VIRGIN GALACTIC HOLDINGS, INC, 10-Q filed on 5/15/2025
Quarterly Report
v3.25.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2025
May 08, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
Document Transition Report false  
Entity File Number 001-38202  
Entity Registrant Name Virgin Galactic Holdings, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 85-3608069  
Entity Address, Address Line One 1700 Flight Way  
Entity Address, City or Town Tustin  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 92782  
City Area Code (949)  
Local Phone Number 774-7640  
Title of 12(b) Security Common stock, $0.0001 par value per share  
Trading Symbol SPCE  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding (in shares)   41,574,845
Amendment Flag false  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2025  
Entity Central Index Key 0001706946  
Current Fiscal Year End Date --12-31  
v3.25.1
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 140,763 $ 178,605
Restricted cash 31,391 32,280
Marketable securities, short-term 348,754 384,621
Other current assets 26,659 32,430
Total current assets 547,567 627,936
Marketable securities, long-term 45,605 61,280
Property, plant and equipment, net 249,219 209,114
Other non-current assets 61,542 62,895
Total assets 903,933 961,225
Current liabilities:    
Accounts payable 2,956 3,696
Customer deposits 82,197 84,493
Other current liabilities 58,671 61,821
Total current liabilities 143,824 150,010
Non-current liabilities:    
Convertible senior notes, net 420,689 420,120
Other long-term liabilities 67,249 68,815
Total liabilities 631,762 638,945
Commitments and contingencies (Note 12)
Stockholders' Equity    
Preferred stock, $0.0001 par value; 10,000,000 shares authorized; no shares issued and outstanding 0 0
Common stock, $0.0001 par value; 700,000,000 shares authorized; 39,991,026 and 32,995,822 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively 4 3
Additional paid-in capital 2,829,428 2,794,871
Accumulated deficit (2,557,359) (2,472,872)
Accumulated other comprehensive income 98 278
Total stockholders' equity 272,171 322,280
Total liabilities and stockholders' equity $ 903,933 $ 961,225
v3.25.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Mar. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 700,000,000 700,000,000
Common stock, shares issued (in shares) 39,991,026 32,995,822
Common stock, shares outstanding (in shares) 39,991,026 32,995,822
v3.25.1
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Revenue $ 461 $ 1,985
Operating expenses:    
Spaceline operations 20,826 22,591
Research and development 33,310 58,969
Selling, general and administrative 30,550 27,884
Depreciation and amortization 4,223 3,699
Total operating expenses 88,909 113,143
Operating loss (88,448) (111,158)
Interest income 7,215 12,308
Interest expense (3,240) (3,227)
Other income, net 34 145
Loss before income taxes (84,439) (101,932)
Income tax expense 48 80
Net loss (84,487) (102,012)
Other comprehensive loss:    
Foreign currency translation adjustment (4) (8)
Unrealized loss on marketable securities (176) (864)
Total comprehensive loss $ (84,667) $ (102,884)
Net loss per share:    
Basic (in dollars per share) $ (2.38) $ (5.10)
Diluted (in dollars per share) $ (2.38) $ (5.10)
Weighted-average shares outstanding:    
Basic (in shares) 35,440 20,019
Diluted (in shares) 35,440 20,019
v3.25.1
Condensed Consolidated Statements of Stockholders' Equity - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2023   19,995,449      
Beginning balance at Dec. 31, 2023 $ 505,476 $ 2 $ 2,631,235 $ (2,126,132) $ 371
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net loss (102,012)     (102,012)  
Other comprehensive loss (872)       (872)
Stock-based compensation for equity-classified awards 8,045   8,045    
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares)   13,735      
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (269)   (269)    
Issuance of common stock pursuant to at-the-market offering (in shares)   254,445      
Issuance of common stock pursuant to at-the-market offering 7,272   7,272    
Transaction costs (58)   (58)    
Ending balance (in shares) at Mar. 31, 2024   20,263,629      
Ending balance at Mar. 31, 2024 $ 417,582 $ 2 2,646,225 (2,228,144) (501)
Beginning balance (in shares) at Dec. 31, 2024 32,995,822 32,995,822      
Beginning balance at Dec. 31, 2024 $ 322,280 $ 3 2,794,871 (2,472,872) 278
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net loss (84,487)     (84,487)  
Other comprehensive loss (180)       (180)
Stock-based compensation for equity-classified awards 4,833   4,833    
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares)   49,040      
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (50)   (50)    
Issuance of common stock pursuant to at-the-market offering (in shares)   6,946,164      
Issuance of common stock pursuant to at-the-market offering 30,730 $ 1 30,729    
Transaction costs $ (955)   (955)    
Ending balance (in shares) at Mar. 31, 2025 39,991,026 39,991,026      
Ending balance at Mar. 31, 2025 $ 272,171 $ 4 $ 2,829,428 $ (2,557,359) $ 98
v3.25.1
Condensed Consolidated Statements of Cash Flows
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Cash flows from operating activities:    
Net loss $ (84,487) $ (102,012)
Stock-based compensation 4,769 8,244
Depreciation and amortization 4,223 3,699
Amortization of debt issuance costs 569 552
Accretion of marketable securities purchased at a discount (2,193) (5,328)
Other non-cash items (14) 0
Change in operating assets and liabilities:    
Other current and non-current assets 5,749 3,835
Accounts payable (751) (7,480)
Customer deposits (2,296) (5,507)
Other current and non-current liabilities (1,487) (9,232)
Net cash used in operating activities (75,918) (113,229)
Cash flows from investing activities:    
Capital expenditures (46,047) (13,072)
Purchases of marketable securities (104,607) (161,843)
Proceeds from maturities and calls of marketable securities 158,121 257,414
Other investing activities 8 598
Net cash provided by investing activities 7,475 83,097
Cash flows from financing activities:    
Payments of finance lease obligations (46) (60)
Proceeds from issuance of common stock 30,730 7,272
Withholding taxes paid on behalf of employees on net settled stock-based awards (50) (269)
Transaction costs related to issuance of common stock (922) (52)
Net cash provided by financing activities 29,712 6,891
Net decrease in cash, cash equivalents and restricted cash (38,731) (23,241)
Cash, cash equivalents and restricted cash at beginning of period 210,885 253,592
Cash, cash equivalents and restricted cash at end of period 172,154 230,351
Cash and cash equivalents 140,763 195,433
Restricted cash 31,391 34,918
Cash, cash equivalents and restricted cash $ 172,154 $ 230,351
v3.25.1
Description of Business and Basis of Presentation
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Basis of Presentation Description of Business and Basis of Presentation
Virgin Galactic Holdings, Inc., together with its consolidated subsidiaries ("Virgin Galactic" or the "Company"), is an aerospace and space travel company focused on the development, manufacture and operation of spaceships and related technologies. The Company provides access to space for private individuals, researchers and government agencies. The Company's missions include flying passengers to space, as well as flying scientific payloads and researchers to space in order to conduct experiments for scientific and educational purposes.
