Virgin Galactic (SPCE) 10-K27 Feb 242023 FY Annual reportFinancial data

Company Profile

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Dec. 31, 2023	Feb. 13, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1.2
Entity Common Stock, Shares Outstanding		400,040,013
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement relating to its annual meeting of stockholders to be held in 2024 (the “2024 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	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001706946

Audit Information

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
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, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 216,799	$ 302,291
Restricted cash	36,793	40,336
Marketable securities, short-term	657,238	606,716
Inventories	16,301	24,043
Prepaid expenses and other current assets	23,698	28,228
Total current assets	950,829	1,001,614
Marketable securities, long-term	71,596	30,392
Property, plant and equipment, net	93,806	53,658
Other non-current assets	63,286	54,274
Total assets	1,179,517	1,139,938
Current liabilities:
Accounts payable	32,415	16,326
Accrued liabilities	50,863	61,848
Customer deposits	97,841	102,647
Other current liabilities	4,541	3,232
Total current liabilities	185,660	184,053
Non-current liabilities:
Convertible senior notes, net	417,886	415,720
Other long-term liabilities	70,495	59,942
Total liabilities	674,041	659,715
Commitments and contingencies (Note 16)
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; 399,908,982 and 275,397,229 shares issued and outstanding as of December 31, 2023 and 2022, respectively	40	28
Additional paid-in capital	2,631,197	2,111,316
Accumulated deficit	(2,126,132)	(1,623,795)
Accumulated other comprehensive income (loss)	371	(7,326)
Total stockholders' equity	505,476	480,223
Total liabilities and stockholders' equity	$ 1,179,517	$ 1,139,938

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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)	399,908,982	275,397,229
Common stock, shares outstanding (in shares)	399,908,982	275,397,229

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 6,800	$ 2,312	$ 3,292
Operating expenses:
Spaceline operations	50,538	1,906	272
Research and development	295,140	314,174	144,223
Selling, general and administrative	174,864	175,118	166,814
Depreciation and amortization	13,369	11,098	11,518
Special charges	4,398	0	0
Total operating expenses	538,309	502,296	322,827
Operating loss	(531,509)	(499,984)	(319,535)
Interest income	42,234	12,502	1,208
Interest expense	(12,872)	(12,130)	(25)
Change in fair value of warrants	0	0	(34,650)
Other income, net	263	58	182
Loss before income taxes	(501,884)	(499,554)	(352,820)
Income tax expense	453	598	79
Net loss	(502,337)	(500,152)	(352,899)
Other comprehensive income (loss):
Foreign currency translation adjustment	81	(146)	129
Unrealized gain (loss) on marketable securities	7,616	(5,311)	(2,003)
Total comprehensive loss	$ (494,640)	$ (505,609)	$ (354,773)
Net loss per share:
Basic (in dollars per share)	$ (1.49)	$ (1.89)	$ (1.43)
Diluted (in dollars per share)	$ (1.49)	$ (1.89)	$ (1.43)
Weighted-average shares outstanding:
Weighted average common shares outstanding - basic (in shares)	337,262	263,947	247,619
Weighted average common share outstanding - diluted (in shares)	337,262	263,947	247,619

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, 2020		236,123,659
Beginning balance at Dec. 31, 2020	$ 527,078	$ 23	$ 1,297,794	$ (770,744)	$ 5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(352,899)			(352,899)
Other comprehensive income (loss)	(1,874)				(1,874)
Stock-based compensation	61,805		61,805
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares)		2,880,108
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	(3,441)	$ 1	(3,442)
Common stock issued related to warrants exercised (in shares)		5,422,217
Common stock issued related to warrants exercised	170,090		170,090
Issuance of common stock pursuant to at the market offering (in shares)		13,740,433
Issuance of common stock pursuant to at-the-market offering	499,999	$ 2	499,997
Transaction costs	(6,494)		(6,494)
Ending balance (in shares) at Dec. 31, 2021		258,166,417
Ending balance at Dec. 31, 2021	894,264	$ 26	2,019,750	(1,123,643)	(1,869)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(500,152)			(500,152)
Other comprehensive income (loss)	(5,457)				(5,457)
Stock-based compensation	45,709		45,709
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares)		965,112
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	(3,935)		(3,935)
Issuance of common stock pursuant to at the market offering (in shares)		16,265,700
Issuance of common stock pursuant to at-the-market offering	103,328	$ 2	103,326
Transaction costs	(1,216)		(1,216)
Purchase of capped call	$ (52,318)		(52,318)
Ending balance (in shares) at Dec. 31, 2022	275,397,229	275,397,229
Ending balance at Dec. 31, 2022	$ 480,223	$ 28	2,111,316	(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	44,258		44,258
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares)		1,705,435
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)		122,806,318
Issuance of common stock pursuant to at-the-market offering	484,146	$ 12	484,134
Transaction costs	$ (5,271)		(5,271)
Ending balance (in shares) at Dec. 31, 2023	399,908,982	399,908,982
Ending balance at Dec. 31, 2023	$ 505,476	$ 40	$ 2,631,197	$ (2,126,132)	$ 371

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (502,337)	$ (500,152)	$ (352,899)
Stock-based compensation	44,258	45,709	61,805
Depreciation and amortization	13,369	11,098	11,518
Amortization of debt issuance costs	2,166	1,998	0
Change in fair value of warrant liability	0	0	34,650
Other non-cash items	(13,576)	10,800	11
Change in operating assets and liabilities:
Inventories	4,757	5,625	815
Other current and non-current assets	11,798	(2,810)	(3,465)
Accounts payable and accrued liabilities	(2,360)	35,151	7,935
Customer deposits	(4,806)	11,784	7,652
Other current and long-term liabilities	(1,462)	556	1,215
Net cash used in operating activities	(448,193)	(380,241)	(230,763)
Cash flows from investing activities:
Capital expenditures	(44,309)	(16,489)	(4,635)
Purchases of marketable securities	(1,009,836)	(704,565)	(382,884)
Proceeds from maturities and calls of marketable securities	937,872	434,889	0
Net cash used in investing activities	(116,273)	(286,165)	(387,519)
Cash flows from financing activities:
Payments of finance lease obligations	(235)	(234)	(140)
Proceeds from convertible senior notes	0	425,000	0
Debt issuance costs	0	(11,278)	0
Purchase of capped call	0	(52,318)	0
Repayment of commercial loan	0	(310)	(310)
Proceeds from issuance of common stock	484,145	103,326	500,000
Proceeds from issuance of common stock pursuant to stock options exercised	0	49	19,980
Withholding taxes paid on behalf of employees on net settled stock-based awards	(3,240)	(3,984)	(23,401)
Transaction costs related to issuance of common stock	(5,239)	(1,248)	(6,772)
Net cash provided by financing activities	475,431	459,003	489,357
Net decrease in cash, cash equivalents and restricted cash	(89,035)	(207,403)	(128,925)
Cash, cash equivalents and restricted cash at beginning of year	342,627	550,030	678,955
Cash, cash equivalents and restricted cash at end of year	253,592	342,627	550,030
Cash and cash equivalents	216,799	302,291	524,481
Restricted cash	36,793	40,336	25,549
Cash, cash equivalents and restricted cash	$ 253,592	$ 342,627	$ 550,030

