Aerospace and technology company Vertical Aerospace has announced the completion of its underwritten public offering, raising $60m in gross proceeds before deducting underwriting fees and costs.
The offering involved the sale of 12 million ordinary shares at $5 each, with underwriters granted a 30-day option to purchase an additional 1.8 million shares, which remains unexercised.
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The company plans to use the net proceeds to fund research and development, enhance testing and certification capabilities, and support general corporate needs.
This funding is expected to extend Vertical’s cash runway into mid-2026.
Deutsche Bank Securities and William Blair served as joint bookrunners for the transaction, with D Boral Capital serving as co-manager.
Vertical Aerospace is committed to creating a safer, cleaner, and quieter mode of transportation through its flagship VX4, a piloted electric vertical take-off and landing (eVTOL) aircraft designed for four passengers with zero operational emissions.
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By GlobalDataThe company is also developing a hybrid-electric variant to improve range and operational flexibility.
Vertical is also advancing its proprietary battery and propeller technologies in partnership with industry leaders such as GKN, Honeywell, and Leonardo.
The company has secured around 1,500 pre-orders for the VX4 from customers across four continents, including major airlines such as American Airlines, Japan Airlines, GOL, and Bristow.
In December 2024, Vertical Aerospace secured an investment agreement with Mudrick Capital, providing up to $50m in new funding.
The contract includes $25m in upfront funding, along with a $25m backstop, which will be reduced by any third-party fundraising efforts.
This investment is aimed at enhancing the company’s financial stability and expediting its ‘Flightpath 2030’ strategy.
