Vertical Aerospace develops electric VTOL aircraft and is focused on bringing its piloted VX4 to market under its Flightpath 2030 strategy. The company is advancing through a phased certification program with the UK Civil Aviation Authority, having completed untethered, piloted thrustborne flight in Phase 2 and seeking permits for Phase 3 windborne tests. The funding and balance-sheet changes are intended to support ongoing development, certification and commercialisation of the VX4. The company signed a term sheet that reinforces continuing operations from its UK headquarters and retains founder Stephen Fitzpatrick on the board. The deal substantially reduces convertible debt and strengthens cash resources to fund the next phase of the program. Vertical Aerospace develops zero-emissions eVTOL aircraft, centered on its VX4 certification aircraft and prototype programme. The company is completing its second-generation full-scale piloted VX4 prototype at GKN Aerospace’s Global Technology Centre and plans public flight demonstrations in 2024, including Farnborough and flights to and from Heathrow. After the flight test programme Vertical intends to refine and finalise the VX4 certification aircraft design and proceed to final regulatory testing before production. Recent technical milestones include opening the Vertical Energy Centre and building a battery powertrain with Molicel cells, receiving Design Organisation Approval from the UK Civil Aviation Authority, and completing a thrustborne test campaign. Commercial traction includes pre-orders for 1,500 VX4 aircraft worth over $5 billion and initial technical familiarisations with five global aviation regulators. Financially, Vertical reported unaudited net cash used in operating activities of approximately $95 million and follows an asset-light, partner-supported approach to manage development costs. Vertical Aerospace is a UK-headquartered engineering and aeronautical business developing the VA-X4, an electric vertical takeoff and landing (eVTOL) aircraft. The VA-X4 is a zero-carbon design meant to carry four passengers and a pilot, reach speeds over 200 mph, and cover more than 100 miles while operating near-silently. Vertical plans its first VA-X4 test flight later this year and is targeting certification as early as 2024. Financially, the company secured an agreement with American Airlines that includes a $25 million private investment in public equity (PIPE) and a potential pre-order commitment of up to $1 billion for 250 aircraft, plus an option for 100 more, subject to milestones and terms. Vertical says its partner ecosystem, which includes American Airlines, Avolon, Rolls‑Royce and Honeywell, helps de-risk execution, supports its pathway to certification and enables production at scale. The company’s stated mission is to make air travel personal, on demand and carbon free.

Total raised

$100M

Funding rounds

2

Latest round

Equity

Latest activity

Nov 2024