New York (CNN Business) Shares of Richard Branson's Virgin Galactic soared more than 20% at one point Tuesday, putting the private space company on track for a seven-day winning streak.

The stock pared its gains later in the day but is still up a stunning 160% so far in 2020.

Shares have surged lately due to optimism about the company's plans to launch a commercial space service.

Virgin Galactic announced last week that it relocated its SpaceShipTwo suborbital plane, also known as VSS Unity, to its commercial headquarters in New Mexico. That brings the company one step closer to eventually launching paying passengers into space.

Virgin Galactic SPCE Investors are clearly excited about the potential for, even though it is currently unprofitable and is expected to continue losing money this year and in 2021.