February 23, 2024

On May 25, 2023, during the Unity 25 spaceflight, the carrier aircraft VMS Eve released the VSS Unity spacecraft and then fired up the rocket motor.

virgin galactic

virgin galactic The company disclosed in a securities filing Thursday that it had successfully raised $300 million through an “on-the-market” offering of common stock.

Now, the space tourism company plans to raise an additional $400 million in a follow-on stock offering to fund the development and expansion of its spacecraft fleet.

Since Virgin Galactic announced plans to launch its first commercial spaceflight at the end of this month, the company’s stock price has risen.

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The company, which launched its first fundraising campaign on August 4, said at the time that the funds “will be used for general corporate purposes, including working capital, general and administrative affairs, development of its fleet of spaceships, and other infrastructure to expand its commercial scale of operation”.

Virgin Galactic ended the first quarter with $874 million in cash and securities, it reported in May.

The company has a carrier-based aircraft, VMS Eve, and a spacecraft, VSS Unity, which it claims can conduct monthly flights.

But Virgin Galactic’s growth depends on its ability to expand its fleet with the Delta-class spacecraft it is developing, and issuing common stock is a way to stop its cash burn until those spacecraft are launched.