist, we're taking a little extra time to thoroughly validate the system and to check our sensor readings."
What happened
Richard Branson's commercial space launch company, Virgin Orbit (VORB +0.00%), just went public less than two weeks ago, and its shares are soaring today. As it gets closer to its first launch as a publicly traded company, investors are also getting excited. Virgin Orbit shares rocketed as much as 40% in Tuesday trading before paring some of those lofty gains. As of 3:17 p.m. ET, the stock was still 28% higher on the day.
So what
The excitement comes from news that the launch of its third commercial mission, dubbed Above the Clouds, is on track to proceed as early as tomorrow. The company announced on its Twitter feed today that the mission is on pace to be ready for the start of its launch window that opens Wednesday at 4 p.m. ET, or 1 p.m. local time from the Mojave Air and Space Port in California.
Image source: Virgin Orbit.
Now what
Virgin Orbit provides clients, including NASA, with a flying launch platform for small satellites. The Above the Clouds launch includes satellites for the Space Test Program of the U.S. Department of Defense; Polish company SatRevolution; and space data, analytics, and services company Spire Global. Shares of Spire Global are also higher by about 12.5% in today's trading.
To date, Virgin Orbit has already placed 19 satellites into orbit. In its analyst day presentation prior to its public debut, the company touted its ability to serve commercial and defense needs that require flexibility. Its system for small rocket launches from 747 aircraft allows for lower cost and mobile capability for launch location.
Once the upcoming launch is a go, the company said the rocket drop and ignition will occur about one hour after takeoff. Investors excited about the prospect have pushed the company's market cap to $3.5 billion today, its highest level since going public.
