Virgin Galactic (SPCE) 10-K 26 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Feb. 14, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 188.7
Entity Common Stock, Shares Outstanding		35,528,350
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement relating to its annual meeting of stockholders to be held in 2025 (the “2025 Annual Meeting”), to be filed with the Securities and Exchange Commission (the “SEC”) within 120 days after the end of the fiscal year to which this Annual Report on Form 10-K relates, are incorporated herein by reference where indicated. Except with respect to information specifically incorporated by reference in this Annual Report on Form 10-K, such proxy statement is not deemed to be filed as part hereof.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001706946

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	Wichita, Kansas
Auditor Firm ID	42

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 178,605	$ 216,799
Restricted cash	32,280	36,793
Marketable securities, short-term	384,621	657,238
Other current assets	32,430	39,999
Total current assets	627,936	950,829
Marketable securities, long-term	61,280	71,596
Property, plant and equipment, net	209,114	93,806
Other non-current assets	62,895	63,286
Total assets	961,225	1,179,517
Current liabilities:
Accounts payable	3,696	32,415
Customer deposits	84,493	97,841
Other current liabilities	61,821	55,404
Total current liabilities	150,010	185,660
Non-current liabilities:
Convertible senior notes, net	420,120	417,886
Other long-term liabilities	68,815	70,495
Total liabilities	638,945	674,041
Commitments and contingencies (Note 15)
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; 32,995,822 and 19,995,449 shares issued and outstanding as of December 31, 2024 and 2023, respectively	3	2
Additional paid-in capital	2,794,871	2,631,235
Accumulated deficit	(2,472,872)	(2,126,132)
Accumulated other comprehensive income	278	371
Total stockholders' equity	322,280	505,476
Total liabilities and stockholders' equity	$ 961,225	$ 1,179,517

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
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)	32,995,822	19,995,449
Common stock, shares outstanding (in shares)	32,995,822	19,995,449

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenue	$ 7,036	$ 6,800
Operating expenses:
Spaceline operations	90,024	50,538
Research and development	152,678	295,140
Selling, general and administrative	125,496	174,864
Depreciation and amortization	15,467	13,369
Special charges	0	4,398
Total operating expenses	383,665	538,309
Operating loss	(376,629)	(531,509)
Interest income	42,352	42,234
Interest expense	(12,927)	(12,872)
Other income, net	538	263
Loss before income taxes	(346,666)	(501,884)
Income tax expense	74	453
Net loss	(346,740)	(502,337)
Other comprehensive income (loss):
Foreign currency translation adjustment	0	81
Unrealized gain (loss) on marketable securities	(93)	7,616
Total comprehensive loss	$ (346,833)	$ (494,640)
Net loss per share:
Basic (in dollars per share)	$ (13.89)	$ (29.79)
Diluted (in dollars per share)	$ (13.89)	$ (29.79)
Weighted-average shares outstanding:
Basic (in shares)	24,955	16,863
Diluted (in shares)	24,955	16,863

Consolidated Statements of Stoc

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, 2022		13,769,861
Beginning balance at Dec. 31, 2022	$ 480,223	$ 1	$ 2,111,343	$ (1,623,795)	$ (7,326)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(502,337)			(502,337)
Other comprehensive income (loss)	7,697				7,697
Stock-based compensation for equity-classified awards	44,258		44,258
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares)		85,272
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	(3,240)		(3,240)
Issuance of common stock pursuant to at-the-market offering (in shares)		6,140,316
Issuance of common stock pursuant to at-the-market offering	484,145	$ 1	484,144
Transaction costs	$ (5,270)		(5,270)
Ending balance (in shares) at Dec. 31, 2023	19,995,449	19,995,449
Ending balance at Dec. 31, 2023	$ 505,476	$ 2	2,631,235	(2,126,132)	371
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(346,740)			(346,740)
Other comprehensive income (loss)	(93)				(93)
Stock-based compensation for equity-classified awards	29,109		29,109
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares)		102,858
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	(1,207)		(1,207)
Issuance of common stock pursuant to at-the-market offering (in shares)		12,897,652
Issuance of common stock pursuant to at-the-market offering	137,796	$ 1	137,795
Transaction costs	(2,059)		(2,059)
Fractional share adjustment due to reverse stock split (in shares)		(137)
Fractional share adjustment due to reverse stock split	$ (2)		(2)
Ending balance (in shares) at Dec. 31, 2024	32,995,822	32,995,822
Ending balance at Dec. 31, 2024	$ 322,280	$ 3	$ 2,794,871	$ (2,472,872)	$ 278

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net loss	$ (346,740)	$ (502,337)
Stock-based compensation	29,752	44,258
Depreciation and amortization	15,467	13,369
Amortization of debt issuance costs	2,234	2,166
Accretion of marketable securities purchased at a discount	(16,635)	(15,085)
Other non-cash items	1,457	1,509
Change in operating assets and liabilities:
Other current and non-current assets	10,566	16,555
Accounts payable	(29,203)	8,625
Customer deposits	(13,348)	(4,806)
Other current and non-current liabilities	(6,253)	(12,447)
Net cash used in operating activities	(352,703)	(448,193)
Cash flows from investing activities:
Capital expenditures	(121,855)	(44,309)
Purchases of marketable securities	(543,434)	(1,009,836)
Proceeds from maturities and calls of marketable securities	840,335	937,872
Other investing activities	610	0
Net cash provided by (used in) investing activities	175,656	(116,273)
Cash flows from financing activities:
Payments of finance lease obligations	(193)	(235)
Proceeds from issuance of common stock	137,796	484,145
Withholding taxes paid on behalf of employees on net settled stock-based awards	(1,207)	(3,240)
Transaction costs related to issuance of common stock	(2,054)	(5,239)
Other financing activities	(2)	0
Net cash provided by financing activities	134,340	475,431
Net decrease in cash, cash equivalents and restricted cash	(42,707)	(89,035)
Cash, cash equivalents and restricted cash at beginning of year	253,592	342,627
Cash, cash equivalents and restricted cash at end of year	210,885	253,592
Cash and cash equivalents	178,605	216,799
Restricted cash	32,280	36,793
Cash, cash equivalents and restricted cash	$ 210,885	$ 253,592

Organization

Organization	12 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation These consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). All intercompany transactions and balances between the various legal entities comprising the Company have been eliminated in consolidation. Statement of Operations Presentation In July 2023, the Company concluded that technological feasibility had been achieved for its initial spaceship, VSS Unity, and mothership carrier aircraft, VMS Eve, which together comprised the Company’s initial commercial spaceflight system. As a result, future costs associated with this spaceflight system, including the manufacture of related rocket motors, will no longer qualify as research and development activities. Following the launch of commercial service and achievement of technological feasibility, the Company began presenting the operating expenses supporting the Company’s commercial spaceline activities as spaceline operations expense in the accompanying consolidated statements of operations and comprehensive loss. Expenses incurred prior to the achievement of technological feasibility were classified as research and development and selling, general and administrative expenses. Spaceline operations expense includes costs associated with commercial spaceflight services and production costs that are not eligible for capitalization. Spaceline operations expense also includes costs to support the astronaut community and costs related to payload cargo and engineering services. 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. The Reverse Stock Split did not decrease the number of authorized shares of common stock or otherwise affect the par value of the common stock. No fractional shares were issued in connection with the Reverse Stock Split. Stockholders who were otherwise entitled to receive fractional shares as a result of the Reverse Stock Split were paid cash in lieu thereof. All shares of the Company’s common stock, per-share data and related information included in the accompanying consolidated financial statements have been retroactively adjusted as though the Reverse Stock Split had been effected prior to all periods presented. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on historical experience and on various other assumptions that management believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates. Significant estimates and judgements affecting the consolidated financial statements are those related income taxes, stock-based compensation and long-lived assets. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less on their acquisition date to be cash equivalents. Restricted Cash 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. Marketable Securities The Company's marketable securities consist primarily of debt securities that are accounted for as "available-for-sale." Management determines the appropriate classification of investments at the time of purchase and reevaluates the classification at each balance sheet date. Marketable securities are classified as short-term and long-term based on the instrument's underlying contractual maturity date. The Company's marketable securities are carried at fair value, with unrealized gains and losses, net of income taxes, reported as a component of accumulated other comprehensive income in the consolidated balance sheets, with the exception of unrealized losses believed to be other-than-temporary, which are reported in the consolidated statements of operations and comprehensive loss in the period in which such determination is made. Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash, cash equivalents, restricted cash and marketable securities. Cash and cash equivalents are maintained with several financial institutions. Deposits held with banks may exceed the amount of insurance provided on such deposits. The Company invests primarily in debt securities, the majority of which are high investment grade. In accordance with the Company’s investment policy, exposure to credit risk is limited by the diversification and investment in highly rated securities. Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the lease term or estimated useful life. The estimated useful lives are as follows: Asset Useful Life Buildings 39 years Flight vehicles and rotables 2 to 20 years Machinery and equipment 2 to 7 years Information technology software and equipment 3 to 6 years Leasehold improvements Shorter of the estimated useful life or lease term Repair and maintenance costs are expensed as incurred. Leases The Company determines whether an arrangement contains a lease at inception. For identified leases, the Company determines whether it should be classified as an operating or finance lease. Operating leases are recorded in the balance sheet as a right-of-use asset ("ROU asset") and operating lease obligation. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at the commencement date of the lease and measured based on the present value of lease payments over the lease term. The Company's lease arrangements generally do not provide an implicit interest rate. As a result, in such situations, the Company uses its incremental borrowing rate, which was determined based on market yields. The Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option in the measurement of its ROU assets and liabilities. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company has some lease agreements with lease and non-lease components, which are accounted for as a single lease component. Variable lease payments primarily consist of lease payments resulting from changes in the consumer price index. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the change occurs. Variable payments for common area maintenance costs and taxes are not included in determining lease payments and are expensed as incurred. The Company does not recognize ROU assets and lease liabilities for leases with terms at inception of twelve months or less. Long-Lived Assets Long-lived assets primarily consist of property, plant and equipment and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset group to its carrying amount. The Company assesses impairment for asset groups, which represent a combination of assets that produce distinguishable cash flows. If the carrying amount of the asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values, and third-party independent appraisals, as considered necessary. During the years ended December 31, 2024 and 2023, no material asset impairments were recorded. Convertible Senior Notes Capped Call Transactions In connection with the pricing of the 2027 Notes, the Company entered into capped call transactions with respect to its common stock (the "2027 Capped Calls"). The 2027 Capped Calls are purchased call options that give the Company the option to purchase shares of the Company's common stock, subject to anti-dilution adjustments substantially identical to those in the 2027 Notes. The Company's capped call transactions are accounted for as separate transactions from the 2027 Notes and are classified as equity instruments as a reduction to additional paid-in capital in the accompanying consolidated balance sheets. The instruments are initially recorded at fair value and not subsequently remeasured so long as they continue to qualify for equity classification based on the Company's intent and ability for the 2027 Capped Calls to be settled in shares of the Company's common stock. At the end of each reporting period, the Company evaluates whether the instruments continue to qualify for equity classification. The capped call transactions have the effect of reducing the number of shares outstanding if exercised, hence reduces the potential dilution. Therefore, the capped call transactions are anti-dilutive and not included in the calculation of diluted shares outstanding. See Note 7 for additional information on the 2027 Capped Calls. 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. Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined that it operates in one operating segment and one reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance. The CODM assesses performance for the segment and decides how to allocate resources based on net loss that is reported on the consolidated statements of operations and comprehensive loss. The CODM uses net loss to assess financial performance and allocate resources to align with company-wide goals. Further, the measure of segment assets is reported on the consolidated balance sheets as total assets. Revenue Recognition The Company recognizes revenue when control of the promised service is transferred to its customers in an amount that reflects the consideration the Company expects to receive based on the contracted amount for those services. For contracts which include a combination of services, the Company assesses and accounts for individual services separately if they are distinct performance obligations, which often requires judgment based upon knowledge of the services and structure of the sales contract. The Company allocates the contract price to each performance obligation based on the estimated standalone selling price using observable pricing from our contracts with single performance obligations. Human spaceflight services are those services provided to the majority of the Company's customers. Spaceflight service revenue is recognized at a point in time upon successful completion of a spaceflight. The Company recognizes revenue for membership fees, engineering services and sponsorships over the term of the respective arrangement. Contract balances Contract assets are comprised of billed accounts receivable and unbilled receivables, which is the result of timing of revenue recognition, billings and cash collections. The Company records accounts receivable when it has an unconditional right to consideration. Contract liabilities relate to spaceflight operations and other revenue contracts and are recorded when cash payments are received or due in advance of performance. Cash payments for spaceflight services are classified as customer deposits until enforceable rights and obligations exist, when such deposits also become nonrefundable. Customer deposits become nonrefundable and are recorded as deferred revenue following the Company's delivery of the conditions of carriage to the customer and execution of an informed consent. Spaceline Operations Spaceline operations expense includes costs to maintain and operate the Company's spaceflight systems; non-capitalizable costs to build new vehicles and manufacture items required to support the making of the Company's vehicles, such as rocket motors and spare parts; the consumption of rocket motors, fuel and other consumables; costs to maintain and support the Company's astronaut community; and costs to provide payload cargo and engineering services. Research and Development Research and development expenses represent costs incurred to support activities that advance the Company's future fleet towards commercialization, including basic research, applied research, concept formulation studies, design, development and related testing activities. Research and development costs consist primarily of equipment, material, and labor costs (including from third-party contractors) for designing the spaceflight system’s structure, spaceflight propulsion system, and flight profiles for next-generation spaceships and motherships, as well as allocated facilities and other supporting overhead costs. Income Taxes Income tax expense is computed using the asset and liability method. Deferred tax assets and liabilities are determined based on the temporary differences between the financial reporting and tax bases of assets and liabilities, applying enacted statutory tax rates in effect for the year in which the differences are expected to reverse. Future income tax benefits are recognized only to the extent that the realization of such benefits is considered to be more likely than not. The Company regularly reviews its deferred tax assets for recoverability and establishes a valuation allowance, when it is more likely than not that such deferred tax assets will not be recoverable, based on historical taxable income, projected future taxable income, and the expected timing of the reversals of the existing temporary differences. Stock-Based Compensation The Company accounts for stock-based compensation under the fair value recognition and measurement provisions, in accordance with applicable accounting standards, which requires compensation expense for the grant-date fair value of stock-based awards to be recognized over the requisite service period. Forfeitures are accounted for when they occur. Service-Based Awards The Company estimates the fair value for each service-based stock option award as of the date of grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model considers, among other factors, the expected life of the award and the expected volatility of the Company's stock price. The Company recognizes the stock-based compensation expense over the requisite service period using the straight-line method for service condition only stock option awards. Compensation expense for restricted stock units ("RSUs") that will be equity-settled is based on the market price of the shares underlying the awards on the grant date. The Company recognizes the stock-based compensation expense for these RSUs over the requisite service period. RSUs that are expected to be settled in cash are accounted for as liability-classified awards. Changes in the fair value of these awards are recorded on a quarterly basis through their final vesting. Compensation expense is recognized over the requisite service period of the award, with recognition of a corresponding liability recorded in other current liabilities in the accompanying consolidated balance sheets. Changes in fair value are recognized in stock-based compensation expense. Performance-Based Awards The Company has granted performance stock units ("PSUs") with a service-based condition and market-based condition. PSUs with both service-based and market-based conditions vest based on the performance over the requisite service period. The Company has granted performance-based stock options ("PSOs") with market-based conditions. The number of PSOs that vest depends on the attainment of certain performance measures. The Company recognizes compensation expense on the PSOs over the period between the grant date and the estimated vest date.

