Virgin Galactic Holdings, Inc. has filed a Current Report on Form 8-K announcing a series of financial and operational updates for the fiscal quarter ended September 30, 2026. The company disclosed that it entered into an Open Market Sale Agreement with Jefferies LLC, allowing for the sale of up to $250,000,000 of common stock. Under this agreement, Jefferies will act as the sales agent or principal to sell shares, with the company retaining the right to sell directly to the Agent. The Agent is entitled to a commission of up to 3.0% of the gross sales price for shares sold through them, though commissions may exceed this rate in direct principal transactions.
The company stated that net proceeds from this offering are intended to fund working capital and general corporate purposes, support growth initiatives, and repay a portion of outstanding indebtedness. Specifically, the company expects to use at least 35% of the net proceeds to redeem its 9.80% First Lien Notes due 2028, as required by the governing indenture.
In conjunction with the filing, Virgin Galactic released its third-quarter financial results. As of September 30, 2026, the company reported cash, cash equivalents, and marketable securities totaling $184 million. Revenue for the quarter was $0.4 million, consistent with the prior year’s period, while the net loss was $59 million. The company also provided an operational update, noting that the first glide flight with its lead spaceship, Apeiron, is expected in January 2027, and the first commercial spaceflight is anticipated in the second quarter of 2027.
Management outlined a growth strategy to increase spaceflight capacity to 150 flights per year by the end of 2028. This plan includes the construction of a new high-cadence launch hangar and fueling infrastructure, as well as the expansion of rocket production capabilities. The company also announced that it has begun booking limited tranche of Spaceflight Expeditions at a price of $850,000 per seat.
