Competitive AdvantageSPCE's model is attractive given its strong competitive advantage in a high barrier to entry market and capacity to scale human spaceflight operations quickly.
Earnings PotentialSPCE plans to achieve positive adj. EBITDA operations with only two Delta Spaceships in service as, together, these ships can yield $450mm of annualized revenue and approx. $100mm of Adj. EBITDA (20-25% margin).
Fleet ExpansionVirgin Galactic plans to expand its spacecraft fleet to 4 Delta-class vehicles and introduce a new mothership by 2028, funded by $300 million in growth capital.