{ "schema_version": "0.2", "slug": "virgin-galactic-2019-despac", "record_status": "research-profile", "analysis_as_of": "2026-08-02", "issuer": { "legal_name": "Virgin Galactic Holdings, Inc.", "ticker": "SPCE", "exchange": "NYSE", "cik": "0001706946", "sic": "4700", "industry": "Transportation services / commercial spaceflight", "country": "United States" }, "transaction": { "type": "de-spac", "dates": { "first_public_filing": "2017-08-23", "sec_effectiveness": "2017-09-12", "pricing": "2017-09-13", "first_trading": "2017-09-14", "merger_announcement": "2019-07-09", "shareholder_approval": "2019-10-23", "despac_completion": "2019-10-25", "super_8k": "2019-10-29" }, "price_per_share_usd": 10, "primary_shares": 69000000, "gross_primary_proceeds_usd": 690000000, "post_offering_basic_shares": 195587552, "source_ids": [ "S001", "S005", "S006" ] }, "despac": { "spac_name": "Social Capital Hedosophia Holdings Corp.", "spac_cik": "0001706946", "sponsor": "SCH Sponsor Corp.", "spac_ipo_date": "2017-09-14", "trust_at_ipo_usd": 690000000, "redeemed_shares": 15877288, "redemption_percent": 23.01, "cash_remaining_in_trust_usd": 525200000, "pipe_usd": 20000000, "founder_shares": 17250000, "source_ids": [ "S001", "S006" ] }, "ownership": { "controlled_company": false, "holders": [ { "name": "SCH Sponsor Corp. (founder shares converted at closing)", "post_transaction_percent": 8.05, "source_ids": [ "S006" ] } ] }, "sources_and_uses": [ { "event": "SPAC IPO gross proceeds placed in trust", "amount_usd": 690000000, "recipient_or_use": "Trust account for the benefit of public shareholders", "classification": "reported", "source_ids": [ "S001" ] }, { "event": "Redemptions paid to public shareholders electing redemption", "amount_usd": -164800000, "recipient_or_use": "Redeeming public shareholders", "classification": "reported", "source_ids": [ "S011" ] }, { "event": "Private placement warrants purchased by sponsor", "amount_usd": 12000000, "recipient_or_use": "Social Capital Hedosophia Holdings Corp. working capital and trust", "classification": "reported", "source_ids": [ "S001" ] }, { "event": "Founder shares subscribed by sponsor", "amount_usd": 25000, "recipient_or_use": "Social Capital Hedosophia Holdings Corp.", "classification": "reported", "source_ids": [ "S001" ] }, { "event": "Deferred underwriting commissions payable at business combination", "amount_usd": -24150000, "recipient_or_use": "Underwriters", "classification": "reported", "source_ids": [ "S001" ] }, { "event": "Secondary purchase of shares from Vieco US by SCH's chief executive officer", "amount_usd": 100000000, "recipient_or_use": "Vieco US (selling shareholder) — no proceeds to the company", "classification": "reported", "source_ids": [ "S006" ] }, { "event": "Issuance of new shares to an affiliate of The Boeing Company", "amount_usd": 20000000, "recipient_or_use": "Virgin Galactic Holdings, Inc.", "classification": "reported", "source_ids": [ "S006" ] } ], "valuation_at_transaction": { "basic_equity_value_usd": 1300000000, "reference_period": "At announcement" }, "financials_usd": [ { "label": "FY2019", "period_end": "2019-12-31", "revenue": 3781000, "operating_income": -213262000, "net_income": -215115000, "source_ids": [ "S009" ], "kpis": { "cash_usd": 480443000, "stockholders_equity_usd": 343230000 } }, { "label": "FY2020", "period_end": "2020-12-31", "revenue": 238000, "operating_income": -275284000, "net_income": -644887000, "source_ids": [ "S009" ], "kpis": { "cash_usd": 665924000, "stockholders_equity_usd": 527078000, "cost_of_revenue_usd": 173000, "depreciation_amortization_usd": 9781000, "capital_expenditure_usd": 17201000, "operating_cash_flow_usd": -233159000, "financing_cash_flow_usd": 436594000 } }, { "label": "FY2021", "period_end": "2021-12-31", "revenue": 3292000, "operating_income": -319535000, "net_income": -352899000, "source_ids": [ "S009" ], "kpis": { "cash_usd": 524481000, "stockholders_equity_usd": 894264000, "cost_of_revenue_usd": 272000, "depreciation_amortization_usd": 11518000, "capital_expenditure_usd": 4635000, "operating_cash_flow_usd": -230763000, "financing_cash_flow_usd": 489357000 } }, { "label": "FY2022", "period_end": "2022-12-31", "revenue": 2312000, "operating_income": -499984000, "net_income": -500152000, "source_ids": [ "S009" ], "kpis": { "cash_usd": 302291000, "stockholders_equity_usd": 480223000, "cost_of_revenue_usd": 1906000, "depreciation_amortization_usd": 11098000, "capital_expenditure_usd": 16489000, "operating_cash_flow_usd": -380241000, "financing_cash_flow_usd": 459003000 } }, { "label": "FY2023", "period_end": "2023-12-31", "revenue": 6800000, "operating_income": -531509000, "net_income": -502337000, "source_ids": [ "S009" ], "kpis": { "cash_usd": 216799000, "stockholders_equity_usd": 505476000, "cost_of_revenue_usd": 50538000, "depreciation_amortization_usd": 13369000, "capital_expenditure_usd": 44309000, "operating_cash_flow_usd": -448193000, "financing_cash_flow_usd": 475431000 } }, { "label": "FY2024", "period_end": "2024-12-31", "revenue": 7036000, "operating_income": -376629000, "net_income": -346740000, "source_ids": [ "S009" ], "kpis": { "cash_usd": 178605000, "stockholders_equity_usd": 