Virgin Galactic (SPCE) 10-Q6 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Oct. 31, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-38202
Entity Registrant Name	Virgin Galactic Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	85-3608069
Entity Address, Address Line One	1700 Flight Way
Entity Address, City or Town	Tustin
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92782
City Area Code	(949)
Local Phone Number	774-7640
Title of 12(b) Security	Common stock, $0.0001 par value per share
Trading Symbol	SPCE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		28,875,495
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Entity Central Index Key	0001706946
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 172,359	$ 216,799
Restricted cash	32,357	36,793
Marketable securities, short-term	478,741	657,238
Other current assets	29,788	39,999
Total current assets	713,245	950,829
Marketable securities, long-term	60,434	71,596
Property, plant and equipment, net	181,154	93,806
Other non-current assets	61,476	63,286
Total assets	1,016,309	1,179,517
Current liabilities:
Accounts payable	8,078	32,415
Customer deposits	86,140	97,841
Other current liabilities	63,688	55,404
Total current liabilities	157,906	185,660
Non-current liabilities:
Convertible senior notes, net	419,555	417,886
Other non-current liabilities	72,856	70,495
Total liabilities	650,317	674,041
Commitments and contingencies (Note 13)
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; 28,864,637 and 19,995,449 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	3	2
Additional paid-in capital	2,761,206	2,631,235
Accumulated deficit	(2,396,459)	(2,126,132)
Accumulated other comprehensive income	1,242	371
Total stockholders' equity	365,992	505,476
Total liabilities and stockholders' equity	$ 1,016,309	$ 1,179,517

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	10,000,000	10,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	700,000,000	700,000,000
Common stock, shares issued (in shares)	28,864,637	19,995,449
Common stock, shares outstanding (in shares)	28,864,637	19,995,449

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 402	$ 1,728	$ 6,607	$ 3,991
Operating expenses:
Spaceline operations	19,874	25,648	69,753	26,200
Research and development	23,937	44,848	124,441	241,292
Selling, general and administrative	33,978	42,218	95,793	144,020
Depreciation and amortization	4,341	3,286	11,296	9,723
Total operating expenses	82,130	116,000	301,283	421,235
Operating loss	(81,728)	(114,272)	(294,676)	(417,244)
Interest income	10,363	12,856	33,779	28,590
Interest expense	(3,233)	(3,221)	(9,690)	(9,648)
Other income, net	163	86	479	164
Loss before income taxes	(74,435)	(104,551)	(270,108)	(398,138)
Income tax expense	105	53	219	215
Net loss	(74,540)	(104,604)	(270,327)	(398,353)
Other comprehensive income (loss):
Foreign currency translation adjustment	31	(60)	25	9
Unrealized gain on marketable securities	1,794	1,022	846	6,008
Total comprehensive loss	$ (72,715)	$ (103,642)	$ (269,456)	$ (392,336)
Net loss per share:
Basic (in dollars per share)	$ (2.66)	$ (5.57)	$ (11.66)	$ (25.20)
Diluted (in dollars per share)	$ (2.66)	$ (5.57)	$ (11.66)	$ (25.20)
Weighted-average shares outstanding:
Basic (in shares)	27,973	18,792	23,176	15,809
Diluted (in shares)	27,973	18,792	23,176	15,809

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2022		13,769,861
Beginning balance at Dec. 31, 2022	$ 480,223	$ 1	$ 2,111,343	$ (1,623,795)	$ (7,326)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(159,385)			(159,385)
Other comprehensive income (loss)	3,136				3,136
Stock-based compensation for equity-classified awards	12,976		12,976
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares)		25,408
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	(1,870)		(1,870)
Issuance of common stock pursuant to at-the-market offering (in shares)		287,975
Issuance of common stock pursuant to at-the-market offering	32,044		32,044
Transaction costs	(343)		(343)
Ending balance (in shares) at Mar. 31, 2023		14,083,244
Ending balance at Mar. 31, 2023	366,781	$ 1	2,154,150	(1,783,180)	(4,190)
Beginning balance (in shares) at Dec. 31, 2022		13,769,861
Beginning balance at Dec. 31, 2022	480,223	$ 1	2,111,343	(1,623,795)	(7,326)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(398,353)
Ending balance (in shares) at Sep. 30, 2023		19,979,095
Ending balance at Sep. 30, 2023	599,359	$ 2	2,622,814	(2,022,148)	(1,309)
Beginning balance (in shares) at Mar. 31, 2023		14,083,244
Beginning balance at Mar. 31, 2023	366,781	$ 1	2,154,150	(1,783,180)	(4,190)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(134,364)			(134,364)
Other comprehensive income (loss)	1,919				1,919
Stock-based compensation for equity-classified awards	11,859		11,859
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares)		24,254
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	(446)		(446)
Issuance of common stock pursuant to at-the-market offering (in shares)		2,730,529
Issuance of common stock pursuant to at-the-market offering	241,393	$ 1	241,392
Transaction costs	(2,601)		(2,601)
Ending balance (in shares) at Jun. 30, 2023		16,838,027
Ending balance at Jun. 30, 2023	484,541	$ 2	2,404,354	(1,917,544)	(2,271)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(104,604)			(104,604)
Other comprehensive income (loss)	962				962
Stock-based compensation for equity-classified awards	10,763		10,763
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares)		19,256
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	(684)		(684)
Issuance of common stock pursuant to at-the-market offering (in shares)		3,121,812
Issuance of common stock pursuant to at-the-market offering	210,708		210,708
Transaction costs	(2,327)		(2,327)
Ending balance (in shares) at Sep. 30, 2023		19,979,095
Ending balance at Sep. 30, 2023	$ 599,359	$ 2	2,622,814	(2,022,148)	(1,309)
Beginning balance (in shares) at Dec. 31, 2023	19,995,449	19,995,449
Beginning balance at Dec. 31, 2023	$ 505,476	$ 2	2,631,235	(2,126,132)	371
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(102,012)			(102,012)
Other comprehensive income (loss)	(872)				(872)
Stock-based compensation for equity-classified awards	8,045		8,045
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares)		13,735
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	(269)		(269)
Issuance of common stock pursuant to at-the-market offering (in shares)		254,445
Issuance of common stock pursuant to at-the-market offering	7,272		7,272
Transaction costs	(58)		(58)
Ending balance (in shares) at Mar. 31, 2024		20,263,629
Ending balance at Mar. 31, 2024	$ 417,582	$ 2	2,646,225	(2,228,144)	(501)
Beginning balance (in shares) at Dec. 31, 2023	19,995,449	19,995,449
Beginning balance at Dec. 31, 2023	$ 505,476	$ 2	2,631,235	(2,126,132)	371
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	$ (270,327)
Ending balance (in shares) at Sep. 30, 2024	28,864,637	28,864,637
Ending balance at Sep. 30, 2024	$ 365,992	$ 3	2,761,206	(2,396,459)	1,242
Beginning balance (in shares) at Mar. 31, 2024		20,263,629
Beginning balance at Mar. 31, 2024	417,582	$ 2	2,646,225	(2,228,144)	(501)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(93,775)			(93,775)
Other comprehensive income (loss)	(82)				(82)
Stock-based compensation for equity-classified awards	8,092		8,092
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares)		45,649
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	(601)		(601)
Issuance of common stock pursuant to at-the-market offering (in shares)		3,675,079
Issuance of common stock pursuant to at-the-market offering	64,308		64,308
Transaction costs	(695)		(695)
Fractional share adjustment due to reverse stock split (in shares)		(137)
Fractional share adjustment due to reverse stock split	(2)		(2)
Ending balance (in shares) at Jun. 30, 2024		23,984,220
Ending balance at Jun. 30, 2024	394,827	$ 2	2,717,327	(2,321,919)	(583)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(74,540)			(74,540)
Other comprehensive income (loss)	1,825				1,825
Stock-based compensation for equity-classified awards	7,445		7,445
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares)		24,377
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	(283)		(283)
Issuance of common stock pursuant to at-the-market offering (in shares)		4,856,040
Issuance of common stock pursuant to at-the-market offering	37,118	$ 1	37,117
Transaction costs	$ (400)		(400)
Ending balance (in shares) at Sep. 30, 2024	28,864,637	28,864,637
Ending balance at Sep. 30, 2024	$ 365,992	$ 3	$ 2,761,206	$ (2,396,459)	$ 1,242

