Richard Branson plans to fly to the edge of space on Sunday aboard a rocket-powered plane, 22 years after he created the Virgin Galactic brand that aims to lead a brand-new tourism industry.

The British entrepreneur has traveled far from his roots as a maverick music executive to create a sprawling global empire that has imprinted the Virgin name on airlines, hotels, mobile phones, credit cards and even bridalwear.

Mr. Branson’s planned flight from a spaceport in New Mexico comes nine days before fellow billionaire Jeff Bezos is due to blast into space from Texas on his Blue Origin rocket.

Here is what you need to know about Mr. Branson’s trip.

Why all the fuss about Richard Branson going to space?

The serial entrepreneur would be the first of a trio of space-obsessed billionaires to catch a ride on his own rocket, beating Mr. Bezos and Elon Musk to the punch. Though 10 years behind the company’s schedule, a successful flight by Mr. Branson as a “mission specialist” on board his Virgin Galactic Holdings Inc. spacecraft would provide a lift to the nascent tourism business.

Virgin Galactic’s Spaceport is located near Truth or Consequences, N.M.

Virgin Galactic’s Spaceport is located near Truth or Consequences, N.M.

Photo: Joel Angel Juarez/Bloomberg News

Virgin Galactic, which went public last year, is also a huge favorite among retail investors, with news flow this year generating huge swings in its stock price, which has more than doubled in 2021. Even though the business has yet to carry a paying passenger, it was valued at $11.8 billion at Friday’s close, and in recent sessions it was worth more than American Airlines Group Inc., the world’s biggest carrier by available seats.

How can I watch the Virgin Galactic launch?

The flight is scheduled for 9 a.m. EDT Sunday and will be livestreamed by Virgin Galactic and on wsj.com. Weather and technical glitches could delay the flight, which is expected to last about 90 minutes, with the current forecast for Truth or Consequences, N.M., showing a slight chance of thunderstorms.

Is Mr. Branson going alone?

No. Joining Mr. Branson are three senior Virgin Galactic staff. Beth Moses, the chief astronaut instructor, will be on board alongside lead operations engineer Colin Bennett and Sirisha Bandla, the company’s head of government affairs. Dave Mackay and Michael Masucci will pilot the spacecraft.

How are they getting to space?

The VSS Unity spacecraft resembles a small private jet and is slung beneath a specially designed four-engine aircraft called VMS Eve, named for Mr. Branson’s mother.

Branson and Bezos Are Going to Space: How Their Trips Will Differ
Virgin Galactic

The so-called mother ship carries the spacecraft to a height of around 45,000 feet, or 8.5 miles, before detaching it and returning to base. The spacecraft, flown by two pilots, uses its onboard rocket to fly to a height of more than 50 miles. After a few minutes at the edge of space, it glides back unpowered to land at the Spaceport.

What is there to do in space?

Float, stare and wonder. The VSS Unity will experience several minutes of microgravity at the peak of its 90-minute journey. Passengers are allowed to unbuckle and float around the pressurized cabin, take photos and videos, and soak in the fact that fewer than 500 people have been to space. Helpfully, it has big windows and soft cabin furnishings to reduce chances of bumps and scrapes. No need for helmets and pressurized space suits.

Mr. Branson, as mission specialist, will evaluate the private astronaut experience and use his observations to enhance the journey for future customers, the company has said.

Are there risks?

U.S. regulators have cleared Virgin Galactic to carry paying passengers, but Mr. Branson and his fellow crew members are flying higher than only about 570 people have ever traveled and faster than all but a few hundred more. This is the 22nd trip for the VSS Unity, but it is still a test flight. A 2014 accident killed a Virgin Galactic pilot and forced the company to make design changes to the spacecraft.

In general, though, Congress agreed in 2004 to let the space-tourism industry self-regulate to speed its preparations for passenger flights.

Does the trip make Mr. Branson an astronaut?

It does. The Federal Aviation Administration defines space as starting at 50 miles, the so-called Armstrong Line, and the National Aeronautics and Space Administration recognizes anyone traveling above it as an astronaut.

Purists view space as starting at the Karman Line, some 62 miles high, which is where Blue Origin is targeting for its first crewed flight later this month. Neither spacecraft will be in orbit, but those on board will experience gravitational forces around 3.5 times what they are used to and travel at more than three times the speed of sound.

Is Mr. Branson just trying to beat Mr. Bezos?

According to Mr. Branson, it is just a coincidence. Reaching space is a major technical challenge, and the two companies have crossed their respective hurdles at the same time. However, Virgin Galactic secured regulatory approval to carry paying passengers days after Mr. Bezos announced his planned launch, and Mr. Branson had been expected to be part of a later test flight.

The billionaire founders of Blue Origin and Virgin Galactic will both be on board as the companies send their vessels to the edge of space. But their spacecraft, flight logistics and altitudes have some differences. Photo illustration: Laura Kammermann The Wall Street Journal Interactive Edition

The first Virgin Galactic spacecraft took off in 2004, and the company had hoped to carry paying passengers by 2011. It has pushed back the first flights by Mr. Branson and paying passengers multiple times in recent years. Blue Origin is also around two years behind schedule.

How much will a space ticket cost?

We will find out soon. Virgin Galactic plans to resume ticket sales this fall having suspended them after the 2014 accident. More than 600 had already paid up to $250,000 apiece, and thousands more paid $1,000 to join the line when sales reopen.

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Blue Origin set a bar when an unnamed bidder paid almost $30 million at a charity auction to join Mr. Bezos on his planned flight. Like Virgin Galactic, pricing is expected to be announced in the coming months. Analysts forecast future tickets for both companies will cost less than $400,000 apiece.

When can I go to space?

By the end of the decade, Virgin Galactic hopes to expand to more than 400 flights a year and carry thousands aloft from Spaceports dotted around the globe. The company is initially targeting high net worth individuals, a population expected to grow to around three million by the end of the decade, according to Credit Suisse.

The economies of scale from a larger fleet of spacecraft is expected by analysts to reduce the ticket cost of suborbital travel to $250,000 or lower. Right now, there are no regulations governing who can go to space, though passengers can expect some physical and medical examinations—they need to fit in those space suits. Virgin Galactic says passengers will undergo three days of training, though in a classroom rather than a centrifuge or aerobatic aircraft.

Write to Doug Cameron at doug.cameron@wsj.com