322280000, "operating_cash_flow_usd": -352703000, "financing_cash_flow_usd": 134340000 } }, { "label": "FY2025", "period_end": "2025-12-31", "revenue": 1544000, "operating_income": -285343000, "net_income": -278907000, "source_ids": [ "S009" ], "kpis": { "cash_usd": 144727000, "stockholders_equity_usd": 273964000, "operating_cash_flow_usd": -240142000, "financing_cash_flow_usd": 114129000 } } ], "trading": [ { "measurement": "At closing", "date": "2019-10-25", "close_usd": 11.79, "return_from_transaction_price_percent": 17.9, "benchmark_return_percent": 0, "relative_return_percent": 17.9, "source_ids": [ "S008" ], "approximate": false }, { "measurement": "One month", "date": "2019-11-25", "close_usd": 7.22, "return_from_transaction_price_percent": -27.8, "benchmark_return_percent": 3.68, "relative_return_percent": -31.48, "source_ids": [ "S008" ], "approximate": false }, { "measurement": "Three months", "date": "2020-01-27", "close_usd": 17.44, "return_from_transaction_price_percent": 74.4, "benchmark_return_percent": 7.31, "relative_return_percent": 67.09, "source_ids": [ "S008" ], "approximate": false }, { "measurement": "Six months", "date": "2020-04-27", "close_usd": 17.89, "return_from_transaction_price_percent": 78.9, "benchmark_return_percent": -4.77, "relative_return_percent": 83.67, "source_ids": [ "S008" ], "approximate": false }, { "measurement": "Twelve months", "date": "2020-10-26", "close_usd": 18.32, "return_from_transaction_price_percent": 83.2, "benchmark_return_percent": 12.52, "relative_return_percent": 70.68, "source_ids": [ "S008" ], "approximate": false } ], "advisers": { "lead_underwriters": [ "Credit Suisse" ], "source_ids": [ "S001" ] }, "facts": { "units_sold": { "value": 69000000, "source_ids": [ "S001", "S006" ], "note": "60,000,000 base units plus full exercise of the 9,000,000-unit over-allotment option, inferred from the warrant count reported at closing and consistent with the trust balance" }, "unit_price_usd": { "value": 10, "source_ids": [ "S001" ] }, "unit_composition": { "value": "One Class A ordinary share and one-third of one redeemable warrant", "source_ids": [ "S006" ] }, "warrant_exercise_price_usd": { "value": 11.5, "source_ids": [ "S001" ] }, "founder_shares_subscribed": { "value": 14375000, "source_ids": [ "S001" ], "note": "Subscribed May 2017 for $25,000 in aggregate; increased by a share capitalization effected September 13, 2017" }, "founder_share_aggregate_price_usd": { "value": 25000, "source_ids": [ "S001" ] }, "private_placement_warrants": { "value": 8000000, "source_ids": [ "S001" ] }, "private_placement_warrant_price_usd": { "value": 1.5, "source_ids": [ "S001" ] }, "deferred_underwriting_usd": { "value": 24150000, "source_ids": [ "S001" ] }, "sponsor_shares_received_at_conversion": { "value": 15750000, "source_ids": [ "S006" ], "note": "Fewer than the 17,250,000 founder shares implied by a fully exercised over-allotment; the Form 8-K states the sponsor 'instead received' this number on conversion" }, "aggregate_merger_consideration_shares": { "value": 130000000, "source_ids": [ "S006" ] }, "aggregate_merger_consideration_usd": { "value": 1300000000, "source_ids": [ "S006" ], "note": "At a deemed value of $10.00 per share" }, "shares_outstanding_after_closing": { "value": 195587552, "source_ids": [ "S006" ] }, "warrants_outstanding_after_closing": { "value": 30999997, "source_ids": [ "S006" ] }, "meeting_quorum_percent": { "value": 74.39, "source_ids": [ "S005" ] }, "boeing_shares_issued": { "value": 1924402, "source_ids": [ "S006" ] }, "equity_plan_reserve": { "value": 21205644, "source_ids": [ "S006" ] }, "redeemed_shares_total": { "value": 15877288, "source_ids": [ "S011" ], "note": "Redeemed in two tranches: 3,771,178 shares on 2019-09-09 and 12,106,110 on 2019-10-23" }, "redemption_tranche_1": { "value": "3,771,178 shares on 2019-09-09 at approximately $10.37 per share, $39.1 million in aggregate", "source_ids": [ "S011" ] }, "redemption_tranche_2": { "value": "12,106,110 shares on 2019-10-23 at approximately $10.39 per share, $125.7 million in aggregate", "source_ids": [ "S011" ] }, "aggregate_redemption_payment_usd": { "value": 164800000, "source_ids": [ "S011" ], "note": "Sum of the two tranche aggregates as stated, $39.1m and $125.7m" }, "restatement_cause": { "value": "Reclassification of public and private placement warrants from equity to liabilities following the SEC Staff Statement of April 12, 2021 on accounting for warrants issued by SPACs", "source_ids": [ "S012" ] } }, "sources": [ { "id": "S001", "title": "Social Capital Hedosophia Holdings Corp. final prospectus for its initial public offering", "form": "424B4", "filed": "2017-09-15", "accession": "0001144204-17-048312", "url": "https://www.sec.gov/Archives/edgar/data/1706946/000114420417048312/v475172_424b4.htm", "pinpoint_sections": [ "Cover page: $600,000,000 / 60,000,000 units at $10.00 per unit", "Summary of the Prospectus — The Offering: trust funding, founder shares, private placement warrants", "Cover page footnotes: deferred underwriting commissions" ] }, { "id": "S002", "title": "Social Capital Hedosophia Holdings Corp. registration