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (270,327)	$ (398,353)
Stock-based compensation	24,040	35,598
Depreciation and amortization	11,296	9,723
Amortization of debt issuance costs	1,669	1,618
Other non-cash items	(13,332)	(6,500)
Change in operating assets and liabilities:
Other current and non-current assets	13,624	14,293
Accounts payable	(25,364)	9,019
Customer deposits	(11,701)	(4,724)
Other current and non-current liabilities	(1,573)	(13,558)
Net cash used in operating activities	(271,668)	(352,884)
Cash flows from investing activities:
Capital expenditures	(86,146)	(25,941)
Purchases of marketable securities	(527,361)	(872,950)
Proceeds from maturities and calls of marketable securities	729,353	702,346
Other investing activities	598	0
Net cash provided by (used in) investing activities	116,444	(196,545)
Cash flows from financing activities:
Payments of finance lease obligations	(149)	(175)
Proceeds from issuance of common stock	108,698	484,145
Withholding taxes paid on behalf of employees on net settled stock-based awards	(1,153)	(3,001)
Transaction costs related to issuance of common stock	(1,046)	(5,106)
Other financing activities	(2)	0
Net cash provided by financing activities	106,348	475,863
Net decrease in cash, cash equivalents and restricted cash	(48,876)	(73,566)
Cash, cash equivalents and restricted cash at beginning of period	253,592	342,627
Cash, cash equivalents and restricted cash at end of period	204,716	269,061
Cash and cash equivalents	172,359	231,030
Restricted cash	32,357	38,031
Cash, cash equivalents and restricted cash	$ 204,716	$ 269,061

Description of Business and Bas

Description of Business and Basis of Presentation	9 Months Ended
Description of Business and Basis of Presentation	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Virgin Galactic Holdings, Inc., together with its consolidated subsidiaries ("Virgin Galactic" or the "Company"), is an aerospace and space travel company focused on the development, manufacture and operation of spaceships and related technologies. The Company provides access to space for private individuals, researchers and government agencies. The Company's missions include flying passengers to space, as well as flying scientific payloads and researchers to space in order to conduct experiments for scientific and educational purposes. The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission for interim financial reporting. Certain information and footnote disclosures, normally included in annual consolidated financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), have been condensed or omitted pursuant to such rules and regulations. However, in management's opinion, the condensed consolidated financial statements reflect all adjustments, including those of a normal recurring nature, necessary to present fairly the Company's financial position, results of operations and cash flows for the periods presented. The operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the entire fiscal year. The accompanying condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements contained in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. Statement of Operations Presentation In July 2023, the Company concluded that technological feasibility had been achieved for its initial spaceship, VSS Unity, and mothership carrier aircraft, VMS Eve, which together comprised the Company’s initial commercial spaceflight system. As a result, future costs associated with this spaceflight system, including the manufacture of related rocket motors, will no longer qualify as research and development activities. Following the launch of commercial service and achievement of technological feasibility, the Company began presenting the operating expenses supporting the Company’s commercial spaceline activities as spaceline operations expense in the accompanying condensed 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. Reverse Stock Split On June 14, 2024, the Company effected a 1-for-20 reverse stock split of the Company’s common stock (the "Reverse Stock Split"). As a result of the Reverse Stock Split, every 20 shares of the Company’s common stock issued or outstanding were automatically reclassified into one new share of common stock. Proportionate adjustments were also made to the exercise prices and the number of shares underlying the Company’s outstanding equity awards, as applicable, as well as to the number of shares issuable under the Company’s equity incentive plans and certain existing agreements. The Reverse Stock Split did not decrease the number of authorized shares of common stock or otherwise affect the par value of the common stock. No fractional shares were issued in connection with the Reverse Stock Split. Stockholders who were otherwise entitled to receive fractional shares as a result of the Reverse Stock Split were paid cash in lieu thereof. All shares of the Company’s common stock, per-share data and related information included in the accompanying condensed consolidated financial statements have been retroactively adjusted as though the Reverse Stock Split had been effected prior to all periods presented.

Cash, Cash Equivalents and Mark

Cash, Cash Equivalents and Marketable Securities	9 Months Ended
Cash, Cash Equivalents and Marketable Securities	Sep. 30, 2024
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Marketable Securities	Cash, Cash Equivalents and Marketable Securities The Company maintains certain cash balances restricted as to withdrawal or use. Restricted cash consists of cash deposits received from future astronauts that are contractually restricted for operational use until the condition of carriage is signed or the deposits are refunded. The amortized cost, unrealized gains and estimated fair value of the Company's cash, cash equivalents and marketable securities are as follows: September 30, 2024 Amortized Cost Gross Unrealized Gains Fair Value (In thousands) Cash and cash equivalents: Cash and restricted cash $ 14,286 $ — $ 14,286 Money market 190,430 — 190,430 Marketable securities: U.S. treasuries 88,928 97 89,025 Corporate bonds 449,099 1,051 450,150 $ 742,743 $ 1,148 $ 743,891 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 Interest receivable of $4.5 million and $4.6 million is included in other current assets in the accompanying condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023, respectively. The Company recognizes amortization and accretion of purchase premiums and discounts on its marketable securities in interest income in the accompanying condensed consolidated statements of operations and comprehensive loss. The Company recognized $4.0 million and $6.0 million in accretion income, net for its marketable securities for the three months ended September 30, 2024 and 2023, respectively. The Company recognized $14.0 million and $8.5 million in accretion income, net for its marketable securities for the nine months ended September 30, 2024 and 2023, respectively. The following table presents the contractual maturities of the Company's marketable securities as of September 30, 2024: September 30, 2024 Amortized Cost Estimated Fair Value (In thousands) Matures within one year $ 477,800 $ 478,741 Matures between one to two years 60,227 60,434 $ 538,027 $ 539,175

Property, Plant, and Equipment,

Property, Plant, and Equipment, Net	9 Months Ended
Property, Plant, and Equipment, Net	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property, Plant, and Equipment, Net	Property, Plant and Equipment, Net Property, plant and equipment consists of the following: September 30, 2024 December 31, 2023 (In thousands) Land $ 1,302 $ 1,302 Buildings 10,111 9,092 Flight vehicles and rotables 4,331 4,074 Machinery and equipment 42,475 39,983 Information technology software and equipment 44,864 43,256 Leasehold improvements 75,415 37,141 Construction in progress 89,002 34,584 267,500 169,432 Less: accumulated depreciation and amortization 86,346 75,626 $ 181,154 $ 93,806

