Will Virgin Galactic file for bankruptcy protection before 2026?

Virgin Galactic Holdings, Inc. is an American publicly-traded spaceflight company founded by Richard Branson. The company is developing commercial spacecraft and aims to provide suborbital spaceflights to space tourists.

The company went public through a SPAC merger in 2019, and reached a peak market capitalisation of over $14 billion in February 2021. However, since that time, the company's stock price has declined dramatically, falling more than 80% to less than $2.5 billion.

The company continues to burn cash, losing over $100 million in Q2 of 2022, and recording revenue of just $357,000 in the quarter.