statement", "form": "S-1", "filed": "2017-08-23", "accession": "0001144204-17-044783", "url": "https://www.sec.gov/Archives/edgar/data/1706946/000114420417044783/0001144204-17-044783-index.htm", "pinpoint_sections": [ "Filing date, form type and filer identity" ] }, { "id": "S003", "title": "Exchange Act registration of units, Class A ordinary shares and warrants", "form": "8-A12B", "filed": "2017-09-12", "accession": "0001144204-17-047526", "url": "https://www.sec.gov/Archives/edgar/data/1706946/000114420417047526/0001144204-17-047526-index.htm", "pinpoint_sections": [ "Filing date, form type and securities registered" ] }, { "id": "S004", "title": "Registration statement on Form S-4 for the proposed business combination", "form": "S-4", "filed": "2019-08-07", "accession": "0001193125-19-215509", "url": "https://www.sec.gov/Archives/edgar/data/1706946/000119312519215509/0001193125-19-215509-index.htm", "pinpoint_sections": [ "Filing date, form type and registrant identity" ] }, { "id": "S005", "title": "Current report announcing the results of the extraordinary general meeting", "form": "8-K", "filed": "2019-10-23", "accession": "0001193125-19-272712", "url": "https://www.sec.gov/Archives/edgar/data/1706946/000119312519272712/d817766d8k.htm", "pinpoint_sections": [ "Item 5.07 Submission of Matters to a Vote of Security Holders: quorum and voting results", "Item 5.07: record date of September 16, 2019" ] }, { "id": "S006", "title": "Current report on the completion of the business combination", "form": "8-K", "filed": "2019-10-29", "accession": "0001193125-19-276659", "url": "https://www.sec.gov/Archives/edgar/data/1706946/000119312519276659/d809452d8k.htm", "pinpoint_sections": [ "Introductory Note: merger structure and aggregate merger consideration", "Introductory Note: conversion of sponsor Class B ordinary shares", "Introductory Note: purchase of shares from Vieco US by SCH's chief executive officer", "Introductory Note: shares and warrants outstanding immediately after the transactions", "Item 3.02 Unregistered Sales of Equity Securities: issuance to an affiliate of The Boeing Company", "Item 5.02: 2019 Plan share reserve", "Item 5.06 Change in Shell Company Status", "Item 5.02: 21,205,644 shares reserved under the 2019 Incentive Award Plan", "Introductory Note: 30,999,997 warrants outstanding at closing, exercisable at $11.50" ] }, { "id": "S007", "title": "EDGAR company submissions record for CIK 0001706946", "publisher": "U.S. Securities and Exchange Commission", "form": "EDGAR index", "filed": "2026-08-01", "url": "https://data.sec.gov/submissions/CIK0001706946.json", "pinpoint_sections": [ "formerNames: 'Social Capital Hedosophia Holdings Corp.' from 2017-05-25 to 2019-10-23", "Filing history, exchange and SIC metadata" ] }, { "id": "S008", "title": "SPCE and S&P 500 daily closing price series", "publisher": "Yahoo Finance", "form": "Market-data table", "accessed": "2026-08-01", "url": "https://finance.yahoo.com/quote/SPCE/history/", "pinpoint_sections": [ "Daily closing series for SPCE from 2019-10-25", "Benchmark: S&P 500 (^GSPC) daily closing series over the same window", "Split event 2024-06-17: 20-for-1 (ratio 0.05), reversed to state prices as traded" ] }, { "id": "S009", "title": "SEC XBRL company facts for CIK 0001706946 (Virgin Galactic Holdings, Inc)", "publisher": "U.S. Securities and Exchange Commission", "form": "XBRL company facts", "accessed": "2026-08-01", "url": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001706946.json", "pinpoint_sections": [ "FY2019 cash: Form 10-K accession 0001706946-22-000035", "FY2019 net income: Form 10-K accession 0001706946-22-000035", "FY2019 operating income: Form 10-K accession 0001706946-22-000035", "FY2019 revenue: Form 10-K accession 0001706946-22-000035", "FY2019 stockholders equity: Form 10-K accession 0001706946-23-000016", "FY2020 cash: Form 10-K accession 0001706946-23-000016", "FY2020 cost of revenue: Form 10-K accession 0001706946-23-000016", "FY2020 depreciation, depletion and amortization: Form 10-K accession 0001706946-23-000016", "FY2020 net income: Form 10-K accession 0001706946-23-000016", "FY2020 operating income: Form 10-K accession 0001706946-23-000016", "FY2020 payments to acquire property, plant and equipment: Form 10-K accession 0001706946-23-000016", "FY2020 revenue: Form 10-K accession 0001706946-23-000016", "FY2020 stockholders equity: Form 10-K accession 0001706946-24-000039", "FY2021 cash: Form 10-K accession 0001706946-24-000039", "FY2021 cost of revenue: Form 10-K accession 0001706946-24-000039", "FY2021 depreciation, depletion and amortization: Form 10-K accession 0001706946-24-000039", "FY2021 net income: Form 10-K accession 0001706946-24-000039", "FY2021 operating income: Form 10-K accession 0001706946-24-000039", "FY2021 payments to acquire property, plant and equipment: Form 10-K accession 0001706946-24-000039", "FY2021 revenue: Form 10-K accession 0001706946-24-000039", "FY2021 stockholders equity: Form 10-K accession 0001706946-24-000039", "FY2022 cash: Form 10-K accession 0001706946-24-000039", "FY2022 cost of revenue: Form 10-K accession 0001706946-24-000039", "FY2022 depreciation, depletion and amortization: Form 10-K accession 0001706946-24-000039", "FY2022 