Organization

Organization	12 Months Ended
Organization	Dec. 31, 2023
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
Summary of Significant Accounting Policies	Dec. 31, 2023
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 comprise the Company’s current 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 Company’s Future Astronaut community and costs related to payload cargo and engineering services, which were previously presented as customer experience expense. 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 to inventories, income taxes, stock-based compensation and contingencies. 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 consists of cash deposits received from future astronauts that are contractually restricted for operational use until the condition of carriage is signed or the deposits are refunded. The 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 (loss) 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. Inventories are stated at the lower of cost or net realizable value using the average cost method. The Company records a provision for excess and obsolete inventory based primarily on forecasted product demand and production requirements. Once inventory provisions are established, the written-down value of the inventory becomes its new cost basis. 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. 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 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. On January 1, 2022, the Company adopted Accounting Standards Update ("ASU") 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) , which removes from GAAP the liability and equity separation model for convertible instruments with either cash or beneficial conversion features. As a result, convertible debt instruments would only be separated into multiple components if they were issued at a substantial premium or if embedded derivatives requiring bifurcation were identified. The convertible senior notes (the "2027 Notes") were not issued at a substantial premium, and the Company analyzed the provisions of the notes and did not identify any material embedded features which would require bifurcation from the host debt. As such, the notes are accounted for entirely as a liability, net of unamortized issuance costs. At the end of each reporting period, the Company evaluates whether conditions are present that would require bifurcation. The carrying amount of the liability is classified as long-term as the instrument does not mature within one year of the balance sheet date and the holder is not permitted to demand repayment of the principal within one year of the balance sheet date. However, if conditions to convertibility are met as described further in Note 8, the Company may be required to reclassify the carrying amount of the liability to current. The embedded conversion features are not remeasured as long as they do not meet the separation requirement of a derivative. Issuance costs are amortized to interest expense using the effective interest rate method. Additionally, ASU 2020-06 requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share. 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 8 for additional information on the 2027 Capped Calls. 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. • 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 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 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 future astronaut community; and costs to provide payload cargo and engineering services. 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 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. 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") 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 RSUs over the requisite service period. Performance-Based Awards conditions. 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
Cash, Cash Equivalents and Marketable Securities	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Marketable Securities	Cash, Cash Equivalents and Marketable Securities The amortized cost, unrealized loss and estimated fair value of the Company's cash, cash equivalents and marketable securities are as follows: December 31, 2023 Amortized Cost Gross Unrealized Gains 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 December 31, 2022 Amortized Cost Gross Unrealized Losses Fair Value (In thousands) Cash and cash equivalents: Cash and restricted cash $ 51,651 $ — $ 51,651 Money market 249,249 — 249,249 Certificate of deposits 41,727 — 41,727 Marketable securities: U.S. treasuries 79,570 (53) 79,517 Corporate bonds 564,853 (7,262) 557,591 $ 987,050 $ (7,315) $ 979,735 Interest receivable of $4.6 million and $4.5 million is included in prepaid expenses and other current assets in the accompanying consolidated balance sheets as of December 31, 2023 and 2022, 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 $15.6 million in accretion income, net and $6.0 million in amortization expense, net for its marketable securities for the years ended December 31, 2023 and 2022, respectively. The following table presents the contractual maturities of the Company's marketable securities as of December 31, 2023: December 31, 2023 Amortized Cost Estimated Fair Value (In thousands) Matures within one year $ 657,262 $ 657,238 Matures between one to two years 71,270 71,596 $ 728,532 $ 728,834

Inventories

Inventories	12 Months Ended
Inventories	Dec. 31, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are comprised of the following: December 31, 2023 2022 (In thousands) Raw materials and work-in-process $ 13,875 $ 15,033 Spare parts 2,426 9,010 $ 16,301 $ 24,043

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
Property, Plant and Equipment	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment consists of the following: December 31, 2023 2022 (In thousands) Land $ 1,302 $ 1,302 Buildings 9,092 9,117 Flight vehicles and rotables 4,074 195 Machinery and equipment 39,983 37,223 Information technology software and equipment 43,256 33,387 Leasehold improvements 37,141 31,086 Construction in progress 34,584 4,339 169,432 116,649 Less: accumulated depreciation and amortization 75,626 62,991 $ 93,806 $ 53,658

Leases

Leases	12 Months Ended
Leases	Dec. 31, 2023
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, 2023 2022 2021 (In thousands) Operating lease cost $ 12,403 $ 9,522 $ 5,528 Variable lease cost 3,755 3,533 5,091 Short-term lease cost 145 12 32 Finance lease cost: Amortization of assets under finance leases 267 163 136 Interest on finance lease liabilities 80 39 26 Total finance lease cost 347 202 162 Total lease cost $ 16,650 $ 13,269 $ 10,813 The components of supplemental cash flow information related to leases are as follows: Year Ended December 31, 2023 2022 2021 (In thousands, except term and rate data) Cash Flow Information: Operating cash flows from operating leases $ 9,967 $ 7,801 $ 5,535 Operating cash flows from finance leases $ 80 $ 39 $ 26 Financing cash flows from finance leases $ 235 $ 234 $ 140 Non-cash Activity: Assets acquired in exchange for lease obligations: Operating leases $ 14,001 $ 16,338 $ 17,960 Finance leases $ 255 $ 575 $ 19 Other Information: Weighted-average remaining lease term: Operating leases (in years) 9.8 10.7 11.7 Finance leases (in years) 3.1 3.2 2.1 Weighted-average discount rates: Operating leases 12.1 % 12.2 % 11.7 % Finance leases 12.9 % 12.4 % 8.2 % The supplemental consolidated balance sheet information related to leases is as follows: December 31, 2023 2022 (In thousands) Operating Leases: Long-term right-of-use assets $ 58,526 $ 48,463 Short-term operating lease liabilities $ 4,350 $ 3,020 Long-term operating lease liabilities 68,864 56,645 Total operating lease liabilities $ 73,214 $ 59,665
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, 2023 2022 2021 (In thousands) Operating lease cost $ 12,403 $ 9,522 $ 5,528 Variable lease cost 3,755 3,533 5,091 Short-term lease cost 145 12 32 Finance lease cost: Amortization of assets under finance leases 267 163 136 Interest on finance lease liabilities 80 39 26 Total finance lease cost 347 202 162 Total lease cost $ 16,650 $ 13,269 $ 10,813 The components of supplemental cash flow information related to leases are as follows: Year Ended December 31, 2023 2022 2021 (In thousands, except term and rate data) Cash Flow Information: Operating cash flows from operating leases $ 9,967 $ 7,801 $ 5,535 Operating cash flows from finance leases $ 80 $ 39 $ 26 Financing cash flows from finance leases $ 235 $ 234 $ 140 Non-cash Activity: Assets acquired in exchange for lease obligations: Operating leases $ 14,001 $ 16,338 $ 17,960 Finance leases $ 255 $ 575 $ 19 Other Information: Weighted-average remaining lease term: Operating leases (in years) 9.8 10.7 11.7 Finance leases (in years) 3.1 3.2 2.1 Weighted-average discount rates: Operating leases 12.1 % 12.2 % 11.7 % Finance leases 12.9 % 12.4 % 8.2 % The supplemental consolidated balance sheet information related to leases is as follows: December 31, 2023 2022 (In thousands) Operating Leases: Long-term right-of-use assets $ 58,526 $ 48,463 Short-term operating lease liabilities $ 4,350 $ 3,020 Long-term operating lease liabilities 68,864 56,645 Total operating lease liabilities $ 73,214 $ 59,665

Accrued Liabilities

Accrued Liabilities	12 Months Ended
Accrued Liabilities	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities The components of accrued liabilities are as follows: December 31, 2023 2022 (In thousands) Accrued compensation $ 32,179 $ 26,554 Accrued manufacturing sub-contractor and contract labor costs 9,500 16,415 Other accrued expenses 9,184 18,879 $ 50,863 $ 61,848

