Texas bus biz plans to get on the road again

BACK ON TRACK

After a weeks-long, COVID-caused intermission, Texas-based Vonlane is hitting highways with daily routes starting July 1. Photo courtesy of Vonlane

Vonlane buses are revving their engines again. After weeks without service due to the coronavirus pandemic, the Dallas-based luxury bus operator will restart all routes serving Texas on July 1.

In a June 9 message to customers, Vonlane said daily departures resuming July 1 would include:

Houston-Dallas
Houston-Fort Worth
Houston-Austin
Houston-San Antonio
Dallas-Austin
Dallas-Oklahoma City
Fort Worth-Austin

Coming soon are routes to Nashville and Atlanta, with details to be announced, the company says.

As the coronavirus started to cripple travel in March, Vonlane temporarily eliminated four routes serving Texas. "While we are significantly impacted by the circumstances of the day," Vonlane founder and CEO Alex Danza said then. "Our goal is to be a solution for your urgent personal travel."

But by April 15, when most of Texas was sheltering in place, Vonlane suspended operations due to lack of demand. Limited routes between Dallas, Austin, and Houston resumed May 29.

Like many businesses, Vonlane also pivoted its operation in new directions during the shutdown.

On Memorial Day, the company announced it was expanding its services to include out-of-state charters. It now offers bespoke charter service to popular destinations across the continental U.S. like Colorado, Florida, and New Orleans, as an alternative to flying.

Passengers who book a private charter have access to up to 22 seats, can leave from a specific departure point of their choice, and travel to any destination, the company says.

Vonlane also rolled out a parcel shipping service in Texas. "Need to get something to a loved one, friend, or business associate in Austin, Dallas, or Houston today?" Danza said in the announcement. "Send it aboard the next Vonlane departure for a flat fee." More details on the service are outlined here.

In putting its luxury buses back on the road, Vonlane is adopting a number of measures designed to curb the spread of the coronavirus, such as limiting the passenger count to 13 by blocking all aisle seats through June 30; requiring passengers and employees to wear face coverings; and checking passengers' temperatures before boarding.

"As one of our core values, the safety of our passengers, crew, and fellow over-the-road travelers is our top priority," Danza said in a May 26 release announcing the charters. "In light of the current coronavirus situation, Vonlane is maximizing our efforts to make sure the Vonlane experience is as responsible, safe, and comfortable as our passengers have come to expect."

Vonlane launched its high-end bus service in 2014 with the Dallas-to-Austin route. Each bus, which holds fewer than two dozen passengers, features amenities like WiFi, satellite TV and radio, and leather seats.

Reservations can be booked online, and may be canceled and fully refunded up to 24 hours before departure.

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This article originally ran on CultureMap.

Some seats have been blocked to enable social distancing. Courtesy of Vonlane

Texas business-focused bus service curbs routes in response to COVID-19

bus stops

As the coronavirus cripples travel, Dallas-based luxury bus operator Vonlane LLC has temporarily eliminated four routes serving Texas.

In a March 24 email to customers, Vonlane founder and CEO Alex Danza said the four routes that have been paused are:

Houston-San Antonio
Dallas-Oklahoma City
Fort Worth-Austin
Fort Worth-Houston

As a result of these changes, no service is currently available to or from Fort Worth.

"While we are significantly impacted by the circumstances of the day," Danza wrote, "we continue to operate a minimal schedule between Austin, Dallas, and Houston as an essential public transportation provider. Our goal is to be a solution for your urgent personal travel."

Once the coronavirus pandemic has subsided, Vonlane will return to its normal schedule of 70 to 78 daily departures in Texas and Oklahoma, according to the email.

For those passengers who travel on Vonlane buses, some seats have been blocked to enable six feet of social distance, Danza wrote. Other coronavirus safety measures include disinfecting bus interiors, stocking buses with hand sanitizer, and outfitting on-board attendants with gloves to wear while serving food and beverages.

"Everyone at Vonlane is excited about the day we see you all aboard the coaches someday soon," Danza wrote.

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This article originally ran on CultureMap.

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Elon Musk's SpaceX is about to make its debut on Wall Street

Money Moves

Elon Musk's rocket company SpaceX will make its debut on Wall Street Friday, June 12, and both institutional and retail investors are expected to gobble up the 555.6 million shares going up for sale at $135 apiece. Musk, already the world's richest man, could become its first trillionaire.

SpaceX is likely to become the biggest IPO ever, with proceeds of around $75 billion. SpaceX hopes to become the first company to send people to Mars. In fact, part of Musk’s future compensation depends on SpaceX eventually establishing a colony of at least 1 million people on the red planet.

Why SpaceX is going public now

In a video conference on Musk's social media platform X, he told JPMorgan CEO Jamie Dimon that people have suggested for the last 10 years that he take SpaceX public. He's doing it now because the company plans to put 100,000 next-generation Starlink satellites into orbit. Deploying AI data centers in space is a “massive new growth base and you need capital for that,” he said.

