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

Virgin Galactic has successfully raised $300 cardinal via an "at the market" offering of communal stock, the institution disclosed successful a securities filing connected Thursday.

Now, the abstraction tourism institution aims to rise an further $400 cardinal done a consequent banal offering, arsenic Virgin Galactic looks to money the improvement and enlargement of its spacecraft fleet.

Shares of Virgin Galactic person rallied since the institution announced plans to motorboat its archetypal commercialized spaceflight by the extremity of this month.

The institution opened the archetypal fundraise connected Aug. 4, saying astatine the clip that the funds "would beryllium utilized for wide firm purposes, including moving capital, wide and administrative matters, improvement of its spaceship fleet, and different infrastructure to standard its commercialized operations."

Virgin Galactic had currency and securities totaling $874 cardinal astatine the extremity of the archetypal quarter, it reported successful May.

The institution has a azygous bearer aircraft, VMS Eve, and 1 spacecraft, VSS Unity, which it's said tin behaviour flights arsenic often arsenic erstwhile a month.

But Virgin Galactic's maturation hinges connected its quality to grow its fleet with the Delta-class vehicles it is developing, and the communal banal offerings are a mode to halt spread its currency pain until those spacecraft are flying.