The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial reporting. Certain information and footnote disclosures, normally included in annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), have been condensed or omitted pursuant to such rules and regulations. However, in management's opinion, the condensed consolidated financial statements reflect all adjustments, including those of a normal recurring nature, necessary to present fairly the Company's financial position, results of operations and cash flows for the periods presented.
The operating results for the three months ended March 31, 2025 are not necessarily indicative of the results that may be expected for the entire fiscal year. The accompanying condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024. There have been no changes to the significant accounting policies presented in the audited consolidated financial statements contained in the Annual Report on Form 10-K that would have a material impact on the accompanying condensed consolidated financial statements.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.
Reverse Stock Split
On June 14, 2024, the Company effected a 1-for-20 reverse stock split of the Company’s common stock (the "Reverse Stock Split"). As a result of the Reverse Stock Split, every 20 shares of the Company’s common stock issued or outstanding were automatically reclassified into one new share of common stock. Proportionate adjustments were also made to the exercise prices and the number of shares underlying the Company’s outstanding equity awards, as applicable, as well as to the number of shares issuable under the Company’s equity incentive plans and certain existing agreements. All shares of the Company’s common stock, per-share data and related information included in the accompanying condensed consolidated financial statements have been retroactively adjusted as though the Reverse Stock Split had been effected prior to all periods presented.
v3.25.1
Cash, Cash Equivalents and Marketable Securities
 3 Months Ended
Mar. 31, 2025
Cash and Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Marketable Securities Cash, Cash Equivalents and Marketable Securities
The Company maintains certain cash balances restricted as to withdrawal or use. Restricted cash consists of cash deposits received from future astronauts that are contractually restricted for operational use until the condition of carriage is signed or the deposits are refunded.
The amortized cost, unrealized gain and estimated fair value of the Company's cash, cash equivalents and marketable securities are as follows:
March 31, 2025
Amortized Cost
Gross Unrealized Gain
Fair Value
(In thousands)
Cash and cash equivalents:
Cash and restricted cash$7,794 $— $7,794 
Money market
164,360 — 164,360 
Marketable securities:
U.S. treasuries118,735 3 118,738 
Corporate bonds
275,591 30 275,621 
$566,480 $33 $566,513 

December 31, 2024
Amortized Cost
Gross Unrealized Gain
Fair Value
(In thousands)
Cash and cash equivalents:
Cash and restricted cash$8,232 $— $8,232 
Money market
202,653 — 202,653 
Marketable securities:
U.S. treasuries34,694 37 34,731 
Corporate bonds410,998 172 411,170 
$656,577 $209 $656,786 
Interest receivable of $3.5 million and $4.2 million is included in other current assets in the accompanying condensed consolidated balance sheets as of March 31, 2025 and December 31, 2024, respectively.
The Company recognizes amortization and accretion of purchase premiums and discounts on its marketable securities in interest income in the accompanying condensed consolidated statements of operations and comprehensive loss. The Company recognized $2.2 million and $5.3 million in accretion income, net for its marketable securities for the three months ended March 31, 2025 and 2024, respectively.
The following table presents the contractual maturities of the Company's marketable securities as of March 31, 2025:
March 31, 2025
Amortized Cost
Fair Value
(In thousands)
Matures within one year$348,711 $348,754 
Matures between one to two years45,615 45,605 
$394,326 $394,359 
v3.25.1
Property, Plant, and Equipment, Net
 3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
Property, Plant, and Equipment, Net Property, Plant and Equipment, Net
Property, plant and equipment consists of the following:
March 31, 2025December 31, 2024
(In thousands)
Land$1,302 $1,302 
Buildings10,111 10,111 
Flight vehicles and rotables
4,331 4,331 
Machinery and equipment42,948 42,792 
Information technology software and equipment47,314 45,553 
Leasehold improvements77,652 77,589 
Construction in progress160,084 117,810 
343,742 299,488 
Less: accumulated depreciation and amortization
94,523 90,374 
$249,219 $209,114 
v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases Leases
The components of expense related to leases are as follows:
Three Months Ended March 31,
20252024
(In thousands)
Operating lease cost$3,399 $3,459 
Variable lease cost707 1,144 
Short-term lease cost— 6 
Finance lease cost:
Amortization of assets under finance leases
51 67 
Interest on finance lease liabilities15 19 
Total finance lease cost66 86 
Total lease cost$4,172 $4,695 
The components of supplemental cash flow information related to leases are as follows:
Three Months Ended March 31,
20252024
(In thousands, except term and rate data)
Cash Flow Information:
Operating cash flows for operating leases
$3,455 $3,250 
Operating cash flows for finance leases
$15 $19 
Financing cash flows for finance leases
$46 $60 
Non-cash Activity:
Assets acquired in exchange for lease obligations:
Operating leases$— $— 
Finance leases$5 $— 
Other Information:
Weighted-average remaining lease term:
Operating leases (in years)8.59.5
Finance leases (in years)2.43.0
Weighted-average discount rates:
Operating leases12.2 %12.1 %
Finance leases13.3 %13.1 %


The supplemental balance sheet information related to leases is as follows:
March 31, 2025December 31, 2024
(In thousands)
Operating Leases:
Long-term right-of-use assets$56,719 $58,039 
Short-term operating lease liabilities$5,794 $5,604 
Long-term operating lease liabilities65,872 67,394 
Total operating lease liabilities$71,666 $72,998 

Right-of-use assets are included in other non-current assets, and lease liabilities are included in other current liabilities and other long-term liabilities in the accompanying condensed consolidated balance sheets.
