Virgin Galactic raises $300 million, seeks another $400 million to expand spacecraft fleet

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The carrier aircraft VMS Eve releases the spacecraft VSS Unity before firing its rocket engines during the Unity 25 spaceflight on May 25, 2023.

Virgin Galactic

Virgin Galactic The company disclosed in a securities filing on Thursday that it has successfully raised $300 million through an “in the market” offering of common stock.

Now, the space tourism company aims to raise an additional $400 million through a subsequent stock offering, as Virgin Galactic seeks to finance the growth and expansion of its spacecraft fleet.

Virgin Galactic shares have soared since then The company announced plans to launch its first commercial space flight By the end of this month.

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The company opened the first fundraising on August 4, stating at the time that the money would be used for “general corporate purposes, including working capital, general and administrative matters, development of its spacecraft fleet, and to enhance its commercial operations.” other infrastructure for ,

Virgin Galactic had cash and securities totaling $874 million at the end of the first quarter. It was reported in May,

The company has a carrier aircraft, the VMS Eve, and a spacecraft, the VSS Unity, which is said to fly as often as once a month.

But Virgin Galactic’s growth hinges on its ability to expand its fleet That’s under development with the Delta-class vehicles, and the common stock offering is a way to stave off cash crunches until those spacecraft fly.