Cash, Cash Equivalents and Mark

Cash, Cash Equivalents and Marketable Securities	12 Months Ended
	Dec. 31, 2024
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Marketable Securities	Cash, Cash Equivalents and Marketable Securities The amortized cost, unrealized gain and estimated fair value of the Company's cash, cash equivalents and marketable securities are as follows: 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. treasuries 34,694 37 34,731 Corporate bonds 410,998 172 411,170 $ 656,577 $ 209 $ 656,786 December 31, 2023 Amortized Cost Gross Unrealized Gain Fair Value (In thousands) Cash and cash equivalents: Cash and restricted cash $ 17,727 $ — $ 17,727 Money market 235,865 — 235,865 Marketable securities: U.S. treasuries 198,639 44 198,683 Corporate bonds 529,893 258 530,151 $ 982,124 $ 302 $ 982,426 Interest receivable of $4.2 million and $4.6 million is included in other current assets in the accompanying consolidated balance sheets as of December 31, 2024 and 2023, respectively. The Company recognizes amortization and accretion of purchase premiums and discounts on its marketable securities in interest income in the accompanying consolidated statements of operations and comprehensive loss. The Company recognized $16.6 million and $15.6 million in accretion income, net for its marketable securities for the years ended December 31, 2024 and 2023, respectively. The following table presents the contractual maturities of the Company's marketable securities as of December 31, 2024: December 31, 2024 Amortized Cost Fair Value (In thousands) Matures within one year $ 384,206 $ 384,621 Matures between one to two years 61,486 61,280 $ 445,692 $ 445,901

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment consists of the following: December 31, 2024 2023 (In thousands) Land $ 1,302 $ 1,302 Buildings 10,111 9,092 Flight vehicles and rotables 4,331 4,074 Machinery and equipment 42,792 39,983 Information technology software and equipment 45,553 43,256 Leasehold improvements 77,589 37,141 Construction in progress 117,810 34,584 299,488 169,432 Less: accumulated depreciation and amortization 90,374 75,626 $ 209,114 $ 93,806

Leases

Leases	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Leases	Leases The Company leases offices and other facilities and certain manufacturing and office equipment under long-term, non-cancelable operating and finance leases. The components of expense related to leases are as follows: Year Ended December 31, 2024 2023 (In thousands) Operating lease cost $ 13,496 $ 12,403 Variable lease cost 3,842 3,755 Short-term lease cost 22 145 Finance lease cost: Amortization of assets under finance leases 223 267 Interest on finance lease liabilities 68 80 Total finance lease cost 291 347 Total lease cost $ 17,651 $ 16,650 The components of supplemental cash flow information related to leases are as follows: Year Ended December 31, 2024 2023 (In thousands, except term and rate data) Cash Flow Information: Operating cash flows for operating leases $ 13,215 $ 9,967 Operating cash flows for finance leases $ 68 $ 80 Financing cash flows for finance leases $ 193 $ 235 Non-cash Activity: Assets acquired in exchange for lease obligations: Operating leases $ 5,408 $ 14,001 Finance leases $ 51 $ 255 Other Information: Weighted-average remaining lease term: Operating leases (in years) 8.7 9.8 Finance leases (in years) 2.6 3.1 Weighted-average discount rates: Operating leases 12.2 % 12.1 % Finance leases 13.3 % 12.9 % The supplemental balance sheet information related to leases is as follows: December 31, 2024 2023 (In thousands) Operating Leases: Long-term right-of-use assets $ 58,039 $ 58,526 Short-term operating lease liabilities $ 5,604 $ 4,350 Long-term operating lease liabilities 67,394 68,864 Total operating lease liabilities $ 72,998 $ 73,214
Leases	Leases The Company leases offices and other facilities and certain manufacturing and office equipment under long-term, non-cancelable operating and finance leases. The components of expense related to leases are as follows: Year Ended December 31, 2024 2023 (In thousands) Operating lease cost $ 13,496 $ 12,403 Variable lease cost 3,842 3,755 Short-term lease cost 22 145 Finance lease cost: Amortization of assets under finance leases 223 267 Interest on finance lease liabilities 68 80 Total finance lease cost 291 347 Total lease cost $ 17,651 $ 16,650 The components of supplemental cash flow information related to leases are as follows: Year Ended December 31, 2024 2023 (In thousands, except term and rate data) Cash Flow Information: Operating cash flows for operating leases $ 13,215 $ 9,967 Operating cash flows for finance leases $ 68 $ 80 Financing cash flows for finance leases $ 193 $ 235 Non-cash Activity: Assets acquired in exchange for lease obligations: Operating leases $ 5,408 $ 14,001 Finance leases $ 51 $ 255 Other Information: Weighted-average remaining lease term: Operating leases (in years) 8.7 9.8 Finance leases (in years) 2.6 3.1 Weighted-average discount rates: Operating leases 12.2 % 12.1 % Finance leases 13.3 % 12.9 % The supplemental balance sheet information related to leases is as follows: December 31, 2024 2023 (In thousands) Operating Leases: Long-term right-of-use assets $ 58,039 $ 58,526 Short-term operating lease liabilities $ 5,604 $ 4,350 Long-term operating lease liabilities 67,394 68,864 Total operating lease liabilities $ 72,998 $ 73,214

Other Current Liabilities

Other Current Liabilities	12 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
Other Current Liabilities	Other Current Liabilities The components of other current liabilities are as follows: December 31, 2024 2023 (In thousands) Accrued compensation $ 30,705 $ 32,179 Accrued manufacturing sub-contractor and contract labor costs 18,827 9,500 Other 12,289 13,725 $ 61,821 $ 55,404

