During the Unity 25 spaceflight on May 25, 2023, carrier aircraft VMS Eve released spacecraft VSS Unity before firing its rocket engine, marking the successful mission of Virgin Galactic.
Virgin Galactic
Virgin Galactic
has successfully raised $300 million through an “at the market” offering of common stock, as revealed in a securities filing on Thursday.
Now, the pioneering space tourism company aims to raise an additional $400 million in a subsequent stock offering. This capital will be used to support the development and expansion of its impressive spacecraft fleet.
Since announcing its plans to launch its inaugural commercial spaceflight by the end of this month, shares of Virgin Galactic have experienced a significant surge in value.
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The initial fundraiser, which started on August 4, was designed to secure funding for various aspects such as working capital, general and administrative matters, as well as the development of its spaceship fleet and other infrastructure needed to scale its commercial operations.
As at the end of the first quarter, Virgin Galactic reported having $874 million in cash and securities.
The company currently possesses a single carrier aircraft, VMS Eve, and one spacecraft, VSS Unity. According to Virgin Galactic, the latter has the capability to conduct monthly flights. However, the company’s future growth relies on the successful expansion of its fleet with the development of Delta-class vehicles. The common stock offerings are a strategic approach to support ongoing operations until these spacecraft are operational.
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