Leases Leases
The components of expense related to leases are as follows:
Three Months Ended March 31,
20252024
(In thousands)
Operating lease cost$3,399 $3,459 
Variable lease cost707 1,144 
Short-term lease cost— 6 
Finance lease cost:
Amortization of assets under finance leases
51 67 
Interest on finance lease liabilities15 19 
Total finance lease cost66 86 
Total lease cost$4,172 $4,695 
The components of supplemental cash flow information related to leases are as follows:
Three Months Ended March 31,
20252024
(In thousands, except term and rate data)
Cash Flow Information:
Operating cash flows for operating leases
$3,455 $3,250 
Operating cash flows for finance leases
$15 $19 
Financing cash flows for finance leases
$46 $60 
Non-cash Activity:
Assets acquired in exchange for lease obligations:
Operating leases$— $— 
Finance leases$5 $— 
Other Information:
Weighted-average remaining lease term:
Operating leases (in years)8.59.5
Finance leases (in years)2.43.0
Weighted-average discount rates:
Operating leases12.2 %12.1 %
Finance leases13.3 %13.1 %


The supplemental balance sheet information related to leases is as follows:
March 31, 2025December 31, 2024
(In thousands)
Operating Leases:
Long-term right-of-use assets$56,719 $58,039 
Short-term operating lease liabilities$5,794 $5,604 
Long-term operating lease liabilities65,872 67,394 
Total operating lease liabilities$71,666 $72,998 

Right-of-use assets are included in other non-current assets, and lease liabilities are included in other current liabilities and other long-term liabilities in the accompanying condensed consolidated balance sheets.
v3.25.1
Other Current Liabilities
 3 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
Other Current Liabilities Other Current Liabilities
The components of other current liabilities are as follows:
March 31, 2025December 31, 2024
(In thousands)
Accrued compensation
$20,866 $30,705 
Accrued manufacturing sub-contractor and contract labor costs20,763 18,827 
Other
17,042 12,289 
$58,671 $61,821 
v3.25.1
Convertible Senior Notes
 3 Months Ended
Mar. 31, 2025
Convertible Debt [Abstract]  
Convertible Senior Notes Convertible Senior Notes
In January 2022, the Company completed an offering of $425 million aggregate principal amount of convertible senior notes (the "2027 Notes"). The 2027 Notes are senior unsecured obligations of the Company and bear interest at a fixed rate of 2.50% per year. Interest is payable in cash semi-annually in arrears on February 1 and August 1 of each year. The 2027 Notes mature on February 1, 2027 unless earlier repurchased, redeemed or converted.
The net carrying value of the 2027 Notes is as follows:
March 31, 2025December 31, 2024
(In thousands)
Principal$425,000 $425,000 
Less: unamortized debt issuance costs4,311 4,880 
Net carrying amount$420,689 $420,120 
During each of the three months ended March 31, 2025 and 2024, the Company recognized $3.2 million of interest expense on the 2027 Notes. Interest expense included $0.6 million of amortized debt issuance costs during each of the three months ended March 31, 2025 and 2024.
v3.25.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
In June 2023, the Company entered into a distribution agency agreement with Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC (each, an "Agent" and collectively, the "Agents") providing for the offer and sale of up to $400 million of shares of the Company's common stock from time to time through the Agents, acting as sales agents, or directly to one or more of the Agents, acting as principal(s), through an "at-the-market offering" program (the "2023 ATM Program").
In November 2024, the Company terminated the 2023 ATM Program, having sold a total of 12.8 million shares of common stock and generating $396.2 million in gross proceeds, before deducting $3.9 million in underwriting discounts, commissions and other expenses.
In November 2024, the Company entered into an open market sale agreement with Jefferies LLC ("Jefferies") providing for the offer and sale of up to $300 million of shares of the Company's common stock from time to time through Jefferies, acting as sales agent, or directly to Jefferies, acting as principal, through an "at-the-market offering" program (the "2024 ATM Program").
During the three months ended March 31, 2025, the Company sold 6.9 million shares of common stock under the 2024 ATM Program and generated $30.7 million in gross proceeds, before deducting $0.9 million in underwriting discounts, commissions and other expenses.
As of March 31, 2025, the Company sold a total of 11.1 million shares of common stock under the 2024 ATM Program, generating $59.8 million in gross proceeds since its inception, before deducting $1.8 million in underwriting discounts, commissions and other expenses.
v3.25.1
Stock-Based Compensation
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
The Company maintains two equity incentive plans -- the Second Amended and Restated Virgin Galactic Holdings, Inc. 2019 Incentive Award Plan (the "Second A&R Plan") and the Virgin Galactic Holdings, Inc. 2023 Employment Inducement Incentive Award Plan (the "Inducement Plan").
Pursuant to the Second A&R Plan and related predecessor plans, the Company has granted time-based stock options, performance-based stock options ("PSOs"), restricted stock units ("RSUs"), and performance stock units ("PSUs"). Pursuant to the Inducement Plan, the Company has granted RSUs.
A summary of the components of stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss is as follows:
Three Months Ended March 31,
20252024
(In thousands)
Stock option and PSO expense:
Selling, general and administrative
$441 $617 
RSU and PSU expense:
Spaceline operations
435 1,168 
Research and development
402 1,106 
Selling, general and administrative
3,491 5,353 
Total RSU and PSU expense
4,328 7,627 
Total stock-based compensation expense
4,769 8,244 
Less: stock-based compensation expense for liability-classified awards
(64)199 
Stock-based compensation expense for equity-classified awards
$4,833 $8,045 
As of March 31, 2025, the Company had unrecognized stock-based compensation expense of $0.7 million for stock options, which is expected to be recognized over a weighted-average period of 0.6 years. There was no unrecognized stock-based compensation expense for PSOs. Unrecognized stock-based compensation expense as of March 31, 2025 for RSUs and PSUs totaled $38.7 million and $1.4 million, respectively, which are expected to be recognized over weighted-average periods of 2.6 years and 1.0 years, respectively.
v3.25.1
Income Taxes
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Income tax expense was $48,000 and $80,000 for the three months ended March 31, 2025 and 2024, respectively. The effective income tax rate was nil for each of the three months ended March 31, 2025 and 2024. The effective tax rate differs from the U.S. statutory rate primarily due to a full valuation allowance against net deferred tax assets where it is more likely than not that some or all of the deferred tax assets will not be realized.
v3.25.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table presents net loss per share and related information:
Three Months Ended March 31,
20252024
(In thousands, except per share amounts)
Basic and diluted:
Net loss$(84,487)$(102,012)
Weighted-average common shares outstanding
35,440 20,019 
Basic and diluted net loss per share$(2.38)$(5.10)
Basic and diluted net loss per share is computed using the weighted-average number of shares of common stock outstanding during the period. The computation of diluted net loss per share excludes the effect of all potential common shares outstanding as their impact would have been anti-dilutive.