net income: Form 10-K accession 0001706946-24-000039", "FY2022 operating income: Form 10-K accession 0001706946-24-000039", "FY2022 payments to acquire property, plant and equipment: Form 10-K accession 0001706946-24-000039", "FY2022 revenue: Form 10-K accession 0001706946-24-000039", "FY2022 stockholders equity: Form 10-K accession 0001706946-25-000038", "FY2023 cash: Form 10-K accession 0001706946-25-000038", "FY2023 cost of revenue: Form 10-K accession 0001706946-25-000038", "FY2023 depreciation, depletion and amortization: Form 10-K accession 0001706946-25-000038", "FY2023 net income: Form 10-K accession 0001706946-25-000038", "FY2023 operating income: Form 10-K accession 0001706946-25-000038", "FY2023 payments to acquire property, plant and equipment: Form 10-K accession 0001706946-25-000038", "FY2023 revenue: Form 10-K accession 0001706946-25-000038", "FY2023 stockholders equity: Form 10-K accession 0001706946-26-000019", "FY2024 cash: Form 10-K accession 0001706946-26-000019", "FY2024 net income: Form 10-K accession 0001706946-26-000019", "FY2024 operating income: Form 10-K accession 0001706946-26-000019", "FY2024 revenue: Form 10-K accession 0001706946-26-000019", "FY2024 stockholders equity: Form 10-K accession 0001706946-26-000019", "FY2025 cash: Form 10-K accession 0001706946-26-000019", "FY2025 net income: Form 10-K accession 0001706946-26-000019", "FY2025 operating income: Form 10-K accession 0001706946-26-000019", "FY2025 revenue: Form 10-K accession 0001706946-26-000019", "FY2025 stockholders equity: Form 10-K accession 0001706946-26-000019", "FY2020-FY2025 net cash used in operating activities and net cash provided by financing activities, as reported in each annual report" ] }, { "id": "S010", "title": "Definitive proxy statement/prospectus for the business combination", "form": "DEFM14A", "filed": "2019-10-10", "accession": "0001193125-19-265333", "url": "https://www.sec.gov/Archives/edgar/data/1706946/000119312519265333/d785777ddefm14a.htm", "pinpoint_sections": [ "Projected Financial Information, p. 129: summary projection table for 2020E-2023E", "Projected Financial Information, p. 129: operational assumptions on vehicles in service, flight rates and customers per flight", "Projected Financial Information, pp. 129-130: preparation basis and cautionary language", "Satisfaction of 80% Test, p. 130: board determination and the factors relied on", "Risk Factors: neither the SCH board nor any committee obtained a third party valuation in determining whether to pursue the Business Combination", "Definitions: Director RSU Awards are restricted stock units covering 1,500,000 shares of VGH, Inc. common stock to be granted to certain members of the SCH board", "Ownership of VGH, Inc. following the Business Combination, footnote: shares held by the Sponsor exclude the 1,500,000 shares underlying the Director RSU Awards", "Beneficial Ownership of Securities: SCH Sponsor Corp. 17,250,000 shares pre-combination and 15,750,000 post-combination, with footnote 12 attributing 1,500,000 to the Director RSU Awards", "Certain Relationships and Related Person Transactions, Founder Shares: 14,375,000 shares for $25,000 in May 2017, increased to 17,250,000 by the pro rata share capitalization of September 13, 2017" ] }, { "id": "S011", "title": "Virgin Galactic Holdings, Inc. annual report for the year ended December 31, 2019", "form": "10-K", "filed": "2020-02-28", "accession": "0001628280-20-002471", "url": "https://www.sec.gov/Archives/edgar/data/1706946/000162828020002471/spce-20191231.htm", "pinpoint_sections": [ "Business Combination note: redemption tranches, share counts, redemption prices and aggregate amounts", "Business Combination note: closing date of October 25, 2019" ] }, { "id": "S012", "title": "Virgin Galactic Holdings, Inc. amendment no. 2 to the fiscal 2020 annual report", "form": "10-K/A", "filed": "2021-05-10", "accession": "0001706946-21-000056", "url": "https://www.sec.gov/Archives/edgar/data/1706946/000170694621000056/spce-20201231.htm", "pinpoint_sections": [ "Explanatory Note, Background of Restatement: the SEC Staff Statement of April 12, 2021 on warrants issued by SPACs", "Explanatory Note: periods restated, being the years ended December 31, 2020 and 2019 and the quarters from December 31, 2019 through December 31, 2020" ] }, { "id": "S013", "title": "Response of Social Capital Hedosophia Holdings Corp. to SEC staff comments on the Form S-4, filed with Amendment No. 1", "form": "CORRESP", "filed": "2019-09-12", "accession": "0001193125-19-244156", "url": "https://www.sec.gov/Archives/edgar/data/1706946/000119312519244156/filename1.htm", "pinpoint_sections": [ "Comment 5 and response: how SCH determined the valuation of the Virgin businesses and the range of valuations for the VG Companies alone", "Comment 6 and response: disclose and quantify the material assumptions underlying the projections", "Comment 11 and response: estimate of the capital required to expand the fleet to five SpaceShipTwo vehicles by the end of 2023", "Comment 3 and response: conclusions about and steps taken to address the causes of the October 31, 2014 in-flight incident" ] }, { "id": "S014", "title": "Response