Virgin Galactic Secures $300 Million in Funding for Space Tourism Expansion

Virgin Galactic has successfully raised $300 million through an "at the market" offering of common stock, according to a securities filing. The space tourism company aims to raise an additional $400 million through a subsequent stock offering. These funds will support the development and expansion of Virgin Galactic's spacecraft fleet. The company's shares have experienced a rally following its announcement of plans to launch its first commercial spaceflight by the end of the month. Virgin Galactic has one carrier aircraft, VMS Eve, and one spacecraft, VSS Unity. To achieve growth, the company needs to expand its fleet with the Delta-class vehicles it is currently developing. The common stock offerings serve as a way to manage cash burn until these new spacecraft are operational. As of the end of the first quarter, Virgin Galactic reported having $874 million in cash and securities.