Nearly everyone loves the idea of space travel. But that doesnt mean that you should be investing in Virgin Galactic (NYSE:SPCE) stock.

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That is, unless you really want to throw your money away. Or if you get some sort of pleasure in funding one of Sir Richard Bransons schemes to let the ultra-rich have a few moments to float around in space.

All in all, I dont see the appeal in a product like Virgin Galactic. And I sure dont see any compelling argument as to why investors should sink their money into SPCE stock.

On the surface, its an appealing notion and theres no surprise why SPCE stock and Virgin Galactic attracted a lot of attention.

First, take Branson himself. The founder of the Virgin Group that included Virgin Records and Virgin Atlantic airlines, among others, Branson is a charismatic, brilliant entrepreneur who has accomplished more in a decade than most people will in their entire lives.

Now 70, Branson has been knighted by the Queen of England and has appeared on television shows ranging from Shark Tank to The Simpsons.

No doubt, hes a compelling, interesting guy. Hes Elon Musk before Twitter (NYSE:TWTR).

Next, consider the very appeal of space travel. Its the idea that sparked the space race of the 1960s and President John F. Kennedys commitment to put a man on the moon. Its been romanticized in science fiction in shows like Star Trek that continue to draw a passionate audience more than 50 years after they debuted.

Put the two together and call it Virgin Galactic, and its an interesting idea. But thats where it ends, at least for me.

Any startup is going to be slow to bring in revenue, and that certainly goes for a space tourism company like Virgin Galactic, whose biggest appeal is selling tickets on spacecraft that dont exist yet.

The company reported second-quarter earnings in August that included zero revenue and a quarterly loss of $54 million, with an adjusted loss per share of 30 cents. That was 4 cents per share worse than analysts expected.

Not surprisingly, the company announced it would fail to meet Bransons stated objective of having commercial flights this year and pushed that goal back to 2021.

During the period, our operations were impacted by the COVID-19 pandemic, despite our efforts to minimize disruption, Chief Space Officer George Whitesides told analysts.

Customers would pay $250,000 each chump change, really, right? to fly on SpaceShipTwo Unity and have a few moments in space.

But that didnt stop the company for offering a proposed 20.5 million new shares of stock in an attempt to raise another $460 million in revenue.

The only interesting thing about Virgin Galactics earnings call was an announcement that its Mach 3 aircraft finished its mission concept review program milestones and received approval from the FAA for certification framework.

The Mach 3 aircraft could conceivably carry as many as 19 people at an altitude of 60,000 feet. Twelve-hour flights from Los Angeles to Tokyo could be accomplished in three or four hours.

Thats very cool but the price tag for each passenger is still expected to be more than $100,000, which makes this a luxury item rather than something for the masses.

My biggest problem with SPCE stock is that its a toy for the rich and famous. Its not for everyone, at least for now. And the research can lead to some interesting innovations, such as the Mach 3 aircraft, that wont have any practical applications for the business community either as long as tickets remain in the six-figure range.

Bransons company already diluted shareholder earnings by 10% by announcing the 20.5 million new stock shares. You can probably expect more share dilution moving forward.

The companys very small potential market makes it a no-go in my book. I would rather put my money into a company that has a product or service that can be bought by millions and potentially scales around the world.

All in all, SPCE stock is a bad investment. As Star Treks Mr. Spock would say, its just not logical.

Patrick Sanders is a freelance writer and editor in Maryland, and from 2015 to 2019 was head of the investment advice section at U.S. News & World Report. Follow him on Twitter at@1patricksanders. As of this writing, he did not have a position in any of the aforementioned securities.

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There's No Logic in Buying Virgin Galactic Stock - InvestorPlace