The first 747-100 from Boeing Co. (NYSE: BA) was put into service in 1970, and those first planes sold at a list price of $24 million. Adjusting for inflation, that same 747 would sell today for $147.1 million. A new 747-8 passenger jet now lists for $367.8 million and the freighter version at $368.4 million. But that assumes Boeing can find a buyer.

So far this year Boeing has taken orders for just two of the planes, as of the end of November, and has a total of just 20 in its backlog: 13 passenger planes and seven freighters. But could the company get some help from a new mission for the plane?

Virgin Galactic, a commercial space-flight company founded by Richard Branson, has acquired a 747 from Virgin Atlantic, another Branson company, and plans to use the jumbo jet to launch satellites into space using the 747.

The National Aeronautic and Space Administration (NASA) used two specially modified 747s to transport the space shuttle from its landing sites to other NASA facilities, so the concept of using the plane for a unique purpose has been proven. Virgin Galactic’s plan calls for the 747 to be modified to carry a 440-pound satellite under the plane’s left wing, a position that has been used by some carriers to ferry a fifth engine, according to a report at Bloomberg.

The cost of launching a satellite into space from a modified 747 is expected to be under $10 million. That is significantly less than an estimated $50 million to launch satellites using a rocket from SpaceX and far less than an estimated $420 million using a rocket from United Launch Alliance (ULA), a joint venture between Boeing and Lockheed Martin.

Virgin Galactic expects to begin test flights for its 747 launch system in 2017. It does not appear likely, however, that the program will have a substantial impact on orders for new 747s. After all, how many satellites can the company launch every day?

Boeing plans to reduce production of the 747 from a current rate of 1.3 a month to one a month beginning in February. In February of 2013, Boeing was building the planes at a rate of two per month.

The price of the 747-8 includes four engines compared, with two on the 787 Dreamliner and the $330 million 777-300ER. Boeing claims the plane will be 10% lighter per seat and consume 11% less fuel than the superjumbo Airbus A380, which carries a list price of $428 million.

The 747-8 is longer than previous versions of the aircraft and uses the same engines and cockpit technology as the 787 Dreamliner. The passenger version is designed to carry 467 passengers at a cruising speed of 650 miles per hour.

The more advanced engines, the more sophisticated cockpit technology, the larger carrying capacity — all these add up to a new 747-8 that costs about two and a half times the original’s inflation adjusted price.

If Boeing is going to continue selling 747s, the company cannot rely on the plane as a launch pad for earth-orbiting satellites. Boeing took an order for 20 new 747-8F freighters at July’s Paris Air Show. The company signed a memorandum of understanding for 20 of its 747-8 cargo jets from Russian carrier Volga-Dnepr Group, but the planes won’t be added to the backlog until the order is confirmed. The deal is worth about $7.4 billion at list prices, and Boeing needs a few more just like it.

Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.