Convertible Senior Notes

Convertible Senior Notes	12 Months Ended
Convertible Senior Notes	Dec. 31, 2023
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 78.1968 shares of common stock per $1,000 principal amount of the 2027 Notes, which is equal to an initial conversion price of approximately $12.79 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, 2023 and 2022, 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, 2023 and 2022. 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, 2023 and 2022, 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, 2023 2022 (In thousands) Principal $ 425,000 $ 425,000 Less: unamortized debt issuance costs 7,114 9,280 Net carrying amount $ 417,886 $ 415,720 During the years ended December 31, 2023 and 2022, the Company recognized $12.8 million and $12.1 million of interest expense on its 2027 Notes, respectively, including $2.2 million and $2.0 million of amortized debt issuance costs, respectively. 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 33 million shares of its common stock for approximately $12.79 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 $20.06 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. The Company paid an aggregate amount of $52.3 million for the 2027 Capped Calls during the year ended December 31, 2022. The Capped Calls meet the criteria for classification as equity and, as such, are not remeasured each reporting period.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2023
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 any year presented. At-The-Market Offerings In July 2021, 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 $500 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 "2021 ATM Program"). The Company completed the 2021 ATM Program in July 2021, selling a total of 13.7 million shares of common stock and generating $500 million in gross proceeds, before deducting $6.2 million in underwriting discounts, commissions and other expenses. In August 2022, the Company entered into a distribution agency agreement with 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 59.4 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"). As of December 31, 2023, the Company sold a total of 79.7 million shares of common stock under the 2023 ATM Program, generating $287.5 million in gross proceeds since its inception, before deducting $2.9 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. Warrants and Warrant Redemption The Company classified its public and private placement warrants as liabilities in accordance with ASC 815 (Derivatives and Hedging). The warrant liability was recorded on the consolidated balance sheet at fair value on the issue date, with subsequent changes in their fair value recognized in the consolidated statements of operations and comprehensive loss at each reporting date. As of December 31, 2023 and 2022, there were no public or private placement warrants outstanding.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
Stock-Based Compensation	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company maintains two equity incentive plans -- the Amended and Restated Virgin Galactic Holdings, Inc. 2019 Incentive Award Plan (the "2019 Plan") and the Virgin Galactic Holdings, Inc. 2023 Employment Inducement Incentive Award Plan (the "Inducement Plan"). Pursuant to the 2019 Plan, the Company has the ability to grant incentive stock options and non-qualified stock options, restricted stock awards, stock appreciation rights, restricted stock units and other stock or cash-based awards to employees and other service providers of the Company and its subsidiaries and members of the Company’s board of directors. The 2019 Plan, as amended and restated, was adopted by the Company's board of directors and became effective in April 2023, subject to the approval of the Company’s stockholders, and was approved by the Company’s stockholders in June 2023. Prior to the amendment and restatement of the Virgin Galactic Holdings, Inc. 2019 Incentive Award Plan (the “Original Plan”), the Company initially reserved 21,208,755 shares of common stock for issuance. The amendment and restatement of the Original Plan increased the number of shares available for issuance by 8,200,000 shares. 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 2,800,000 shares of common stock for the issuance of awards thereunder. Common Stock Reserved for Future Issuance As of December 31, 2023, 24.5 million shares remained available for issuance under the 2019 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. The weighted-average grant date fair value of the stock options granted in 2022 was estimated using a Black-Scholes model with the following assumptions: Expected life (in years) 6.1 Expected volatility 69.0 % Risk free interest rate 2.2 % Dividend yield — % 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 Weighted- Average Grant Date Fair Value (Dollars in thousands, except per share amounts) Outstanding at December 31, 2020 6,796,045 $ 13.59 8.6 $ 68,888 Granted — — Exercised (1,601,857) 12.47 Forfeited (940,421) 13.27 Outstanding at December 31, 2021 4,253,767 14.09 7.6 6,187 Granted 303,030 7.99 $ 4.95 Exercised (4,182) 11.79 Forfeited (1,187,680) 13.87 Outstanding at December 31, 2022 3,364,935 13.63 7.1 — Granted — — Exercised — — Forfeited (451,953) 10.89 Outstanding at December 31, 2023 2,912,982 $ 14.03 6.0 $ — Exercisable at December 31, 2023 2,593,266 $ 13.66 5.9 $ — 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 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. The weighted-average grant date fair value of the PSOs granted in 2022 was estimated using a Monte-Carlo simulation with the following assumptions: Expected exercise behavior 75.0 % Expected Volatility 58.0 % Risk free interest rate 2.2 % Dividend yield — % 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 Weighted- Average Grant Date Fair Value (Dollars in thousands, except per share amounts) Outstanding at December 31, 2021 — $ — 0 $ — Granted 405,680 8.99 $ 4.93 Exercised — — Forfeited — — Outstanding at December 31, 2022 405,680 8.99 9.2 — Granted — Exercised — Forfeited — Outstanding at December 31, 2023 405,680 $ 8.99 8.2 $ — Exercisable at December 31, 2023 — $ — 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 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 RSUs is as follows: Shares Weighted-Average Grant Date Fair Value Outstanding at December 31, 2020 4,760,784 $ 19.63 Granted 988,781 34.03 Vested (2,100,931) 18.30 Forfeited (1,251,902) 17.41 Outstanding at December 31, 2021 2,396,732 27.89 Granted 4,317,161 8.14 Vested (1,545,981) 19.99 Forfeited (780,387) 16.46 Outstanding at December 31, 2022 4,387,525 12.64 Granted 6,490,656 4.10 Vested (2,548,130) 12.99 Forfeited (1,937,506) 7.85 Outstanding at December 31, 2023 6,392,545 $ 7.33 Award Modification In March 2020, the Company modified RSU grants made in connection with the closing of the Virgin Galactic Business Combination by removing one of the vesting criteria requiring its share price value to be greater than $10 per share at the time RSUs vest. No other terms of the awards were modified. Total incremental stock-based compensation expense recorded as a result of the modification was $1.8 million, $2.8 million and $5.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. Performance Stock Units Between 25% and 200% of outstanding PSUs are eligible to vest based on the achievement of certain performance-based or market-based conditions by specified target dates, subject to continued service through the applicable vesting dates. PSUs with performance-based conditions are amortized over the requisite service period in which it is probable that the condition will be achieved. 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, 2023 and 2022 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 and 2022 were estimated using a Monte-Carlo simulation with the following assumptions: 2023 2022 Expected volatility 96.0 % 94.6 % Risk free interest rate 4.0 % 2.5 % Dividend yield — % — % A summary of activity for PSUs is as follows: Shares Weighted- Average Grant Date Fair Value Outstanding at December 31, 2020 — $ — Granted 94,689 26.70 Vested — — Forfeited (4,850) 30.93 Outstanding at December 31, 2021 89,839 26.47 Granted 326,016 13.50 Vested — — Forfeited (112,518) 26.17 Outstanding at December 31, 2022 303,337 13.46 Granted 945,603 7.86 Vested — — Forfeited (265,374) 9.94 Outstanding at December 31, 2023 983,566 $ 10.42 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, 2023 2022 2021 (In thousands) Stock option and PSO expense: Spaceline operations $ 379 $ — $ — Research and development 1,412 2,610 3,211 Selling, general and administrative 4,950 7,662 14,258 Total stock option and PSO expense 6,741 10,272 17,469 RSU and PSU expense: Spaceline operations 2,494 — — Research and development 7,665 11,144 12,413 Selling, general and administrative 27,196 24,293 31,923 Special charges 162 — — Total RSU and PSU expense 37,517 35,437 44,336 Total stock-based compensation expense $ 44,258 $ 45,709 $ 61,805 As of December 31, 2023, the Company had unrecognized stock-based compensation expense of $3.5 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, 2023 for RSUs and PSUs totaled $39.3 million and $5.7 million, respectively, which are expected to be recognized over a weighted-average period of 1.1 years and 0.9 years, respectively.

Special Charges

Special Charges	12 Months Ended
Special Charges	Dec. 31, 2023
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 the Company's workforce. As a result, the Company recorded severance and related benefit costs for the involuntarily terminated employees as special charges in the accompanying 2023 consolidated statement of operations and comprehensive loss. The following table sets forth the activity and liability balance related to the 2023 plan (in thousands): Charged to expense $ 4,398 Cash payments (2,835) Non-cash adjustments (162) Unpaid balance as of December 31, 2023 $ 1,401 The unpaid severance and related benefit costs are included in other current liabilities in the accompanying 2023 consolidated balance sheet and are expected to be fully paid during the first quarter of 2024.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2023
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, 2023, 2022 and 2021, the Company incurred contribution expenses of $7.3 million, $5.8 million and $5.6 million, respectively.