Convertible Senior Notes

Convertible Senior Notes	12 Months Ended
	Dec. 31, 2024
Convertible Debt [Abstract]
Convertible Senior Notes	Convertible Senior Notes In January 2022, the Company completed an offering of $425 million aggregate principal amount of 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 terms of the 2027 Notes are governed by an Indenture by and between the Company and U.S. Bank National Association, as Trustee (the "2027 Indenture"). Upon conversion by the noteholders, the 2027 Notes may be settled in cash, shares of the Company's common stock or a combination of cash and shares of common stock, at the Company's election, based on the conversion rate. The 2027 Notes are convertible at an initial conversion rate of 3.9098 shares of common stock per $1,000 principal amount of the 2027 Notes, which is equal to an initial conversion price of approximately $255.77 per share of common stock, subject to adjustment upon the occurrence of certain events. Noteholders will have the right to convert their notes during any calendar quarter (and only during such calendar quarter) under the following circumstances: • during any calendar quarter (and only during such calendar quarter) if the last reported sale price of the Company's common stock for each of at least 20 trading days in a period of 30 consecutive trading days ending on and including the last trading day of the preceding calendar quarter is more than 130% of the then applicable conversion price for the Notes per share of common stock; • during the five consecutive business days immediately after any ten consecutive trading day period in which the trading price per $1,000 principal amount of 2027 Notes for each day of that period was less than 98% of the product of the last reported sale price of the Company's common stock and the then applicable conversion rate; • the Company calls any or all of the 2027 Notes for redemption, holders may convert all or any portion of their notes at any time prior to the close of business on the scheduled trading day prior to the redemption date, even if the 2027 Notes are not otherwise convertible at such time; or • specified distributions to holders of the Company's common stock are made or specified corporate events occur, as described in the 2027 Indenture. On and after November 1, 2026, noteholders will have the right to convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will have the right to elect to settle conversions in cash, in shares of its common stock or in a combination of cash and shares of its common stock. During the years ended December 31, 2024 and 2023, the conditions allowing holders of the 2027 Notes to convert were not met, and as a result, the 2027 Notes were classified as non-current liabilities as of December 31, 2024 and 2023. The 2027 Notes will be redeemable, in whole or in part (subject to certain limitations), for cash at the Company's option at any time, and from time to time, on or after February 6, 2025 and on or before the 20th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of the Company's common stock exceeds 130% of the conversion price for a specified period of time and certain liquidity conditions have been satisfied. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. During the years ended December 31, 2024 and 2023, the Company did not redeem any of the 2027 Notes. Holders of the 2027 Notes who convert their 2027 Notes in connection with certain corporate events that constitute a make-whole fundamental change (as defined in the 2027 Indenture) or in connection with the Company's issuance of a redemption notice are, under certain circumstances, entitled to an increase in the conversion rate. Additionally, in the event of a corporate event that constitutes a fundamental change (as defined in the 2027 Indenture), holders of the 2027 Notes may require the Company to repurchase all or a portion of their 2027 Notes at a price equal to the principal amount of the 2027 Notes being repurchased, plus any accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date. The net carrying value of the 2027 Notes is as follows: December 31, 2024 2023 (In thousands) Principal $ 425,000 $ 425,000 Less: unamortized debt issuance costs 4,880 7,114 Net carrying amount $ 420,120 $ 417,886 During the years ended December 31, 2024 and 2023, the Company recognized $12.9 million and $12.8 million of interest expense on its 2027 Notes, respectively. Interest expense included $2.2 million of amortized debt issuance costs during each of the years ended December 31, 2024 and 2023. Capped Call Transactions In connection with the issuance of the 2027 Notes, the Company entered into capped call transactions with respect to its common stock. The 2027 Capped Calls are purchased call options that give the Company the option to purchase, subject to anti-dilution adjustments substantially identical to those in the 2027 Notes, approximately 1.7 million shares of its common stock for approximately $255.77 per share (subject to adjustment), corresponding to the approximate initial conversion price of the 2027 Notes, exercisable upon conversion of the 2027 Notes. The 2027 Capped Calls have initial cap prices of $401.20 per share (subject to adjustment), which represents a premium of 100% over the closing price of the Company's common stock on January 13, 2022, and will expire in 2027, if not exercised earlier. The 2027 Capped Calls are intended to reduce potential dilution to the Company's common stock upon any conversion of the 2027 Notes and/or offset the potential cash payments that the Company could be required to make in excess of the principal amount upon any conversion of the 2027 Notes, as the case may be, with such reduction and/or offset subject to a cap, based on the cap price of the 2027 Capped Call transactions. The 2027 Capped Calls are separate transactions, each between the Company and the applicable option counterparty, and are not part of the terms of the 2027 Notes and will not affect any holders' rights under the 2027 Notes or the 2027 Indenture. Holders of the 2027 Notes will not have any rights with respect to the 2027 Capped Call transactions.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity The total number of shares of all classes of capital stock which the Company has authority to issue is 710,000,000 of which 700,000,000 are common stock, par value $0.0001 per share, and 10,000,000 are preferred stock, par value $0.0001 per share. No preferred stock was outstanding for either year presented. At-The-Market Offerings In August 2022, 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 $300 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 "2022 ATM Program"). The Company completed the 2022 ATM Program in June 2023, selling a total of 3.0 million shares of common stock and generating $300 million in gross proceeds, before deducting $3.0 million in underwriting discounts, commissions and other expenses. In June 2023, the Company entered into a distribution agency agreement with 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"). As of December 31, 2024, the Company sold a total of 4.1 million shares of common stock under the 2024 ATM Program, generating $29.1 million in gross proceeds since its inception, before deducting $0.9 million in underwriting discounts, commissions and other expenses. Stockholders' Agreement In connection with the closing of the Virgin Galactic business combination in October 2019, the Company entered into a stockholders’ agreement (the "Stockholders' Agreement") with certain of the Company’s investors. Pursuant to the terms of the Stockholders’ Agreement, as long as Virgin Investments Limited ("VIL") is entitled to designate two directors to the Company’s board of directors, the Company must obtain VIL’s prior written consent to engage in certain corporate transactions and management functions such as business combinations, disposals, acquisitions, incurring indebtedness, and engagement of professional advisors, among others.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2024
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"). The Second A&R Plan was adopted by the Company's board of directors and became effective in April 2024, subject to the approval of the Company’s stockholders, and was approved by the Company’s stockholders in June 2024. The Second A&R Plan amended and restated the Amended and Restated Virgin Galactic Holdings, Inc. 2019 Incentive Award Plan (the “A&R Plan”) and made the following material changes to the A&R Plan: (i) increased the number of shares available by 0.7 million shares with an aggregate of 2.2 million shares reserved for issuance under the Second A&R Plan, (ii) increased the number of shares which may be granted as incentive stock options (“ISOs”) under the Second A&R Plan, such that an aggregate of 2.2 million shares may be granted as incentive stock options under the Second A&R Plan, and (iii) extended the right to grant awards under the plan through June 12, 2034, provided that incentive stock options may not be granted under the Second A&R Plan after April 18, 2034. Pursuant to the Inducement Plan, the Company has the ability to grant non-qualified stock options, restricted stock awards, stock appreciation rights, RSUs and other stock or cash-based awards to certain prospective employees in connection with their commencement of employment with the Company, who (i) is being hired by the Company or (ii) is being rehired following a bona fide period of interruption of employment by the Company, as an inducement material to their commencing employment. The Company's board of directors adopted the Inducement Plan in June 2023 and reserved 140,000 shares of common stock for the issuance of awards thereunder. 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. Common Stock Reserved for Future Issuance As of December 31, 2024, 0.8 million shares remained available for issuance under the Second A&R Plan and the Inducement Plan. Time-Based Stock Options Stock options (other than PSOs) typically vest over four years, with 25% cliff vest at the grant date first anniversary and ratably over the next three years, subject to continued employment on the applicable vesting date. Vested options will be exercisable at any time until ten years from the grant date, subject to earlier expiration under certain terminations of service and other conditions. The stock options granted have an exercise price equal to the closing stock price of the Company's common stock on the grant date. A summary of activity for time-based stock options is as follows: Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at December 31, 2022 168,247 $ 272.60 7.1 $ — Granted — — Exercised — — Forfeited (22,598) 217.80 Outstanding at December 31, 2023 145,649 280.60 6.0 — Granted — — Exercised — — Forfeited (19,104) 235.80 Outstanding at December 31, 2024 126,545 $ 287.43 5.2 $ — Exercisable at December 31, 2024 120,456 $ 286.58 5.1 $ — The aggregate intrinsic value is calculated based on the difference between the Company's closing stock price at year end and the exercise price, multiplied by the number of in-the-money options and represents the pre-tax amount that would have been received by the option holders, had they all exercised all their options on the fiscal year end date. Performance-Based Stock Options Compensation expense on PSOs is recognized over the period between the grant date and the estimated vest date. The number of PSOs that will vest depends on the attainment of certain stock price goals. Vested options will be exercisable at any time until ten years from the grant date, subject to earlier expiration under certain terminations of service and other conditions. The stock options granted have an exercise price equal to the closing stock price of the Company's common stock on the grant date. A summary of activity for PSOs is as follows: Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at December 31, 2022 20,284 $ 179.80 9.2 $ — Granted — — Exercised — — Forfeited — — Outstanding at December 31, 2023 20,284 179.80 8.2 — Granted — — Exercised — — Forfeited — — Outstanding at December 31, 2024 20,284 $ 179.80 7.2 $ — Exercisable at December 31, 2024 — $ — 0 $ — The aggregate intrinsic value is calculated based on the difference between the Company's closing stock price at year end and the exercise price, multiplied by the number of in-the-money options and represents the pre-tax amount that would have been received by the option holders, had they all exercised all their options on the fiscal year end date. Restricted Stock Units -- Equity-Classified RSUs typically vest over four years with 25% cliff vest at the first year anniversary of the grant date and ratably over the next three years. The fair value of the Company's RSUs is based on the closing stock price on the date of grant. A summary of activity for equity-classified RSUs is as follows: Shares Weighted-Average Grant Date Fair Value Outstanding at December 31, 2022 219,376 $ 252.80 Granted 324,533 82.00 Vested (127,407) 259.80 Forfeited (96,875) 157.00 Outstanding at December 31, 2023 319,627 146.60 Granted 578,075 21.27 Vested (152,019) 179.55 Forfeited (103,182) 56.71 Outstanding at December 31, 2024 642,501 $ 40.96 Restricted Stock Units -- Liability-Classified During the year ended December 31, 2024, the Company granted RSUs that are expected to be settled in cash. The liability-classified RSUs vest annually in equal installments over two years. A summary of activity for liability-classified RSUs is as follows: Shares Outstanding at December 31, 2023 — Granted 272,626 Vested — Forfeited — Outstanding at December 31, 2024 272,626 Performance Stock Units Between 25% and 200% of outstanding PSUs are eligible to vest based on the achievement of certain market-based conditions by specified target dates, subject to continued service through the applicable vesting dates. PSUs with market-based conditions vest based on the Company's common stock performance following the end of the three-year performance measurement period, based on the highest closing price over twenty consecutive trading days during that period. PSUs with market-based conditions cannot vest before the end of the performance measurement period, thus the requisite service period is three years. All PSUs outstanding as of December 31, 2024 and 2023 vest based on market-based conditions following the end of the three-year performance measurement period. The weighted-average grant date fair value of the PSUs granted in 2023 were estimated using a Monte-Carlo simulation with the following assumptions: 2023 Expected volatility 96.0 % Risk free interest rate 4.0 % Dividend yield — % The expected volatility is a measure of the amount by which a stock price is expected to fluctuate based on historical volatility of the Company's stock price. The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant. A summary of activity for PSUs is as follows: Shares Weighted-Average Grant Date Fair Value Outstanding at December 31, 2022 15,166 $ 269.20 Granted 47,280 157.20 Vested — — Forfeited (13,270) 198.80 Outstanding at December 31, 2023 49,176 208.40 Granted — — Vested — — Forfeited — — Outstanding at December 31, 2024 49,176 $ 208.40 Stock-Based Compensation A summary of the components of stock-based compensation expense included in the consolidated statements of operations and comprehensive loss is as follows: Year Ended December 31, 2024 2023 (In thousands) Stock option and PSO expense: Spaceline operations $ — $ 379 Research and development — 1,412 Selling, general and administrative 2,320 4,950 Total stock option and PSO expense 2,320 6,741 RSU and PSU expense: Spaceline operations 4,023 2,494 Research and development 3,817 7,665 Selling, general and administrative 19,592 27,196 Special charges — 162 Total RSU and PSU expense 27,432 37,517 Total stock-based compensation expense 29,752 44,258 Less: stock-based compensation expense for liability-classified awards 643 — Stock-based compensation expense for equity-classified awards $ 29,109 $ 44,258 As of December 31, 2024, the Company had unrecognized stock-based compensation expense of $1.1 million for stock options, which is expected to be recognized over a weighted-average period of 0.8 years. There was no unrecognized stock-based compensation expense for PSOs. Unrecognized stock-based compensation expense as of December 31, 2024 for RSUs and PSUs totaled $23.3 million and $2.2 million, respectively, which are expected to be recognized over a weighted-average period of 2.2 years and 1.1 years, respectively.