Going public provides access to the capital that SpaceX needs. But it also exposes it to more scrutiny from shareholders and more regulatory oversight. That includes filing quarterly financial reports, which critics say incentivizes short-term thinking over longer-term planning and creates unnecessary costs for a company. Securities regulators are currently soliciting public comment on a proposal to require public companies to file the financial reports only twice every year.

How the IPO impacts the company

Musk will hold the majority of a special class of shares, giving him control over decisions related to company strategy, finances and personnel. On the latter, because of his ownership of most of these Class B shares, the only person who can fire Musk as CEO is Musk.

The company credits Musk with being the “driving force” behind its growth, innovation and success. But what happens if Musk is no longer in the picture? SpaceX warns that the loss of Musk could disrupt its ability to execute its strategy as well as hurt its “reputation and relationships with customers, partners and other stakeholders.”

The company also warns that finding a replacement with the same skills and experience as Musk would be time-consuming, if not nearly impossible. As Wedbush Securities analyst Dan Ives wrote Wednesday, “At the end of the day Musk is SpaceX and SpaceX is Musk.”

What could make or break SpaceX

Currently in the test phase, the gigantic reusable Starship rocket is key to SpaceX realizing Musk's ambitions. Much of the commercial space business hinges on SpaceX developing Starship’s capability to be fully reusable and hearty enough for a quick turnaround between flights. If that doesn't happen, SpaceX warns that putting data centers and satellites in space will take longer and cost more money, meaning it risks customers bailing on the company.

Analysts say that by pioneering reusable rockets, SpaceX has established a clear lead on competitors such as Blue Origin, led by Amazon founder Jeff Bezos. The Starlink satellite business competes with, among others, AST SpaceMobile – which is relying on a SpaceX rocket to send its latest generation of satellites into orbit next week.

The prospectus filed last week says SpaceX’s biggest potential market is the sale of business-oriented artificial intelligence products designed to transform how people get work done. It’s an opportunity SpaceX predicts would be worth $22.7 trillion if it could somehow dominate rivals like Anthropic, OpenAI and Microsoft in a highly competitive industry. But the prospectus shows no clear path to profitability for the xAI business, which merged with SpaceX earlier this year.

Why Wall Street is paying attention

If the SpaceX IPO is as successful, the stock could quickly join the Nasdaq 100, a widely followed index that tracks the 100 largest non-financial companies in the composite. That's important because some popular funds, such as the $460 billion QQQ exchange-traded fund, mimic the index and will automatically buy whatever is listed in the index.

Nasdaq recently changed its rules to allow select companies to enter the Nasdaq 100 after just 15 trading days.

S&P Dow Jones Indices, on the other hand, is sticking to established and more traditional thresholds that will not allow SpaceX or other companies with gargantuan IPOs faster entry into its S&P 500 index. That means even high-profile companies will still need to wait for their stocks to trade a full 12 months before they can enter the index.

Companies want to be in the S&P 500 in particular because it's arguably the most important index on Wall Street, with trillions of dollars either mimicking it exactly or benchmarked against it. Vanguard's VOO fund that tracks the S&P 500 has roughly $950 billion invested in it, for example.

NASA unveils Artemis III astronauts at Johnson Space Center in Houston

To the moon

NASA on Tuesday, June 9, revealed the crew for its Artemis III mission, the next step in the space agency's plan to eventually land astronauts on the moon.

The announcement came two months after Artemis II's record-breaking trip around the moon that surpassed the distance record of Apollo 13.

NASA's Randy Bresnik, Frank Rubio, Andre Douglas and the European Space Agency's Luca Parmitano won't fly to the moon or land on the surface. Instead, they’ll orbit Earth while practicing docking their Orion capsule with two lunar landers.

“To the Artemis III crew, we wish you Godspeed on the journey ahead,” said NASA administrator Jared Isaacman.

Elon Musk’s SpaceX and Jeff Bezos’ Blue Origin are racing to deliver the lunar landers. The two-week demo is targeted for 2027. Blue Origin suffered a recent setback when its massive rocket exploded during an engine-firing test on the launch pad in Florida, shaking nearby homes and illuminating the sky with an orange fireball.

NASA's Jeremy Parsons said the setback is a learning opportunity and that the space agency is confident Blue Origin's rocket will be ready in time.

NASA's Artemis program aims to return astronauts to the moon's surface for the first time since the 1970s. A recent revamp of the program announced by Isaacman aims to fast-track it similarly to the Apollo era, adding the upcoming spaceflight around Earth before eyeing a lunar landing in 2028.

“We are certainly humbled as a crew to be able to be your crew that executes this Artemis III mission in space,” said Bresnik, Artemis III commander.

Added Douglas, mission specialist: “My brain — it is going a mile a minute right now. But my heart, it is so warm. It is so full."

In May, NASA awarded hundreds of millions of dollars in contracts to four companies, including Blue Origin, to build landers, rovers and drones for a future moon base. Isaacman said the goal of the moon base is to lay the foundation for a Mars expedition.

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