Income Taxes

Income Taxes	12 Months Ended
Income Taxes	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Loss before income taxes consists of the following components: Year Ended December 31, 2023 2022 2021 (In thousands) United States $ (502,123) $ (500,240) $ (353,807) International 239 686 987 Loss before income taxes $ (501,884) $ (499,554) $ (352,820) The components of income tax expense are as follows: Current Deferred Total (In thousands) Year ended December 31, 2023 Federal $ — $ — $ — State 6 — 6 Foreign 358 89 447 $ 364 $ 89 $ 453 Year ended December 31, 2022 Federal $ — $ — $ — State 2 — 2 Foreign 503 93 596 $ 505 $ 93 $ 598 Year ended December 31, 2021 Federal $ — $ — $ — State 4 — 4 Foreign 92 (17) 75 $ 96 $ (17) $ 79 Significant items comprising the Company’s deferred taxes are as follows: December 31, 2023 2022 (In thousands) Deferred tax assets: Net operating losses $ 368,064 $ 282,968 Research and development credits 65,406 40,482 Capitalized research and experimental expenditures 107,456 54,567 Accruals not currently deductible 7,327 5,577 Lease-related liabilities 18,976 15,426 Property, plant and equipment 1,926 2,072 Goodwill 207,221 226,261 Stock-based compensation 5,778 10,754 Related party expenses 3,086 3,176 Other 3,030 5,308 Total gross deferred tax assets 788,270 646,591 Valuation allowance (770,533) (633,278) Net deferred tax assets 17,737 13,313 Deferred tax liabilities: Property, plant and equipment (132) (80) Tenant improvement allowance (388) (862) Marketable securities amortization/accretion (2,306) — Operating lease right-of-use assets (15,026) (12,398) Total gross deferred tax liabilities (17,852) (13,340) Net deferred tax liabilities $ (115) $ (27) 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, 2023 and 2022, the Company recorded a valuation allowance of $770.5 million and $633.3 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, 2023 2022 2021 (In thousands) Expected income tax benefit at the federal statutory rate $ (105,395) $ (104,906) $ (74,092) State income taxes (30,853) (42,457) (59,527) Research and development (17,050) (9,077) (1,292) Remeasurement of warrants — — 7,276 Change in valuation allowance 138,854 152,617 137,926 Stock-based compensation 12,128 (605) (10,831) Revaluation of state deferred tax asset 2,005 — — Other, net 764 5,026 619 $ 453 $ 598 $ 79 As of December 31, 2023, the Company had approximately $1.5 billion and $1.3 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, 2023 is $56.0 million and $32.6 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, or has experienced, 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 have or 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, 2023, the Company has total uncertain tax positions of $16.4 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, 2023 2022 (In thousands) Balance at the beginning of the year $ 10,120 $ 5,901 Additions based on tax positions related to current year 6,231 4,219 Deductions based on tax positions related to prior years — — Balance at the end of year $ 16,351 $ 10,120 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, 2023. 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, 2020. On December 22, 2017, former President Trump signed into law the Tax Cuts and Jobs Act ("TCJA"). The TCJA included multiple provisions, including the modification of IRC Section 174. 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. As of December 31, 2023, the Company capitalized an estimated $107.5 million of R&E expenditures. 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
Earnings Per Share	Dec. 31, 2023
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, 2023 2022 2021 (In thousands, except per share amounts) Basic and diluted: Net loss $ (502,337) $ (500,152) $ (352,899) Weighted-average common shares outstanding 337,262 263,947 247,619 Basic and diluted net loss per share $ (1.49) $ (1.89) $ (1.43) 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, 2023 2022 2021 (In thousands) Stock options issued and outstanding 2,913 3,365 4,254 Performance stock options issued and outstanding 406 406 — Unvested restricted stock units issued and outstanding 6,393 4,388 2,397 Unvested performance stock units issued and outstanding 984 303 90 Shares related to the 2027 Notes (if-converted) 33,234 33,234 — 43,930 41,696 6,741

Fair Value Measurements

Fair Value Measurements	12 Months Ended
Fair Value Measurements	Dec. 31, 2023
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, 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 December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market $ 249,249 $ — $ — $ 249,249 Certificate of deposits 41,727 — — 41,727 U.S. treasuries 79,517 — — 79,517 Corporate bonds — 557,591 — 557,591 Total assets at fair value $ 370,493 $ 557,591 $ — $ 928,084 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, 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 December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: 2027 Notes $ — $ 193,439 $ — $ 193,439 Total liabilities at fair value $ — $ 193,439 $ — $ 193,439 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
Commitments and Contingencies	Dec. 31, 2023
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, 2023 are as follows: Operating Leases Finance (In thousands) Year ending December 31: 2024 $ 12,549 $ 257 2025 12,771 227 2026 12,882 176 2027 12,601 61 2028 12,379 22 Thereafter 65,017 — Total payments 128,199 743 Less: present value discount/imputed interest 54,985 128 Present value of lease liabilities $ 73,214 $ 615 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, 2023, would not be material to the Company’s consolidated financial position, results of operations or cash flows. However, there can be no assurance with respect to such result, and monetary liability or financial impact to the Company from legal proceedings, lawsuits and other claims could differ materially from those projected. Lavin v. the Company On May 28, 2021, a 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 alleges, 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. 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, 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.

Related Party Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2023
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, 2023, 2022 and 2021, the Company incurred royalty expenses of $0.6 million, $0.2 million and $0.5 million, respectively.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
Supplemental Cash Flow Information	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Year Ended December 31, 2023 2022 2021 (In thousands) Supplemental disclosure of cash flow information: Cash payments for: Income taxes $ 658 $ 80 $ 109 Interest 15,938 5,667 — Supplemental disclosure of non-cash investing and financing activities: Unpaid purchases of property, plant and equipment $ 7,464 $ 4,999 $ 1,109 Transfer of inventory to rotables in property, plant and equipment 2,985 — — Issuance of common stock through RSUs vested 9,560 11,074 57,658 Issuance of common stock through "cashless" warrants exercised — — 170,090

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net loss	$ (502,337)	$ (500,152)	$ (352,899)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
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

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2023
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 comprise the Company’s current 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 Company’s Future Astronaut community and costs related to payload cargo and engineering services, which were previously presented as customer experience expense.
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 to inventories, income taxes, stock-based compensation and contingencies.
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 CashRestricted 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	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 (loss) 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.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value using the average cost method. The Company records a provision for excess and obsolete inventory based primarily on forecasted product demand and production requirements. Once inventory provisions are established, the written-down value of the inventory becomes its new cost basis.
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.
Convertible Senior Notes	Convertible Senior Notes On January 1, 2022, the Company adopted Accounting Standards Update ("ASU") 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40) , which removes from GAAP the liability and equity separation model for convertible instruments with either cash or beneficial conversion features. As a result, convertible debt instruments would only be separated into multiple components if they were issued at a substantial premium or if embedded derivatives requiring bifurcation were identified. The convertible senior notes (the "2027 Notes") were not issued at a substantial premium, and the Company analyzed the provisions of the notes and did not identify any material embedded features which would require bifurcation from the host debt. As such, the notes are accounted for entirely as a liability, net of unamortized issuance costs. At the end of each reporting period, the Company evaluates whether conditions are present that would require bifurcation. The carrying amount of the liability is classified as long-term as the instrument does not mature within one year of the balance sheet date and the holder is not permitted to demand repayment of the principal within one year of the balance sheet date. However, if conditions to convertibility are met as described further in Note 8, the Company may be required to reclassify the carrying amount of the liability to current. The embedded conversion features are not remeasured as long as they do not meet the separation requirement of a derivative. Issuance costs are amortized to interest expense using the effective interest rate method. Additionally, ASU 2020-06 requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share.
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 8 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.
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 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 future 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") 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 RSUs over the requisite service period. Performance-Based Awards conditions. 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
Summary of Significant Accounting Policies (Tables)	Dec. 31, 2023
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, 2023 2022 (In thousands) Land $ 1,302 $ 1,302 Buildings 9,092 9,117 Flight vehicles and rotables 4,074 195 Machinery and equipment 39,983 37,223 Information technology software and equipment 43,256 33,387 Leasehold improvements 37,141 31,086 Construction in progress 34,584 4,339 169,432 116,649 Less: accumulated depreciation and amortization 75,626 62,991 $ 93,806 $ 53,658

Cash, Cash Equivalents and Ma_2

Cash, Cash Equivalents and Marketable Securities (Tables)	12 Months Ended
Cash, Cash Equivalents and Marketable Securities (Tables)	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Schedule of Marketable Securities	December 31, 2023 Amortized Cost Gross Unrealized Gains 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 December 31, 2022 Amortized Cost Gross Unrealized Losses Fair Value (In thousands) Cash and cash equivalents: Cash and restricted cash $ 51,651 $ — $ 51,651 Money market 249,249 — 249,249 Certificate of deposits 41,727 — 41,727 Marketable securities: U.S. treasuries 79,570 (53) 79,517 Corporate bonds 564,853 (7,262) 557,591 $ 987,050 $ (7,315) $ 979,735
Schedule of Contractual Maturities	The following table presents the contractual maturities of the Company's marketable securities as of December 31, 2023: December 31, 2023 Amortized Cost Estimated Fair Value (In thousands) Matures within one year $ 657,262 $ 657,238 Matures between one to two years 71,270 71,596 $ 728,532 $ 728,834

Inventories (Tables)