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2024
Leases [Abstract]
Leases	Leases The components of expense related to leases are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Operating lease cost $ 3,268 $ 3,382 $ 10,144 $ 8,992 Variable lease cost 899 1,559 3,169 2,844 Short-term lease cost 6 127 18 139 Finance lease cost: Amortization of assets under finance leases 50 68 172 199 Interest on finance lease liabilities 16 21 52 60 Total finance lease cost 66 89 224 259 Total lease cost $ 4,239 $ 5,157 $ 13,555 $ 12,234 The components of supplemental cash flow information related to leases are as follows: Nine Months Ended September 30, 2024 2023 (In thousands, except term and rate data) Cash Flow Information: Operating cash flows for operating leases $ 9,868 $ 7,050 Operating cash flows for finance leases $ 52 $ 60 Financing cash flows for finance leases $ 149 $ 175 Non-cash Activity: Assets acquired in exchange for lease obligations: Operating leases $ 4,062 $ 13,814 Finance leases $ 29 $ 219 Other Information: Weighted-average remaining lease term: Operating leases (in years) 9.0 10.0 Finance leases (in years) 2.7 3.2 Weighted-average discount rates: Operating leases 12.1 % 12.1 % Finance leases 13.2 % 12.9 % The supplemental balance sheet information related to leases is as follows: September 30, 2024 December 31, 2023 (In thousands) Operating Leases: Long-term right-of-use assets $ 57,854 $ 58,526 Short-term operating lease liabilities $ 5,055 $ 4,350 Long-term operating lease liabilities 67,830 68,864 Total operating lease liabilities $ 72,885 $ 73,214 Right-of-use assets are included in other non-current assets, and lease liabilities are included in other current liabilities and other non-current liabilities in the accompanying condensed consolidated balance sheets.
Leases	Leases The components of expense related to leases are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Operating lease cost $ 3,268 $ 3,382 $ 10,144 $ 8,992 Variable lease cost 899 1,559 3,169 2,844 Short-term lease cost 6 127 18 139 Finance lease cost: Amortization of assets under finance leases 50 68 172 199 Interest on finance lease liabilities 16 21 52 60 Total finance lease cost 66 89 224 259 Total lease cost $ 4,239 $ 5,157 $ 13,555 $ 12,234 The components of supplemental cash flow information related to leases are as follows: Nine Months Ended September 30, 2024 2023 (In thousands, except term and rate data) Cash Flow Information: Operating cash flows for operating leases $ 9,868 $ 7,050 Operating cash flows for finance leases $ 52 $ 60 Financing cash flows for finance leases $ 149 $ 175 Non-cash Activity: Assets acquired in exchange for lease obligations: Operating leases $ 4,062 $ 13,814 Finance leases $ 29 $ 219 Other Information: Weighted-average remaining lease term: Operating leases (in years) 9.0 10.0 Finance leases (in years) 2.7 3.2 Weighted-average discount rates: Operating leases 12.1 % 12.1 % Finance leases 13.2 % 12.9 % The supplemental balance sheet information related to leases is as follows: September 30, 2024 December 31, 2023 (In thousands) Operating Leases: Long-term right-of-use assets $ 57,854 $ 58,526 Short-term operating lease liabilities $ 5,055 $ 4,350 Long-term operating lease liabilities 67,830 68,864 Total operating lease liabilities $ 72,885 $ 73,214 Right-of-use assets are included in other non-current assets, and lease liabilities are included in other current liabilities and other non-current liabilities in the accompanying condensed consolidated balance sheets.

Other Current Liabilities

Other Current Liabilities	9 Months Ended
Other Current Liabilities	Sep. 30, 2024
Payables and Accruals [Abstract]
Other Current Liabilities	Other Current Liabilities The components of other current liabilities are as follows: September 30, 2024 December 31, 2023 (In thousands) Accrued compensation $ 28,327 $ 32,179 Accrued manufacturing sub-contractor and contract labor costs 19,486 9,500 Other 15,875 13,725 $ 63,688 $ 55,404

Convertible Senior Notes

Convertible Senior Notes	9 Months Ended
Convertible Senior Notes	Sep. 30, 2024
Convertible Debt [Abstract]
Convertible Senior Notes	Convertible Senior Notes In January 2022, the Company completed an offering of $425 million aggregate principal amount of convertible senior notes (the "2027 Notes"). The 2027 Notes are senior unsecured obligations of the Company and bear interest at a fixed rate of 2.50% per year. Interest is payable in cash semi-annually in arrears on February 1 and August 1 of each year. The 2027 Notes mature on February 1, 2027 unless earlier repurchased, redeemed or converted. The net carrying value of the 2027 Notes is as follows: September 30, 2024 December 31, 2023 (In thousands) Principal $ 425,000 $ 425,000 Less: unamortized debt issuance costs 5,445 7,114 Net carrying amount $ 419,555 $ 417,886 During each of the three months ended September 30, 2024 and 2023, the Company recognized $3.2 million of interest expense on the 2027 Notes. Interest expense included $0.6 million and $0.5 million of amortized debt issuance costs during the three months ended September 30, 2024 and 2023, respectively. During each of the nine months ended September 30, 2024 and 2023, the Company recognized $9.6 million of interest expense on the 2027 Notes. Interest expense included $1.7 million and $1.6 million of amortized debt issuance costs during the nine months ended September 30, 2024 and 2023, respectively.

Stockholders' Equity

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2024
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity In August 2022, the Company entered into a distribution agency agreement with Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC (each, an “Agent” and collectively, the “Agents”) providing for the offer and sale of up to $300 million of shares of the Company's common stock from time to time through the Agents, acting as sales agents, or directly to one or more of the Agents, acting as principal(s), through an "at-the-market offering" program (the "2022 ATM Program"). The Company completed the 2022 ATM Program in June 2023, selling a total of 3.0 million shares of common stock and generating $300 million in gross proceeds, before deducting $3.0 million in underwriting discounts, commissions and other expenses. In June 2023, the Company entered into a distribution agency agreement with the Agents providing for the offer and sale of up to $400 million of shares of the Company's common stock from time to time through the Agents, acting as sales agents, or directly to one or more of the Agents, acting as principal(s), through an "at-the-market offering" program (the "2023 ATM Program"). During the nine months ended September 30, 2024, the Company sold 8.8 million shares of common stock under the 2023 ATM Program and generated $108.7 million in gross proceeds, before deducting $1.0 million in underwriting discounts, commissions and other expenses.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
Stock-Based Compensation	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation The Company maintains two equity incentive plans -- the Second Amended and Restated Virgin Galactic Holdings, Inc. 2019 Incentive Award Plan (the "Second A&R Plan") and the Virgin Galactic Holdings, Inc. 2023 Employment Inducement Incentive Award Plan (the "Inducement Plan"). The Second A&R Plan was adopted by the Company's board of directors and became effective in April 2024, subject to the approval of the Company’s stockholders, and was approved by the Company’s stockholders in June 2024. The Second A&R Plan amended and restated the Amended and Restated Virgin Galactic Holdings, Inc. 2019 Incentive Plan (the “A&R Plan”) and made the following material changes to the A&R Plan: (i) increased the number of shares available by 0.7 million shares with an aggregate of 2.2 million shares reserved for issuance under the Second A&R Plan, (ii) increased the number of shares which may be granted as incentive stock options (“ISOs”) under the Second A&R Plan, such that an aggregate of 2.2 million shares may be granted as incentive stock options under the Second A&R Plan, and (iii) extended the right to grant awards under the plan through June 12, 2034, provided that incentive stock options may not be granted under the Second A&R Plan after April 18, 2034. Pursuant to the Second A&R Plan and related predecessor plans, the Company has granted time-based stock options, performance-based stock options ("PSOs"), restricted stock units ("RSUs"), and performance stock units ("PSUs"). Pursuant to the Inducement Plan, the Company has granted RSUs. Liability-Classified Stock Awards During the nine months ended September 30, 2024, the Company granted 0.3 million RSUs under the A&R Plan that are expected be settled in cash. Changes in the fair value of these liability-classified awards are reported on a quarterly basis through their final vesting. Expense is recognized over the requisite service period of the award, with recognition of a corresponding liability recorded in other current liabilities in the accompanying condensed consolidated balance sheet as of September 30, 2024. Changes in fair value are recognized in stock-based compensation expense. A summary of the components of stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Stock option and PSO expense: Spaceline operations $ — $ 282 $ — $ 282 Research and development — 318 — 1,343 Selling, general and administrative 621 1,181 1,821 4,200 Total stock option and PSO expense 621 1,781 1,821 5,825 RSU and PSU expense: Spaceline operations 1,046 1,545 3,441 1,545 Research and development 1,050 1,579 3,236 6,587 Selling, general and administrative 4,843 5,858 15,542 21,641 Total RSU and PSU expense 6,939 8,982 22,219 29,773 Total stock-based compensation expense 7,560 10,763 24,040 35,598 Less: stock-based compensation expense for liability-classified awards 115 — 458 — Stock-based compensation expense for equity-classified awards $ 7,445 $ 10,763 $ 23,582 $ 35,598 As of September 30, 2024, the Company had unrecognized stock-based compensation expense of $1.6 million for stock options, which is expected to be recognized over a weighted-average period of 1.0 year. There was no unrecognized stock-based compensation expense for PSOs. Unrecognized stock-based compensation expense as of September 30, 2024 for RSUs and PSUs totaled $28.8 million and $3.1 million, respectively, which are expected to be recognized over weighted-average periods of 2.3 years and 1.2 years, respectively.

