Virgin Galactic stock soars following SpaceX success

US astronauts Robert Behnken and Douglas Hurley have successfully disembarked the SpaceX Crew Dragon capsule and entered the International Space Station.

Posted: Jun 1, 2020 9:41 AM
Updated: Jun 1, 2020 9:41 AM

Elon Musk's SpaceX isn't publicly traded. But investors found another way to celebrate this weekend's successful Dragon launch and docking at the International Space Station.

Shares of Richard Branson's Virgin Galactic surged more than 6% in early trading Monday. The stock is now up nearly 60% since Virgin Galactic went public last October through a merger with a so-called special purpose acquisition company.

Optimism about the SpaceX launch, the first manned mission by NASA in nine years, could provide a boost to the fortunes of many companies with ties to the business of space.

An exchange-traded fund that invests in some of those companies, the Procure Space ETF, was up 2.5% Monday.

Virgin Galactic is one of the largest holdings in the ETF, which trades under the ticker symbol UFO.

The ETF also owns several media companies that rely on satellite technology, such as DISH Network and Sirius XM, as well as navigation and mapping technology firm Garmin.

SpaceX is not in the ETF but would probably become a top stock in it if the company ever decided to go public.

SpaceX, run by Tesla CEO Elon Musk, is currently valued at $36 billion based on its most recent round of financing. That makes it one of the most valuable startups in the world.

Musk has consistently maintained that SpaceX is not looking at an IPO.

Nonetheless, the excitement about SpaceX's great weekend appeared to spill over to Tesla Monday. Shares of Tesla rose nearly 5%.

Oregon Coronavirus Cases

Data is updated nightly.

Cases: 70832

Reported Deaths: 885
CountyCasesDeaths
Multnomah15875232
Washington997499
Marion9017137
Clackamas585377
Umatilla430149
Lane420241
Jackson364428
Malheur237942
Deschutes222814
Yamhill164816
Linn138522
Polk116816
Douglas91217
Jefferson80811
Union7715
Benton7667
Klamath7604
Morrow6517
Lincoln61315
Wasco51919
Josephine5104
Columbia4783
Coos4182
Hood River3941
Clatsop3510
Baker2723
Crook2176
Grant1341
Curry1292
Tillamook1230
Lake1171
Harney961
Wallowa713
Sherman230
Gilliam220
Wheeler30
Unassigned00
Eugene
Broken Clouds
44° wxIcon
Hi: 51° Lo: 31°
Feels Like: 44°
Corvallis
Overcast
41° wxIcon
Hi: 46° Lo: 33°
Feels Like: 41°
Roseburg
Scattered Clouds
40° wxIcon
Hi: 52° Lo: 31°
Feels Like: 40°
North Bend
Clear
46° wxIcon
Hi: 54° Lo: 37°
Feels Like: 46°
KEZI Radar
KEZI Temperatures
KEZI Planner

LATEST FORECAST

Community Events