Vertical Aerospace has closed the remaining pieces of a financing package worth up to $850 million, giving the UK company fresh support as it advances its Valo eVTOL program toward certification.
The announcement came four days after Vertical completed a full-scale piloted two-way transition flight, a major test point for an aircraft designed to take off vertically, accelerate into fixed-wing flight and land vertically.
Vertical said Chief Test Pilot Simon Davies flew the April 14, 2026, mission from Kemble, UK, taking the aircraft from vertical take-off to cruise and back to vertical landing in one continuous flight.
The company said it was the first to complete that kind of full-scale piloted two-way transition flight under UK civil aviation Design Organisation Approval oversight.
The financing package is backed mainly by Mudrick Capital and Yorkville Advisors Global.
Mudrick, already Vertical’s largest shareholder, is providing up to $50 million through additional convertible secured notes issued in tranches over 12 months. Yorkville is behind two bigger pieces: up to $250 million in convertible preferred shares, also issued in stages, and an equity line of credit that could provide up to $500 million over three years. Vertical also completed a separate $50 million share sale.
The new funding gives Vertical about $160 million in additional working capital. Vertical said the financing supports its roadmap to certification in 2028.
The next steps for the flight test program include completing critical design review for Valo, carrying out public flight demonstrations, advancing its hybrid-electric demonstrator, expanding its Vertical Energy Center and starting production of its first full-scale certification aircraft.
The company said it plans to build seven pre-production aircraft in the UK for compliance and verification work with the UK Civil Aviation Authority and the European Union Aviation Safety Agency.
Vertical launched the Valo brand in March 2026 and has pitched the aircraft as a piloted platform for four to six passengers, with potential applications beyond passenger transport including cargo, emergency medical services and defense.