Special Charges

Special Charges	9 Months Ended
Special Charges	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Special Charges	Special Charges In November 2023, the Company commenced a restructuring plan designed to decrease costs and strategically realign its resources. In connection with this plan, the Company announced a workforce reduction constituting approximately 18% of its workforce. As a result, the Company recorded $4.4 million in severance and related benefit costs for the involuntarily terminated employees as special charges during the fourth quarter of 2023. In January 2024, the Company fully paid the $1.4 million liability balance associated with these costs that was accrued at December 31, 2023.

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Income tax expense was $105,000 and $53,000 for the three months ended September 30, 2024 and 2023, respectively. Income tax expense was $219,000 and $215,000 for the nine months ended September 30, 2024 and 2023, respectively. The effective income tax rate was nil for each of the three and nine months ended September 30, 2024 and 2023. The effective tax rate differs from the U.S. statutory rate primarily due to a full valuation allowance against net deferred tax assets where it is more likely than not that some or all of the deferred tax assets will not be realized.

Earnings Per Share

Earnings Per Share	9 Months Ended
Earnings Per Share	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table presents net loss per share and related information: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands, except per share amounts) Basic and diluted: Net loss $ (74,540) $ (104,604) $ (270,327) $ (398,353) Weighted-average common shares outstanding 27,973 18,792 23,176 15,809 Basic and diluted net loss per share $ (2.66) $ (5.57) $ (11.66) $ (25.20) Basic and diluted net loss per share is computed using the weighted-average number of shares of common stock outstanding during the period. The computation of diluted net loss per share excludes the effect of all potential common shares outstanding as their impact would have been anti-dilutive. The Company has excluded stock-based awards and shares issuable upon conversion of the 2027 Notes from the diluted loss per share calculation because their effect was anti-dilutive. The total number of shares excluded for each of the three and nine months ended September 30, 2024 were 2.6 million. The total number of shares excluded for each of the three and nine months ended September 30, 2023 were 2.3 million.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
Fair Value Measurements	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Assets and liabilities subject to fair value measurements are required to be disclosed within a fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the information used to determine fair value. Accordingly, assets and liabilities carried at fair value are classified within the fair value hierarchy in one of the following categories: • Level 1 inputs — Quoted prices in active markets for identical assets or liabilities. • Level 2 inputs — Inputs other than Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 inputs — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the asset or liability. The following tables present the Company's financial assets that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy: September 30, 2024 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market $ 190,430 $ — $ — $ 190,430 U.S. treasuries 89,025 — — 89,025 Corporate bonds — 450,150 — 450,150 Total assets at fair value $ 279,455 $ 450,150 $ — $ 729,605 December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market $ 235,865 $ — $ — $ 235,865 U.S. treasuries 198,683 — — 198,683 Corporate bonds — 530,151 — 530,151 Total assets at fair value $ 434,548 $ 530,151 $ — $ 964,699 The following tables present the Company's financial liabilities that are recorded at amortized cost, segregated among the appropriate levels within the fair value hierarchy: September 30, 2024 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: 2027 Notes $ — $ 135,635 $ — $ 135,635 Total liabilities at fair value $ — $ 135,635 $ — $ 135,635 December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: 2027 Notes $ — $ 189,937 $ — $ 189,937 Total liabilities at fair value $ — $ 189,937 $ — $ 189,937 The estimated fair value of the 2027 Notes, which are classified as Level 2 financial instruments, was determined based on the estimated or actual bid prices of the 2027 Notes in an over-the-counter market on the last business day of the period.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases Future minimum lease payments under noncancelable operating leases and future minimum finance lease payments as of September 30, 2024 are as follows: Operating Leases Finance Leases (In thousands) 2024 (for the remaining period) $ 3,353 $ 59 2025 13,488 235 2026 13,458 184 2027 13,481 69 2028 13,340 30 Thereafter 65,286 5 Total payments 122,406 582 Less: present value discount/imputed interest 49,521 87 Present value of lease liabilities $ 72,885 $ 495 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 September 30, 2024, would not be material to the Company’s consolidated financial position, results of operations or cash flows. However, there can be no assurance with respect to such result, and monetary liability or financial impact to the Company from legal proceedings, lawsuits and other claims could differ materially from those projected. The Boeing Company and Aurora Flight Sciences Corporation v. the Company On March 21, 2024, The Boeing Company and Aurora Flight Sciences Corporation, a Boeing Company (collectively, “Boeing”), filed suit against the Company in the Eastern District of Virginia, captioned The Boeing Company and Aurora Flight Sciences Corporation, a Boeing Company v. Virgin Galactic Holdings, Inc., Case No. 1:21-cv-03070. In its complaint, Boeing alleges that the Company breached the parties’ Master Agreement. Boeing further alleges trade secret misappropriation under the Delaware Uniform Trade Secrets Act (“DUTSA”), 6 Del C. § 2001, et. seq., and the Defend Trade Secrets Act (“DTSA”), 18 U.S.C. § 1836, et. seq., and filed a motion for preliminary injunction to destroy certain disputed documents. The complaint seeks damages in excess of $25 million, expenses, attorneys’ fees and other equitable relief. On April 12, 2024, the Company filed an answer to Boeing’s complaint and a counterclaim seeking damages relating to Boeing’s breach of the Master Agreement, as well as an opposition to Boeing’s motion for a preliminary injunction. On April 4, 2024, the Company filed suit against Boeing in the Central District of California. In its complaint, the Company sought: (1) declaratory judgment of no misappropriation of trade secrets under either DUTSA or DTSA by the Company, (2) declaratory judgment of no breach of contract by the Company, and (3) damages related to Boeing’s breach of contract for failure to adequately