PublicNYSE: EVTLFounded 2016🇬🇧Bristol, United KingdomCEO Stuart Simpson
Vertical Aerospace is a Bristol, UK-based eVTOL developer building Valo, a piloted electric air taxi, and is the last major independent European player after the collapses of Lilium and Volocopter.
Latest update Oct 7, 2026
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Founded in 2016 by OVO Energy's Stephen Fitzpatrick, it listed on the NYSE in 2021 and survived a 2024 financial restructuring that made Mudrick Capital its controlling shareholder. In April 2026 its VX4 prototype completed the world's first piloted two-way eVTOL transition flight under civil DOA regulatory oversight - only the second company globally to achieve piloted transition - and its third full-scale prototype joined the test campaign in June 2026. The production aircraft, unveiled as Valo in December 2025, is backed by ~1,500 conditional pre-orders worth ~$6B from American Airlines, Avolon, Bristow, GOL, and Japan Airlines, plus later operator MoUs (Sigma Air Mobility, VIC Properties at Portugal's Pinheirinho estate, and a July 22, 2026 GACA/Cluster2 framework in Saudi Arabia). On July 13, 2026 Vertical re-baselined its UK CAA/EASA type certification target from 2028 to 2029. An early production assembly facility at Cotswold Airport is still targeted for Q3 2026 but had not been publicly confirmed open as of September 15. Cash was ~$134M after an ~$100M August financing package. At the September 11, 2026 AGM shareholders wrote Mudrick Capital's director nomination, removal and consent rights into the articles and cut certain option strikes to $1.30; a proposal to strip founder Stephen Fitzpatrick references failed. The stock closed at $0.5887 on September 14, 2026 (market cap about $101M).
stockanalysis.comUpdated Sep 15, 2026
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Later in 2026
Q4 2026
Vertical expects to complete the Critical Design Review by the end of 2026, locking the certifiable design baseline for Valo. An early production aircraft assembly facility at Cotswold Airport remains targeted for Q3 2026 but had not been publicly confirmed open as of September 15, 2026; the expanded Vertical Energy Centre battery facility is still due Q4 2026. The UK government remains in advanced discussions on a further grant of up to £10M toward the first full-scale UK production site (not finalized; would bring total direct UK government support to up to £48M/$64M), and Vertical has a non-binding MOU with UK Export Finance on export-linked customer financing. Preferred full-scale sites are still aimed for selection before end of 2026.
Q4 2026
H1 2027
The hybrid-electric defense/logistics variant is in ground testing on the HYPER rig, with turbogenerator supplier selection during 2026 and first flight targeted for the first half of 2027. The uncrewed configuration is being developed with Near Earth Autonomy under a partnership announced July 16, 2026, which also integrates Honeywell's Anthem digital cockpit already onboard Valo.
2029
Type certification under the UK CAA and EASA's concurrent SC-VTOL Enhanced pathway is now targeted for 2029, re-baselined from 2028 in the July 13, 2026 business update, with entry into service to follow - including announced London routes such as a 12-minute Canary Wharf–Heathrow connection.
Date not announced
TargetNo timetable disclosed
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Vertical Aerospace opened a dedicated Aircraft Assembly Centre at its Cotswold Airport flight-test campus on September 24, 2026, National Manufacturing Day in the UK. The company said a 1.5 million pound investment adds 60,000 square feet, taking the site to about 130,000 square feet, and that the centre will build certification-conforming Valo aircraft for a UK CAA type-certification target of 2029, with first assembly expected in Q4 2027. After certification it expects capacity for more than 25 Valo aircraft a year there, and it will also retrofit a prototype for hybrid-electric flight testing in the first half of 2027. A separate full-scale factory is still due to be announced later in 2026.
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Vertical Aerospace announced roughly $100 million in financing commitments on August 10 to fund certification of its Valo aircraft and triple battery production capacity at its UK Energy Centre. The package combines a $40 million draw from top shareholder Mudrick Capital, a $35 million underwritten equity offering priced at $1.05 per unit, and $25 million from its Yorkville Advisors preferred-equity facility.
Vertical Aerospace began the first public piloted eVTOL demonstration flights in the history of the Farnborough International Airshow's flying display, flying its full-scale VX4 prototype during the July 20-24 show and exhibiting a full-scale model of its production aircraft, Valo. The Bristol-based company's piloted, four-passenger VX4 offers zero-emission flight with about 100 miles of range and a 150 mph cruise. Vertical says it holds roughly 1,500 conditional Valo pre-orders across four continents from customers including American Airlines, Japan Airlines, Avolon, Bristow and GOL.
