Why Virgin Galactic Stock Just Tanked
Shares of would-be space tourism company Virgin Galactic Holdings (NYSE: SPCE) -- the company that lit the fuse on the series of recent special purpose acquisition IPOs of new-space companies back in 2019 -- are crashing in Wednesday morning trading, down 6.9% as of 10:20 a.m. EDT. For this, I blame a space company that hasn't even IPO'd yet: Blue Origin. Earlier this week Blue Origin led a team of companies ranging from Redwire to Boeing to Sierra Nevada to Blue Origin itself in announcing plans to build a new, privately owned and operated space station called Orbital Reef.
