Sir Richard Branson-backed tourists-into-space project is seeking a cash infusion of about $400 million (€367.2m).

Its first commercial sub-orbital flight (designated Galactic 01) is scheduled for later this week when it will carry a group of Italians on a brief journey to the edge of space.

The mission will happen from Virgin’s Spaceport America in New Mexico, and carry three members of the Italian air force to conduct microgravity research. Galactic 02 is due to follow in August carrying private astronauts, with monthly space flights expected thereafter.

The cash-raising exercise didn’t go down well with investors. On Friday June 23 its shares dropped sharply, falling $1, or 18.4 per cent, to close at $4.34 in New York as investors weighed up the plan for its latest fundraising. Virgin Galactic’s stock peaked at a spectacular $59 in 2021.

Virgin Galactic ended March with a cash pile of $874 million, down from about $949 million at the end of December 2022.

In a regulatory filing to the SEC, Virgin Galactic said it intended to spend the proceeds on the “development of its spaceship fleet and infrastructure to scale its commercial operations, and for general corporate purposes, including working capital and general and administrative matters”.

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Tags: Sir Richard Branson, virgin, Virgin Galactic