12:57 PM EST, 12/12/2024 (MT Newswires) -- Virgin Galactic Holdings ( SPCE ) is exploring space tourism flights from Italy's Grottaglie Spaceport in the Puglia region, Bloomberg reported Thursday.

The company plans to sign an agreement with Italy's Civil Aviation Authority to begin a two-year feasibility study evaluating logistics, regulatory requirements, and infrastructure needs for the expansion, the report said.

Mike Moses, who oversees the company's commercial spaceflight program, told Bloomberg the expansion could bring revenue of nearly $1 billion annually from a fully operational spaceport serving Europe, Middle East, and other markets.

Virgin Galactic ( SPCE ) has reportedly paused flights and reduced its workforce to focus on developing its Delta spaceship fleet, expected to debut in 2026.

Virgin Galactic ( SPCE ) did not immediately respond to MT Newswires request for any additional information.

Virgin Galactic ( SPCE ) shares were down 1% in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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