Vertical Aerospace

BPublic (NYSE: EVTL)Founded 2016🇺🇰Bristol, United Kingdom

CEO

Stuart Simpson

Data verified as of Jul 20, 2026

Summary

Vertical Aerospace is a Bristol, UK-based eVTOL developer building Valo, a piloted electric air taxi, and is the last major independent European player after the collapses of Lilium and Volocopter. Founded in 2016 by OVO Energy's Stephen Fitzpatrick, it listed on the NYSE in 2021 and survived a 2024 financial restructuring that made Mudrick Capital its controlling shareholder. In April 2026 its VX4 prototype completed the world's first piloted two-way eVTOL transition flight under civil DOA regulatory oversight — only the second company globally to achieve piloted transition — and its third full-scale prototype joined the test campaign in June 2026. The production aircraft, unveiled as Valo in December 2025, is backed by ~1,500 conditional pre-orders worth ~$6B from American Airlines, Avolon, Bristow, GOL, and Japan Airlines. On July 13, 2026 Vertical re-baselined its UK CAA/EASA type certification target from 2028 to 2029, and it is also developing a hybrid-electric Valo variant with up to 1,000 miles of range for defense and logistics markets.

Main Products

Valo (VX4)

In Development

Piloted tilt-rotor eVTOL with eight propellers (four tilting front, four rear) and zero operating emissions. The production design, unveiled as Valo in December 2025, evolves the VX4 prototype with a more aerodynamic airframe and under-floor liquid-cooled batteries — freeing a cabin that seats up to six passengers (four in premium layout) plus a pilot. VX4 prototypes continue to fly the certification test campaign.

Three full-scale VX4 prototypes in piloted flight testing at Cotswold Airport, with two-way transition flights achieved since April 2026. Seven certification-conforming aircraft to be built in the UK; type certification targeted for 2029.

PassengersUp to 6 + 1 pilot

RangeUp to 100 miles

Top SpeedUp to 150 mph

NoiseQuieter than a helicopter

Valo Hybrid-Electric Variant

In Development

Hybrid-electric version of the Valo airframe for defense, logistics, and wider commercial markets — up to 1,000 miles of range, up to 1,100 kg payload, and a low acoustic and thermal signature, in crewed and uncrewed configurations.

Powertrain ground testing underway on the HYPER rig; turbogenerator supplier selection during 2026; first flight targeted for H1 2027. Uncrewed operations to be developed with Near Earth Autonomy.

RangeUp to 1,000 miles

PayloadUp to 1,100 kg

What's Next

Complete Critical Design Review and stand up early production

Vertical expects to complete the Critical Design Review by the end of 2026, locking the certifiable design baseline for Valo. In parallel, an early production aircraft assembly facility comes online in Q3 2026 and the expanded Vertical Energy Centre battery facility in Q4 2026 — the industrial base for the seven UK-built certification aircraft.

Q4 2026

Fly the hybrid-electric Valo variant

The hybrid-electric defense/logistics variant is in ground testing on the HYPER rig, with turbogenerator supplier selection during 2026 and first flight targeted for the first half of 2027. The uncrewed configuration is being developed with Near Earth Autonomy under a partnership announced in July 2026.

H1 2027

Achieve type certification of Valo

Type certification under the UK CAA and EASA's concurrent SC-VTOL Enhanced pathway is now targeted for 2029, re-baselined from 2028 in the July 13, 2026 business update, with entry into service to follow — including announced London routes such as a 12-minute Canary Wharf–Heathrow connection.

2029

Recent News

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Jul 20

Vertical Aerospace flies first eVTOL in Farnborough flying display

Vertical Aerospace began the first public piloted eVTOL demonstration flights in the history of the Farnborough International Airshow's flying display, flying its full-scale VX4 prototype during the July 20-24 show and exhibiting a full-scale model of its production aircraft, Valo. The Bristol-based company's piloted, four-passenger VX4 offers zero-emission flight with about 100 miles of range and a 150 mph cruise. Vertical says it holds roughly 1,500 conditional Valo pre-orders across four continents from customers including American Airlines, Japan Airlines, Avolon, Bristow and GOL.

Operations & Revenue

StatusFlight testing — piloted transitions achieved; certification 2029

Vertical is flight-testing intensively at Cotswold Airport with three full-scale VX4 prototypes, having completed multiple piloted two-way transition flights since April 2026. An expanded CAA Permit to Fly (July 10, 2026) authorizes its first public demonstration flights, timed for the Farnborough Airshow. Type certification of the production Valo aircraft was re-baselined to 2029 on July 13, 2026, with Critical Design Review expected by end-2026, an early production assembly facility due Q3 2026, and an expanded Vertical Energy Centre battery facility due Q4 2026. Funding rests on the March 2026 $60M raise plus an up-to-$850M Mudrick/Yorkville package against £180–200M of projected 12-month outflows.

Revenue Streams

Valo Aircraft Sales

Planned sales of the all-electric Valo to airlines, lessors, and operators — anchored by ~1,500 conditional pre-orders worth ~$6B from American Airlines, Avolon, Bristow, GOL, and Japan Airlines across four continents.

Hybrid-Electric Defense & Logistics Variant

A hybrid-electric Valo with up to 1,000 miles of range and 1,100 kg payload targeting defense, logistics, and special missions — in both crewed and uncrewed configurations, the latter developed with Near Earth Autonomy (partnership announced July 2026).

Batteries, Maintenance & Lifecycle Services

Recurring higher-margin revenue from proprietary battery supply, maintenance, and lifecycle services around the Valo fleet, built on Vertical's in-house battery and propeller technology.