Special Charges

Special Charges	12 Months Ended
	Dec. 31, 2024
Restructuring and Related Activities [Abstract]
Special Charges	Special Charges In November 2023, the Company commenced a restructuring plan designed to decrease costs and strategically realign its resources. In connection with this plan, the Company announced a workforce reduction of approximately 185 employees, constituting approximately 18% of its workforce. As a result, the Company recorded $4.4 million in severance and related benefit costs for the involuntarily terminated employees as special charges during the year ended December 31, 2023. In January 2024, the Company fully paid the $1.4 million liability balance associated with these costs that was accrued at December 31, 2023.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plan The Company has a defined contribution plan, under which the Company makes contributions to the plan based upon a percentage of the employees’ elected contributions. Obligations for Company contributions to the defined contribution plan is recognized in the consolidated statements of operations and comprehensive loss, as incurred. During the years ended December 31, 2024 and 2023, the Company incurred contribution expenses of $6.3 million and $7.3 million, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Loss before income taxes consists of the following components: Year Ended December 31, 2024 2023 (In thousands) United States $ (346,826) $ (502,123) International 160 239 Loss before income taxes $ (346,666) $ (501,884) The components of income tax expense are as follows: Current Deferred Total (In thousands) Year ended December 31, 2024 Federal $ — $ — $ — State 10 — 10 Foreign 132 (68) 64 $ 142 $ (68) $ 74 Year ended December 31, 2023 Federal $ — $ — $ — State 6 — 6 Foreign 358 89 447 $ 364 $ 89 $ 453 Significant items comprising the Company’s deferred taxes are as follows: December 31, 2024 2023 (In thousands) Deferred tax assets: Net operating losses $ 447,735 $ 368,064 Research and development credits 82,432 65,406 Capitalized research and experimental expenditures 129,951 107,456 Accruals not currently deductible 6,971 7,327 Lease-related liabilities 18,971 18,976 Property, plant and equipment 2,589 1,926 Goodwill 189,132 207,221 Stock-based compensation 4,529 5,778 Related party expenses 3,452 3,086 Other 976 3,030 Total gross deferred tax assets 886,738 788,270 Valuation allowance (870,427) (770,533) Net deferred tax assets 16,311 17,737 Deferred tax liabilities: Property, plant and equipment (50) (132) Tenant improvement allowance — (388) Marketable securities amortization/accretion (1,269) (2,306) Operating lease right-of-use assets (14,986) (15,026) Other (56) — Total gross deferred tax liabilities (16,361) (17,852) Net deferred tax liabilities $ (50) $ (115) Based on the Company's earnings history and available objectively verifiable positive and negative evidence, the Company determined that it is more likely than not that a substantial portion of its deferred tax assets will not be realized in the future. As of December 31, 2024 and 2023, the Company recorde d a valuation allowance of $870.4 million and $770.5 million, respectively, against its deferred tax assets that were determined to not be more likely than not realizable. A reconciliation of income tax expense with the amount computed by applying the federal statutory tax rate to loss before income taxes is as follows: Year Ended December 31, 2024 2023 (In thousands) Expected income tax benefit at the federal statutory rate $ (72,800) $ (105,395) State income taxes (20,389) (30,853) Research and development (13,941) (17,050) Change in valuation allowance 99,885 138,854 Stock-based compensation 7,120 12,128 Revaluation of state deferred tax asset — 2,005 Other, net 199 764 $ 74 $ 453 As of December 31, 2024, the Company had approximately $1.8 billion and $1.6 billion of federal and state net operating loss ("NOL") carryforwards, respectively. All NOLs incurred during the year ended December 31, 2019 and thereafter are carried forward indefinitely for federal tax purposes. California has not conformed to the indefinite carry forward period for NOLs. The NOLs begin expiring in the calendar year 2039 for state purposes. In the ordinary course of its business, the Company incurs costs that, for tax purposes, are determined to be qualified research expenditures within the meaning of Internal Revenue Code ("IRC") Section 41 and are, therefore, eligible for the increasing research activities credit under IRC Section 41. The research and development ("R&D") tax credit carryforward as of December 31, 2024 is $74.2 million and $36.5 million for federal and state purposes, respectively. The R&D tax credit carryforwards begin expiring in the calendar year 2039 for federal purposes. R&D credits generated for California purposes carry forward indefinitely. Under Section 382 of the IRC, the Company’s ability to utilize NOL carryforwards or other tax attributes such as research tax credits, in any taxable year, may be limited if the Company experiences an “ownership change.” A Section 382 “ownership change" generally occurs if one or more stockholders or groups of stockholders, who own at least 5% of the Company’s stock, increase their ownership by more than 50 percentage points over their lowest ownership percentage within a rolling three-year period. Similar rules may apply under state tax laws. The Company may in the future experience one or more Section 382 “ownership changes.” If so, the Company may not be able to utilize a material portion of its NOL carryforwards and tax credits, even if the Company achieves profitability. The Company recognizes tax benefits from uncertain tax positions only if it believes that it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. As the Company expands, it will face increased complexity in determining the appropriate tax jurisdictions for revenue and expense items. The Company’s policy is to adjust these reserves when facts and circumstances change, such as the closing of a tax audit or refinement of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will affect the income tax expense in the period in which such determination is made and could have a material impact on the Company's financial condition and operating results. The income tax expense includes the effects of any accruals that the Company believes are appropriate, as well as the related net interest and penalties. As of December 31, 2024, the Company has total uncertain tax positions of $20.6 million, which is net of tax. The balance is related to the R&D tax credit, which is recorded as a reduction of the deferred tax asset related credit carry-forwards. No interest or penalties have been recorded related to the uncertain tax positions. A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows: Year Ended December 31, 2024 2023 (In thousands) Balance at the beginning of the year $ 16,351 $ 10,120 Additions based on tax positions related to current year 4,256 6,231 Balance at the end of year $ 20,607 $ 16,351 It is not expected that there will be a significant change in uncertain tax position in the next 12 months. The Company is subject to U.S. federal income tax, as well as to income tax in multiple state jurisdictions and one foreign jurisdiction. In the normal course of business, the Company is subject to examination by tax authorities. There are no tax examinations in progress as of December 31, 2024. The U.S. federal and state income tax returns for the period from October 26, 2019 through December 31, 2019 and annual periods thereafter remain subject to examination. The statute of limitations for the Company's foreign tax jurisdiction is open for tax years after December 31, 2021. Effective for tax years beginning after December 31, 2021, research and experimental (“R&E”) expenditures as defined by IRC Section 174 must be capitalized for tax purposes. R&E expenditures are amortized ratably for tax purposes over a 5-year period (or 15-year period for R&E expenditures attributable to foreign research).

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table presents net loss per share and related information: Year Ended December 31, 2024 2023 (In thousands, except per share amounts) Basic and diluted: Net loss $ (346,740) $ (502,337) Weighted-average common shares outstanding 24,955 16,863 Basic and diluted net loss per share $ (13.89) $ (29.79) Basic and dilutive 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. A summary of the total number of shares excluded in the diluted net loss per share calculation is as follows: December 31, 2024 2023 (In thousands) Stock options issued and outstanding 127 146 Performance stock options issued and outstanding 20 20 Unvested equity- classified restricted stock units issued and outstanding 643 320 Unvested performance stock units issued and outstanding 49 49 Shares related to the 2027 Notes (if-converted) 1,662 1,662 2,501 2,197

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements 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: December 31, 2024 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market $ 202,653 $ — $ — $ 202,653 U.S. treasuries 34,731 — — 34,731 Corporate bonds — 411,170 — 411,170 Total assets at fair value $ 237,384 $ 411,170 $ — $ 648,554 December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market $ 235,865 $ — $ — $ 235,865 U.S. treasuries 198,683 — — 198,683 Corporate bonds — 530,151 — 530,151 Total assets at fair value $ 434,548 $ 530,151 $ — $ 964,699 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: December 31, 2024 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: 2027 Notes $ — $ 186,252 $ — $ 186,252 Total liabilities at fair value $ — $ 186,252 $ — $ 186,252 December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: 2027 Notes $ — $ 189,937 $ — $ 189,937 Total liabilities at fair value $ — $ 189,937 $ — $ 189,937 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.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases The Company has certain non-cancellable operating leases primarily for its premises. These leases generally contain renewal options for periods ranging from 3 to 20 years and require the Company to pay all executory costs, such as maintenance and insurance. Certain lease arrangements have rent free periods or escalating payment provisions, and the Company recognizes rent expense of such arrangements on a straight-line basis. Future minimum lease payments under non-cancellable operating leases and future minimum finance lease payments as of December 31, 2024 are as follows: Operating Leases Finance (In thousands) Year ending December 31: 2025 $ 14,038 $ 241 2026 14,012 190 2027 13,951 76 2028 13,340 36 2029 12,959 10 Thereafter 52,327 — Total payments 120,627 553 Less: present value discount/imputed interest 47,629 80 Present value of lease liabilities $ 72,998 $ 473 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 December 31, 2024, 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. The Boeing Company and Aurora Flight Sciences Corporation v. the Company On March 21, 2024, The Boeing Company and Aurora Flight Sciences Corporation, a Boeing Company (collectively, “Boeing”), filed suit against the Company in the Eastern District of Virginia, captioned The Boeing Company and Aurora Flight Sciences Corporation, a Boeing Company v. Virgin Galactic Holdings, Inc., Case No. 1:21-cv-03070. In its complaint, Boeing alleges that the Company breached the parties’ Master Agreement. Boeing further alleges trade secret misappropriation under the Delaware Uniform Trade Secrets Act (“DUTSA”), 6 Del C. § 2001, et. seq., and the Defend Trade Secrets Act (“DTSA”), 18 U.S.C. § 1836, et. seq., and filed a motion for preliminary injunction to destroy certain disputed documents. The complaint seeks damages in excess of $25 million, expenses, attorneys’ fees and other equitable relief. On April 12, 2024, the Company filed an answer to Boeing’s complaint and a counterclaim seeking damages relating to Boeing’s breach of the Master Agreement, as well as an opposition to Boeing’s motion for a preliminary injunction. On April 4, 2024, the Company filed suit against Boeing in the Central District of California. In its complaint, the Company sought: (1) declaratory judgment of no misappropriation of trade secrets under either DUTSA or DTSA by the Company, (2) declaratory judgment of no breach of contract by the Company, and (3) damages related to Boeing’s breach of contract for failure to adequately perform, including incomplete work on design phases of the project. On April 12, 2024, Boeing filed a motion for an anti-suit injunction in connection with the Company’s California suit. On June 6, 2024, the Company voluntarily dismissed the California action without prejudice, electing to pursue its affirmative claims against Boeing by way of the counterclaim filed in the Virginia action, and on that same day the Company and Boeing jointly informed the Virginia court that the Company’s voluntary dismissal of the California action without prejudice rendered moot Boeing’s motion for an anti-suit injunction. A hearing on the motion for a preliminary injunction took place on May 24, 2024. On June 20, 2024, the Court denied the preliminary injunction sought by Boeing, and ordered that the Company could use the disputed documents internally, and with third parties under a non-disclosure agreement, for the purpose of developing a new mothership. On October 2, 2024, Boeing and the Company executed a “Material Terms of Settlement Agreement,” endorsed by Magistrate Judge Lindsey R. Vaala of the United States District Court for the Eastern District of Virginia, by which they agreed to resolve all disputes between them relating to the lawsuits. The parties entered into a final Settlement Agreement effective October 31, 2024, and the litigation was dismissed in its entirety on November 4, 2024. The Company has reflected a benefit associated with this settlement in research and development expense in the accompanying consolidated statement of operations and comprehensive loss for the year ended December 31, 2024. 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., 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, and plaintiffs filed their reply on January 24, 2025. The Company intends to continue to vigorously defend against this matter. Spiteri, Grenier, Laidlaw, and St. Jean derivatively on behalf of the Company vs. Certain Current and Former Officers and Directors On February 21, 2022, March 1, 2022, September 21, 2022, and December 13, 2022, four 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”), and St. Jean v. Branson et al., Case No. 1:22-cv-7551 (“St. Jean 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. 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. The cases are at a preliminary stage. 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. The case is at a preliminary stage. Gera derivatively on behalf of the Company vs. Certain Current and Former Officers and Directors On July 11, 2024, alleged shareholder Samhita Gera filed a derivative complaint 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 Gera v. Branson et al., Case No. 24-cv-04795. 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. 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.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2024
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 years ended December 31, 2024 and 2023, the Company incurred royalty expenses of $1.5 million and $0.6 million, respectively.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Year Ended December 31, 2024 2023 (In thousands) Supplemental disclosure of cash flow information: Cash payments for: Income taxes $ 329 $ 658 Interest 10,625 15,938 Supplemental disclosure of non-cash investing and financing activities: Unpaid purchases of property, plant and equipment $ 11,054 $ 7,464 Transfer of other assets to rotables in property, plant and equipment — 2,985 Issuance of common stock through RSUs vested 2,346 9,560

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net loss	$ (346,740)	$ (502,337)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2024
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