The Company has excluded stock-based awards and shares issuable upon conversion of the 2027 Notes from the diluted loss per share calculation because their effect was anti-dilutive. The total number of shares excluded for the three months ended March 31, 2025 and 2024 were 7.0 million and 2.5 million, respectively.
v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Assets and liabilities subject to fair value measurements are required to be disclosed within a fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair value. Accordingly, assets and liabilities carried at fair value are classified within the fair value hierarchy in one of the following categories:
• Level 1 inputs — Quoted prices in active markets for identical assets or liabilities.
• Level 2 inputs — Inputs other than Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.
• Level 3 inputs — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability.
The following tables present the Company's financial assets that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy:
March 31, 2025
Level 1Level 2Level 3Total
(In thousands)
Assets:
Money market$164,360 $— $— $164,360 
U.S. treasuries118,738 — — 118,738 
Corporate bonds— 275,621 — 275,621 
Total assets at fair value$283,098 $275,621 $— $558,719 
December 31, 2024
Level 1Level 2Level 3Total
(In thousands)
Assets:
Money market$202,653 $— $— $202,653 
U.S. treasuries34,731 — — 34,731 
Corporate bonds— 411,170 — 411,170 
Total assets at fair value$237,384 $411,170 $— $648,554 
The following tables present the Company's financial liabilities that are recorded at amortized cost, segregated among the appropriate levels within the fair value hierarchy:
March 31, 2025
Level 1Level 2Level 3Total
(In thousands)
Liabilities:
2027 Notes$— $174,450 $— $174,450 
Total liabilities at fair value$— $174,450 $— $174,450 
December 31, 2024
Level 1Level 2Level 3Total
(In thousands)
Liabilities:
2027 Notes$— $186,252 $— $186,252 
Total liabilities at fair value$— $186,252 $— $186,252 
The estimated fair value of the 2027 Notes, which are classified as Level 2 financial instruments, was determined based on the estimated or actual bid prices of the 2027 Notes in an over-the-counter market on the last business day of the period.
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Leases
Future minimum lease payments under non-cancellable operating leases and future minimum finance lease payments as of March 31, 2025 are as follows:
Operating LeasesFinance Leases
(In thousands)
2025 (for the remaining period)
$10,555 $182 
202614,012 192 
202713,951 77 
202813,340 38 
202912,959 11 
Thereafter52,327 — 
Total payments117,144 500 
Less: present value discount/imputed interest45,478 73 
Present value of lease liabilities$71,666 $427 
Legal Proceedings
From time to time, the Company is a party to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. The Company applies accounting for contingencies to determine when and how much to accrue for and disclose related to legal and other contingencies. Accordingly, the Company discloses contingencies deemed to be reasonably possible and accrues loss contingencies when, in consultation with legal advisors, it is concluded that a loss is probable and reasonably estimable. Although the ultimate aggregate amount of monetary liability or financial impact with respect to these matters is subject to many uncertainties and is therefore not predictable with assurance, management believes that any monetary liability or financial impact to the Company from these matters, individually and in the aggregate, beyond that provided at March 31, 2025, would not be material to the Company’s consolidated financial position, results of operations or cash flows. However, there can be no assurance with respect to such result, and monetary liability or financial impact to the Company from legal proceedings, lawsuits and other claims could differ materially from those projected.

Lavin v. the Company
On May 28, 2021, a putative class action complaint was filed against the Company in the Eastern District of New York captioned Lavin v. Virgin Galactic Holdings, Inc. ("Lavin Action"), Case No. 1:21-cv-03070. In September 2021, the Court appointed Robert Scheele and Mark Kusnier as co-lead plaintiffs for the purported class. Co-lead plaintiffs amended the complaint in December 2021, asserting violations of Sections 10(b), 20(a) and 20A of the Exchange Act of 1934 against the Company and certain of its current and former officers and directors on behalf of a putative class of investors who purchased the Company's common stock between July 10, 2019 and October 14, 2021.
The amended complaint alleged, among other things, that the Company and certain of its current and former officers and directors made false and misleading statements and failed to disclose certain information regarding the safety of the Company's ships and success of its commercial flight program. Co-lead plaintiffs seek damages, interest, costs, expenses, attorneys' fees, and other unspecified equitable relief. The defendants moved to dismiss the amended complaint and, on November 7, 2022, the court granted in part and denied in part the defendants’ motion and gave the plaintiffs leave to file a further amended complaint.
Plaintiffs filed a second amended complaint on December 12, 2022. The second amended complaint contains many of the same allegations as in the first amended complaint. The defendants moved to dismiss the second amended complaint and, on August 8, 2023, the court granted in part and denied in part the defendants’ motion and did not give
plaintiffs leave to file a further amended complaint. Plaintiffs moved for reconsideration of the court’s dismissal order and, on December 19, 2023, the court denied plaintiffs’ motion. On March 27, 2024, the defendants moved for judgment on the pleadings as to the remaining Section 10(b) insider trading claim alleged against Branson. On April 2, 2024, the court stayed briefing on defendants’ motion for judgment on the pleadings pending resolution of plaintiffs’ anticipated motion for leave to add a new representative plaintiff, which plaintiffs’ subsequently filed on May 1, 2024. The court granted plaintiffs’ motion on July 2, 2024. On July 8, 2024, defendants withdrew their motion for judgment on the pleadings.
On August 21, 2024, plaintiffs filed a third amended complaint in which Xinqiang Cui, Justin Carlough, Jennifer Ortiz, Richard O’Keefe-Jones, Vipul Gupta, Maria Josephine Rosales, and Hesham Ibrahim (previously named plaintiffs), were designated by plaintiffs as lead plaintiffs (in addition to Robert Scheele and Mark Kusnier), and an additional named plaintiff, Montgomery Brantley, was added. The third amended complaint contains substantively the same allegations as in the second amended complaint. On September 11, 2024, defendants filed an answer to plaintiffs’ third amended complaint.
On October 12, 2024, plaintiffs filed a motion to certify their proposed class. The defendants filed an opposition to plaintiffs’ motion on December 20, 2024, plaintiffs filed their reply on January 24, 2025, and defendants filed a sur-reply on March 21, 2025. The motion is pending before the Court.
On February 12, 2025, plaintiffs submitted a letter request to the Court seeking permission to file a motion for leave to file a Fourth Amended Complaint. On March 17, 2025, the Court granted plaintiffs’ request to file a motion for leave to amend, which plaintiffs did on March 26, 2025. Defendants filed their opposition on April 11, 2025, and plaintiffs filed their reply on April 23, 2025. The Company intends to continue to vigorously defend against this matter.