perform, including incomplete work on design phases of the project. On April 12, 2024, Boeing filed a motion for an anti-suit injunction in connection with the Company’s California suit. On June 6, 2024, the Company voluntarily dismissed the California action without prejudice, electing to pursue its affirmative claims against Boeing by way of the counterclaim filed in the Virginia action, and on that same day the Company and Boeing jointly informed the Virginia court that the Company’s voluntary dismissal of the California action without prejudice rendered moot Boeing’s motion for an anti-suit injunction. A hearing on the motion for a preliminary injunction took place on May 24, 2024. On June 20, 2024, the Court denied the preliminary injunction sought by Boeing, and ordered that the Company could use the disputed documents internally, and with third parties under a non-disclosure agreement, for the purpose of developing a new mothership. On October 2, 2024, Boeing and the Company executed a “Material Terms of Settlement Agreement,” endorsed by Magistrate Judge Lindsey R. Vaala of the United States District Court for the Eastern District of Virginia, by which they agreed to resolve all disputes between them relating to the lawsuits. The parties entered into a final Settlement Agreement effective October 31, 2024, and the litigation was dismissed in its entirety on November 4, 2024. The Company has reflected a benefit associated with this settlement in research and development expense in the accompanying condensed consolidated statement of operations and comprehensive loss for the three months ended September 30, 2024. 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. On March 27, 2024, the defendants moved for judgment on the pleadings as to the remaining Section 10(b) insider trading claim alleged against Branson. On April 2, 2024, the court stayed briefing on defendants’ motion for judgment on the pleadings pending resolution of plaintiffs’ anticipated motion for leave to add a new representative plaintiff, which plaintiffs’ subsequently filed on May 1, 2024. The court granted plaintiffs’ motion on July 2, 2024. On July 8, 2024, defendants withdrew their motion for judgment on the pleadings. On August 21, 2024, plaintiffs filed a third amended complaint in which Xinqiang Cui, Justin Carlough, Jennifer Ortiz, Richard O’Keefe-Jones, Vipul Gupta, Maria Josephine Rosales, and Hesham Ibrahim (previously named plaintiffs), were designated by plaintiffs as lead plaintiffs (in addition to Robert Scheele and Mark Kusnier), and an additional named plaintiff was added. The third amended complaint contains substantively the same allegations as in the second amended complaint. On September 11, 2024, defendants filed an answer to plaintiffs’ third amended complaint. The Company intends to continue to vigorously defend against this matter. Spiteri, Grenier, Laidlaw, and St. Jean derivatively on behalf of the Company vs. Certain Current and Former Officers and Directors On February 21, 2022, March 1, 2022, September 21, 2022, and December 13, 2022, four alleged shareholders filed separate derivative complaints purportedly on behalf of the Company against certain of the Company's current and former officers and directors in the Eastern District of New York captioned Spiteri v. Branson et al., Case No. 1:22- cv-00933 (“Spiteri Action”), Grenier v. Branson et al., Case No. 1:22-cv-01100 (“Grenier Action”), Laidlaw v. Branson et al., Case No. 1:22-cv-05634 (“Laidlaw Action”), and St. Jean v. Branson et al., Case No. 1:22-cv-7551 (“St. Jean Action”), respectively. On May 4, 2022, the Spiteri and Grenier Actions were consolidated and recaptioned In re Virgin Galactic Holdings, Inc. Derivative Litigation, Case No. 1:22-cv-00933 (“Consolidated Derivative Action”). On September 30, 2023, the Laidlaw Action was consolidated into the Consolidated Derivative Action. Collectively, the complaints assert violations of Sections 10(b), 14(a), and 21D of the Exchange Act of 1934 and claims of breach of fiduciary duty, aiding and abetting breach of fiduciary duty, abuse of control, gross mismanagement, waste of corporate assets, contribution and indemnification, and unjust enrichment arising from substantially similar allegations as those contained in the securities class action described above. The complaints seek an unspecified sum of damages, interest, restitution, expenses, attorneys’ fees and other equitable relief. The cases are at a preliminary stage. Abughazaleh derivatively on behalf of the Company vs. Certain Current and Former Officers and Directors On February 13, 2023, alleged shareholder Yousef Abughazaleh filed a derivative complaint purportedly on behalf of the Company against certain of the Company's current and former officers and directors in the District of Delaware captioned Abughazaleh v. Branson et al., Case No. 23-156-MN. The complaint asserts violations of Section 14(a) of the Exchange Act of 1934 and SEC Rule 14a-9, and claims of breach of fiduciary duty, contribution and indemnification, and unjust enrichment arising from substantially similar allegations as those contained in the securities class action described above. The complaint seeks an unspecified sum of damages, interest, restitution, expenses, attorneys’ fees and other equitable relief. The case is at a preliminary stage. Molnar and Tubbs derivatively on behalf of the Company vs. Certain Current and Former Officers and Directors On April 9, 2024, alleged shareholders Crystal Molnar and Cleveland Tubbs filed a derivative complaint purportedly on behalf of the Company against certain of the Company's current and former officers and directors in the Central District of California captioned Molnar v. Branson et al., Case No. 8:24-cv-775. The complaint asserts violations of Section 10(b) and 21D of the Exchange Act of 1934, and claims of breach of fiduciary duty and unjust enrichment arising from substantially similar allegations as those contained in the securities class action described above. The complaint seeks an unspecified sum of damages, restitution, expenses, attorneys’ fees, and other equitable relief. The case is at a preliminary stage. Gera derivatively on behalf of the Company vs. Certain Current and Former Officers and Directors On July 11, 2024, alleged shareholder Samhita Gera filed a derivative complaint purportedly on behalf of the Company against certain of the Company’s current and former officers and directors in the Eastern District of New York captioned Gera v. Branson et al., Case No. 24-cv-04795. The complaint asserts violations of Section 14(a) of the Exchange Act of 1934 and SEC Rule 14a-9, and claims of breach of fiduciary duty, contribution and indemnification, and unjust enrichment arising from substantially similar allegations as those contained in the securities class action described above. The complaint seeks an unspecified sum of damages, interest, restitution, expenses, attorneys’ fees and other equitable relief. The case is at a preliminary stage.