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We utilize a risk-based approach to cybersecurity and data privacy that is intended to identify, assess, and manage information and cybersecurity risks applicable to our business, and protect the confidentiality, integrity, and availability of our critical systems and information. We have developed and implemented an Information Security Governance Program which is structured for alignment with business objectives and visibility of material risks by senior leadership. This Program includes our cybersecurity incident response plan and supporting policies that provide guidance on detecting, assessing, reporting, and responding to cybersecurity incidents. The cybersecurity response plan is designed to ensure that senior leadership is informed about security incidents as they happen, and security incidents are managed through to closure. We have not identified any risks or incidents from known cybersecurity threats, including any residual impacts resulting from any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect our operations, business strategy, results of operations, or financial condition. Our defensive strategy is carefully managed to prevent threats that could materially impact our business operations, financial position or business strategy. We integrate several tools, policies, and services to support this strategy. These are oriented around and informed by industry standard control frameworks including the National Institute of Standards and Technology Cybersecurity Framework (NIST CSF), specifically NIST 800-171, as well as ISO 27001/27002. Our Senior Director of Information Technology is principally responsible for executing our cybersecurity risk management program and has more than 15 years of global experience in managing technical and cybersecurity organizations. He is supported by our Information Security Department, which includes relevant expertise and leadership, and by external cybersecurity consultants as needed. The Information Security Department is focused on assessing and managing our material risks from cybersecurity threats and the prevention, detection, and minimization of the effects of cybersecurity incidents. This includes routine in-house and third-party testing, auditing, patch and vulnerability management, identity and access management, data loss prevention, threat intelligence and other information obtained from governmental, public, or private sources, and comprehensive alerting and reporting from operational tools and services.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	We utilize a risk-based approach to cybersecurity and data privacy that is intended to identify, assess, and manage information and cybersecurity risks applicable to our business, and protect the confidentiality, integrity, and availability of our critical systems and information. We have developed and implemented an Information Security Governance Program which is structured for alignment with business objectives and visibility of material risks by senior leadership. This Program includes our cybersecurity incident response plan and supporting policies that provide guidance on detecting, assessing, reporting, and responding to cybersecurity incidents. The cybersecurity response plan is designed to ensure that senior leadership is informed about security incidents as they happen, and security incidents are managed through to closure. We have not identified any risks or incidents from known cybersecurity threats, including any residual impacts resulting from any prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect our operations, business strategy, results of operations, or financial condition.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated oversight of enterprise risk management to the Audit Committee, including management’s implementation of our cybersecurity risk management program. The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. Our Information Security Department presents the status of the Information Security Program to the Audit Committee quarterly and includes security control performance, technical capability enhancements, threat intelligence, information about certain cybersecurity incidents (if any) and resource performance to demonstrate the risk posture and cyber risk management practices of the organization. The Audit Committee’s risk-based decisions related to cybersecurity are primarily reflective of the information presented.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Senior Director of Information Technology is principally responsible for executing our cybersecurity risk management program and has more than 15 years of global experience in managing technical and cybersecurity organizations. He is supported by our Information Security Department, which includes relevant expertise and leadership, and by external cybersecurity consultants as needed. The Information Security Department is focused on assessing and managing our material risks from cybersecurity threats and the prevention, detection, and minimization of the effects of cybersecurity incidents. This includes routine in-house and third-party testing, auditing, patch and vulnerability management, identity and access management, data loss prevention, threat intelligence and other information obtained from governmental, public, or private sources, and comprehensive alerting and reporting from operational tools and services. We extend our cybersecurity and data privacy standards to our third-party service providers, where appropriate, as part of our Information Security Governance Program. Where applicable, we seek vendor compliance with industry standards such as ISO 27001 and SOC 2. Our Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated oversight of enterprise risk management to the Audit Committee, including management’s implementation of our cybersecurity risk management program. The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. Our Information Security Department presents the status of the Information Security Program to the Audit Committee quarterly and includes security control performance, technical capability enhancements, threat intelligence, information about certain cybersecurity incidents (if any) and resource performance to demonstrate the risk posture and cyber risk management practices of the organization. The Audit Committee’s risk-based decisions related to cybersecurity are primarily reflective of the information presented.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Senior Director of Information Technology is principally responsible for executing our cybersecurity risk management program and has more than 15 years of global experience in managing technical and cybersecurity organizations. He is supported by our Information Security Department, which includes relevant expertise and leadership, and by external cybersecurity consultants as needed. The Information Security Department is focused on assessing and managing our material risks from cybersecurity threats and the prevention, detection, and minimization of the effects of cybersecurity incidents. This includes routine in-house and third-party testing, auditing, patch and vulnerability management, identity and access management, data loss prevention, threat intelligence and other information obtained from governmental, public, or private sources, and comprehensive alerting and reporting from operational tools and services. We extend our cybersecurity and data privacy standards to our third-party service providers, where appropriate, as part of our Information Security Governance Program. Where applicable, we seek vendor compliance with industry standards such as ISO 27001 and SOC 2. Our Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated oversight of enterprise risk management to the Audit Committee, including management’s implementation of our cybersecurity risk management program. The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. Our Information Security Department presents the status of the Information Security Program to the Audit Committee quarterly and includes security control performance, technical capability enhancements, threat intelligence, information about certain cybersecurity incidents (if any) and resource performance to demonstrate the risk posture and cyber risk management practices of the organization. The Audit Committee’s risk-based decisions related to cybersecurity are primarily reflective of the information presented.
Cybersecurity Risk Role of Management [Text Block]	Our Senior Director of Information Technology is principally responsible for executing our cybersecurity risk management program and has more than 15 years of global experience in managing technical and cybersecurity organizations. He is supported by our Information Security Department, which includes relevant expertise and leadership, and by external cybersecurity consultants as needed. The Information Security Department is focused on assessing and managing our material risks from cybersecurity threats and the prevention, detection, and minimization of the effects of cybersecurity incidents. This includes routine in-house and third-party testing, auditing, patch and vulnerability management, identity and access management, data loss prevention, threat intelligence and other information obtained from governmental, public, or private sources, and comprehensive alerting and reporting from operational tools and services. We extend our cybersecurity and data privacy standards to our third-party service providers, where appropriate, as part of our Information Security Governance Program. Where applicable, we seek vendor compliance with industry standards such as ISO 27001 and SOC 2. Our Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated oversight of enterprise risk management to the Audit Committee, including management’s implementation of our cybersecurity risk management program. The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. Our Information Security Department presents the status of the Information Security Program to the Audit Committee quarterly and includes security control performance, technical capability enhancements, threat intelligence, information about certain cybersecurity incidents (if any) and resource performance to demonstrate the risk posture and cyber risk management practices of the organization. The Audit Committee’s risk-based decisions related to cybersecurity are primarily reflective of the information presented.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our Senior Director of Information Technology is principally responsible for executing our cybersecurity risk management program and has more than 15 years of global experience in managing technical and cybersecurity organizations. He is supported by our Information Security Department, which includes relevant expertise and leadership, and by external cybersecurity consultants as needed. The Information Security Department is focused on assessing and managing our material risks from cybersecurity threats and the prevention, detection, and minimization of the effects of cybersecurity incidents. This includes routine in-house and third-party testing, auditing, patch and vulnerability management, identity and access management, data loss prevention, threat intelligence and other information obtained from governmental, public, or private sources, and comprehensive alerting and reporting from operational tools and services.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our Senior Director of Information Technology is principally responsible for executing our cybersecurity risk management program and has more than 15 years of global experience in managing technical and cybersecurity organizations.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Our Senior Director of Information Technology is principally responsible for executing our cybersecurity risk management program and has more than 15 years of global experience in managing technical and cybersecurity organizations. He is supported by our Information Security Department, which includes relevant expertise and leadership, and by external cybersecurity consultants as needed. The Information Security Department is focused on assessing and managing our material risks from cybersecurity threats and the prevention, detection, and minimization of the effects of cybersecurity incidents. This includes routine in-house and third-party testing, auditing, patch and vulnerability management, identity and access management, data loss prevention, threat intelligence and other information obtained from governmental, public, or private sources, and comprehensive alerting and reporting from operational tools and services. We extend our cybersecurity and data privacy standards to our third-party service providers, where appropriate, as part of our Information Security Governance Program. Where applicable, we seek vendor compliance with industry standards such as ISO 27001 and SOC 2. Our Board of Directors considers cybersecurity risk as part of its risk oversight function and has delegated oversight of enterprise risk management to the Audit Committee, including management’s implementation of our cybersecurity risk management program. The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. Our Information Security Department presents the status of the Information Security Program to the Audit Committee quarterly and includes security control performance, technical capability enhancements, threat intelligence, information about certain cybersecurity incidents (if any) and resource performance to demonstrate the risk posture and cyber risk management practices of the organization. The Audit Committee’s risk-based decisions related to cybersecurity are primarily reflective of the information presented.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Statement of Operations Presentation	Basis of Presentation These consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). All intercompany transactions and balances between the various legal entities comprising the Company have been eliminated in consolidation. Statement of Operations Presentation In July 2023, the Company concluded that technological feasibility had been achieved for its initial spaceship, VSS Unity, and mothership carrier aircraft, VMS Eve, which together comprised the Company’s initial commercial spaceflight system. As a result, future costs associated with this spaceflight system, including the manufacture of related rocket motors, will no longer qualify as research and development activities. Following the launch of commercial service and achievement of technological feasibility, the Company began presenting the operating expenses supporting the Company’s commercial spaceline activities as spaceline operations expense in the accompanying consolidated statements of operations and comprehensive loss. Expenses incurred prior to the achievement of technological feasibility were classified as research and development and selling, general and administrative expenses. Spaceline operations expense includes costs associated with commercial spaceflight services and production costs that are not eligible for capitalization. Spaceline operations expense also includes costs to support the astronaut community and costs related to payload cargo and engineering services.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on historical experience and on various other assumptions that management believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates. Significant estimates and judgements affecting the consolidated financial statements are those related income taxes, stock-based compensation and long-lived assets.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less on their acquisition date to be cash equivalents.
Restricted Cash	Restricted Cash
Marketable Securities	Marketable Securities The Company's marketable securities consist primarily of debt securities that are accounted for as "available-for-sale." Management determines the appropriate classification of investments at the time of purchase and reevaluates the classification at each balance sheet date. Marketable securities are classified as short-term and long-term based on the instrument's underlying contractual maturity date. The Company's marketable securities are carried at fair value, with unrealized gains and losses, net of income taxes, reported as a component of accumulated other comprehensive income in the consolidated balance sheets, with the exception of unrealized losses believed to be other-than-temporary, which are reported in the consolidated statements of operations and comprehensive loss in the period in which such determination is made.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash, cash equivalents, restricted cash and marketable securities. Cash and cash equivalents are maintained with several financial institutions. Deposits held with banks may exceed the amount of insurance provided on such deposits.
Property, Plant, and Equipment	Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is calculated on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the shorter of the lease term or estimated useful life. The estimated useful lives are as follows: Asset Useful Life Buildings 39 years Flight vehicles and rotables 2 to 20 years Machinery and equipment 2 to 7 years Information technology software and equipment 3 to 6 years Leasehold improvements Shorter of the estimated useful life or lease term Repair and maintenance costs are expensed as incurred.
Leases	Leases The Company determines whether an arrangement contains a lease at inception. For identified leases, the Company determines whether it should be classified as an operating or finance lease. Operating leases are recorded in the balance sheet as a right-of-use asset ("ROU asset") and operating lease obligation. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and operating lease liabilities are recognized at the commencement date of the lease and measured based on the present value of lease payments over the lease term. The Company's lease arrangements generally do not provide an implicit interest rate. As a result, in such situations, the Company uses its incremental borrowing rate, which was determined based on market yields. The Company includes options to extend or terminate the lease when it is reasonably certain that it will exercise that option in the measurement of its ROU assets and liabilities. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company has some lease agreements with lease and non-lease components, which are accounted for as a single lease component. Variable lease payments primarily consist of lease payments resulting from changes in the consumer price index. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the change occurs. Variable payments for common area maintenance costs and taxes are not included in determining lease payments and are expensed as incurred. The Company does not recognize ROU assets and lease liabilities for leases with terms at inception of twelve months or less.
Long-Lived Assets	Long-Lived Assets Long-lived assets primarily consist of property, plant and equipment and are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset group to its carrying amount. The Company assesses impairment for asset groups, which represent a combination of assets that produce distinguishable cash flows. If the carrying amount of the asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying amount exceeds its fair value. Fair value is determined through various valuation techniques, including discounted cash flow models, quoted market values, and third-party independent appraisals, as considered necessary. During the years ended December 31, 2024 and 2023, no material asset impairments were recorded.
Convertible Senior Notes	Convertible Senior Notes
Capped Call Transactions	Capped Call Transactions In connection with the pricing of the 2027 Notes, the Company entered into capped call transactions with respect to its common stock (the "2027 Capped Calls"). The 2027 Capped Calls are purchased call options that give the Company the option to purchase shares of the Company's common stock, subject to anti-dilution adjustments substantially identical to those in the 2027 Notes. The Company's capped call transactions are accounted for as separate transactions from the 2027 Notes and are classified as equity instruments as a reduction to additional paid-in capital in the accompanying consolidated balance sheets. The instruments are initially recorded at fair value and not subsequently remeasured so long as they continue to qualify for equity classification based on the Company's intent and ability for the 2027 Capped Calls to be settled in shares of the Company's common stock. At the end of each reporting period, the Company evaluates whether the instruments continue to qualify for equity classification. The capped call transactions have the effect of reducing the number of shares outstanding if exercised, hence reduces the potential dilution. Therefore, the capped call transactions are anti-dilutive and not included in the calculation of diluted shares outstanding. See Note 7 for additional information on the 2027 Capped Calls.
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.
Segments	Segments Operating segments are defined as components of an entity for which separate financial information is available and that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s CODM is its Chief Executive Officer. The Company has determined that it operates in one operating segment and one reportable segment, as the CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources and evaluating financial performance. The CODM assesses performance for the segment and decides how to allocate resources based on net loss that is reported on the consolidated statements of operations and comprehensive loss. The CODM uses net loss to assess financial performance and allocate resources to align with company-wide goals. Further, the measure of segment assets is reported on the consolidated balance sheets as total assets.
Revenue Recognition	Revenue Recognition The Company recognizes revenue when control of the promised service is transferred to its customers in an amount that reflects the consideration the Company expects to receive based on the contracted amount for those services. For contracts which include a combination of services, the Company assesses and accounts for individual services separately if they are distinct performance obligations, which often requires judgment based upon knowledge of the services and structure of the sales contract. The Company allocates the contract price to each performance obligation based on the estimated standalone selling price using observable pricing from our contracts with single performance obligations. Human spaceflight services are those services provided to the majority of the Company's customers. Spaceflight service revenue is recognized at a point in time upon successful completion of a spaceflight. The Company recognizes revenue for membership fees, engineering services and sponsorships over the term of the respective arrangement. Contract balances Contract assets are comprised of billed accounts receivable and unbilled receivables, which is the result of timing of revenue recognition, billings and cash collections. The Company records accounts receivable when it has an unconditional right to consideration. Contract liabilities relate to spaceflight operations and other revenue contracts and are recorded when cash payments are received or due in advance of performance. Cash payments for spaceflight services are classified as customer deposits until enforceable rights and obligations exist, when such deposits also become nonrefundable. Customer deposits become nonrefundable and are recorded as deferred revenue following the Company's delivery of the conditions of carriage to the customer and execution of an informed consent.
Spaceline Operations	Spaceline Operations Spaceline operations expense includes costs to maintain and operate the Company's spaceflight systems; non-capitalizable costs to build new vehicles and manufacture items required to support the making of the Company's vehicles, such as rocket motors and spare parts; the consumption of rocket motors, fuel and other consumables; costs to maintain and support the Company's astronaut community; and costs to provide payload cargo and engineering services.
Research and Development	Research and Development Research and development expenses represent costs incurred to support activities that advance the Company's future fleet towards commercialization, including basic research, applied research, concept formulation studies, design, development and related testing activities. Research and development costs consist primarily of equipment, material, and labor costs (including from third-party contractors) for designing the spaceflight system’s structure, spaceflight propulsion system, and flight profiles for next-generation spaceships and motherships, as well as allocated facilities and other supporting overhead costs.
Income Taxes	Income Taxes Income tax expense is computed using the asset and liability method. Deferred tax assets and liabilities are determined based on the temporary differences between the financial reporting and tax bases of assets and liabilities, applying enacted statutory tax rates in effect for the year in which the differences are expected to reverse. Future income tax benefits are recognized only to the extent that the realization of such benefits is considered to be more likely than not. The Company regularly reviews its deferred tax assets for recoverability and establishes a valuation allowance, when it is more likely than not that such deferred tax assets will not be recoverable, based on historical taxable income, projected future taxable income, and the expected timing of the reversals of the existing temporary differences.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based compensation under the fair value recognition and measurement provisions, in accordance with applicable accounting standards, which requires compensation expense for the grant-date fair value of stock-based awards to be recognized over the requisite service period. Forfeitures are accounted for when they occur. Service-Based Awards The Company estimates the fair value for each service-based stock option award as of the date of grant using the Black-Scholes option pricing model. The Black-Scholes option pricing model considers, among other factors, the expected life of the award and the expected volatility of the Company's stock price. The Company recognizes the stock-based compensation expense over the requisite service period using the straight-line method for service condition only stock option awards. Compensation expense for restricted stock units ("RSUs") that will be equity-settled is based on the market price of the shares underlying the awards on the grant date. The Company recognizes the stock-based compensation expense for these RSUs over the requisite service period. RSUs that are expected to be settled in cash are accounted for as liability-classified awards. Changes in the fair value of these awards are recorded on a quarterly basis through their final vesting. Compensation expense is recognized over the requisite service period of the award, with recognition of a corresponding liability recorded in other current liabilities in the accompanying consolidated balance sheets. Changes in fair value are recognized in stock-based compensation expense. Performance-Based Awards The Company has granted performance stock units ("PSUs") with a service-based condition and market-based condition. PSUs with both service-based and market-based conditions vest based on the performance over the requisite service period. The Company has granted performance-based stock options ("PSOs") with market-based conditions. The number of PSOs that vest depends on the attainment of certain performance measures. The Company recognizes compensation expense on the PSOs over the period between the grant date and the estimated vest date.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Property, Plant, and Equipment	The estimated useful lives are as follows: Asset Useful Life Buildings 39 years Flight vehicles and rotables 2 to 20 years Machinery and equipment 2 to 7 years Information technology software and equipment 3 to 6 years Leasehold improvements Shorter of the estimated useful life or lease term Property, plant and equipment consists of the following: December 31, 2024 2023 (In thousands) Land $ 1,302 $ 1,302 Buildings 10,111 9,092 Flight vehicles and rotables 4,331 4,074 Machinery and equipment 42,792 39,983 Information technology software and equipment 45,553 43,256 Leasehold improvements 77,589 37,141 Construction in progress 117,810 34,584 299,488 169,432 Less: accumulated depreciation and amortization 90,374 75,626 $ 209,114 $ 93,806