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Piloted tilt-rotor eVTOL with eight propellers (four tilting front, four rear) and zero operating emissions. The production design, unveiled as Valo in December 2025, evolves the VX4 prototype with a more aerodynamic airframe and under-floor liquid-cooled batteries - freeing a cabin that seats up to six passengers (four in premium layout) plus a pilot. VX4 prototypes continue to fly the certification test campaign.
Hybrid-electric version of the Valo airframe for defense, logistics, and wider commercial markets - up to 1,000 miles of range, up to 1,100 kg payload, and a low acoustic and thermal signature, in crewed and uncrewed configurations.
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H1 2026 net cash used in operations $112M; Q2 2026 EPS -$0.31 (beat -$0.42 est.); guided to ~£110M ($150M) of net cash outflow over the next 12 months, with runway now guided to roughly the end of Q3 2027. No newer financials as of September 15, 2026.
(~$6B est. value) - American Airlines, Avolon, Bristow, GOL, Japan Airlines, JetSetGo (India, 50 aircraft MoU); Sigma Air Mobility (Luxaviation Group) added as a Valo customer via MoU on July 19, 2026 (aircraft count/value undisclosed, not folded into the ~1,500 total). A July 22, 2026 VIC Properties MoU covers a Portugal resort study only, not an aircraft order. A July 22, 2026 GACA MoU plus a Cluster2 Airports MoU open a Saudi certification and airport path, also not an order. No new firm pre-orders confirmed as of September 15, 2026.
(UK CAA + EASA concurrent, SC-VTOL Enhanced) - re-baselined from 2028 in July 2026
piloted two-way transitions since April 2026; first public flying-display flights at Farnborough July 20-24, 2026
(Aug 13, 2026 H1 2026 Business Update); pro forma ~$148M after the ~$100M Aug 2026 financing package closed around the same date. No newer cash figure has been disclosed as of September 15, 2026.
$0.5887/share close on September 14, 2026; market cap ~$101.1M on 171.72M shares outstanding - still down from ~$115M in mid-August amid continued dilution after the August financing package and the September 11 option-repricing vote
market cap about $126.9M on 171.72M shares outstanding, versus $0.5887 / about $101.1M on 14 Sep. Employees listed as 454 on stockanalysis; Wikipedia still shows 330 (2022).
Opened 24 Sep 2026 at Cotswold Airport: 1.5 million pound investment, +60,000 sq ft, campus about 130,000 sq ft. First certification-conforming Valo assembly expected Q4 2027; after certification more than 25 aircraft a year. BBC also reports a longer-term 900 aircraft a year by 2035. A separate full-scale factory is still to be announced in Q4 2026. Hybrid-electric prototype retrofit remains H1 2027.
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Operating status
Flight testing; assembly centre open; Jefferies strategic review; certification 2029
As of 5 Oct 2026 Vertical has not named a partner, financing package, or other board-approved outcome from the 24 Sep Jefferies strategic-alternatives review. The 24 Sep PR still says no timetable and no assurance of a transaction, and the company said it will not disclose developments unless the board approves a course of action. Official newsroom newest items remain 25 Sep assembly centre, 24 Sep Jefferies, and 21 Sep Bregier. The Cotswold Aircraft Assembly Centre remains an early-production and certification shop. The 25 Sep PR still says the separate full-scale factory will be announced in Q4 2026 and the expanded Vertical Energy Centre is due later this year; neither has been named or opened. Shares closed at $0.5939 on 2 Oct 2026 (market cap about $101.99M on 171.72M shares). CEO remains Stuart Simpson.
Planned sales of the all-electric Valo to airlines, lessors, and operators - anchored by ~1,500 conditional pre-orders worth ~$6B from American Airlines, Avolon, Bristow, GOL, and Japan Airlines across four continents.
Hybrid-Electric Defense & Logistics Variant
A hybrid-electric Valo with up to 1,000 miles of range and 1,100 kg payload targeting defense, logistics, and special missions - in both crewed and uncrewed configurations, the latter developed with Near Earth Autonomy (partnership announced July 16, 2026).
Batteries, Maintenance & Lifecycle Services
Recurring higher-margin revenue from proprietary battery supply, maintenance, and lifecycle services around the Valo fleet, built on Vertical's in-house battery and propeller technology.
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2026
Appoints Fabrice Bregier, former Airbus Commercial Aircraft CEO, as Chair
Vertical appointed former Airbus Commercial Aircraft CEO Fabrice Bregier as Chair of the Board, effective 21 Sep 2026. He succeeds Ben Story, who had served as interim Chair since May and remains a non-executive director. Bregier attended the 24 Sep Cotswold assembly-centre opening as Chair. CEO remains Stuart Simpson.