Inventories (Tables)	12 Months Ended
Inventories (Tables)	Dec. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are comprised of the following: December 31, 2023 2022 (In thousands) Raw materials and work-in-process $ 13,875 $ 15,033 Spare parts 2,426 9,010 $ 16,301 $ 24,043

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
Property, Plant and Equipment (Tables)	Dec. 31, 2023
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, 2023 2022 (In thousands) Land $ 1,302 $ 1,302 Buildings 9,092 9,117 Flight vehicles and rotables 4,074 195 Machinery and equipment 39,983 37,223 Information technology software and equipment 43,256 33,387 Leasehold improvements 37,141 31,086 Construction in progress 34,584 4,339 169,432 116,649 Less: accumulated depreciation and amortization 75,626 62,991 $ 93,806 $ 53,658

Leases (Tables)

Leases (Tables)	12 Months Ended
Leases (Tables)	Dec. 31, 2023
Leases [Abstract]
Summary of Lease Expense and Cash Flow Information	The components of expense related to leases are as follows: Year Ended December 31, 2023 2022 2021 (In thousands) Operating lease cost $ 12,403 $ 9,522 $ 5,528 Variable lease cost 3,755 3,533 5,091 Short-term lease cost 145 12 32 Finance lease cost: Amortization of assets under finance leases 267 163 136 Interest on finance lease liabilities 80 39 26 Total finance lease cost 347 202 162 Total lease cost $ 16,650 $ 13,269 $ 10,813 The components of supplemental cash flow information related to leases are as follows: Year Ended December 31, 2023 2022 2021 (In thousands, except term and rate data) Cash Flow Information: Operating cash flows from operating leases $ 9,967 $ 7,801 $ 5,535 Operating cash flows from finance leases $ 80 $ 39 $ 26 Financing cash flows from finance leases $ 235 $ 234 $ 140 Non-cash Activity: Assets acquired in exchange for lease obligations: Operating leases $ 14,001 $ 16,338 $ 17,960 Finance leases $ 255 $ 575 $ 19 Other Information: Weighted-average remaining lease term: Operating leases (in years) 9.8 10.7 11.7 Finance leases (in years) 3.1 3.2 2.1 Weighted-average discount rates: Operating leases 12.1 % 12.2 % 11.7 % Finance leases 12.9 % 12.4 % 8.2 %
Summary of Balance Sheet Information	The supplemental consolidated balance sheet information related to leases is as follows: December 31, 2023 2022 (In thousands) Operating Leases: Long-term right-of-use assets $ 58,526 $ 48,463 Short-term operating lease liabilities $ 4,350 $ 3,020 Long-term operating lease liabilities 68,864 56,645 Total operating lease liabilities $ 73,214 $ 59,665

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	12 Months Ended
Accrued Liabilities (Tables)	Dec. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	The components of accrued liabilities are as follows: December 31, 2023 2022 (In thousands) Accrued compensation $ 32,179 $ 26,554 Accrued manufacturing sub-contractor and contract labor costs 9,500 16,415 Other accrued expenses 9,184 18,879 $ 50,863 $ 61,848

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)	12 Months Ended
Convertible Senior Notes (Tables)	Dec. 31, 2023
Convertible Debt [Abstract]
Convertible Debt	The net carrying value of the 2027 Notes is as follows: December 31, 2023 2022 (In thousands) Principal $ 425,000 $ 425,000 Less: unamortized debt issuance costs 7,114 9,280 Net carrying amount $ 417,886 $ 415,720

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
Stock-Based Compensation (Tables)	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Weighted Average Assumptions	The weighted-average grant date fair value of the stock options granted in 2022 was estimated using a Black-Scholes model with the following assumptions: Expected life (in years) 6.1 Expected volatility 69.0 % Risk free interest rate 2.2 % Dividend yield — % The weighted-average grant date fair value of the PSOs granted in 2022 was estimated using a Monte-Carlo simulation with the following assumptions: Expected exercise behavior 75.0 % Expected Volatility 58.0 % Risk free interest rate 2.2 % Dividend yield — % The weighted-average grant date fair value of the PSUs granted in 2023 and 2022 were estimated using a Monte-Carlo simulation with the following assumptions: 2023 2022 Expected volatility 96.0 % 94.6 % Risk free interest rate 4.0 % 2.5 % Dividend yield — % — %
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 Weighted- Average Grant Date Fair Value (Dollars in thousands, except per share amounts) Outstanding at December 31, 2020 6,796,045 $ 13.59 8.6 $ 68,888 Granted — — Exercised (1,601,857) 12.47 Forfeited (940,421) 13.27 Outstanding at December 31, 2021 4,253,767 14.09 7.6 6,187 Granted 303,030 7.99 $ 4.95 Exercised (4,182) 11.79 Forfeited (1,187,680) 13.87 Outstanding at December 31, 2022 3,364,935 13.63 7.1 — Granted — — Exercised — — Forfeited (451,953) 10.89 Outstanding at December 31, 2023 2,912,982 $ 14.03 6.0 $ — Exercisable at December 31, 2023 2,593,266 $ 13.66 5.9 $ — 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 Weighted- Average Grant Date Fair Value (Dollars in thousands, except per share amounts) Outstanding at December 31, 2021 — $ — 0 $ — Granted 405,680 8.99 $ 4.93 Exercised — — Forfeited — — Outstanding at December 31, 2022 405,680 8.99 9.2 — Granted — Exercised — Forfeited — Outstanding at December 31, 2023 405,680 $ 8.99 8.2 $ — Exercisable at December 31, 2023 — $ — 0 $ —
Schedule of Restricted Stock Units Activity	A summary of activity for RSUs is as follows: Shares Weighted-Average Grant Date Fair Value Outstanding at December 31, 2020 4,760,784 $ 19.63 Granted 988,781 34.03 Vested (2,100,931) 18.30 Forfeited (1,251,902) 17.41 Outstanding at December 31, 2021 2,396,732 27.89 Granted 4,317,161 8.14 Vested (1,545,981) 19.99 Forfeited (780,387) 16.46 Outstanding at December 31, 2022 4,387,525 12.64 Granted 6,490,656 4.10 Vested (2,548,130) 12.99 Forfeited (1,937,506) 7.85 Outstanding at December 31, 2023 6,392,545 $ 7.33
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, 2020 — $ — Granted 94,689 26.70 Vested — — Forfeited (4,850) 30.93 Outstanding at December 31, 2021 89,839 26.47 Granted 326,016 13.50 Vested — — Forfeited (112,518) 26.17 Outstanding at December 31, 2022 303,337 13.46 Granted 945,603 7.86 Vested — — Forfeited (265,374) 9.94 Outstanding at December 31, 2023 983,566 $ 10.42
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, 2023 2022 2021 (In thousands) Stock option and PSO expense: Spaceline operations $ 379 $ — $ — Research and development 1,412 2,610 3,211 Selling, general and administrative 4,950 7,662 14,258 Total stock option and PSO expense 6,741 10,272 17,469 RSU and PSU expense: Spaceline operations 2,494 — — Research and development 7,665 11,144 12,413 Selling, general and administrative 27,196 24,293 31,923 Special charges 162 — — Total RSU and PSU expense 37,517 35,437 44,336 Total stock-based compensation expense $ 44,258 $ 45,709 $ 61,805

Special Charges (Tables)

Special Charges (Tables)	12 Months Ended
Special Charges (Tables)	Dec. 31, 2023
Restructuring and Related Activities [Abstract]
Summary of Restructuring Costs	The following table sets forth the activity and liability balance related to the 2023 plan (in thousands): Charged to expense $ 4,398 Cash payments (2,835) Non-cash adjustments (162) Unpaid balance as of December 31, 2023 $ 1,401