Cash, Cash Equivalents and Ma_2

Cash, Cash Equivalents and Marketable Securities (Tables)	12 Months Ended
	Dec. 31, 2024
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: 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. treasuries 34,694 37 34,731 Corporate bonds 410,998 172 411,170 $ 656,577 $ 209 $ 656,786 December 31, 2023 Amortized Cost Gross Unrealized Gain Fair Value (In thousands) Cash and cash equivalents: Cash and restricted cash $ 17,727 $ — $ 17,727 Money market 235,865 — 235,865 Marketable securities: U.S. treasuries 198,639 44 198,683 Corporate bonds 529,893 258 530,151 $ 982,124 $ 302 $ 982,426
Schedule of Contractual Maturities	The following table presents the contractual maturities of the Company's marketable securities as of December 31, 2024: December 31, 2024 Amortized Cost Fair Value (In thousands) Matures within one year $ 384,206 $ 384,621 Matures between one to two years 61,486 61,280 $ 445,692 $ 445,901

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant, and Equipment	The estimated useful lives are as follows: Asset Useful Life Buildings 39 years Flight vehicles and rotables 2 to 20 years Machinery and equipment 2 to 7 years Information technology software and equipment 3 to 6 years Leasehold improvements Shorter of the estimated useful life or lease term Property, plant and equipment consists of the following: December 31, 2024 2023 (In thousands) Land $ 1,302 $ 1,302 Buildings 10,111 9,092 Flight vehicles and rotables 4,331 4,074 Machinery and equipment 42,792 39,983 Information technology software and equipment 45,553 43,256 Leasehold improvements 77,589 37,141 Construction in progress 117,810 34,584 299,488 169,432 Less: accumulated depreciation and amortization 90,374 75,626 $ 209,114 $ 93,806

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Leases [Abstract]
Summary of Lease Expense and Cash Flow Information	The components of expense related to leases are as follows: Year Ended December 31, 2024 2023 (In thousands) Operating lease cost $ 13,496 $ 12,403 Variable lease cost 3,842 3,755 Short-term lease cost 22 145 Finance lease cost: Amortization of assets under finance leases 223 267 Interest on finance lease liabilities 68 80 Total finance lease cost 291 347 Total lease cost $ 17,651 $ 16,650 The components of supplemental cash flow information related to leases are as follows: Year Ended December 31, 2024 2023 (In thousands, except term and rate data) Cash Flow Information: Operating cash flows for operating leases $ 13,215 $ 9,967 Operating cash flows for finance leases $ 68 $ 80 Financing cash flows for finance leases $ 193 $ 235 Non-cash Activity: Assets acquired in exchange for lease obligations: Operating leases $ 5,408 $ 14,001 Finance leases $ 51 $ 255 Other Information: Weighted-average remaining lease term: Operating leases (in years) 8.7 9.8 Finance leases (in years) 2.6 3.1 Weighted-average discount rates: Operating leases 12.2 % 12.1 % Finance leases 13.3 % 12.9 %
Summary of Balance Sheet Information	December 31, 2024 2023 (In thousands) Operating Leases: Long-term right-of-use assets $ 58,039 $ 58,526 Short-term operating lease liabilities $ 5,604 $ 4,350 Long-term operating lease liabilities 67,394 68,864 Total operating lease liabilities $ 72,998 $ 73,214

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2024
Payables and Accruals [Abstract]
Schedule of Other Current Liabilities	The components of other current liabilities are as follows: December 31, 2024 2023 (In thousands) Accrued compensation $ 30,705 $ 32,179 Accrued manufacturing sub-contractor and contract labor costs 18,827 9,500 Other 12,289 13,725 $ 61,821 $ 55,404

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)	12 Months Ended
	Dec. 31, 2024
Convertible Debt [Abstract]
Convertible Debt	The net carrying value of the 2027 Notes is as follows: December 31, 2024 2023 (In thousands) Principal $ 425,000 $ 425,000 Less: unamortized debt issuance costs 4,880 7,114 Net carrying amount $ 420,120 $ 417,886

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Options Outstanding	A summary of activity for time-based stock options is as follows: Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at December 31, 2022 168,247 $ 272.60 7.1 $ — Granted — — Exercised — — Forfeited (22,598) 217.80 Outstanding at December 31, 2023 145,649 280.60 6.0 — Granted — — Exercised — — Forfeited (19,104) 235.80 Outstanding at December 31, 2024 126,545 $ 287.43 5.2 $ — Exercisable at December 31, 2024 120,456 $ 286.58 5.1 $ — A summary of activity for PSOs is as follows: Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at December 31, 2022 20,284 $ 179.80 9.2 $ — Granted — — Exercised — — Forfeited — — Outstanding at December 31, 2023 20,284 179.80 8.2 — Granted — — Exercised — — Forfeited — — Outstanding at December 31, 2024 20,284 $ 179.80 7.2 $ — Exercisable at December 31, 2024 — $ — 0 $ —
Schedule of Restricted Stock Units Activity	A summary of activity for equity-classified RSUs is as follows: Shares Weighted-Average Grant Date Fair Value Outstanding at December 31, 2022 219,376 $ 252.80 Granted 324,533 82.00 Vested (127,407) 259.80 Forfeited (96,875) 157.00 Outstanding at December 31, 2023 319,627 146.60 Granted 578,075 21.27 Vested (152,019) 179.55 Forfeited (103,182) 56.71 Outstanding at December 31, 2024 642,501 $ 40.96
Schedule of Liability-Classified RSUs	A summary of activity for liability-classified RSUs is as follows: Shares Outstanding at December 31, 2023 — Granted 272,626 Vested — Forfeited — Outstanding at December 31, 2024 272,626
Schedule of Weighted Average Assumptions	The weighted-average grant date fair value of the PSUs granted in 2023 were estimated using a Monte-Carlo simulation with the following assumptions: 2023 Expected volatility 96.0 % Risk free interest rate 4.0 % Dividend yield — %
Schedule of Performance Stock Unit Activity	A summary of activity for PSUs is as follows: Shares Weighted-Average Grant Date Fair Value Outstanding at December 31, 2022 15,166 $ 269.20 Granted 47,280 157.20 Vested — — Forfeited (13,270) 198.80 Outstanding at December 31, 2023 49,176 208.40 Granted — — Vested — — Forfeited — — Outstanding at December 31, 2024 49,176 $ 208.40
Schedule of Stock-Based Compensation Expense	A summary of the components of stock-based compensation expense included in the consolidated statements of operations and comprehensive loss is as follows: Year Ended December 31, 2024 2023 (In thousands) Stock option and PSO expense: Spaceline operations $ — $ 379 Research and development — 1,412 Selling, general and administrative 2,320 4,950 Total stock option and PSO expense 2,320 6,741 RSU and PSU expense: Spaceline operations 4,023 2,494 Research and development 3,817 7,665 Selling, general and administrative 19,592 27,196 Special charges — 162 Total RSU and PSU expense 27,432 37,517 Total stock-based compensation expense 29,752 44,258 Less: stock-based compensation expense for liability-classified awards 643 — Stock-based compensation expense for equity-classified awards $ 29,109 $ 44,258

