Vertical Aerospace founder and CEO Stephen Fitzpatrick committed $50 million to his eVTOL company, extending its cash runway into mid-2025, as it faced financial difficulties and struggled to attract other investors.
Despite significant challenges, including a prototype crash, certification delays, and a dramatic stock decline, Vertical Aerospace is progressing with an improved second-generation VX4 prototype, aiming for 2026 certification and fulfilling a substantial preorder backlog.
An air taxi founder is putting his money where his mouth is.
Stephen Fitzpatrick—founder, CEO, and majority owner of electric vertical takeoff and landing (eVTOL) aircraft manufacturer Vertical Aerospace—on Monday committed to invest $50 million into the company, which risked running out of cash by September per its own projection.
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Jack is a staff writer covering advanced air mobility, including everything from drones to unmanned aircraft systems to space travel—and a whole lot more. He spent close to two years reporting on drone delivery for FreightWaves, covering the biggest news and developments in the space and connecting with industry executives and experts. Jack is also a basketball aficionado, a frequent traveler and a lover of all things logistics.
