Virgin Galactic (SPCE) Stock Surges 20% Amid SpaceX IPO Speculation

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2026-06-12 05:59:02

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Virgin Galactic Holdings Inc. saw its shares soar more than 20% on Thursday, trading between $5.71 and $5.80, as two catalysts converged. The company completed a debt-for-equity swap, issuing 6.73 million new shares to redeem $30.5 million in principal of its 9.80% First Lien Notes due 2028. This move aims to reduce cash interest costs and bolster liquidity as Virgin Galactic advances toward commercial operations.

Speculative fervor around SpaceX's upcoming IPO, targeting a $1.75 trillion valuation at $135 per share, spilled over into publicly traded space stocks. Jefferies maintains a Buy rating on SPCE with a $5 target, citing progress on Delta-class spaceships and reopened ticket sales at $750,000 per seat. The stock remains above its 52-week low of $2.13 but below its $8.90 peak.

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