Related Party Transactions

Related Party Transactions	9 Months Ended
Related Party Transactions	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company licenses its brand name from certain entities affiliated with Virgin Enterprises Limited (“VEL”), a company incorporated in England. VEL is an affiliate of the Company. Under the trademark license, the Company has the exclusive right to operate under the brand name “Virgin Galactic” worldwide. Royalties payable, excluding sponsorship royalties, are the greater of (a) a low single-digit percentage of gross sales and (b) (i) prior to the first spaceflight for paying astronauts, a mid-five figure amount in dollars and (ii) from the first spaceflight for paying astronauts, a low-six figure amount in dollars, which increases to a low-seven figure amount in dollars over a four-year ramp up and thereafter increases in correlation with the consumer price index. Royalties payable on sponsorships are based on a mid-double-digit percentage of the related gross sales. During the nine months ended September 30, 2024 and 2023, the Company incurred royalty expenses of $1.0 million and $0.3 million, respectively.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
Supplemental Cash Flow Information	Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information Nine Months Ended September 30, 2024 2023 (In thousands) Supplemental disclosure of cash flow information: Cash payments for: Income taxes $ 250 $ 533 Interest 5,313 10,625 Supplemental disclosure of non-cash investing and financing activities: Unpaid purchases of property, plant and equipment $ 13,275 $ 2,512 Transfer of inventory to rotables in property, plant and equipment — 2,681 Issuance of common stock through RSUs vested 2,220 8,740

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (74,540)	$ (93,775)	$ (102,012)	$ (104,604)	$ (134,364)	$ (159,385)	$ (270,327)	$ (398,353)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of Business and B_2

Description of Business and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.
Statement of Operations Presentation	Statement of Operations Presentation In July 2023, the Company concluded that technological feasibility had been achieved for its initial spaceship, VSS Unity, and mothership carrier aircraft, VMS Eve, which together comprised the Company’s initial commercial spaceflight system. As a result, future costs associated with this spaceflight system, including the manufacture of related rocket motors, will no longer qualify as research and development activities. Following the launch of commercial service and achievement of technological feasibility, the Company began presenting the operating expenses supporting the Company’s commercial spaceline activities as spaceline operations expense in the accompanying condensed 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.
Restricted Cash	Restricted cash consists of cash deposits received from future astronauts that are contractually restricted for operational use until the condition of carriage is signed or the deposits are refunded.
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.

Cash, Cash Equivalents and Ma_2

Cash, Cash Equivalents and Marketable Securities (Tables)	9 Months Ended
Cash, Cash Equivalents and Marketable Securities (Tables)	Sep. 30, 2024
Cash and Cash Equivalents [Abstract]
Schedule of Marketable Securities	The amortized cost, unrealized gains and estimated fair value of the Company's cash, cash equivalents and marketable securities are as follows: September 30, 2024 Amortized Cost Gross Unrealized Gains Fair Value (In thousands) Cash and cash equivalents: Cash and restricted cash $ 14,286 $ — $ 14,286 Money market 190,430 — 190,430 Marketable securities: U.S. treasuries 88,928 97 89,025 Corporate bonds 449,099 1,051 450,150 $ 742,743 $ 1,148 $ 743,891 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
Schedule of Contractual Maturities	The following table presents the contractual maturities of the Company's marketable securities as of September 30, 2024: September 30, 2024 Amortized Cost Estimated Fair Value (In thousands) Matures within one year $ 477,800 $ 478,741 Matures between one to two years 60,227 60,434 $ 538,027 $ 539,175

Property, Plant, and Equipmen_2

Property, Plant, and Equipment, Net (Tables)	9 Months Ended
Property, Plant, and Equipment, Net (Tables)	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant, and Equipment	Property, plant and equipment consists of the following: September 30, 2024 December 31, 2023 (In thousands) Land $ 1,302 $ 1,302 Buildings 10,111 9,092 Flight vehicles and rotables 4,331 4,074 Machinery and equipment 42,475 39,983 Information technology software and equipment 44,864 43,256 Leasehold improvements 75,415 37,141 Construction in progress 89,002 34,584 267,500 169,432 Less: accumulated depreciation and amortization 86,346 75,626 $ 181,154 $ 93,806

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2024
Leases [Abstract]
Schedule of Lease Expense and Cash Flow Information	The components of expense related to leases are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Operating lease cost $ 3,268 $ 3,382 $ 10,144 $ 8,992 Variable lease cost 899 1,559 3,169 2,844 Short-term lease cost 6 127 18 139 Finance lease cost: Amortization of assets under finance leases 50 68 172 199 Interest on finance lease liabilities 16 21 52 60 Total finance lease cost 66 89 224 259 Total lease cost $ 4,239 $ 5,157 $ 13,555 $ 12,234 The components of supplemental cash flow information related to leases are as follows: Nine Months Ended September 30, 2024 2023 (In thousands, except term and rate data) Cash Flow Information: Operating cash flows for operating leases $ 9,868 $ 7,050 Operating cash flows for finance leases $ 52 $ 60 Financing cash flows for finance leases $ 149 $ 175 Non-cash Activity: Assets acquired in exchange for lease obligations: Operating leases $ 4,062 $ 13,814 Finance leases $ 29 $ 219 Other Information: Weighted-average remaining lease term: Operating leases (in years) 9.0 10.0 Finance leases (in years) 2.7 3.2 Weighted-average discount rates: Operating leases 12.1 % 12.1 % Finance leases 13.2 % 12.9 %
Schedule of Balance Sheet Information	The supplemental balance sheet information related to leases is as follows: September 30, 2024 December 31, 2023 (In thousands) Operating Leases: Long-term right-of-use assets $ 57,854 $ 58,526 Short-term operating lease liabilities $ 5,055 $ 4,350 Long-term operating lease liabilities 67,830 68,864 Total operating lease liabilities $ 72,885 $ 73,214

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	9 Months Ended
Other Current Liabilities (Tables)	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Other Current Liabilities	The components of other current liabilities are as follows: September 30, 2024 December 31, 2023 (In thousands) Accrued compensation $ 28,327 $ 32,179 Accrued manufacturing sub-contractor and contract labor costs 19,486 9,500 Other 15,875 13,725 $ 63,688 $ 55,404

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)	9 Months Ended
Convertible Senior Notes (Tables)	Sep. 30, 2024
Convertible Debt [Abstract]
Schedule of Convertible Debt	The net carrying value of the 2027 Notes is as follows: September 30, 2024 December 31, 2023 (In thousands) Principal $ 425,000 $ 425,000 Less: unamortized debt issuance costs 5,445 7,114 Net carrying amount $ 419,555 $ 417,886

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
Stock-Based Compensation (Tables)	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Restricted Stock Units Activity	A summary of the components of stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Stock option and PSO expense: Spaceline operations $ — $ 282 $ — $ 282 Research and development — 318 — 1,343 Selling, general and administrative 621 1,181 1,821 4,200 Total stock option and PSO expense 621 1,781 1,821 5,825 RSU and PSU expense: Spaceline operations 1,046 1,545 3,441 1,545 Research and development 1,050 1,579 3,236 6,587 Selling, general and administrative 4,843 5,858 15,542 21,641 Total RSU and PSU expense 6,939 8,982 22,219 29,773 Total stock-based compensation expense 7,560 10,763 24,040 35,598 Less: stock-based compensation expense for liability-classified awards 115 — 458 — Stock-based compensation expense for equity-classified awards $ 7,445 $ 10,763 $ 23,582 $ 35,598
Schedule of Performance Stock Unit Activity	A summary of the components of stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Stock option and PSO expense: Spaceline operations $ — $ 282 $ — $ 282 Research and development — 318 — 1,343 Selling, general and administrative 621 1,181 1,821 4,200 Total stock option and PSO expense 621 1,781 1,821 5,825 RSU and PSU expense: Spaceline operations 1,046 1,545 3,441 1,545 Research and development 1,050 1,579 3,236 6,587 Selling, general and administrative 4,843 5,858 15,542 21,641 Total RSU and PSU expense 6,939 8,982 22,219 29,773 Total stock-based compensation expense 7,560 10,763 24,040 35,598 Less: stock-based compensation expense for liability-classified awards 115 — 458 — Stock-based compensation expense for equity-classified awards $ 7,445 $ 10,763 $ 23,582 $ 35,598
Schedule of Stock Option and RSU Expense	A summary of the components of stock-based compensation expense included in the condensed consolidated statements of operations and comprehensive loss is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands) Stock option and PSO expense: Spaceline operations $ — $ 282 $ — $ 282 Research and development — 318 — 1,343 Selling, general and administrative 621 1,181 1,821 4,200 Total stock option and PSO expense 621 1,781 1,821 5,825 RSU and PSU expense: Spaceline operations 1,046 1,545 3,441 1,545 Research and development 1,050 1,579 3,236 6,587 Selling, general and administrative 4,843 5,858 15,542 21,641 Total RSU and PSU expense 6,939 8,982 22,219 29,773 Total stock-based compensation expense 7,560 10,763 24,040 35,598 Less: stock-based compensation expense for liability-classified awards 115 — 458 — Stock-based compensation expense for equity-classified awards $ 7,445 $ 10,763 $ 23,582 $ 35,598