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
Income Taxes (Tables)	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Loss Before Income Taxes	Loss before income taxes consists of the following components: Year Ended December 31, 2023 2022 2021 (In thousands) United States $ (502,123) $ (500,240) $ (353,807) International 239 686 987 Loss before income taxes $ (501,884) $ (499,554) $ (352,820)
Schedule of Income Tax Expense	The components of income tax expense are as follows: Current Deferred Total (In thousands) Year ended December 31, 2023 Federal $ — $ — $ — State 6 — 6 Foreign 358 89 447 $ 364 $ 89 $ 453 Year ended December 31, 2022 Federal $ — $ — $ — State 2 — 2 Foreign 503 93 596 $ 505 $ 93 $ 598 Year ended December 31, 2021 Federal $ — $ — $ — State 4 — 4 Foreign 92 (17) 75 $ 96 $ (17) $ 79
Schedule of Deferred Tax Assets and Liabilities	Significant items comprising the Company’s deferred taxes are as follows: December 31, 2023 2022 (In thousands) Deferred tax assets: Net operating losses $ 368,064 $ 282,968 Research and development credits 65,406 40,482 Capitalized research and experimental expenditures 107,456 54,567 Accruals not currently deductible 7,327 5,577 Lease-related liabilities 18,976 15,426 Property, plant and equipment 1,926 2,072 Goodwill 207,221 226,261 Stock-based compensation 5,778 10,754 Related party expenses 3,086 3,176 Other 3,030 5,308 Total gross deferred tax assets 788,270 646,591 Valuation allowance (770,533) (633,278) Net deferred tax assets 17,737 13,313 Deferred tax liabilities: Property, plant and equipment (132) (80) Tenant improvement allowance (388) (862) Marketable securities amortization/accretion (2,306) — Operating lease right-of-use assets (15,026) (12,398) Total gross deferred tax liabilities (17,852) (13,340) Net deferred tax liabilities $ (115) $ (27)
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, 2023 2022 2021 (In thousands) Expected income tax benefit at the federal statutory rate $ (105,395) $ (104,906) $ (74,092) State income taxes (30,853) (42,457) (59,527) Research and development (17,050) (9,077) (1,292) Remeasurement of warrants — — 7,276 Change in valuation allowance 138,854 152,617 137,926 Stock-based compensation 12,128 (605) (10,831) Revaluation of state deferred tax asset 2,005 — — Other, net 764 5,026 619 $ 453 $ 598 $ 79
Schedule of Uncertain Tax Positions	A reconciliation of the beginning and ending balances of unrecognized tax benefits is as follows: Year Ended December 31, 2023 2022 (In thousands) Balance at the beginning of the year $ 10,120 $ 5,901 Additions based on tax positions related to current year 6,231 4,219 Deductions based on tax positions related to prior years — — Balance at the end of year $ 16,351 $ 10,120

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
Earnings Per Share (Tables)	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Loss Per Share	The following table presents net loss per share and related information: Year Ended December 31, 2023 2022 2021 (In thousands, except per share amounts) Basic and diluted: Net loss $ (502,337) $ (500,152) $ (352,899) Weighted-average common shares outstanding 337,262 263,947 247,619 Basic and diluted net loss per share $ (1.49) $ (1.89) $ (1.43)
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, 2023 2022 2021 (In thousands) Stock options issued and outstanding 2,913 3,365 4,254 Performance stock options issued and outstanding 406 406 — Unvested restricted stock units issued and outstanding 6,393 4,388 2,397 Unvested performance stock units issued and outstanding 984 303 90 Shares related to the 2027 Notes (if-converted) 33,234 33,234 — 43,930 41,696 6,741

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
Fair Value Measurements (Tables)	Dec. 31, 2023
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, 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 December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market $ 249,249 $ — $ — $ 249,249 Certificate of deposits 41,727 — — 41,727 U.S. treasuries 79,517 — — 79,517 Corporate bonds — 557,591 — 557,591 Total assets at fair value $ 370,493 $ 557,591 $ — $ 928,084 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, 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 December 31, 2022 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: 2027 Notes $ — $ 193,439 $ — $ 193,439 Total liabilities at fair value $ — $ 193,439 $ — $ 193,439

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2023
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, 2023 are as follows: Operating Leases Finance (In thousands) Year ending December 31: 2024 $ 12,549 $ 257 2025 12,771 227 2026 12,882 176 2027 12,601 61 2028 12,379 22 Thereafter 65,017 — Total payments 128,199 743 Less: present value discount/imputed interest 54,985 128 Present value of lease liabilities $ 73,214 $ 615
Summary of Finance Lease Maturities	Future minimum lease payments under non-cancellable operating leases and future minimum finance lease payments as of December 31, 2023 are as follows: Operating Leases Finance (In thousands) Year ending December 31: 2024 $ 12,549 $ 257 2025 12,771 227 2026 12,882 176 2027 12,601 61 2028 12,379 22 Thereafter 65,017 — Total payments 128,199 743 Less: present value discount/imputed interest 54,985 128 Present value of lease liabilities $ 73,214 $ 615

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	12 Months Ended
Supplemental Cash Flow Information (Tables)	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	Year Ended December 31, 2023 2022 2021 (In thousands) Supplemental disclosure of cash flow information: Cash payments for: Income taxes $ 658 $ 80 $ 109 Interest 15,938 5,667 — Supplemental disclosure of non-cash investing and financing activities: Unpaid purchases of property, plant and equipment $ 7,464 $ 4,999 $ 1,109 Transfer of inventory to rotables in property, plant and equipment 2,985 — — Issuance of common stock through RSUs vested 9,560 11,074 57,658 Issuance of common stock through "cashless" warrants exercised — — 170,090

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Useful Lives of Property and Equipment (Details)	Dec. 31, 2023
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	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, amortized cost	$ 253,592	$ 342,627	$ 550,030	$ 678,955
Corporate debt securities, amortized cost	728,532
Total cash, cash equivalents, and marketable securities, amortized cost	982,124	987,050
Gross Unrealized Gains	302	(7,315)
Corporate debt securities, fair value	728,834
Total assets at fair value	982,426	979,735
Interest receivable	4,600	4,500
Amortization expense	15,600	6,000
U.S. treasuries
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Corporate debt securities, amortized cost	198,639	79,570
Gross Unrealized Gains	44	(53)
Corporate debt securities, fair value	198,683	79,517
Corporate bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Corporate debt securities, amortized cost	529,893	564,853
Gross Unrealized Gains	258	(7,262)
Corporate debt securities, fair value	530,151	557,591
Cash and restricted cash
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, amortized cost	17,727	51,651
Cash and cash equivalents, fair value	17,727	51,651
Money market
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, amortized cost	235,865	249,249
Cash and cash equivalents, fair value	$ 235,865	249,249
Certificate of deposits
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, amortized cost		41,727
Cash and cash equivalents, fair value		$ 41,727

Cash, Cash Equivalents and Ma_4

Cash, Cash Equivalents and Marketable Securities - Contractual Maturities (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Amortized Cost
Matures within one year	$ 657,262
Matures between one to two years	71,270
Marketable securities, Total	728,532
Estimated Fair Value
Matures within one year	657,238
Matures between one to two years	71,596
Marketable securities, Total	$ 728,834

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials and work-in-process	$ 13,875	$ 15,033
Spare parts	2,426	9,010
Inventory, Net, Total	$ 16,301	$ 24,043

Property, Plant and Equipment -

Property, Plant and Equipment - Schedule of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	$ 169,432	$ 116,649
Less: accumulated depreciation and amortization	75,626	62,991
Property, Plant and Equipment, Net, Total	93,806	53,658
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	9,092	9,117
Flight vehicles and rotables
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	4,074	195
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	39,983	37,223
Information technology software and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	43,256	33,387
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	37,141	31,086
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment	$ 34,584	$ 4,339

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Operating lease cost	$ 12,403	$ 9,522	$ 5,528
Variable lease cost	3,755	3,533	5,091
Short-term lease cost	145	12	32
Finance lease cost:
Amortization of assets under finance leases	267	163	136
Interest on finance lease liabilities	80	39	26
Total finance lease cost	347	202	162
Total lease cost	$ 16,650	$ 13,269	$ 10,813

Leases - Cash Flow Information

Leases - Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flow Information:
Operating cash flows from operating leases	$ 9,967	$ 7,801	$ 5,535
Operating cash flows from finance leases	80	39	26
Financing cash flows from finance leases	235	234	140
Assets acquired in exchange for lease obligations:
Operating leases	14,001	16,338	17,960
Finance leases	$ 255	$ 575	$ 19
Weighted-average remaining lease term:
Operating leases (in years)	9 years 9 months 18 days	10 years 8 months 12 days	11 years 8 months 12 days
Finance leases (in years)	3 years 1 month 6 days	3 years 2 months 12 days	2 years 1 month 6 days
Weighted-average discount rates:
Operating leases	12.10%	12.20%	11.70%
Finance leases	12.90%	12.40%	8.20%