Spiteri, Grenier, Laidlaw, St. Jean, and Gera derivatively on behalf of the Company vs. Certain Current and Former Officers and Directors
On February 21, 2022, March 1, 2022, September 21, 2022, December 13, 2022, and July 11, 2024, five alleged shareholders filed separate derivative complaints purportedly on behalf of the Company against certain of the Company's current and former officers and directors in the Eastern District of New York captioned Spiteri v. Branson et al., Case No. 1:22-cv-00933 (“Spiteri Action”), Grenier v. Branson et al., Case No. 1:22-cv-01100 (“Grenier Action”), Laidlaw v. Branson et al., Case No. 1:22-cv-05634 (“Laidlaw Action”), St. Jean v. Branson et al., Case No. 1:22-cv-7551 (“St. Jean Action”), and Gera v. Branson et al., Case No. 24-cv-04795 (“Gera Action”), respectively. On May 4, 2022, the Spiteri and Grenier Actions were consolidated and recaptioned In re Virgin Galactic Holdings, Inc. Derivative Litigation, Case No. 1:22-cv-00933 (“Consolidated Derivative Action”). On September 30, 2023, the Laidlaw Action was consolidated into the Consolidated Derivative Action. On September 12, 2024, the Gera Action was consolidated into the Consolidated Derivative Action. Collectively, the complaints assert violations of Sections 10(b), 14(a), and 21D of the Exchange Act of 1934 and claims of breach of fiduciary duty, aiding and abetting breach of fiduciary duty, abuse of control, gross mismanagement, waste of corporate assets, contribution and indemnification, and unjust enrichment arising from substantially similar allegations as those contained in the securities class action described above. The complaints seek an unspecified sum of damages, interest, restitution, expenses, attorneys’ fees and other equitable relief. Per Court orders adopting the parties’ stipulations, the Consolidated Derivative Action and St. Jean Action are stayed until the close of fact discovery in the Lavin Action.
Abughazaleh derivatively on behalf of the Company vs. Certain Current and Former Officers and Directors
On February 13, 2023, alleged shareholder Yousef Abughazaleh filed a derivative complaint purportedly on behalf of the Company against certain of the Company's current and former officers and directors in the District of Delaware captioned Abughazaleh v. Branson et al., Case No. 23-156-MN. The complaint asserts violations of Section 14(a) of the Exchange Act of 1934 and SEC Rule 14a-9, and claims of breach of fiduciary duty, contribution and indemnification, and unjust enrichment arising from substantially similar allegations as those contained in the securities class action described above.
The complaint seeks an unspecified sum of damages, interest, restitution, expenses, attorneys’ fees and other equitable relief. The case is at a preliminary stage.
Molnar and Tubbs derivatively on behalf of the Company vs. Certain Current and Former Officers and Directors
On April 9, 2024, alleged shareholders Crystal Molnar and Cleveland Tubbs filed a derivative complaint purportedly on behalf of the Company against certain of the Company's current and former officers and directors in the Central District of California captioned Molnar v. Branson et al., Case No. 8:24-cv-775. The complaint asserts violations of Section 10(b) and 21D of the Exchange Act of 1934, and claims of breach of fiduciary duty and unjust enrichment arising from substantially similar allegations as those contained in the securities class action described above.

The complaint seeks an unspecified sum of damages, restitution, expenses, attorneys’ fees, and other equitable relief. Per the Court’s order adopting the parties’ stipulation, the case is stayed until the close of fact discovery in the Lavin Action.
Espinosa derivatively on behalf of the Company vs. Certain Current and Former Officers and Directors
On September 3, 2024, alleged shareholder Kimberly Espinosa filed a derivative complaint purportedly on behalf of the Company against certain of the Company’s current and former officers and directors in the Delaware Court of Chancery captioned Espinosa v. Branson et al., Case No. 2024-0895-JTL. The complaint asserts claims of breach of fiduciary duty and unjust enrichment arising from substantially similar allegations as those contained in the securities class action described above.
The complaint seeks an unspecified sum of damages, interest, restitution, expenses, attorneys’ fees and other equitable relief. The case is at a preliminary stage.
v3.25.1
Related Party Transactions
 3 Months Ended
Mar. 31, 2025
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
The Company licenses its brand name from certain entities affiliated with Virgin Enterprises Limited (“VEL”), a company incorporated in England. VEL is an affiliate of the Company. Under the trademark license, the Company has the exclusive right to operate under the brand name “Virgin Galactic” worldwide. Royalties payable, excluding sponsorship royalties, are the greater of (a) a low single-digit percentage of gross sales and (b) (i) prior to the first spaceflight for paying astronauts, a mid-five figure amount in dollars and (ii) from the first spaceflight for paying astronauts, a low-six figure amount in dollars, which increases to a low-seven figure amount in dollars over a four-year ramp up and thereafter increases in correlation with the consumer price index. Royalties payable on sponsorships are based on a mid-double-digit percentage of the related gross sales. During the three months ended March 31, 2025 and 2024, the Company incurred royalty expenses of $0.5 million and $0.3 million, respectively.
v3.25.1
Supplemental Cash Flow Information
 3 Months Ended
Mar. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Supplemental Cash Flow Information Supplemental Cash Flow Information
Three Months Ended March 31,
20252024
(in thousands)
Supplemental disclosure of cash flow information:
Cash payments for:
Income taxes$— $94 
Supplemental disclosure of non-cash investing and financing activities:
Unpaid purchases of property, plant and equipment
$9,276 $7,951 
Issuance of common stock through RSUs vested173 585 
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net loss $ (84,487) $ (102,012)
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Description of Business and Basis of Presentation (Policies)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.
Restricted Cash The Company maintains certain cash balances restricted as to withdrawal or use. Restricted cash consists of cash deposits received from future astronauts that are contractually restricted for operational use until the condition of carriage is signed or the deposits are refunded.
Fair Value Measurements
Assets and liabilities subject to fair value measurements are required to be disclosed within a fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair value. Accordingly, assets and liabilities carried at fair value are classified within the fair value hierarchy in one of the following categories:
• Level 1 inputs — Quoted prices in active markets for identical assets or liabilities.
• Level 2 inputs — Inputs other than Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.