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Loss Before Income Taxes	Loss before income taxes consists of the following components: Year Ended December 31, 2024 2023 (In thousands) United States $ (346,826) $ (502,123) International 160 239 Loss before income taxes $ (346,666) $ (501,884)
Schedule of Income Tax Expense	The components of income tax expense are as follows: Current Deferred Total (In thousands) Year ended December 31, 2024 Federal $ — $ — $ — State 10 — 10 Foreign 132 (68) 64 $ 142 $ (68) $ 74 Year ended December 31, 2023 Federal $ — $ — $ — State 6 — 6 Foreign 358 89 447 $ 364 $ 89 $ 453
Schedule of Deferred Tax Assets and Liabilities	Significant items comprising the Company’s deferred taxes are as follows: December 31, 2024 2023 (In thousands) Deferred tax assets: Net operating losses $ 447,735 $ 368,064 Research and development credits 82,432 65,406 Capitalized research and experimental expenditures 129,951 107,456 Accruals not currently deductible 6,971 7,327 Lease-related liabilities 18,971 18,976 Property, plant and equipment 2,589 1,926 Goodwill 189,132 207,221 Stock-based compensation 4,529 5,778 Related party expenses 3,452 3,086 Other 976 3,030 Total gross deferred tax assets 886,738 788,270 Valuation allowance (870,427) (770,533) Net deferred tax assets 16,311 17,737 Deferred tax liabilities: Property, plant and equipment (50) (132) Tenant improvement allowance — (388) Marketable securities amortization/accretion (1,269) (2,306) Operating lease right-of-use assets (14,986) (15,026) Other (56) — Total gross deferred tax liabilities (16,361) (17,852) Net deferred tax liabilities $ (50) $ (115)
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of income tax expense with the amount computed by applying the federal statutory tax rate to loss before income taxes is as follows: Year Ended December 31, 2024 2023 (In thousands) Expected income tax benefit at the federal statutory rate $ (72,800) $ (105,395) State income taxes (20,389) (30,853) Research and development (13,941) (17,050) Change in valuation allowance 99,885 138,854 Stock-based compensation 7,120 12,128 Revaluation of state deferred tax asset — 2,005 Other, net 199 764 $ 74 $ 453
Schedule of Uncertain Tax Positions	A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows: Year Ended December 31, 2024 2023 (In thousands) Balance at the beginning of the year $ 16,351 $ 10,120 Additions based on tax positions related to current year 4,256 6,231 Balance at the end of year $ 20,607 $ 16,351

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Loss Per Share	The following table presents net loss per share and related information: Year Ended December 31, 2024 2023 (In thousands, except per share amounts) Basic and diluted: Net loss $ (346,740) $ (502,337) Weighted-average common shares outstanding 24,955 16,863 Basic and diluted net loss per share $ (13.89) $ (29.79)
Schedule of Antidilutive Securities Excluded from Computation of Loss Per Share	A summary of the total number of shares excluded in the diluted net loss per share calculation is as follows: December 31, 2024 2023 (In thousands) Stock options issued and outstanding 127 146 Performance stock options issued and outstanding 20 20 Unvested equity- classified restricted stock units issued and outstanding 643 320 Unvested performance stock units issued and outstanding 49 49 Shares related to the 2027 Notes (if-converted) 1,662 1,662 2,501 2,197

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
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: December 31, 2024 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market $ 202,653 $ — $ — $ 202,653 U.S. treasuries 34,731 — — 34,731 Corporate bonds — 411,170 — 411,170 Total assets at fair value $ 237,384 $ 411,170 $ — $ 648,554 December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market $ 235,865 $ — $ — $ 235,865 U.S. treasuries 198,683 — — 198,683 Corporate bonds — 530,151 — 530,151 Total assets at fair value $ 434,548 $ 530,151 $ — $ 964,699 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: December 31, 2024 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: 2027 Notes $ — $ 186,252 $ — $ 186,252 Total liabilities at fair value $ — $ 186,252 $ — $ 186,252 December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: 2027 Notes $ — $ 189,937 $ — $ 189,937 Total liabilities at fair value $ — $ 189,937 $ — $ 189,937

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2024
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 December 31, 2024 are as follows: Operating Leases Finance (In thousands) Year ending December 31: 2025 $ 14,038 $ 241 2026 14,012 190 2027 13,951 76 2028 13,340 36 2029 12,959 10 Thereafter 52,327 — Total payments 120,627 553 Less: present value discount/imputed interest 47,629 80 Present value of lease liabilities $ 72,998 $ 473
Summary of Finance Lease Maturities	Future minimum lease payments under non-cancellable operating leases and future minimum finance lease payments as of December 31, 2024 are as follows: Operating Leases Finance (In thousands) Year ending December 31: 2025 $ 14,038 $ 241 2026 14,012 190 2027 13,951 76 2028 13,340 36 2029 12,959 10 Thereafter 52,327 — Total payments 120,627 553 Less: present value discount/imputed interest 47,629 80 Present value of lease liabilities $ 72,998 $ 473

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	Year Ended December 31, 2024 2023 (In thousands) Supplemental disclosure of cash flow information: Cash payments for: Income taxes $ 329 $ 658 Interest 10,625 15,938 Supplemental disclosure of non-cash investing and financing activities: Unpaid purchases of property, plant and equipment $ 11,054 $ 7,464 Transfer of other assets to rotables in property, plant and equipment — 2,985 Issuance of common stock through RSUs vested 2,346 9,560

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)		12 Months Ended
	Jun. 14, 2024	Dec. 31, 2024 segment
Related Party Transaction [Line Items]
Operating segments		1
Reportable segments		1
Common Stock
Related Party Transaction [Line Items]
Reverse stock split, conversion ratio	0.05

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Useful Lives of Property and Equipment (Details)	Dec. 31, 2024
Buildings
Property, Plant and Equipment [Line Items]
Useful life	39 years
Flight vehicles and rotables | Minimum
Property, Plant and Equipment [Line Items]
Useful life	2 years
Flight vehicles and rotables | Maximum
Property, Plant and Equipment [Line Items]
Useful life	20 years
Machinery and equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life	2 years
Machinery and equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life	7 years
Information technology software and equipment | Minimum
Property, Plant and Equipment [Line Items]
Useful life	3 years
Information technology software and equipment | Maximum
Property, Plant and Equipment [Line Items]
Useful life	6 years

Cash, Cash Equivalents and Ma_3

Cash, Cash Equivalents and Marketable Securities - Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, amortized cost	$ 210,885	$ 253,592	$ 342,627
Corporate debt securities, amortized cost	445,692
Total cash, cash equivalents, and marketable securities, amortized cost	656,577	982,124
Gross Unrealized Gain	209	302
Corporate debt securities, fair value	445,901
Total assets at fair value	656,786	982,426
U.S. treasuries
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Corporate debt securities, amortized cost	34,694	198,639
Gross Unrealized Gain	37	44
Corporate debt securities, fair value	34,731	198,683
Corporate bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Corporate debt securities, amortized cost	410,998	529,893
Gross Unrealized Gain	172	258
Corporate debt securities, fair value	411,170	530,151
Cash and restricted cash
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, amortized cost	8,232	17,727
Cash and cash equivalents, fair value	8,232	17,727
Money market
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, amortized cost	202,653	235,865
Cash and cash equivalents, fair value	$ 202,653	$ 235,865

Cash, Cash Equivalents and Ma_4

Cash, Cash Equivalents and Marketable Securities - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Interest receivable	$ 4.2	$ 4.6
Amortization expense	$ 16.6	$ 15.6

Cash, Cash Equivalents and Ma_5

Cash, Cash Equivalents and Marketable Securities - Contractual Maturities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Amortized Cost
Matures within one year	$ 384,206
Matures between one to two years	61,486
Marketable securities, Total	445,692
Fair Value
Matures within one year	384,621
Matures between one to two years	61,280
Marketable securities, Total	$ 445,901

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	$ 299,488	$ 169,432
Less: accumulated depreciation and amortization	90,374	75,626
Property, Plant and Equipment, Net, Total	209,114	93,806
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	1,302	1,302
Buildings
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	10,111	9,092
Flight vehicles and rotables
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	4,331	4,074
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	42,792	39,983
Information technology software and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	45,553	43,256
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	77,589	37,141
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	$ 117,810	$ 34,584

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease cost	$ 13,496	$ 12,403
Variable lease cost	3,842	3,755
Short-term lease cost	22	145
Finance lease cost:
Amortization of assets under finance leases	223	267
Interest on finance lease liabilities	68	80
Total finance lease cost	291	347
Total lease cost	$ 17,651	$ 16,650

Leases - Cash Flow Information

Leases - Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash Flow Information:
Operating cash flows for operating leases	$ 13,215	$ 9,967
Operating cash flows for finance leases	68	80
Financing cash flows for finance leases	193	235
Assets acquired in exchange for lease obligations:
Operating leases	5,408	14,001
Finance leases	$ 51	$ 255
Weighted-average remaining lease term:
Operating leases (in years)	8 years 8 months 12 days	9 years 9 months 18 days
Finance leases (in years)	2 years 7 months 6 days	3 years 1 month 6 days
Weighted-average discount rates:
Operating leases	12.20%	12.10%
Finance leases	13.30%	12.90%

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Long-term right-of-use assets	$ 58,039	$ 58,526
Short-term operating lease liabilities	5,604	4,350
Long-term operating lease liabilities	67,394	68,864
Total operating lease liabilities	$ 72,998	$ 73,214
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net	Property, plant and equipment, net

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued compensation	$ 30,705	$ 32,179
Accrued manufacturing sub-contractor and contract labor costs	18,827	9,500
Other	12,289	13,725
Accrued Liabilities, Current, Total	$ 61,821	$ 55,404

Convertible Senior Notes - Narr

Convertible Senior Notes - Narrative (Details) $ / shares in Units, shares in Millions		1 Months Ended	12 Months Ended
	Jan. 19, 2022	Jan. 31, 2022 USD ($) day $ / shares shares	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Amortization of debt issuance costs | $			$ 2,234,000	$ 2,166,000
Call Option
Line of Credit Facility [Line Items]
Capped call option to purchase common shares (in shares) | shares		1.7
Call option price per share (in dollars per share) | $ / shares		$ 255.77
Derivative, cap price (in dollars per share) | $ / shares		$ 401.20
Premium over share price, percentage		100%
2027 Notes | Convertible Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount | $		$ 425,000,000
Interest rate		2.50%
Conversion ratio	0.0039098
Conversion price (in dollars per share) | $ / shares		$ 255.77
Threshold trading days		20
Threshold percentage of stock price trigger		130%
Interest expense | $			12,900,000	12,800,000
Amortization of debt issuance costs | $			$ 2,200,000	$ 2,200,000
2027 Notes | Convertible Debt | Debt Conversion Option One
Line of Credit Facility [Line Items]
Threshold trading days		20
Debt instrument, convertible, threshold consecutive trading days		30
Threshold percentage of stock price trigger		130%
2027 Notes | Convertible Debt | Debt Conversion Option Two
Line of Credit Facility [Line Items]
Threshold trading days		5
Debt instrument, convertible, threshold consecutive trading days		10
Threshold percentage of stock price trigger		98%

Convertible Senior Notes - 2027

Convertible Senior Notes - 2027 Notes (Details) - 2027 Notes - Convertible Debt - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal	$ 425,000	$ 425,000
Less: unamortized debt issuance costs	4,880	7,114
Total debt	$ 420,120	$ 417,886

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	11 Months Ended	12 Months Ended		18 Months Ended
	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023	Nov. 30, 2024	Aug. 31, 2022
Class of Stock [Line Items]
Shares authorized (in shares)		710,000,000	710,000,000
Common stock, shares authorized (in shares)		700,000,000	700,000,000
Common 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, par value (in dollars per share)		$ 0.0001	$ 0.0001
Stock sold, transaction costs		$ 2,054	$ 5,239
2022 At The Market Offering Program
Class of Stock [Line Items]
Stock offering, maximum sale amount					$ 300,000
Stock sold, aggregate consideration	$ 300,000
Stock sold (in shares)	3,000,000
Stock sold, transaction costs	$ 3,000
2023 At The Market Offering Program
Class of Stock [Line Items]
Stock offering, maximum sale amount	$ 400,000
Stock sold (in shares)				12,800,000
Stock sold, transaction costs				$ 3,900
Proceeds from sale of common stock				396,200
2024 At The Market Offering Program
Class of Stock [Line Items]
Stock offering, maximum sale amount				$ 300,000
Stock sold (in shares)		4,100,000
Stock sold, transaction costs		$ 900
Proceeds from sale of common stock		$ 29,100