of Social Capital Hedosophia Holdings Corp. to SEC staff comments on Amendment No. 1 to the Form S-4, filed with Amendment No. 2", "form": "CORRESP", "filed": "2019-09-25", "accession": "0001193125-19-254829", "url": "https://www.sec.gov/Archives/edgar/data/1706946/000119312519254829/filename1.htm", "pinpoint_sections": [ "Comment 1 and response: the aggregate potential cash flows referenced in the valuation discussion were a comparison of projected EBITDA to projected capital expenditures, and no other material cash flow projections were used" ] }, { "id": "S015", "title": "Virgin Galactic Holdings, Inc. quarterly report for the period ended March 31, 2026", "form": "10-Q", "filed": "2026-05-14", "accession": "0001706946-26-000068", "url": "https://www.sec.gov/Archives/edgar/data/1706946/000170694626000068/spce-20260331.htm", "pinpoint_sections": [ "Cover page: 100,683,438 shares of common stock outstanding at May 7, 2026, after the 1-for-20 reverse stock split effected June 17, 2024" ] } ], "calculations": [ { "id": "C001", "label": "Trust funding per public share", "formula": "gross proceeds placed in trust / units sold", "inputs": [ "S001" ], "result": 10, "unit": "USD", "expression": "690000000 / 69000000", "recalculated": "2026-08-01" }, { "id": "C002", "label": "Deferred underwriting as a percentage of gross IPO proceeds", "formula": "deferred underwriting commissions / gross proceeds", "inputs": [ "S001" ], "result": 0.035, "unit": "percent-decimal", "expression": "24150000 / 690000000", "recalculated": "2026-08-01" }, { "id": "C003", "label": "Founder shares implied by a fully exercised over-allotment", "formula": "units sold x 25%", "inputs": [ "S001", "S006" ], "result": 17250000, "unit": "shares", "expression": "69000000 * 0.25", "recalculated": "2026-08-01", "notes": "Founder shares were sized at 20% of post-IPO issued shares, equivalent to 25% of public shares." }, { "id": "C004", "label": "Sponsor cost per founder share", "formula": "aggregate founder share price / founder shares", "inputs": [ "S001" ], "result": 0.0014, "unit": "USD", "expression": "25000 / 17250000", "recalculated": "2026-08-01" }, { "id": "C005", "label": "Value of the sponsor's converted shares at the deemed transaction price", "formula": "shares received on conversion x $10.00 deemed value", "inputs": [ "S006" ], "result": 157500000, "unit": "USD", "expression": "15750000 * 10.00", "recalculated": "2026-08-01" }, { "id": "C006", "label": "Sponsor cash at risk in the SPAC", "formula": "founder share subscription + private placement warrant purchase", "inputs": [ "S001" ], "result": 12025000, "unit": "USD", "expression": "25000 + 12000000", "recalculated": "2026-08-01" }, { "id": "C007", "label": "Ratio of converted share value to sponsor cash at risk", "formula": "value of converted shares / sponsor cash at risk", "inputs": [ "C005", "C006" ], "result": 13.0977, "unit": "x", "expression": "157500000 / 12025000", "recalculated": "2026-08-01" }, { "id": "C008", "label": "Sponsor converted shares as a percentage of shares outstanding after closing", "formula": "shares received on conversion / shares outstanding after closing", "inputs": [ "S006" ], "result": 0.0805, "unit": "percent-decimal", "expression": "15750000 / 195587552", "recalculated": "2026-08-01" }, { "id": "C009", "label": "Total warrants implied by a fully exercised over-allotment", "formula": "units / 3 + private placement warrants", "inputs": [ "S001", "S006" ], "result": 31000000, "unit": "warrants", "expression": "69000000 / 3 + 8000000", "recalculated": "2026-08-01", "notes": "The Form 8-K reports 30,999,997 warrants outstanding; the three-warrant difference reflects rounding of fractional warrants. The agreement of these figures is the basis for concluding the over-allotment was exercised in full." }, { "id": "C010", "label": "Implied price per share of the issuance to an affiliate of The Boeing Company", "formula": "aggregate consideration / shares issued", "inputs": [ "S006" ], "result": 10.3928, "unit": "USD", "expression": "20000000 / 1924402", "recalculated": "2026-08-01" }, { "id": "C011", "label": "Aggregate merger consideration at the deemed price", "formula": "shares issued to the VG Companies x $10.00 deemed value", "inputs": [ "S006" ], "result": 1300000000, "unit": "USD", "expression": "130000000 * 10.00", "recalculated": "2026-08-01" }, { "id": "C012", "label": "Secondary purchase by SCH's chief executive officer", "formula": "shares purchased x price per share", "inputs": [ "S006" ], "result": 100000000, "unit": "USD", "expression": "10000000 * 10.00", "recalculated": "2026-08-01", "notes": "Paid to Vieco US as selling shareholder; the company received no proceeds from this purchase." }, { "id": "C013", "label": "2020 revenue as a percentage of projection", "formula": "reported revenue / projected revenue", "inputs": [ "S010", "S009" ], "result": 0.0077, "unit": "percent-decimal", "expression": "0.238 / 31", "recalculated": "2026-08-01" }, { "id": "C014", "label": "2021 revenue as a percentage of projection", "formula": "reported revenue / projected revenue", "inputs": [ "S010", "S009" ], "result": 0.0157, "unit": "percent-decimal", "expression": "3.292 / 210", "recalculated": "2026-08-01" }, { "id": "C015", "label": "2022 revenue as a percentage of projection", "formula": "reported revenue / projected revenue", "inputs": [ "S010", "S009" ], "result": 0.0058, "unit": "percent-decimal", "expression": "2.312 / 398", "recalculated": "2026-08-01" }, { "id": "C016", "label": "2023 revenue as a percentage of projection", "formula": "reported revenue / projected revenue", "inputs": [ "S010", "S009" ], "result": 0.0115, "unit": "percent-decimal", "expression": "6.800 / 590", "recalculated": "2026-08-01" }, { "id": "C017", "label": "Cumulative 2020-2023 revenue against cumulative projection", "formula": "sum of reported revenue / sum of projected revenue", "inputs": [ "S010", "S009" ], "result": 0.0103, "unit": "percent-decimal", "expression": "(0.238 + 3.292 + 2.312 + 6.800) / (31 + 210 + 398 + 590)", "recalculated": "2026-08-01" }, { "id": "C018", "label": "Redemption rate", "formula": "shares redeemed / units sold", "inputs": [ "S011", "S001" ], "result": 0.2301, "unit": "percent-decimal", "expression": "15877288 / 69000000", "recalculated": "2026-08-01" }, { "id": "C019", "label": "Aggregate redemption payment", "formula": "tranche one + tranche two, as stated", "inputs": [ "S011" ], "result": 164800000, "unit": "USD", "expression": "39100000 + 125700000", "recalculated": "2026-08-01" }, { "id": "C020", "label": "Trust cash remaining after redemptions", "formula": "trust at IPO - aggregate redemption payment", "inputs": [ "S001", "C019" ], "result": 525200000, "unit": "USD", "expression": "690000000 - 164800000", "recalculated": "2026-08-01" }, { "id": "C021", "label": "2020 EBITDA from operations", "formula": "operating loss + depreciation, depletion and amortization", "inputs": [ "S009" ], "result": -265503000, "unit": "USD", "expression": "-275284000 + 9781000", "recalculated": "2026-08-01" }, { "id": "C022", "label": "2021 EBITDA from operations", "formula": "operating loss + depreciation, depletion and amortization", "inputs": [ "S009" ], "result": -308017000, "unit": "USD", "expression": "-319535000 + 11518000", "recalculated": "2026-08-01" }, { "id": "C023", "label": "2022 EBITDA from operations", "formula": "operating loss + depreciation, depletion and amortization", "inputs": [ "S009" ], "result": -488886000, "unit": "USD", "expression": "-499984000 + 11098000", "recalculated": "2026-08-01" }, { "id": "C024", "label": "2023 EBITDA from operations", "formula": "operating loss + depreciation, depletion and amortization", "inputs": [ "S009" ], "result": -518140000, "unit": "USD", "expression": "-531509000 + 13369000", "recalculated": "2026-08-01" }, { "id": "C025", "label": "Cumulative 2020-2023 EBITDA from operations", "formula": "sum of the four annual figures", "inputs": [ "C021", "C022", "C023", "C024" ], "result": -1580546000, "unit": "USD", "expression": "-265503000 + -308017000 + -488886000 + -518140000", "recalculated": "2026-08-01" }, { "id": "C026", "label": "Cumulative EBITDA shortfall against projection", "formula": "cumulative reported EBITDA from operations - cumulative projected EBITDA", "inputs": [ "C025", "S010" ], "result": -1908546000, "unit": "USD", "expression": "-1580546000 - (-104000000 + 12000000 + 146000000 + 274000000)", "recalculated": "2026-08-01" }, { "id": "C027", "label": "Cumulative 2020-2023 reported gross profit", "formula": "sum of revenue less cost of revenue for each year", "inputs": [ "S009" ], "result": -40247000, "unit": "USD", "expression": "(238000 - 173000) + (3292000 - 272000) + (2312000 - 1906000) + (6800000 - 50538000)", "recalculated": "2026-08-01" }, { "id": "C028", "label": "Cumulative gross profit shortfall against projection", "formula": "cumulative reported gross profit - cumulative projected gross profit", "inputs": [ "C027", "S010" ], "result": -891247000, "unit": "USD", "expression": "-40247000 - (4000000 + 131000000 + 285000000 + 431000000)", "recalculated": "2026-08-01" }, { "id": "C029", "label": "Cumulative 2020-2023 capital expenditure", "formula": "sum of payments to acquire property, plant and equipment", "inputs": [ "S009" ], "result": 82634000, "unit": "USD", "expression": "17201000 + 4635000 + 16489000 + 44309000", "recalculated": "2026-08-01" }, { "id": "C030", "label": "Cumulative capital expenditure as a percentage of projection", "formula": "cumulative reported capital expenditure / cumulative projected capital expenditure", "inputs": [ "C029", "S010" ], "result": 0.3673, "unit": "percent-decimal", "expression": "82634000 / (52000000 + 59000000 + 60000000 + 54000000)", "recalculated": "2026-08-01" }, { "id": "C031", "label": "2020 reported gross profit", "formula": "revenue - cost of revenue", "inputs": [ "S009" ], "result": 65000, "unit": "USD", "expression": "238000 - 173000", "recalculated": "2026-08-01" }, { "id": "C032", "label": "2021 reported gross profit", "formula": "revenue - cost of revenue", "inputs": [ "S009" ], "result": 3020000, "unit": "USD", "expression": "3292000 - 272000", "recalculated": "2026-08-01" }, { "id": "C033", "label": "2022 reported gross profit", "formula": "revenue - cost of revenue", "inputs": [ "S009" ], "result": 