Hires Jefferies to review strategic alternatives
On 24 Sep 2026 Vertical said it had initiated a review of strategic alternatives, including potential strategic and financial partnerships, and retained Jefferies LLC as financial advisor. CEO Stuart Simpson said the company wants to explore options for financing the next phase of growth as it moves from development toward certification, industrialisation and commercialisation. Operations and the certification programme continue; Critical Design Review remains targeted by year-end 2026. No timetable was set, and the company said there is no assurance the review will result in a transaction or other change. Reuters independently reported the Jefferies mandate the same day.
Opens Valo Aircraft Assembly Centre at Cotswold Airport
On September 24, 2026 Vertical opened a dedicated Aircraft Assembly Centre at its Cotswold Airport Flight Test Centre on UK National Manufacturing Day. The company said a 1.5 million pound investment adds 60,000 square feet, taking the campus to about 130,000 square feet. The centre will assemble certification-conforming Valo aircraft for a UK CAA type-certification target of 2029, with first assembly expected in Q4 2027, and will retrofit a prototype for hybrid-electric flight testing in H1 2027. Early-production capacity after certification is more than 25 aircraft a year; a separate full-scale factory is still planned for announcement later in 2026.
AGM writes Mudrick governance rights into the articles
At the September 11, 2026 annual general meeting, shareholders adopt a Sixth Amended and Restated Memorandum and Articles of Association that grants Mudrick Capital, the largest shareholder, director nomination, removal, and consent rights. They also approve cutting certain outstanding option exercise prices from $3.50 or $5.82 to $1.30 and adding 2,767,806 shares to the 2021 Incentive Award Plan. A seventh-articles proposal to remove references to founder Stephen Fitzpatrick received enough overall votes but failed because not all of his shares were voted in favor.
GACA and Cluster2 MoUs open a Saudi certification and airport path
On July 22, 2026 Vertical signs a memorandum of understanding with Saudi Arabia's General Authority of Civil Aviation to explore validation of Valo type certification, eVTOL regulatory frameworks, and technical exchange with other authorities. A separate Farnborough MoU with Cluster2 Airports Company covers studying eVTOL operations across that operator's Saudi airport network. Neither agreement is an aircraft order.
VIC Properties MoU for Portugal resort eVTOL service
On July 22, 2026, Vertical signs a memorandum of understanding with Portuguese developer VIC Properties to study electric air-mobility service at the 400-hectare Pinheirinho estate in Comporta (including Six Senses Comporta), assessing vertiport and charging infrastructure and possible Lisbon connections. The MoU is exploratory - no aircraft count or firm start date - and follows a similar Heli Air Monaco study for French Riviera routes.
H1 2026 results: cash rises to ~$134M as financing package closes
Vertical reports H1 2026 results on August 13, 2026, posting a narrower-than-expected loss (EPS -$0.31 vs. -$0.42 estimated) on H1 net cash used in operations of $112M. Cash on hand rose to roughly $134M (£99M), with pro forma cash of about $148M after the ~$100M August 2026 financing package (Mudrick convertible notes, Yorkville preferred equity, and an underwritten equity offering) closed around the same date. Vertical guided to roughly £110M ($150M) of net cash outflow over the next 12 months and now expects its cash runway to extend to around the end of Q3 2027.
Joins Project VERTI-GO, Europe's eVTOL airspace-integration consortium
On July 21, 2026, at the Farnborough International Airshow, Vertical Aerospace and Honeywell Aerospace join Project VERTI-GO, a 12-partner consortium funded by the EU's SESAR Joint Undertaking to safely integrate piloted eVTOL and remotely operated cargo-drone operations into European airspace - Europe's counterpart to the FAA's eVTOL Integration Pilot Program. Vertical is the consortium's piloted-eVTOL demonstration partner, with flight demonstrations targeted between Malaga and Marbella, Spain in 2028.
2026
ECLiPSE charging-technology programme launched
On July 24, 2026, Vertical is announced as lead partner on ECLiPSE, a UK government-backed programme (up to £1.75M in Department for Transport funding within a £3.4M total) developing high-power charging and thermal-management technology for electric aircraft, alongside the University of Bath and InnCat Ltd.
Sigma Air Mobility signs as new Valo customer
On July 19, 2026, Sigma Air Mobility - a Luxaviation Group subsidiary - signs a memorandum of understanding to purchase Valo aircraft and enter Vertical's support-services network; aircraft count and deal value are undisclosed and not yet reflected in the company's ~1,500-aircraft conditional pre-order total.