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
Earnings Per Share (Tables)	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Net Loss Per Share	The following table presents net loss per share and related information: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (In thousands, except per share amounts) Basic and diluted: Net loss $ (74,540) $ (104,604) $ (270,327) $ (398,353) Weighted-average common shares outstanding 27,973 18,792 23,176 15,809 Basic and diluted net loss per share $ (2.66) $ (5.57) $ (11.66) $ (25.20)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
Fair Value Measurements (Tables)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Assets Measured on Recurring Basis	The following tables present the Company's financial assets that are recorded at fair value on a recurring basis, segregated among the appropriate levels within the fair value hierarchy: September 30, 2024 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market $ 190,430 $ — $ — $ 190,430 U.S. treasuries 89,025 — — 89,025 Corporate bonds — 450,150 — 450,150 Total assets at fair value $ 279,455 $ 450,150 $ — $ 729,605 December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Assets: Money market $ 235,865 $ — $ — $ 235,865 U.S. treasuries 198,683 — — 198,683 Corporate bonds — 530,151 — 530,151 Total assets at fair value $ 434,548 $ 530,151 $ — $ 964,699 The following tables present the Company's financial liabilities that are recorded at amortized cost, segregated among the appropriate levels within the fair value hierarchy: September 30, 2024 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: 2027 Notes $ — $ 135,635 $ — $ 135,635 Total liabilities at fair value $ — $ 135,635 $ — $ 135,635 December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Liabilities: 2027 Notes $ — $ 189,937 $ — $ 189,937 Total liabilities at fair value $ — $ 189,937 $ — $ 189,937

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
Commitments and Contingencies (Tables)	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Operating Lease Maturities	Future minimum lease payments under noncancelable operating leases and future minimum finance lease payments as of September 30, 2024 are as follows: Operating Leases Finance Leases (In thousands) 2024 (for the remaining period) $ 3,353 $ 59 2025 13,488 235 2026 13,458 184 2027 13,481 69 2028 13,340 30 Thereafter 65,286 5 Total payments 122,406 582 Less: present value discount/imputed interest 49,521 87 Present value of lease liabilities $ 72,885 $ 495
Schedule of Finance Lease Maturities	Future minimum lease payments under noncancelable operating leases and future minimum finance lease payments as of September 30, 2024 are as follows: Operating Leases Finance Leases (In thousands) 2024 (for the remaining period) $ 3,353 $ 59 2025 13,488 235 2026 13,458 184 2027 13,481 69 2028 13,340 30 Thereafter 65,286 5 Total payments 122,406 582 Less: present value discount/imputed interest 49,521 87 Present value of lease liabilities $ 72,885 $ 495

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
Supplemental Cash Flow Information (Tables)	Sep. 30, 2024
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	Nine Months Ended September 30, 2024 2023 (In thousands) Supplemental disclosure of cash flow information: Cash payments for: Income taxes $ 250 $ 533 Interest 5,313 10,625 Supplemental disclosure of non-cash investing and financing activities: Unpaid purchases of property, plant and equipment $ 13,275 $ 2,512 Transfer of inventory to rotables in property, plant and equipment — 2,681 Issuance of common stock through RSUs vested 2,220 8,740

Description of Business and B_3

Description of Business and Basis of Presentation (Details)	Jun. 14, 2024
Common Stock
Class of Warrant or Right [Line Items]
Reverse stock split, conversion ratio	0.05

Cash, Cash Equivalents and Ma_3

Cash, Cash Equivalents and Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, Amortized Cost	$ 204,716	$ 253,592	$ 269,061	$ 342,627
Marketable securities, Amortized Cost	538,027
Cash, cash equivalents and marketable securities, Amortized Cost	742,743	982,124
Cash, cash equivalents and marketable securities, Gross Unrealized Gains	1,148	302
Marketable securities, Fair Value	539,175
Total assets at fair value	743,891	982,426
U.S. treasuries
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable securities, Amortized Cost	88,928	198,639
Cash, cash equivalents and marketable securities, Gross Unrealized Gains	97	44
Marketable securities, Fair Value	89,025	198,683
Corporate bonds
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable securities, Amortized Cost	449,099	529,893
Cash, cash equivalents and marketable securities, Gross Unrealized Gains	1,051	258
Marketable securities, Fair Value	450,150	530,151
Cash and restricted cash
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, Amortized Cost	14,286	17,727
Cash and cash equivalents, Fair Value	14,286	17,727
Money market
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Cash and cash equivalents, Amortized Cost	190,430	235,865
Cash and cash equivalents, Fair Value	$ 190,430	$ 235,865

Cash, Cash Equivalents and Ma_4

Cash, Cash Equivalents and Marketable Securities - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Interest receivable	$ 4.5		$ 4.5		$ 4.6
Accretion income on marketable securities	$ 4	$ 6	$ 14	$ 8.5

Cash, Cash Equivalents and Ma_5

Cash, Cash Equivalents and Marketable Securities - Schedule of Contractual Maturities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Amortized Cost
Matures within one year	$ 477,800
Matures between one to two years	60,227
Marketable securities, Amortized Cost	538,027
Estimated Fair Value
Matures within one year	478,741
Matures between one to two years	60,434
Marketable securities, Total	$ 539,175

Property, Plant, and Equipmen_3

Property, Plant, and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 267,500	$ 169,432
Less: accumulated depreciation and amortization	86,346	75,626
Property, plant and equipment, net	181,154	93,806
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	1,302	1,302
Buildings
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	10,111	9,092
Flight vehicles and rotables
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	4,331	4,074
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	42,475	39,983
Information technology software and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	44,864	43,256
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	75,415	37,141
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 89,002	$ 34,584

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 3,268	$ 3,382	$ 10,144	$ 8,992
Variable lease cost	899	1,559	3,169	2,844
Short-term lease cost	6	127	18	139
Finance lease cost:
Amortization of assets under finance leases	50	68	172	199
Interest on finance lease liabilities	16	21	52	60
Total finance lease cost	66	89	224	259
Total lease cost	$ 4,239	$ 5,157	$ 13,555	$ 12,234

Leases - Cash Flow Information

Leases - Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flow Information:
Operating cash flows for operating leases	$ 9,868	$ 7,050
Operating cash flows for finance leases	52	60
Financing cash flows for finance leases	149	175
Assets acquired in exchange for lease obligations:
Operating leases	4,062	13,814
Finance leases	$ 29	$ 219
Weighted-average remaining lease term:
Operating leases (in years)	9 years	10 years
Finance leases (in years)	2 years 8 months 12 days	3 years 2 months 12 days
Weighted-average discount rates:
Operating leases	12.10%	12.10%
Finance leases	13.20%	12.90%