406000, "unit": "USD", "expression": "2312000 - 1906000", "recalculated": "2026-08-01" }, { "id": "C034", "label": "2023 reported gross profit", "formula": "revenue - cost of revenue", "inputs": [ "S009" ], "result": -43738000, "unit": "USD", "expression": "6800000 - 50538000", "recalculated": "2026-08-01" }, { "id": "C035", "label": "Cumulative 2020-2023 operating loss", "formula": "sum of reported operating loss", "inputs": [ "S009" ], "result": -1626312000, "unit": "USD", "expression": "-275284000 + -319535000 + -499984000 + -531509000", "recalculated": "2026-08-01" }, { "id": "C036", "label": "Cumulative 2020-2023 depreciation, depletion and amortization", "formula": "sum of reported depreciation, depletion and amortization", "inputs": [ "S009" ], "result": 45766000, "unit": "USD", "expression": "9781000 + 11518000 + 11098000 + 13369000", "recalculated": "2026-08-01" }, { "id": "C037", "label": "Sponsor shares after the Director RSU Award carve-out", "formula": "founder shares - shares underlying the Director RSU Awards", "inputs": [ "S001", "S010" ], "result": 15750000, "unit": "shares", "expression": "17250000 - 1500000", "recalculated": "2026-08-01" }, { "id": "C038", "label": "Director RSU Awards by recipient", "formula": "sum of the four director allocations in the beneficial ownership table", "inputs": [ "S010" ], "result": 1500000, "unit": "shares", "expression": "1200000 + 100000 + 100000 + 100000", "recalculated": "2026-08-01" }, { "id": "C039", "label": "Fully diluted shares outstanding at closing", "formula": "basic shares + warrants + 2019 Plan reserve", "inputs": [ "S006" ], "result": 247793193, "unit": "shares", "expression": "195587552 + 30999997 + 21205644", "recalculated": "2026-08-01" }, { "id": "C040", "label": "Basic shares as a share of fully diluted", "formula": "basic shares / fully diluted shares", "inputs": [ "S006", "C039" ], "result": 0.7893, "unit": "x", "expression": "195587552 / 247793193", "recalculated": "2026-08-01" }, { "id": "C041", "label": "Cash payable on exercise of all warrants", "formula": "warrants x exercise price", "inputs": [ "S006", "S001" ], "result": 356499965.5, "unit": "USD", "expression": "30999997 * 11.50", "recalculated": "2026-08-01" }, { "id": "C042", "label": "Return to a public SPAC shareholder who did not redeem, to July 31, 2026", "formula": "closing price on July 31, 2026 / the $10.00 subscription price, restated to the current share basis", "inputs": [ "S008" ], "result": -0.9872, "unit": "percent-decimal", "expression": "2.55 / 200.0 - 1", "recalculated": "2026-08-02" }, { "id": "C043", "label": "Return from the first post-combination close to July 31, 2026", "formula": "closing price on July 31, 2026 / first post-combination close, both on the split-adjusted basis", "inputs": [ "S008" ], "result": -0.9892, "unit": "percent-decimal", "expression": "2.55 / 235.8 - 1", "recalculated": "2026-08-02" }, { "id": "C044", "label": "Compound annual return to a public SPAC shareholder who did not redeem", "formula": "(closing price / subscription price) raised to the reciprocal of the holding period in years, less one", "inputs": [ "S008" ], "result": -0.475, "unit": "percent-decimal", "expression": "(2.55 / 200.0) ** (1 / 6.77) - 1", "recalculated": "2026-08-02" }, { "id": "C045", "label": "Decline from the highest close since the combination", "formula": "closing price on July 31, 2026 / highest close, both on the split-adjusted basis", "inputs": [ "S008" ], "result": -0.9979, "unit": "percent-decimal", "expression": "2.55 / 1188.2 - 1", "recalculated": "2026-08-02" }, { "id": "C046", "label": "Value on July 31, 2026 of $10.00 redeemed at the vote and invested in the S&P 500", "formula": "$10.00 x (S&P 500 level on July 31, 2026 / level on the closing date)", "inputs": [ "S008" ], "result": 24.78, "unit": "USD", "expression": "10.00 * (1 + 1.4779)", "recalculated": "2026-08-02" }, { "id": "C047", "label": "Value on July 31, 2026 of $10.00 left in the shares", "formula": "$10.00 x (closing price on July 31, 2026 / the subscription price on the current share basis)", "inputs": [ "S008" ], "result": 0.13, "unit": "USD", "expression": "10.00 * 2.55 / 200.0", "recalculated": "2026-08-02" }, { "id": "C048", "label": "Redeeming and holding the index against holding the shares", "formula": "value of the redeemed alternative / value of the shares held", "inputs": [ "C046", "C047" ], "result": 190.62, "unit": "x", "expression": "24.78 / 0.13", "recalculated": "2026-08-02" }, { "id": "C049", "label": "Shares outstanding at the latest cover date, on the closing-date share basis", "formula": "shares outstanding at the cover date x 20, restating to the pre-split basis on which the closing count was reported", "inputs": [ "S015" ], "result": 2013668760, "unit": "shares", "expression": "100683438 * 20", "recalculated": "2026-08-02" }, { "id": "C050", "label": "Growth in shares outstanding since the combination closed", "formula": "latest shares outstanding on the closing-date basis / shares outstanding at closing, less one", "inputs": [ "C049", "S006" ], "result": 9.2955, "unit": "percent-decimal", "expression": "2013668760 / 195587552 - 1", "recalculated": "2026-08-02" }, { "id": "C051", "label": "Market