Key Metrics

Employees

~450

Est. Annual Revenue

Pre-revenue; Q1 2026 net operating cash outflow £47M; projected £180–200M outflows over the next 12 months

Conditional Pre-Orders

~1,500 aircraft (~$6B est. value) — American Airlines, Avolon, Bristow, GOL, Japan Airlines

Certification Target

2029 (UK CAA + EASA concurrent, SC-VTOL Enhanced) — re-baselined from 2028 in July 2026

Flight-Test Campaign

3 full-scale prototypes; piloted two-way transitions since April 2026

Cash Position

£73.1M (March 31, 2026); ~£126M near-term liquidity incl. facilities

Market Cap

~$200M (July 2026, ~$1.65/share)

Timeline

2026World-first piloted two-way transition under DOA oversight

On April 14, 2026, test pilot Simon Davies flies the VX4 through a piloted two-way transition — vertical takeoff, wingborne cruise, and vertical landing — at Cotswold Airport, making Vertical the second company globally (after Joby) to achieve piloted eVTOL transition and the first to do so under civil Design Organisation Approval regulatory oversight. A $60M equity raise in March anchors an up-to-$850M financing package with Mudrick Capital and Yorkville Advisors.

2026Third prototype flies; Hyundai WIA joins supplier ecosystem

Hyundai WIA is selected as landing-gear partner on May 21, 2026, joining Honeywell (fly-by-wire/avionics), Aciturri (structures), Evolito (motors), and Astronics (power distribution). On June 5, the third and final full-scale prototype (G-EVTB) completes its first piloted flight, doubling flight-test capacity.

2026Certification re-baselined to 2029; public demo flights cleared

On July 13, 2026, Vertical announces it now expects type certification of Valo in 2029, slipping from the prior 2028 target. The same update confirms an expanded CAA Permit to Fly (granted July 10) authorizing the company's first public demonstration flights away from Cotswold Airport, ahead of the Farnborough Airshow, plus program gates: Critical Design Review by end-2026 and an early production assembly facility in Q3 2026.

2026First eVTOL to fly in the Farnborough Airshow flying display

At the Farnborough International Airshow (July 20-24, 2026), Vertical flew public piloted demonstration flights of its full-scale VX4 prototype — the first time an eVTOL has flown in the show's flying display — and exhibited a full-scale model of its production aircraft, Valo. The appearance, enabled by the expanded CAA Permit to Fly granted July 10, marked Vertical's first public flights away from its Cotswold Airport test base.

2025Piloted flight campaign accelerates — Europe's first piloted wingborne eVTOL flight

Piloted thrustborne (hover) testing begins in January 2025. On May 27, 2025, the VX4 completes Europe's first piloted wingborne flight of a winged eVTOL in open airspace. By September the campaign had logged 250+ miles piloted, reached 120 knots and 2,000 feet, and moved into final pre-transition testing.

2025Hybrid-electric variant announced for defense and logistics

In May 2025, Vertical announces a hybrid-electric variant of its aircraft with up to 1,000 miles of range and 1,100 kg payload, aimed at defense, logistics, and wider commercial markets — a second product line sharing the same airframe, with ground testing on the HYPER rig.

2025Production aircraft unveiled as Valo

On December 10–11, 2025, Vertical unveils Valo — the production evolution of the VX4 — at an event in Canary Wharf, London. The certification-intent design features a more aerodynamic airframe, under-floor liquid-cooled battery packs freeing cabin space for up to six passengers, and updated propellers and landing gear. Seven certification aircraft are to be built in the UK, and planned London routes include a 12-minute Canary Wharf–Heathrow hop.

2024Financial restructuring — Mudrick Capital takes control

Stuart Simpson, previously CFO, becomes CEO in May 2024. In December, Vertical finalizes a rescue package: Mudrick Capital provides $50M in new funding and converts $130M of debt to equity at $2.75/share, becoming the controlling shareholder as founder Stephen Fitzpatrick cedes control.

2023VX4 prototype damaged in uncrewed test

On August 9, 2023, the full-scale VX4 prototype is damaged during an uncrewed test flight at Cotswold Airport after a propeller-blade fault — a setback that pushes the flight-test program onto a rebuilt, upgraded prototype.

2021NYSE listing via SPAC at $2.2B valuation

Lists on the NYSE on December 16, 2021 through a SPAC merger with Broadstone Acquisition Corp at a $2.2B valuation, raising over $300M gross including a $94M PIPE from American Airlines, Avolon, Honeywell, Rolls-Royce, and Microsoft's M12 — on top of a $205M convertible note round led by Mudrick Capital in October.

2016Founded by Stephen Fitzpatrick

OVO Energy founder and former F1 team owner Stephen Fitzpatrick founds Vertical Aerospace in Bristol, UK, to build electric vertical take-off and landing aircraft. Its first prototype, the 750 kg VA-X1 quadcopter, flies at Cotswold Airport in June 2018.

Funding

Cumulative disclosed raise · dated rounds

Round	Date	Amount	Investors
Convertible Senior Secured Notes	October 2021	$205M	Mudrick Capital (lead)
SPAC IPO (Broadstone Acquisition Corp)	December 2021	$300M+ gross (incl. $94M PIPE)	Public offering (NYSE: EVTL); PIPE: American Airlines, Avolon, Honeywell, Rolls-Royce, Microsoft M12
Restructuring — New Funding & Debt Conversion	December 2024	$50M new + $130M debt-to-equity	Mudrick Capital (becomes controlling shareholder)
Equity Raise + Financing Package	March 2026	$60M gross + up to $850M facilities	Public offering at $5.00/share; Mudrick Capital and Yorkville Advisors (incl. $500M standby equity purchase agreement)