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The VMS Eve carrier aircraft launches the VSS Unity spacecraft before firing its rocket engine during Unity 25 spaceflight on May 25, 2023.
Virgo galaxy
Virgo galaxy The company successfully raised $300 million through an “in-market” offering of common stock, the company disclosed in a securities filing Thursday.
Now, the space tourism company aims to raise an additional $400 million through a subsequent stock offering, as it looks to fund the development and expansion of its spacecraft fleet.
Shares of Virgin Galactic have soared since the company announced plans to launch its first commercial spaceflight by the end of this month.
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The company opened its first fundraiser on August 4, saying at the time that the money “will be used for general corporate purposes, including working capital, general and administrative matters, and development of its spaceship fleet and other infrastructure to expand its business operations.”
Virgin Galactic had cash and securities totaling $874 million at the end of the first quarter, it reported in May.
The company has one carrier aircraft, VMS Eve, and one spacecraft, VSS Unity, which it said can fly as frequently as once a month.
But Virgin Galactic’s growth hinges on its ability to expand its fleet with the Delta-class vehicles it’s developing, and its equity offering is a way to stop its cash-burn gap until those spacecraft fly.
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