At the end of March, Vertical Aerospace (Bristol, U.K.) secured an agreement in principle for a comprehensive financing package totaling up to $850 million to support development, certification and early production of its Valo electric vertical takeoff and landing (eVTOL) aircraft.

The company has raised $50 million of common equity and expects to draw a further $30 million in the coming weeks, providing approximately $160 million of near-term capital when combined with existing cash, tax relief and grants. This capital is intended to fund key milestones through 2026.

Under the financing package arranged with Mudrick Capital Management and Yorkville Advisors Global:

• Convertible secured notes. Existing notes will be amended to extend maturity to December 2030, and Mudrick may purchase up to $50 million of additional convertible secured notes.
• Series A convertible preferred equity. Yorkville may acquire up to $250 million in preferred shares, issuable over 24 months.
• Equity line of credit. Yorkville may provide up to $500 million in equity purchase capacity over 36 months.

The parties intend to negotiate definitive agreements by April 19, 2026; access to the full package is contingent on execution of those agreements and customary conditions.