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Long-term right-of-use assets	$ 58,526	$ 48,463
Short-term operating lease liabilities	4,350	3,020
Long-term operating lease liabilities	68,864	56,645
Total operating lease liabilities	$ 73,214	$ 59,665
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net	Property, plant and equipment, net

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued compensation	$ 32,179	$ 26,554
Accrued manufacturing sub-contractor and contract labor costs	9,500	16,415
Other accrued expenses	9,184	18,879
Accrued Liabilities, Current, Total	$ 50,863	$ 61,848

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, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Common stock, par value (in dollars per share) \| $ / shares			$ 0.0001	$ 0.0001
Interest expense			$ 12,872,000	$ 12,130,000	$ 25,000
Amortization of debt issuance costs			2,166,000	1,998,000	$ 0
Call Option
Line of Credit Facility [Line Items]
Capped call option to purchase common shares (in shares) \| shares		33
Call option price per share (in dollars per share) \| $ / shares		$ 12.79
Derivative, cap price (in dollars per share) \| $ / shares		$ 20.06
Premium over share price, percentage		100%
Derivative, notional amount				52,300,000
2027 Notes \| Convertible Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 425,000,000
Interest rate		2.50%
Conversion ratio	0.0781968
Conversion price (in dollars per share) \| $ / shares		$ 12.79
Threshold trading days \| day		20
Threshold percentage of stock price trigger		130%
Interest expense			12,800,000	12,100,000
Amortization of debt issuance costs			$ 2,200,000	$ 2,000,000
2027 Notes \| Convertible Debt \| Debt Conversion Option One
Line of Credit Facility [Line Items]
Threshold trading days \| day		20
Debt instrument, convertible, threshold consecutive trading days \| day		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 \| day		5
Debt instrument, convertible, threshold consecutive trading days \| day		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, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Principal	$ 425,000	$ 425,000
Less: unamortized debt issuance costs	7,114	9,280
Total debt	$ 417,886	$ 415,720

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			11 Months Ended	12 Months Ended
	Jun. 30, 2023	Aug. 31, 2022	Jul. 31, 2021	Jun. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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					$ 5,239	$ 1,248	$ 6,772
Fair value adjustment					$ 0	$ 0	$ 34,650
Public Warrant
Class of Stock [Line Items]
Warrants outstanding (in shares)					0	0
2021 At The Market Offering Program
Class of Stock [Line Items]
Stock sold, aggregate consideration			$ 500,000
Stock sold (in shares)			13,700,000
Stock sold, transaction costs			$ 6,200
2022 At The Market Offering Program
Class of Stock [Line Items]
Stock sold, aggregate consideration		$ 300,000
Stock sold (in shares)				59,400,000
Stock sold, transaction costs				$ 3,000
2023 At The Market Offering Program
Class of Stock [Line Items]
Stock sold, aggregate consideration	$ 400,000
Stock sold (in shares)					79,700,000
Stock sold, transaction costs					$ 2,900
Proceeds from sale of common stock					$ 287,500

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2020 $ / shares	Dec. 31, 2023 USD ($) day plan shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2023 shares	Dec. 31, 2019 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity incentive plans \| plan		2
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		4 years
Vesting percentage		25%
Expiration period		10 years
Unrecognized stock-based compensation expense		$ 3.5
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
Incremental stock-based compensation expense		$ 1.8	$ 2.8	$ 5.4
Unrecognized compensation cost, period for recognition		1 year 1 month 6 days
Unrecognized compensation expense		$ 39.3
Restricted Stock Units (RSUs) \| Tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%
Restricted Stock Units (RSUs) \| Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%
Restricted Stock Units (RSUs) \| Tranche three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%
Restricted Stock Units (RSUs) \| Tranche four
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%
Vesting criteria share price (in dollar per share) \| $ / shares	$ 10
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		10 months 24 days
Unrecognized compensation expense		$ 5.7
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		25%
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage		200%
2019 Stock Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock reserved for issuance (in shares) \| shares		24,500,000				21,208,755
Common stock, increase (decrease) in capital shares reserved for future issuance \| shares		8,200,000
2019 Stock Plan \| Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
2023 Equity Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock reserved for issuance (in shares) \| shares					2,800,000

Stock-Based Compensation - Valu

Stock-Based Compensation - Valuation Assumptions (Details)	12 Months Ended
Stock-Based Compensation - Valuation Assumptions (Details)	Dec. 31, 2023	Dec. 31, 2022
Stock option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life (in years)	6 years 1 month 6 days
Expected volatility	69%
Risk free interest rate	2.20%
Dividend yield	0%
Vesting percentage	25%
Performance stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected exercise behavior	75%
Expected volatility	58%
Risk free interest rate	2.20%
Dividend yield	0%
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	96%	94.60%
Risk free interest rate	4%	2.50%
Dividend yield	0%	0%

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Plan Activity (Details) - Stock option - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Beginning balance (in shares)	3,364,935	4,253,767	6,796,045
Granted (in shares)	0	303,030	0
Exercised (in shares)	0	(4,182)	(1,601,857)
Forfeited (in shares)	(451,953)	(1,187,680)	(940,421)
Ending balance (in shares)	2,912,982	3,364,935	4,253,767	6,796,045
Exercisable (in shares)	2,593,266
Weighted- Average Exercise Price
Weighted-average exercise price, beginning (in dollars per share)	$ 13.63	$ 14.09	$ 13.59
Granted (in dollars per share)	0	7.99	0
Exercised (in dollars per share)	0	11.79	12.47
Forfeited options (in dollars per share)	10.89	13.87	13.27
Weighted-average exercise price, ending (in dollars per share)	14.03	$ 13.63	$ 14.09	$ 13.59
Exercisable (in dollars per share)	$ 13.66
Weighted Average Remaining Contractual Life (in years) and Aggregate Intrinsic Value
Outstanding, weighted average contractual term	6 years	7 years 1 month 6 days	7 years 7 months 6 days	8 years 7 months 6 days
Exercisable, weighted average contractual term	5 years 10 months 24 days
Outstanding, aggregate intrinsic value	$ 0	$ 0	$ 6,187	$ 68,888
Exercisable, aggregate intrinsic value	$ 0
Weighted- average grant date fair value granted (in dollars per share)		$ 4.95

Stock-Based Compensation - PSO

Stock-Based Compensation - PSO Activity (Details) - Performance stock options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number of Shares
Beginning balance (in shares)	405,680	0
Granted (in shares)	0	405,680
Exercised (in shares)	0	0
Forfeited (in shares)	0	0
Ending balance (in shares)	405,680	405,680	0
Exercisable (in shares)	0
Weighted- Average Exercise Price
Weighted-average exercise price, beginning (in dollars per share)	$ 8.99	$ 0
Granted (in dollars per share)		8.99
Exercised (in dollars per share)		0
Forfeited (in dollars per share)		0
Weighted-average exercise price, ending (in dollars per share)	8.99	$ 8.99	$ 0
Exercisable (in dollars per share)	$ 0
Weighted Average Remaining Contractual Life (in years) and Aggregate Intrinsic Value
Weighted average contractual term	8 years 2 months 12 days	9 years 2 months 12 days	0 years
Exercisable, weighted average contractual term	0 years
Outstanding, aggregate intrinsic value		$ 0	$ 0
Exercisable, aggregate intrinsic value	$ 0
Weighted- Average Grant Date Fair Value
Weighted average fair value, shares issued (in dollars per share)		$ 4.93

Stock-Based Compensation - RSU

Stock-Based Compensation - RSU Activity (Details) - Restricted Stock Units (RSUs) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares
Outstanding, beginning balance (in shares)	4,387,525	2,396,732	4,760,784
Granted (in shares)	6,490,656	4,317,161	988,781
Vested (in shares)	(2,548,130)	(1,545,981)	(2,100,931)
Forfeited (in shares)	(1,937,506)	(780,387)	(1,251,902)
Outstanding, ending balance (in shares)	6,392,545	4,387,525	2,396,732
Weighted-Average Grant Date Fair Value
Outstanding, beginning balance (in dollars per share)	$ 12.64	$ 27.89	$ 19.63
Granted (in dollars per share)	4.10	8.14	34.03
Vested (in dollars per share)	12.99	19.99	18.30
Forfeited (in dollars per share)	7.85	16.46	17.41
Outstanding, ending balance (in dollars per share)	$ 7.33	$ 12.64	$ 27.89