• Level 3 inputs — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability.
v3.25.1
Cash, Cash Equivalents and Marketable Securities (Tables)
 3 Months Ended
Mar. 31, 2025
Cash and Cash Equivalents [Abstract]  
Schedule of Marketable Securities
The amortized cost, unrealized gain and estimated fair value of the Company's cash, cash equivalents and marketable securities are as follows:
March 31, 2025
Amortized Cost
Gross Unrealized Gain
Fair Value
(In thousands)
Cash and cash equivalents:
Cash and restricted cash$7,794 $— $7,794 
Money market
164,360 — 164,360 
Marketable securities:
U.S. treasuries118,735 3 118,738 
Corporate bonds
275,591 30 275,621 
$566,480 $33 $566,513 

December 31, 2024
Amortized Cost
Gross Unrealized Gain
Fair Value
(In thousands)
Cash and cash equivalents:
Cash and restricted cash$8,232 $— $8,232 
Money market
202,653 — 202,653 
Marketable securities:
U.S. treasuries34,694 37 34,731 
Corporate bonds410,998 172 411,170 
$656,577 $209 $656,786 
Schedule of Contractual Maturities
The following table presents the contractual maturities of the Company's marketable securities as of March 31, 2025:
March 31, 2025
Amortized Cost
Fair Value
(In thousands)
Matures within one year$348,711 $348,754 
Matures between one to two years45,615 45,605 
$394,326 $394,359 
v3.25.1
Property, Plant, and Equipment, Net (Tables)
 3 Months Ended
Mar. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant, and Equipment
Property, plant and equipment consists of the following:
March 31, 2025December 31, 2024
(In thousands)
Land$1,302 $1,302 
Buildings10,111 10,111 
Flight vehicles and rotables
4,331 4,331 
Machinery and equipment42,948 42,792 
Information technology software and equipment47,314 45,553 
Leasehold improvements77,652 77,589 
Construction in progress160,084 117,810 
343,742 299,488 
Less: accumulated depreciation and amortization
94,523 90,374 
$249,219 $209,114 
v3.25.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Summary of Lease Expense and Cash Flow Information
The components of expense related to leases are as follows:
Three Months Ended March 31,
20252024
(In thousands)
Operating lease cost$3,399 $3,459 
Variable lease cost707 1,144 
Short-term lease cost— 6 
Finance lease cost:
Amortization of assets under finance leases
51 67 
Interest on finance lease liabilities15 19 
Total finance lease cost66 86 
Total lease cost$4,172 $4,695 
The components of supplemental cash flow information related to leases are as follows:
Three Months Ended March 31,
20252024
(In thousands, except term and rate data)
Cash Flow Information:
Operating cash flows for operating leases
$3,455 $3,250 
Operating cash flows for finance leases
$15 $19 
Financing cash flows for finance leases
$46 $60 
Non-cash Activity:
Assets acquired in exchange for lease obligations:
Operating leases$— $— 
Finance leases$5 $— 
Other Information:
Weighted-average remaining lease term:
Operating leases (in years)8.59.5
Finance leases (in years)2.43.0
Weighted-average discount rates:
Operating leases12.2 %12.1 %
Finance leases13.3 %13.1 %
Summary of Balance Sheet Information
The supplemental balance sheet information related to leases is as follows:
March 31, 2025December 31, 2024
(In thousands)
Operating Leases:
Long-term right-of-use assets$56,719 $58,039 
Short-term operating lease liabilities$5,794 $5,604 
Long-term operating lease liabilities65,872 67,394 
Total operating lease liabilities$71,666 $72,998 
v3.25.1
Other Current Liabilities (Tables)
 3 Months Ended
Mar. 31, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued and Other Current Liabilities
The components of other current liabilities are as follows:
March 31, 2025December 31, 2024
(In thousands)
Accrued compensation
$20,866 $30,705 
Accrued manufacturing sub-contractor and contract labor costs20,763 18,827 
Other
17,042 12,289 
$58,671 $61,821 
v3.25.1
Convertible Senior Notes (Tables)
 3 Months Ended
Mar. 31, 2025
Convertible Debt [Abstract]  
Schedule of Convertible Debt
The net carrying value of the 2027 Notes is as follows:
March 31, 2025December 31, 2024
(In thousands)
Principal$425,000 $425,000 
Less: unamortized debt issuance costs4,311 4,880 
Net carrying amount$420,689 $420,120 
v3.25.1
Stock-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Units Activity
A summary of the components of stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss is as follows:
Three Months Ended March 31,
20252024
(In thousands)
Stock option and PSO expense:
Selling, general and administrative
$441 $617 
RSU and PSU expense:
Spaceline operations
435 1,168 
Research and development
402 1,106 
Selling, general and administrative
3,491 5,353 
Total RSU and PSU expense
4,328 7,627 
Total stock-based compensation expense
4,769 8,244 
Less: stock-based compensation expense for liability-classified awards
(64)199 
Stock-based compensation expense for equity-classified awards
$4,833 $8,045 
Schedule of Performance Stock Unit Activity
A summary of the components of stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss is as follows:
Three Months Ended March 31,
20252024
(In thousands)
Stock option and PSO expense:
Selling, general and administrative
$441 $617 
RSU and PSU expense:
Spaceline operations
435 1,168 
Research and development
402 1,106 
Selling, general and administrative
3,491 5,353 
Total RSU and PSU expense
4,328 7,627 
Total stock-based compensation expense
4,769 8,244 
Less: stock-based compensation expense for liability-classified awards
(64)199 
Stock-based compensation expense for equity-classified awards
$4,833 $8,045 
Summary of Stock Option and RSU Expense
A summary of the components of stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss is as follows:
Three Months Ended March 31,
20252024
(In thousands)
Stock option and PSO expense:
Selling, general and administrative
$441 $617 
RSU and PSU expense:
Spaceline operations
435 1,168 
Research and development
402 1,106 
Selling, general and administrative
3,491 5,353 
Total RSU and PSU expense
4,328 7,627 
Total stock-based compensation expense
4,769 8,244 
Less: stock-based compensation expense for liability-classified awards
(64)199 
Stock-based compensation expense for equity-classified awards
$4,833 $8,045 
v3.25.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Net Loss Per Share
The following table presents net loss per share and related information:
Three Months Ended March 31,
20252024
(In thousands, except per share amounts)
Basic and diluted:
Net loss$(84,487)$(102,012)
Weighted-average common shares outstanding
35,440 20,019 
Basic and diluted net loss per share$(2.38)$(5.10)
v3.25.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Assets Measured on Recurring Basis
The following tables present the Company's financial assets that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy:
March 31, 2025
Level 1Level 2Level 3Total
(In thousands)
Assets:
Money market$164,360 $— $— $164,360 
U.S. treasuries118,738 — — 118,738 
Corporate bonds— 275,621 — 275,621 
Total assets at fair value$283,098 $275,621 $— $558,719 
December 31, 2024
Level 1Level 2Level 3Total
(In thousands)
Assets:
Money market$202,653 $— $— $202,653 
U.S. treasuries34,731 — — 34,731 
Corporate bonds— 411,170 — 411,170 
Total assets at fair value$237,384 $411,170 $— $648,554 
The following tables present the Company's financial liabilities that are recorded at amortized cost, segregated among the appropriate levels within the fair value hierarchy:
March 31, 2025
Level 1Level 2Level 3Total
(In thousands)
Liabilities:
2027 Notes$— $174,450 $— $174,450 
Total liabilities at fair value$— $174,450 $— $174,450 
December 31, 2024
Level 1Level 2Level 3Total
(In thousands)
Liabilities:
2027 Notes$— $186,252 $— $186,252 
Total liabilities at fair value$— $186,252 $— $186,252 
v3.25.1
Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Summary of Operating Lease Maturities
Future minimum lease payments under non-cancellable operating leases and future minimum finance lease payments as of March 31, 2025 are as follows:
Operating LeasesFinance Leases
(In thousands)
2025 (for the remaining period)
$10,555 $182 
202614,012 192 
202713,951 77 
202813,340 38 
202912,959 11 
Thereafter52,327 — 
Total payments117,144 500 
Less: present value discount/imputed interest45,478 73 
Present value of lease liabilities$71,666 $427 
Summary of Finance Lease Maturities
Future minimum lease payments under non-cancellable operating leases and future minimum finance lease payments as of March 31, 2025 are as follows:
Operating LeasesFinance Leases
(In thousands)
2025 (for the remaining period)
$10,555 $182 
202614,012 192 
202713,951 77 
202813,340 38 
202912,959 11 
Thereafter52,327 — 
Total payments117,144 500 
Less: present value discount/imputed interest45,478 73 
Present value of lease liabilities$71,666 $427 
v3.25.1
Supplemental Cash Flow Information (Tables)
 3 Months Ended
Mar. 31, 2025
Supplemental Cash Flow Elements [Abstract]  
Schedule of Supplemental Cash Flow Information
Three Months Ended March 31,
20252024
(in thousands)
Supplemental disclosure of cash flow information:
Cash payments for:
Income taxes$— $94 
Supplemental disclosure of non-cash investing and financing activities:
Unpaid purchases of property, plant and equipment
$9,276 $7,951 
Issuance of common stock through RSUs vested173 585 
v3.25.1
Description of Business and Basis of Presentation - Narrative (Details)
Jun. 14, 2024
Common Stock  
Class of Stock [Line Items]  
Reverse stock split, conversion ratio 0.05
v3.25.1
Cash, Cash Equivalents and Marketable Securities - Schedule of Marketable Securities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Cash and cash equivalents, Amortized Cost $ 172,154 $ 210,885 $ 230,351 $ 253,592
Marketable securities, Amortized Cost 394,326      
Cash, cash equivalents and marketable securities, Amortized Cost 566,480 656,577    
Cash, cash equivalents and marketable securities, Gross Unrealized Gain 33 209    
Marketable securities, Fair Value 394,359      
Total assets at fair value 566,513 656,786    
U.S. treasuries        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Marketable securities, Amortized Cost 118,735 34,694    
Cash, cash equivalents and marketable securities, Gross Unrealized Gain 3 37    
Marketable securities, Fair Value 118,738 34,731    
Corporate bonds        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Marketable securities, Amortized Cost 275,591 410,998    
Cash, cash equivalents and marketable securities, Gross Unrealized Gain 30 172    
Marketable securities, Fair Value 275,621 411,170    
Cash and restricted cash        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Cash and cash equivalents, Amortized Cost 7,794 8,232    
Cash and cash equivalents, Fair Value 7,794 8,232    
Money market        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]        
Cash and cash equivalents, Amortized Cost 164,360 202,653    
Cash and cash equivalents, Fair Value $ 164,360 $ 202,653    
v3.25.1
Cash, Cash Equivalents and Marketable Securities - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Cash and Cash Equivalents [Abstract]      
Interest receivable $ 3.5   $ 4.2
Amortization expense for marketable securities $ 2.2 $ 5.3  
v3.25.1
Cash, Cash Equivalents and Marketable Securities - Contractual Maturities (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Amortized Cost  
Matures within one year $ 348,711
Matures between one to two years 45,615
Marketable securities, Total 394,326
Fair Value  
Matures within one year 348,754
Matures between one to two years 45,605
Marketable securities, Total $ 394,359
v3.25.1
Property, Plant, and Equipment, Net - Schedule of Property, Plant, and Equipment (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross $ 343,742 $ 299,488
Less: accumulated depreciation and amortization 94,523 90,374
Property, plant and equipment, net 249,219 209,114
Land    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 1,302 1,302
Buildings    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 10,111 10,111
Flight vehicles and rotables    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 42,948 42,792
Machinery and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 47,314 45,553
Information technology software and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 77,652 77,589
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross 4,331 4,331
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property, plant, and equipment, gross $ 160,084 $ 117,810
v3.25.1
Leases - Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Leases [Abstract]    
Operating lease cost $ 3,399 $ 3,459
Variable lease cost 707 1,144
Short-term lease cost 0 6
Finance lease cost:    
Amortization of assets under finance leases 51 67
Interest on finance lease liabilities 15 19
Total finance lease cost 66 86
Total lease cost $ 4,172 $ 4,695
v3.25.1
Leases - Cash Flow Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flow Information:    
Operating cash flows for operating leases $ 3,455 $ 3,250
Operating cash flows for finance leases 15 19
Financing cash flows for finance leases 46 60
Assets acquired in exchange for lease obligations:    
Operating leases 0 0
Finance leases $ 5 $ 0
Weighted-average remaining lease term:    
Operating leases (in years) 8 years 6 months 9 years 6 months
Finance leases (in years) 2 years 4 months 24 days 3 years
Weighted-average discount rates:    
Operating leases 12.20% 12.10%
Finance leases 13.30% 13.10%
v3.25.1
Leases - Supplemental Balance Sheet (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Long-term right-of-use assets $ 56,719 $ 58,039
Short-term operating lease liabilities 5,794 5,604
Long-term operating lease liabilities 65,872 67,394
Total operating lease liabilities $ 71,666 $ 72,998
v3.25.1
Other Current Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Payables and Accruals [Abstract]    
Accrued compensation $ 20,866 $ 30,705
Accrued manufacturing sub-contractor and contract labor costs 20,763 18,827
Other 17,042 12,289
Total $ 58,671 $ 61,821
v3.25.1
Convertible Senior Notes - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Jan. 31, 2022
Line of Credit Facility [Line Items]      
Amortization of debt issuance costs $ 569,000 $ 552,000  
2027 Notes | Convertible Debt      
Line of Credit Facility [Line Items]      
Debt instrument, face amount     $ 425,000,000
Interest rate     2.50%
Interest expense 3,200,000 3,200,000  
Amortization of debt issuance costs $ 600,000 $ 600,000  
v3.25.1
Convertible Senior Notes - 2027 Notes (Details) - 2027 Notes - Convertible Debt - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Principal $ 425,000 $ 425,000
Less: unamortized debt issuance costs 4,311 4,880
Net carrying amount $ 420,689 $ 420,120
v3.25.1
Stockholders' Equity (Details) - USD ($)
shares in Millions
 3 Months Ended 18 Months Ended 22 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Nov. 30, 2024
