Virgin Galactic CEO on the future of space tourism

Virgin Galactic CEO Michael Colglazier joins 'Squawk on the Street' to discuss what he expects for the future of space tourism as well as the new space startups that are going public via SPAC and the challenges facing the industry. To see the full interview with Colglazier sign up for a free trial to CNBC Pro: https://cnb.cx/3sOqaYA

Virgin Galactic on Tuesday unveiled the latest spacecraft addition to its fleet, VSS Imagine, with the spacecraft representing the first of its next-generation SpaceShip III class of vehicles.

The rollout of VSS Imagine gives the space tourism company a second spacecraft to begin testing, as Virgin Galactic continues to work through final development testing of VSS Unity, with its next spaceflight test expected in May.

“For us to make the business start to scale, at the places that we’re aspiring towards, we need two things: We need many more ships than we have right now and we also need the ships that we bring forward to be built in a way that they’re able to be maintained in a way that we can have much quicker [turnaround times between flights] than what we have with Unity,” Virgin Galactic CEO Michael Colglazier told CNBC.

VSS Imagine is the third spacecraft the company has built,. The VSS Enterprise was destroyed in a fatal test flight accident in 2014, while the VSS Unity has flown two spaceflights, most recently in February 2019. Colglazier emphasized that VSS Imagine “has been designed in a way that’s taken the learnings we’ve had from all the flight testing on Unity.”

“That allows us to access things in the right way — we know what things need to be tackled on a routine basis, so that we can give people easy access,” Colglazier said.

Shares of Virgin Galactic was down 1.4% in premarket trading from its previous close of $29.21 a share.

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