Vertical Aerospace secures up to $850m to certify its Valo eVTOL

Immediate $160m runway for 2028 certification

Vertical Aerospace has announced an agreement in principle for a financing package totalling up to $850m. The Bristol-based company has closed a $50m common equity issuance and expects to draw about $30m in the near term. Combined with existing cash and anticipated tax relief and grants, that would give it roughly $160m of working capital to execute certification milestones over the remainder of 2026. Definitive documents are expected by 19 April 2026.

That near-term pot could then rise in phases under facilities already mapped out. Mudrick Capital may provide up to a further $50m via new convertible secured notes. Yorkville could invest up to $250m through Series A Convertible Preferred Shares, and a further $500m via an equity line of credit available over 36 months — taking the total to $850m that Vertical can activate as programme needs arise.

Jason Mudrick, Chief Investment Officer at Mudrick Capital Management, said: "We have backed Vertical Aerospace since 2021 because we believe they are building the most technically advanced aircraft in the industry. This financing package is designed to give Vertical ample runway and the financial foundation it needs to achieve certification, enter commercial service, and realize the substantial value we see in this business."

1,500 pre-orders across four continents

An eVTOL programme is capital-intensive and tightly regulated. Over the next 12 months, Vertical plans to complete a piloted transition flight, stage public demonstrations of its current prototype, progress a hybrid‑electric demonstrator, expand the Vertical Energy Center and advance construction of its assembly site. It also intends to begin production of the first full-scale Valo certification aircraft.

Vertical says it has around 1,500 pre-orders from operators across four continents, including American Airlines, Avolon, Bristow, GOL and Japan Airlines. Valo targets zero local emissions, a range of up to 100 miles (about 160km) and speeds of around 150mph (about 240km/h).