公司风险 - 公司自成立以来一直亏损，未来也预计会继续亏损，可能无法实现或维持盈利[9] - 公司的商业成功高度依赖于有效营销和销售人类太空飞行[9] - 预计开始商业太空飞行运营，但尚未完成飞行测试，延迟可能会对业务、财务状况和运营结果产生不利影响[9] - 任何无法在商业发射后运营太空飞行系统的情况都可能对业务、财务状况和运营结果产生不利影响[10] - 公司的业务增长取决于成功开发太空飞行系统和相关技术，但存在许多不确定性[11] - 太空飞行系统的安全表现不佳或设施发生安全事件可能对业务、财务状况和运营结果产生重大不利影响[12] - 开发和制造额外太空飞行系统和相关技术的延迟可能对业务、财务状况和运营结果产生不利影响[13] - 公司可能需要大量额外资金来资助运营，但可能无法在需要时获得足够的额外融资[14] - 公司的商标“Virgin”不在我们的控制之下，与Virgin品牌相关的负面宣传可能会对业务产生重大不利影响[14] - 公司在美国和英国的运营中面临市场风险，包括利率变动和外汇汇率波动[236] - 公司在英国的运营的功能货币是当地货币，面临外汇风险，目前不使用外汇远期合同来管理汇率风险[238] 商业机会 - 商业航天市场的快速增长[31] - 商业人类航天市场的潜力[31] - 公司首次商业太空飞行的成功[36] - 公司计划扩大舰队以增加飞行频率[37] - 公司已收到大约800名未来宇航员的太空飞行预订[41] - 公司已收取了1.033亿美元的定金和会员费[41] - 公司计划将票价提高到每个座位45万美元[41] - 公司相信其现有的太空飞行系统可以为科学研究和专业宇航员培训等领域提供潜在应用，包括研究人员能够陪同并照料他们在太空中的实验，以及能够重复飞行有效降低成本和进行迭代实验[73] 公司技术和能力 - 公司拥有独特的技术和能力[40] - 公司拥有高度专业化和广泛的一体化设计和制造能力[45] - 公司拥有经验丰富的管理团队和领先行业的飞行团队[48] - 公司的母舰飞机是一种定制的双机身飞机，设计用于将太空飞船运载到约45,000英尺的高度，然后释放太空飞船进行太空飞行[50] - 母舰的不同设计特点包括双尾翼配置、单件复合材料主翼梁、作为太空发射系统第一阶段的可重复使用性，以及作为飞行训练飞行器供飞行员和太空飞船使用的多功能性[50] - 公司的太空飞船是可重复使用的，具有搭载两名飞行员和最多六名私人宇航员、研究实验或研究人员的能力，可以将他们安全地送入太空并将他们安全地送回地球[53] - 公司的太空飞船采用混合火箭推进系统，推动它进入太空轨道，该火箭使用固体燃料颗粒和液体氧化剂[55] - 公司的太空飞船舱设计旨在最大化客户的安全和舒适，拥有12个窗户，让未来宇航员能够欣赏太空的黑暗和地球的壮丽景色[54] - 公司的安全系统包括水平起飞和降落、母舰引擎可靠性、每辆飞行器搭载两名飞行员、火箭发动机设计等方面[56][57][58][59] - 公司在新墨西哥州的Spaceport America开发了一个新的宇航员校园和培训设施，旨在为未来宇航员提供独特而实惠的太空飞行体验[65] - 公司的目标是为未来宇航员提供无与伦比但价格实惠的太空飞行机会，无需任何先前经验或培训[66] - 未来宇航员将参加数天的飞行前培训，以确保他们在太空飞行体验中获得最大的乐趣并确保安全[68] - 公司保留了100个座位用于前1000个商业座位的研究和科学实验，这些销售主要归功于Virgin Galactic品牌的强大影响力，以及来自Richard Branson网络的新咨询和预订销售[72] - 公司拥有与Mojave Aerospace Ventures, LLC签订的太空船技术许可协议，需要支付低个位数百分比的许可费和版税[83] - 公司持有当前的FAA可重复使用发射载具运营许可证，允许从加利福尼亚的莫哈韦和新墨西哥的太空港进行测试和有效载荷收入飞行[86] - 公司持有10亿美元的现金、现金等价物和可市场交易证券，其中92.81亿美元投资于货币市场基金、存款证书、美国国债和公司债券[237] - 公司的2027年票据具有固定年利率为2.50%，因此不具有经济利率风险，但市场利率变动会影响2027年票据的公允价值[237]

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