Overview
- Vertical Aerospace disclosed an agreement in principle for a flexible funding package that could unlock as much as $850 million to back certification and early production of its Valo air taxi.
- The company said it has raised $50 million in new equity and expects about $30 million more soon, lifting near‑term available capital to roughly $160 million for 2026 certification work.
- The proposed structure combines a $50 million equity issuance, up to $50 million in new convertible notes from Mudrick Capital, up to $250 million in Series A convertible preferred from Yorkville, and a $500 million equity line.
- Mudrick agreed in principle to push the maturity of existing convertible notes to 2030, which Vertical says better matches the planned timeline for certification and initial deliveries.
- Management outlined use of funds that includes piloted transition flights, public demonstrations, a hybrid‑electric demonstrator, expansion of its battery and manufacturing sites, and the first full‑scale Valo certification aircraft, while recent updates cited ongoing transition testing, an operational battery pilot line, and Isoclima’s selection for canopies and glazing.