First eVTOL to fly in the Farnborough Airshow flying display
At the Farnborough International Airshow (July 20-24, 2026), Vertical flew public piloted demonstration flights of its full-scale VX4 prototype - the first time an eVTOL has flown in the show's flying display - and exhibited a full-scale model of its production aircraft, Valo. The appearance, enabled by the expanded CAA Permit to Fly granted July 10, marked Vertical's first public flights away from its Cotswold Airport test base.
Certification re-baselined to 2029; public demo flights cleared
On July 13, 2026, Vertical announces it now expects type certification of Valo in 2029, slipping from the prior 2028 target. The same update confirms an expanded CAA Permit to Fly (granted July 10) authorizing the company's first public demonstration flights away from Cotswold Airport, ahead of the Farnborough Airshow, plus program gates: Critical Design Review by end-2026 and an early production assembly facility in Q3 2026.
Third prototype flies; Hyundai WIA joins supplier ecosystem
Hyundai WIA is selected as landing-gear partner on May 21, 2026, joining Honeywell (fly-by-wire/avionics), Aciturri (structures), Evolito (motors), and Astronics (power distribution). On June 5, the third and final full-scale prototype (G-EVTB) completes its first piloted flight, doubling flight-test capacity.
World-first piloted two-way transition under DOA oversight
On April 14, 2026, test pilot Simon Davies flies the VX4 through a piloted two-way transition - vertical takeoff, wingborne cruise, and vertical landing - at Cotswold Airport, making Vertical the second company globally (after Joby) to achieve piloted eVTOL transition and the first to do so under civil Design Organisation Approval regulatory oversight. A $60M equity raise in March anchors an up-to-$850M financing package with Mudrick Capital and Yorkville Advisors.
2025
Production aircraft unveiled as Valo
On December 10–11, 2025, Vertical unveils Valo - the production evolution of the VX4 - at an event in Canary Wharf, London. The certification-intent design features a more aerodynamic airframe, under-floor liquid-cooled battery packs freeing cabin space for up to six passengers, and updated propellers and landing gear. Seven certification aircraft are to be built in the UK, and planned London routes include a 12-minute Canary Wharf–Heathrow hop.
Hybrid-electric variant announced for defense and logistics
In May 2025, Vertical announces a hybrid-electric variant of its aircraft with up to 1,000 miles of range and 1,100 kg payload, aimed at defense, logistics, and wider commercial markets - a second product line sharing the same airframe, with ground testing on the HYPER rig.
Piloted flight campaign accelerates - Europe's first piloted wingborne eVTOL flight
Piloted thrustborne (hover) testing begins in January 2025. On May 27, 2025, the VX4 completes Europe's first piloted wingborne flight of a winged eVTOL in open airspace. By September the campaign had logged 250+ miles piloted, reached 120 knots and 2,000 feet, and moved into final pre-transition testing.
2024
Financial restructuring - Mudrick Capital takes control
Stuart Simpson, previously CFO, becomes CEO in May 2024. In December, Vertical finalizes a rescue package: Mudrick Capital provides $50M in new funding and converts $130M of debt to equity at $2.75/share, becoming the controlling shareholder as founder Stephen Fitzpatrick cedes control.
2023
2021
NYSE listing via SPAC at $2.2B valuation
Lists on the NYSE on December 16, 2021 through a SPAC merger with Broadstone Acquisition Corp at a $2.2B valuation, raising over $300M gross including a $94M PIPE from American Airlines, Avolon, Honeywell, Rolls-Royce, and Microsoft's M12 - on top of a $205M convertible note round led by Mudrick Capital in October.
2016
08
$715Mdisclosed across 5 rounds with a stated amount
Cumulative disclosed raise · dated rounds
Convertible Senior Secured Notes
October 2021
Mudrick Capital (lead)
SPAC IPO (Broadstone Acquisition Corp)
December 2021
$300M+ gross (incl. $94M PIPE)
Public offering (NYSE: EVTL); PIPE: American Airlines, Avolon, Honeywell, Rolls-Royce, Microsoft M12
Restructuring - New Funding & Debt Conversion
December 2024
$50M new + $130M debt-to-equity
Mudrick Capital (becomes controlling shareholder)
Equity Raise + Financing Package
March 2026
$60M gross + up to $850M facilities
Public offering at $5.00/share; Mudrick Capital and Yorkville Advisors (incl. $500M standby equity purchase agreement)
Additional Financing Commitments
August 2026
Mudrick Capital ($40M convertible note draws), underwritten equity offering ($35M at $1.05/unit), Yorkville Advisors preferred-equity facility ($25M)