capitalization at the July 31, 2026 close", "formula": "shares outstanding at the latest cover date x closing price", "inputs": [ "S015", "S008" ], "result": 256742767, "unit": "USD", "expression": "100683438 * 2.55", "recalculated": "2026-08-02" }, { "id": "C052", "label": "Market capitalization against the cash the combined company retained at closing", "formula": "market capitalization / cash retained at closing", "inputs": [ "C051" ], "result": 0.4816, "unit": "x", "expression": "256742767 / 533075000", "recalculated": "2026-08-02" }, { "id": "C053", "label": "Value at the July 31, 2026 close of the shares the sponsor received at conversion", "formula": "shares received at conversion, on the current share basis, x closing price", "inputs": [ "S006", "S008" ], "result": 2008125, "unit": "USD", "expression": "15750000 / 20 * 2.55", "recalculated": "2026-08-02" }, { "id": "C054", "label": "That value against the sponsor's cash at risk in the SPAC", "formula": "value of the converted shares / sponsor cash at risk", "inputs": [ "C053", "S001" ], "result": 0.167, "unit": "x", "expression": "2008125 / 12025000", "recalculated": "2026-08-02" }, { "id": "C055", "label": "Cumulative cash used in operating activities, 2020 through 2025", "formula": "sum of each year as reported", "inputs": [ "S009" ], "result": -1885201000, "unit": "USD", "expression": "-233159000 + -230763000 + -380241000 + -448193000 + -352703000 + -240142000", "recalculated": "2026-08-02" }, { "id": "C056", "label": "Cumulative cash provided by financing activities, 2020 through 2025", "formula": "sum of each year as reported", "inputs": [ "S009" ], "result": 2108854000, "unit": "USD", "expression": "436594000 + 489357000 + 459003000 + 475431000 + 134340000 + 114129000", "recalculated": "2026-08-02" }, { "id": "C057", "label": "Financing raised against the operating burn", "formula": "cumulative financing inflow / cumulative operating outflow", "inputs": [ "C055", "C056" ], "result": 1.1186, "unit": "x", "expression": "2108854000 / 1885201000", "recalculated": "2026-08-02" }, { "id": "C058", "label": "Financing raised against the cash the transaction delivered", "formula": "cumulative financing inflow / cash retained at closing", "inputs": [ "C056" ], "result": 3.956, "unit": "x", "expression": "2108854000 / 533075000", "recalculated": "2026-08-02" } ], "open_items": [ "The proxy does not define the EBITDA measure it projects or reconcile it to a GAAP measure, so the comparison above uses operating loss plus depreciation and amortization and is a site construction, not the issuer's measure." ], "revisions": [ { "date": "2026-08-01", "version": "0.1", "change": "Initial record built from the SPAC IPO prospectus, the extraordinary general meeting Form 8-K and the completion Form 8-K.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.3", "change": "Added post-closing annual results from SEC XBRL company facts and a benchmark-relative trading series with split-adjusted and as-traded prices.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.4", "change": "Added the projected financial information presented in the definitive proxy statement and a variance analysis against reported revenue.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.5", "change": "Added redemption tranches, share count and aggregate payment from the fiscal 2019 Form 10-K, which the completion Form 8-K did not state.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.6", "change": "Identified the cause of the 2019 and 2020 restatements as the SPAC warrant reclassification required by the SEC Staff Statement of April 12, 2021.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.7", "change": "Extended the projection comparison from revenue alone to gross profit, EBITDA and capital expenditure, each reconstructed from reported figures on a stated basis.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.8", "change": "Added the SEC staff review of the Form S-4, the two rounds of comments on the projections and the valuation basis, and the proxy's statement that no third party valuation was obtained.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.9", "change": "Reconciled the sponsor's 15,750,000 post-combination shares to the 17,250,000 founder shares: 1,500,000 underlie the Director RSU Awards granted to four SCH directors.", "author": "Project research" }, { "date": "2026-08-01", "version": "0.10", "change": "Constructed the fully diluted capitalization at closing from the warrants outstanding and the 2019 Plan reserve stated in the completion Form 8-K.", "author": "Project research" }, { "date": "2026-08-02", "version": "0.1", "change": "Added an outcome-to-date section measuring the transaction from the perspective of a public SPAC shareholder through July 31, 2026, including the redemption counterfactual, dilution since closing and market capitalization against cash retained.", "author": "Project research" }, { "date": "2026-08-02", "version": "1.1", "change": "Added the cumulative operating burn and financing inflow for 2020 through 2025, which is the mechanism behind the growth in the share count.", "author": "Project research" } ] }