Mar. 31, 2025
Jun. 30, 2023
Class of Warrant or Right [Line Items]          
Stock issuance costs $ 922,000 $ 52,000      
2023 At The Market Offering Program          
Class of Warrant or Right [Line Items]          
Stock offering, maximum sale amount         $ 400,000,000
Stock sold (in shares)     12.8    
Proceeds from sale of common stock     $ 396,200,000    
Stock issuance costs     3,900,000    
2024 At The Market Offering Program          
Class of Warrant or Right [Line Items]          
Stock offering, maximum sale amount     $ 300,000,000    
Stock sold (in shares) 6.9     11.1  
Proceeds from sale of common stock $ 30,700,000     $ 59,800,000  
Stock issuance costs $ 900,000     $ 1,800,000  
v3.25.1
Stock-Based Compensation - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of equity incentive plans | plan 2
Stock option  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized stock-based compensation expense $ 0.7
Unrecognized compensation cost, period for recognition 7 months 6 days
Performance stock options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized stock-based compensation expense $ 0.0
Restricted stock units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation cost, period for recognition 2 years 7 months 6 days
Unrecognized stock-based compensation expense, excluding options $ 38.7
Performance Shares  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation cost, period for recognition 1 year
Unrecognized stock-based compensation expense, excluding options $ 1.4
v3.25.1
Stock-Based Compensation - Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense $ 4,769 $ 8,244
Stock option and PSO | Selling, general and administrative    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense 441 617
RSU and PSU    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense 4,328 7,627
RSU and PSU | Selling, general and administrative    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense 3,491 5,353
RSU and PSU | Spaceline operations    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense 435 1,168
RSU and PSU | Research and development    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense 402 1,106
Liability-classified award    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense 64 (199)
Equity-classified award    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Stock-based compensation expense $ 4,833 $ 8,045
v3.25.1
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Tax Disclosure [Abstract]    
Income tax expense $ 48 $ 80
Effective income tax rate 0.00% 0.00%
v3.25.1
Earnings Per Share - Schedule of Net Loss Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Basic and diluted:    
Net loss, basic $ (84,487) $ (102,012)
Net loss, diluted $ (84,487) $ (102,012)
Weighted-average common shares outstanding - basic (in shares) 35,440 20,019
Weighted-average common shares outstanding - diluted (in shares) 35,440 20,019
Basic net loss per share (in dollars per share) $ (2.38) $ (5.10)
Diluted net loss per share (in dollars per share) $ (2.38) $ (5.10)
v3.25.1
Earnings Per Share - Narrative (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Stock-based Awards    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Potential effect of warrants to purchase stock (in shares) 7.0 2.5
v3.25.1
Fair Value Measurements - Fair Values (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities, Fair Value $ 394,359  
Total assets at fair value 566,513 $ 656,786
U.S. treasuries    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities, Fair Value 118,738 34,731
Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities, Fair Value 275,621 411,170
Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets at fair value 558,719 648,554
Total liabilities at fair value 174,450 186,252
Fair Value, Recurring | 2027 Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
2027 Notes 174,450 186,252
Fair Value, Recurring | U.S. treasuries    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities, Fair Value 118,738 34,731
Fair Value, Recurring | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities, Fair Value 275,621 411,170
Level 1 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets at fair value 283,098 237,384
Total liabilities at fair value 0 0
Level 1 | Fair Value, Recurring | 2027 Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
2027 Notes 0 0
Level 1 | Fair Value, Recurring | U.S. treasuries    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities, Fair Value 118,738 34,731
Level 1 | Fair Value, Recurring | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities, Fair Value 0 0
Level 2 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets at fair value 275,621 411,170
Total liabilities at fair value 174,450 186,252
Level 2 | Fair Value, Recurring | 2027 Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
2027 Notes 174,450 186,252
Level 2 | Fair Value, Recurring | U.S. treasuries    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities, Fair Value 0 0
Level 2 | Fair Value, Recurring | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities, Fair Value 275,621 411,170
Level 3 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Total assets at fair value 0 0
Total liabilities at fair value 0 0
Level 3 | Fair Value, Recurring | 2027 Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
2027 Notes 0 0
Level 3 | Fair Value, Recurring | U.S. treasuries    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities, Fair Value 0 0
Level 3 | Fair Value, Recurring | Corporate bonds    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Marketable securities, Fair Value 0 0
Money market    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value 164,360 202,653
Money market | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value 164,360 202,653
Money market | Level 1 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value 164,360 202,653
Money market | Level 2 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value 0 0
Money market | Level 3 | Fair Value, Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cash and cash equivalents, fair value $ 0 $ 0
v3.25.1
Commitments and Contingencies - Lease Maturities (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Operating Leases  
2025 (for the remaining period) $ 10,555
2026 14,012
2027 13,951
2028 13,340
2029 12,959
Thereafter 52,327
Total payments 117,144
Less: present value discount/imputed interest 45,478
Present value of lease liabilities 71,666
Finance Leases  
2025 (for the remaining period) 182
2026 192
2027 77
2028 38
2029 11
Thereafter 0
Total payments 500
Less: present value discount/imputed interest 73
Present value of lease liabilities $ 427
v3.25.1
Commitments and Contingencies - Narrative (Details)
 29 Months Ended
Jul. 11, 2024
allegedShareholder
Spiteri, Grenier, Laidlaw, and St. Jean  
Loss Contingencies [Line Items]  
Number of alleged shareholders that filed a complaint 5
v3.25.1
Related Party Transactions (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Affiliated Entity    
Related Party Transaction [Line Items]    
Royalty expense $ 0.5 $ 0.3
v3.25.1
Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash payments for:    
Income taxes $ 0 $ 94
Supplemental disclosure of non-cash investing and financing activities:    
Unpaid purchases of property, plant and equipment 9,276 7,951
Issuance of common stock through RSUs vested $ 173 $ 585