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
Long-term right-of-use assets	$ 57,854	$ 58,526
Short-term operating lease liabilities	5,055	4,350
Long-term operating lease liabilities	67,830	68,864
Total operating lease liabilities	$ 72,885	$ 73,214

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued compensation	$ 28,327	$ 32,179
Accrued manufacturing sub-contractor and contract labor costs	19,486	9,500
Other	15,875	13,725
Total	$ 63,688	$ 55,404

Convertible Senior Notes - Narr

Convertible Senior Notes - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Convertible Senior Notes - Narrative (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jan. 31, 2022
Line of Credit Facility [Line Items]
Amortization of debt issuance costs			$ 1,669,000	$ 1,618,000
2027 Notes \| Convertible Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount					$ 425,000,000
Interest rate					2.50%
Interest expense	$ 3,200,000	$ 3,200,000	9,600,000	9,600,000
Amortization of debt issuance costs	$ 600,000	$ 500,000	$ 1,700,000	$ 1,600,000

Convertible Senior Notes - Sche

Convertible Senior Notes - Schedule of Convertible Debt (Details) - 2027 Notes - Convertible Debt - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal	$ 425,000	$ 425,000
Less: unamortized debt issuance costs	5,445	7,114
Net carrying amount	$ 419,555	$ 417,886

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ in Thousands, shares in Millions	1 Months Ended	9 Months Ended		16 Months Ended
	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Aug. 31, 2022
Class of Warrant or Right [Line Items]
Stock issuance costs		$ 1,046	$ 5,106
2022 ATM program
Class of Warrant or Right [Line Items]
Stock offering, maximum sale amount					$ 300,000
Stock sold (in shares)	3
Proceeds from sale of common stock	$ 300,000
Stock issuance costs	3,000
2023 ATM program
Class of Warrant or Right [Line Items]
Stock offering, maximum sale amount	$ 400,000
Stock sold (in shares)		8.8		12.8
Proceeds from sale of common stock		$ 108,700		$ 396,200
Stock issuance costs		$ 1,000		$ 3,900

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) shares in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) plan shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equity incentive plan \| plan	2
Authorized (in shares) \| shares	0.7
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares	0.3
Unrecognized compensation cost, period for recognition	2 years 3 months 18 days
Unrecognized stock-based compensation expense, excluding options	$ 28,800,000
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 1,600,000
Unrecognized compensation cost, period for recognition	1 year
Performance Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock-based compensation expense	$ 0
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, period for recognition	1 year 2 months 12 days
Unrecognized stock-based compensation expense, excluding options	$ 3,100,000
Second A/R Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized (in shares) \| shares	2.2

Stock-Based Compensation - Comp

Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 7,560	$ 10,763	$ 24,040	$ 35,598
Stock option and PSO expense:
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	621	1,781	1,821	5,825
Stock option and PSO expense: \| Spaceline operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	0	282	0	282
Stock option and PSO expense: \| Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	0	318	0	1,343
Stock option and PSO expense: \| Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	621	1,181	1,821	4,200
RSU and PSU expense:
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	6,939	8,982	22,219	29,773
RSU and PSU expense: \| Spaceline operations
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,046	1,545	3,441	1,545
RSU and PSU expense: \| Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	1,050	1,579	3,236	6,587
RSU and PSU expense: \| Selling, general and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	4,843	5,858	15,542	21,641
Liability-classified Award
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	(115)	0	(458)	0
Stock-based compensation expense for equity-classified awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 7,445	$ 10,763	$ 23,582	$ 35,598

Special Charges (Details)

Special Charges (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended
Special Charges (Details) - USD ($) $ in Millions	Jan. 31, 2024	Nov. 30, 2023	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Workforce reduction (percent of workforce)		18%
Employee Severance
Restructuring Cost and Reserve [Line Items]
Severance and related benefit costs			$ 4.4
Payments for restructuring	$ 1.4

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 105	$ 53	$ 219	$ 215

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic and diluted:
Net loss, basic	$ (74,540)	$ (104,604)	$ (270,327)	$ (398,353)
Net loss, diluted	$ (74,540)	$ (104,604)	$ (270,327)	$ (398,353)
Weighted average common shares outstanding - basic (in shares)	27,973	18,792	23,176	15,809
Weighted average common share outstanding - diluted (in shares)	27,973	18,792	23,176	15,809
Basic net loss per share (in dollars per share)	$ (2.66)	$ (5.57)	$ (11.66)	$ (25.20)
Diluted net loss per share (in dollars per share)	$ (2.66)	$ (5.57)	$ (11.66)	$ (25.20)

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-based Awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential effect of warrants to purchase stock (in shares)	2.6	2.3	2.6	2.3

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	$ 539,175
Total assets at fair value	743,891	$ 982,426
U.S. treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	89,025	198,683
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	450,150	530,151
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	729,605	964,699
Total liabilities at fair value	135,635	189,937
Fair Value, Recurring \| 2027 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
2027 Notes	135,635	189,937
Fair Value, Recurring \| U.S. treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	89,025	198,683
Fair Value, Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	450,150	530,151
Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	279,455	434,548
Total liabilities at fair value	0	0
Level 1 \| Fair Value, Recurring \| 2027 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
2027 Notes	0	0
Level 1 \| Fair Value, Recurring \| U.S. treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	89,025	198,683
Level 1 \| Fair Value, Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	0	0
Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	450,150	530,151
Total liabilities at fair value	135,635	189,937
Level 2 \| Fair Value, Recurring \| 2027 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
2027 Notes	135,635	189,937
Level 2 \| Fair Value, Recurring \| U.S. treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	0	0
Level 2 \| Fair Value, Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	450,150	530,151
Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets at fair value	0	0
Total liabilities at fair value	0	0
Level 3 \| Fair Value, Recurring \| 2027 Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
2027 Notes	0	0
Level 3 \| Fair Value, Recurring \| U.S. treasuries
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	0	0
Level 3 \| Fair Value, Recurring \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities, Fair Value	0	0
Money market
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	190,430	235,865
Money market \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	190,430	235,865
Money market \| Level 1 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	190,430	235,865
Money market \| Level 2 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0	0
Money market \| Level 3 \| Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Lease Maturities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Operating Leases
2024 (for the remaining period)	$ 3,353
2025	13,488
2026	13,458
2027	13,481
2028	13,340
Thereafter	65,286
Total payments	122,406
Less: present value discount/imputed interest	49,521
Present value of lease liabilities	72,885
Finance Leases
2024 (for the remaining period)	59
2025	235
2026	184
2027	69
2028	30
Thereafter	5
Total payments	582
Less: present value discount/imputed interest	87
Present value of lease liabilities	$ 495

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) $ in Millions		10 Months Ended
	Mar. 21, 2024 USD ($)	Dec. 13, 2022 allegedShareholder
Operating Leased Assets [Line Items]
Number of alleged shareholders that filed a complaint \| allegedShareholder		4
The Boeing Company and Aurora Flight Sciences Corporation v. the Company
Operating Leased Assets [Line Items]
Loss contingency, amount of damages sought \| $	$ 25

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Affiliated Entity
Related Party Transaction [Line Items]
Royalty expense	$ 1	$ 0.3

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash payments for:
Income taxes	$ 250	$ 533
Interest	5,313	10,625
Supplemental disclosure of non-cash investing and financing activities:
Unpaid purchases of property, plant and equipment	13,275	2,512
Transfer of inventory to rotables in property, plant and equipment	0	2,681
Issuance of common stock through RSUs vested	$ 2,220	$ 8,740