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) plan day shares	Jun. 30, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity incentive plans | plan	2
Authorized (in shares) | shares	700,000
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Share-based payment award, award vesting rights, percentage	25%
Expiration period	10 years
Unrecognized stock-based compensation expense | $	$ 1.1
Unrecognized compensation cost, period for recognition	9 months 18 days
Performance stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period	10 years
Unrecognized compensation expense | $	$ 0
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Unrecognized compensation cost, period for recognition	2 years 2 months 12 days
Unrecognized compensation expense | $	$ 23.3
Restricted Stock Units (RSUs) | Tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, award vesting rights, percentage	25%
Restricted Stock Units (RSUs) | Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, award vesting rights, percentage	25%
Restricted Stock Units (RSUs) | Tranche three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, award vesting rights, percentage	25%
Restricted Stock Units (RSUs) | Tranche four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, award vesting rights, percentage	25%
Liability-Classified Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	2 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Consecutive trading days | day	20
Unrecognized compensation cost, period for recognition	1 year 1 month 6 days
Unrecognized compensation expense | $	$ 2.2
Performance Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, award vesting rights, percentage	25%
Performance Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment award, award vesting rights, percentage	200%
Second A/R Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized (in shares) | shares	2,200,000
2023 Equity Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock reserved for issuance (in shares) | shares		140,000
2019 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock reserved for issuance (in shares) | shares	800,000
2019 Stock Plan | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Plan Activity (Details) - Stock option - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Beginning balance (in shares)	145,649	168,247
Granted (in shares)	0	0
Exercised (in shares)	0	0
Forfeited (in shares)	(19,104)	(22,598)
Ending balance (in shares)	126,545	145,649	168,247
Exercisable (in shares)	120,456
Weighted- Average Exercise Price
Weighted-average exercise price, beginning (in dollars per share)	$ 280.60	$ 272.60
Granted (in dollars per share)	0	0
Exercised (in dollars per share)	0	0
Forfeited options (in dollars per share)	235.80	217.80
Weighted-average exercise price, ending (in dollars per share)	287.43	$ 280.60	$ 272.60
Exercisable (in dollars per share)	$ 286.58
Weighted Average Remaining Contractual Life (in years) and Aggregate Intrinsic Value
Outstanding, weighted average contractual term	5 years 2 months 12 days	6 years	7 years 1 month 6 days
Exercisable, weighted average contractual term	5 years 1 month 6 days
Outstanding, aggregate intrinsic value	$ 0	$ 0	$ 0
Exercisable, aggregate intrinsic value	$ 0

Stock-Based Compensation - PSO

Stock-Based Compensation - PSO Activity (Details) - Performance stock options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Number of Shares
Beginning balance (in shares)	20,284	20,284
Granted (in shares)	0	0
Exercised (in shares)	0	0
Forfeited (in shares)	0	0
Ending balance (in shares)	20,284	20,284	20,284
Exercisable (in shares)	0
Weighted- Average Exercise Price
Weighted-average exercise price, beginning (in dollars per share)	$ 179.80	$ 179.80
Granted (in dollars per share)	0	0
Exercised (in dollars per share)	0	0
Forfeited (in dollars per share)	0	0
Weighted-average exercise price, ending (in dollars per share)	179.80	$ 179.80	$ 179.80
Exercisable (in dollars per share)	$ 0
Weighted Average Remaining Contractual Life (in years) and Aggregate Intrinsic Value
Weighted average contractual term	7 years 2 months 12 days	8 years 2 months 12 days	9 years 2 months 12 days
Exercisable, weighted average contractual term	0 years
Outstanding, aggregate intrinsic value	$ 0	$ 0	$ 0
Exercisable, aggregate intrinsic value	$ 0

Stock-Based Compensation - RSU

Stock-Based Compensation - RSU Activity (Details) - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Shares
Outstanding, beginning balance (in shares)	319,627	219,376
Granted (in shares)	578,075	324,533
Vested (in shares)	(152,019)	(127,407)
Forfeited (in shares)	(103,182)	(96,875)
Outstanding, ending balance (in shares)	642,501	319,627
Weighted-Average Grant Date Fair Value
Outstanding, beginning balance (in dollars per share)	$ 146.60	$ 252.80
Granted (in dollars per share)	21.27	82
Vested (in dollars per share)	179.55	259.80
Forfeited (in dollars per share)	56.71	157
Outstanding, ending balance (in dollars per share)	$ 40.96	$ 146.60

Stock-Based Compensation - Liab

Stock-Based Compensation - Liability-Classified RSUs (Details) - Liability-Classified Stock Awards	12 Months Ended
	Dec. 31, 2024 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding, beginning balance (in shares)	0
Granted (in shares)	272,626
Vested (in shares)	0
Forfeited (in shares)	0
Outstanding, ending balance (in shares)	272,626

Stock-Based Compensation - Valu

Stock-Based Compensation - Valuation Assumptions (Details) - Performance stock units	12 Months Ended
	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	96%
Risk free interest rate	4%
Dividend yield	0%

Stock-Based Compensation - PSU

Stock-Based Compensation - PSU Activity (Details) - Performance stock units - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Shares
Outstanding, beginning balance (in shares)	49,176	15,166
Granted (in shares)	0	47,280
Vested (in shares)	0	0
Forfeited (in shares)	0	(13,270)
Outstanding, ending balance (in shares)	49,176	49,176
Weighted-Average Grant Date Fair Value
Outstanding, beginning balance (in dollars per share)	$ 208.40	$ 269.20
Granted (in dollars per share)	0	157.20
Vested (in dollars per share)	0	0
Forfeited (in dollars per share)	0	198.80
Outstanding, ending balance (in dollars per share)	$ 208.40	$ 208.40

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock option and PSO expense	$ 29,752	$ 44,258
Employee Stock Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock option and PSO expense	2,320	6,741
Restricted Stock Units and Performance Shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock option and PSO expense	27,432	37,517
Liability-Classified Stock Awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock option and PSO expense	643	0
Equity-Classified Award
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock option and PSO expense	29,109	44,258
Spaceline operations | Employee Stock Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock option and PSO expense	0	379
Spaceline operations | Restricted Stock Units and Performance Shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock option and PSO expense	4,023	2,494
Research and development | Employee Stock Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock option and PSO expense	0	1,412
Research and development | Restricted Stock Units and Performance Shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock option and PSO expense	3,817	7,665
Selling, general and administrative | Employee Stock Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock option and PSO expense	2,320	4,950
Selling, general and administrative | Restricted Stock Units and Performance Shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock option and PSO expense	19,592	27,196
Special charges | Restricted Stock Units and Performance Shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock option and PSO expense	$ 0	$ 162

Special Charges - Narrative (De

Special Charges - Narrative (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Jan. 31, 2024 USD ($)	Nov. 30, 2023 employee	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Workforce reduction (number of employees) | employee		185
Workforce reduction (percent of workforce)		18%
Severance and related benefit costs			$ 0	$ 4,398
Employee Severance
Restructuring Cost and Reserve [Line Items]
Severance and related benefit costs				$ 4,400
Payments for restructuring	$ 1,400

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Retirement Benefits [Abstract]
Defined contributions	$ 6.3	$ 7.3

Income Taxes - Loss Before Inco

Income Taxes - Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
United States	$ (346,826)	$ (502,123)
International	160	239
Loss before income taxes	$ (346,666)	$ (501,884)

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Federal
Current	$ 0	$ 0
Deferred	0	0
Total	0	0
State
Current	10	6
Deferred	0	0
Total	10	6
Foreign
Current	132	358
Deferred	(68)	89
Total	64	447
Current	142	364
Deferred	(68)	89
Total	$ 74	$ 453

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Net operating losses	$ 447,735	$ 368,064
Research and development credits	82,432	65,406
Capitalized research and experimental expenditures	129,951	107,456
Accruals not currently deductible	6,971	7,327
Lease-related liabilities	18,971	18,976
Property, plant and equipment	2,589	1,926
Goodwill	189,132	207,221
Stock-based compensation	4,529	5,778
Related party expenses	3,452	3,086
Other	976	3,030
Total gross deferred tax assets	886,738	788,270
Valuation allowance	(870,427)	(770,533)
Net deferred tax assets	16,311	17,737
Deferred tax liabilities:
Property, plant and equipment	(50)	(132)
Tenant improvement allowance	0	(388)
Marketable securities amortization/accretion	(1,269)	(2,306)
Operating lease right-of-use assets	(14,986)	(15,026)
Other	(56)	0
Total gross deferred tax liabilities	(16,361)	(17,852)
Net deferred tax liabilities	$ (50)	$ (115)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 870,427,000	$ 770,533,000
Uncertain tax positions	20,607,000	$ 16,351,000	$ 10,120,000
Interest and penalty charges accrued	0
U.S. Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward	1,800,000,000
U.S. Federal | Research and development
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	74,200,000
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward	1,600,000,000
State | Research and development
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	$ 36,500,000

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Expected income tax benefit at the federal statutory rate	$ (72,800)	$ (105,395)
State income taxes	(20,389)	(30,853)
Research and development	(13,941)	(17,050)
Change in valuation allowance	99,885	138,854
Stock-based compensation	7,120	12,128
Revaluation of state deferred tax asset	0	2,005
Other, net	199	764
Total	$ 74	$ 453

Income Taxes - Change in Uncert

Income Taxes - Change in Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Balance at the beginning of the year	$ 16,351	$ 10,120
Additions based on tax positions related to current year	4,256	6,231
Balance at the end of year	$ 20,607	$ 16,351

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Basic and diluted:
Net loss, basic	$ (346,740)	$ (502,337)
Net loss, diluted	$ (346,740)	$ (502,337)
Weighted-average common shares outstanding - basic (in shares)	24,955	16,863
Weighted-average common share outstanding - diluted (in shares)	24,955	16,863
Basic net loss per share (in dollars per share)	$ (13.89)	$ (29.79)
Diluted net loss per share (in dollars per share)	$ (13.89)	$ (29.79)

Earnings Per Share - Anti-dilut

Earnings Per Share - Anti-dilutive (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential effect of warrants to purchase stock (in shares)	2,501	2,197
Stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential effect of warrants to purchase stock (in shares)	127	146
Performance stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential effect of warrants to purchase stock (in shares)	20	20
Unvested equity- classified restricted stock units issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential effect of warrants to purchase stock (in shares)	643	320
Unvested performance stock units issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential effect of warrants to purchase stock (in shares)	49	49
Shares related to the 2027 Notes (if-converted)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential effect of warrants to purchase stock (in shares)	1,662	1,662

Fair Value Measurements - Fair

Fair Value Measurements - Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate debt securities, fair value	$ 445,901
Total assets at fair value	656,786	$ 982,426
U.S. treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate debt securities, fair value	34,731	198,683
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate debt securities, fair value	411,170	530,151
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	648,554	964,699
Total liabilities at fair value	186,252	189,937
Fair Value, Recurring | 2027 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
2027 Notes	186,252	189,937
Fair Value, Recurring | U.S. treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate debt securities, fair value	34,731	198,683
Fair Value, Recurring | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate debt securities, fair value	411,170	530,151
Level 1 | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	237,384	434,548
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]
Corporate debt securities, fair value	34,731	198,683
Level 1 | Fair Value, Recurring | Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate debt 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	411,170	530,151
Total liabilities at fair value	186,252	189,937
Level 2 | Fair Value, Recurring | 2027 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
2027 Notes	186,252	189,937
Level 2 | Fair Value, Recurring | U.S. treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate debt 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]
Corporate debt securities, fair value	411,170	530,151
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]
Corporate debt 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]
Corporate debt 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	202,653	235,865
Money market | Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	202,653	235,865
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	202,653	235,865
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

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) $ in Millions		10 Months Ended
	Mar. 21, 2024 USD ($)	Dec. 13, 2022 allegedShareholder	Dec. 31, 2024
The Boeing Company and Aurora Flight Sciences Corporation v. the Company
Operating Leased Assets [Line Items]
Loss contingency, amount of damages sought | $	$ 25
Spiteri, Grenier, Laidlaw, and St. Jean
Operating Leased Assets [Line Items]
Number of alleged shareholders that filed a complaint | allegedShareholder		4
Minimum
Operating Leased Assets [Line Items]
Operating lease, renewal term			3 years
Maximum
Operating Leased Assets [Line Items]
Operating lease, renewal term			20 years

Commitments and Contingencies_2

Commitments and Contingencies - Lease Maturities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Operating Leases
2025	$ 14,038
2026	14,012
2027	13,951
2028	13,340
2029	12,959
Thereafter	52,327
Total payments	120,627
Less: present value discount/imputed interest	47,629
Present value of lease liabilities	$ 72,998
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities
Finance Leases
2025	$ 241
2026	190
2027	76
2028	36
2029	10
Thereafter	0
Total payments	553
Less: present value discount/imputed interest	80
Present value of lease liabilities	$ 473
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Affiliated Entity
Related Party Transaction [Line Items]
Royalty expense	$ 1.5	$ 0.6

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash payments for:
Income taxes	$ 329	$ 658
Interest	10,625	15,938
Supplemental disclosure of non-cash investing and financing activities:
Unpaid purchases of property, plant and equipment	11,054	7,464
Transfer of other assets to rotables in property, plant and equipment	0	2,985
Issuance of common stock through RSUs vested	$ 2,346	$ 9,560