Stock-Based Compensation - PSU

Stock-Based Compensation - PSU Activity (Details) - Performance stock units - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shares
Outstanding, beginning balance (in shares)	303,337	89,839	0
Granted (in shares)	945,603	326,016	94,689
Vested (in shares)	0	0	0
Forfeited (in shares)	(265,374)	(112,518)	(4,850)
Outstanding, ending balance (in shares)	983,566	303,337	89,839
Weighted-Average Grant Date Fair Value
Outstanding, beginning balance (in dollars per share)	$ 13.46	$ 26.47	$ 0
Granted (in dollars per share)	7.86	13.50	26.70
Vested (in dollars per share)	0	0	0
Forfeited (in dollars per share)	9.94	26.17	30.93
Outstanding, ending balance (in dollars per share)	$ 10.42	$ 13.46	$ 26.47

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock option and PSO expense	$ 44,258	$ 45,709	$ 61,805
Employee Stock Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock option and PSO expense	6,741	10,272	17,469
Restricted Stock Units and Performance Shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock option and PSO expense	37,517	35,437	44,336
Spaceline operations \| Employee Stock Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock option and PSO expense	379	0	0
Spaceline operations \| Restricted Stock Units and Performance Shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock option and PSO expense	2,494	0	0
Research and development \| Employee Stock Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock option and PSO expense	1,412	2,610	3,211
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	7,665	11,144	12,413
Selling, general and administrative \| Employee Stock Option
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock option and PSO expense	4,950	7,662	14,258
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	27,196	24,293	31,923
Special charges \| Restricted Stock Units and Performance Shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock option and PSO expense	$ 162	$ 0	$ 0

Special Charges - Narrative (De

Special Charges - Narrative (Details)	1 Months Ended
Special Charges - Narrative (Details)	Nov. 30, 2023 employee
Restructuring and Related Activities [Abstract]
Workforce reduction (number of employees)	185
Workforce reduction (percent of workforce)	18%

Special Charges - Summary of Re

Special Charges - Summary of Restructuring Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restructuring Reserve [Roll Forward]
Charged to expense	$ 4,398	$ 0	$ 0
Cash payments	(2,835)
Non-cash adjustments	(162)
Unpaid balance as of December 31, 2023	$ 1,401

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Millions	12 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Defined contributions	$ 7.3	$ 5.8	$ 5.6

Income Taxes - Loss Before Inco

Income Taxes - Loss Before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
United States	$ (502,123)	$ (500,240)	$ (353,807)
International	239	686	987
Loss before income taxes	$ (501,884)	$ (499,554)	$ (352,820)

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Federal
Current	$ 0	$ 0	$ 0
Deferred	0	0	0
Total	0	0	0
State
Current	6	2	4
Deferred	0	0	0
Total	6	2	4
Foreign
Current	358	503	92
Deferred	89	93	(17)
Total	447	596	75
Current	364	505	96
Deferred	89	93	(17)
Total	$ 453	$ 598	$ 79

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Net operating losses	$ 368,064	$ 282,968
Research and development credits	65,406	40,482
Capitalized research and experimental expenditures	107,456	54,567
Accruals not currently deductible	7,327	5,577
Lease-related liabilities	18,976	15,426
Property, plant and equipment	1,926	2,072
Goodwill	207,221	226,261
Stock-based compensation	5,778	10,754
Related party expenses	3,086	3,176
Other	3,030	5,308
Total gross deferred tax assets	788,270	646,591
Valuation allowance	(770,533)	(633,278)
Net deferred tax assets	17,737	13,313
Deferred tax liabilities:
Property, plant and equipment	(132)	(80)
Tenant improvement allowance	(15,026)	(862)
Marketable securities amortization/accretion	(2,306)	0
Operating lease right-of-use assets	(388)	(12,398)
Total gross deferred tax liabilities	(17,852)	(13,340)
Net deferred tax liabilities	$ (115)	$ (27)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 770,533,000	$ 633,278,000
Uncertain tax positions	16,351,000	$ 10,120,000	$ 5,901,000
Interest and penalty charges accrued	0
Research and experimental expenditures, capitalized	107,500,000
U.S. Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward	1,500,000,000
U.S. Federal \| Research and development
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	56,000,000
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforward	1,300,000,000
State \| Research and development
Operating Loss Carryforwards [Line Items]
Tax credit carryforward	$ 32,600,000

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Expected income tax benefit at the federal statutory rate	$ (105,395)	$ (104,906)	$ (74,092)
State income taxes	(30,853)	(42,457)	(59,527)
Research and development	(17,050)	(9,077)	(1,292)
Remeasurement of warrants	0	0	7,276
Change in valuation allowance	138,854	152,617	137,926
Stock-based compensation	12,128	(605)	(10,831)
Revaluation of state deferred tax asset	2,005	0	0
Other, net	764	5,026	619
Total	$ 453	$ 598	$ 79

Income Taxes - Change in Uncert

Income Taxes - Change in Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at the beginning of the year	$ 10,120	$ 5,901
Additions based on tax positions related to current year	6,231	4,219
Deductions based on tax positions related to prior years	0	0
Balance at the end of year	$ 16,351	$ 10,120

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic and diluted:
Net loss, basic	$ (502,337)	$ (500,152)	$ (352,899)
Net loss, diluted	$ (502,337)	$ (500,152)	$ (352,899)
Weighted-average common shares outstanding - basic (in shares)	337,262	263,947	247,619
Weighted-average common share outstanding - diluted (in shares)	337,262	263,947	247,619
Basic net loss per share (in dollars per share)	$ (1.49)	$ (1.89)	$ (1.43)
Diluted net loss per share (in dollars per share)	$ (1.49)	$ (1.89)	$ (1.43)

Earnings Per Share - Anti-dilut

Earnings Per Share - Anti-dilutive (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential effect of warrants to purchase stock (in shares)	43,930	41,696	6,741
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)	2,913	3,365	4,254
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)	406	406	0
Unvested 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)	6,393	4,388	2,397
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)	984	303	90
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)	33,234	33,234	0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate debt securities, fair value	$ 728,834
Total assets at fair value	982,426	$ 979,735
U.S. treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate debt securities, fair value	198,683	79,517
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate debt securities, fair value	530,151	557,591
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	964,699	928,084
Total liabilities at fair value	189,937	193,439
Fair Value, Recurring \| 2027 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
2027 Notes	189,937	193,439
Fair Value, Recurring \| U.S. treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate debt securities, fair value	198,683	79,517
Fair Value, Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Corporate debt securities, fair value	530,151	557,591
Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	434,548	370,493
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	198,683	79,517
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	530,151	557,591
Total liabilities at fair value	189,937	193,439
Level 2 \| Fair Value, Recurring \| 2027 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
2027 Notes	189,937	193,439
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	530,151	557,591
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	235,865	249,249
Money market \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	235,865	249,249
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	235,865	249,249
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
Certificate of deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value		41,727
Certificate of deposits \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value		41,727
Certificate of deposits \| Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value		41,727
Certificate of deposits \| 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
Certificate of deposits \| 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

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - allegedShareholder	10 Months Ended
	Dec. 13, 2022	Dec. 31, 2023
Operating Leased Assets [Line Items]
Number of alleged shareholders that filed a complaint	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, 2023 USD ($)
Operating Leases
2024	$ 12,549
2025	12,771
2026	12,882
2027	12,601
2028	12,379
Thereafter	65,017
Total payments	128,199
Less: present value discount/imputed interest	54,985
Present value of lease liabilities	$ 73,214
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities
Finance Leases
2024	$ 257
2025	227
2026	176
2027	61
2028	22
Thereafter	0
Total payments	743
Less: present value discount/imputed interest	128
Present value of lease liabilities	$ 615
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Affiliated Entity
Related Party Transaction [Line Items]
Royalty expense	$ 0.6	$ 0.2	$ 0.5

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash payments for:
Income taxes	$ 658	$ 80	$ 109
Interest	15,938	5,667	0
Supplemental disclosure of non-cash investing and financing activities:
Unpaid purchases of property, plant and equipment	7,464	4,999	1,109
Transfer of inventory to rotables in property, plant and equipment	2,985	0	0
Issuance of common stock through RSUs vested	9,560	11,074	57,658
Issuance of common stock through "cashless" warrants exercised	$ 0	$ 0	$ 170,090