Virgin Galactic Holdings, Inc (SPCE) - Dilution Analysis

Visualizing historical and potential share dilution over time

Dilution Analysis

High Risk
Significant dilution risk
Last updated: May 14, 2026

Risk Assessment Details

Potential Dilution: 9.55% of current shares
Recent Dilution: 188.79% (2 years)
Historical Dilution Factor: significant recent dilution
Outstanding Shares
81M
Potential Supply
7.8M
Additional shares possible
Splits
1 Split 1 Reverse
Past 2 years

Summary

SPCE currently has 81.4M outstanding shares. with limited dilution risk as only 7.77M additional shares (9.5%) are authorized for issuance. The company has significantly diluted shareholders by 188.79% over the past 2 years, indicating aggressive capital raising. Recent corporate actions include 1 stock split (positive for accessibility) and 1 reverse split (concerning signal).

Share Structure Timeline

Outstanding Shares
Total Supply

Historical Data Points

Date Event Outstanding Supply
May 14, 2026

S-3 filing: The Company is registering up to $40,210,671.70 of various securities, including common stock, preferred stock, debt securities, depositary shares, warrants, purchase contracts, and units.

81M 7.8M
May 14, 2026

10-Q filing | 100.7M shares outstanding

100M 0
Mar 30, 2026

10-K filing | 81.4M shares outstanding

81M 7.8M
Jan 09, 2026

S-3 filing: This is an S-3 filing for Virgin Galactic Holdings, Inc. relating to the resale of up to 68,061,371 shares of common stock by selling stockholders, which consists of shares issuable upon the exercise of purchase warrants and shares issuable upon redemption of first lien notes.

59M 30M
Dec 09, 2025

S-3 filing: Virgin Galactic Holdings, Inc. is offering up to $45,588,728.57 of common stock through an at-the-market offering via Jefferies LLC as agent, with the proceeds intended for development of next-generation spaceflight fleet and general corporate purposes.

59M 0
Nov 13, 2025

10-Q filing | 59.3M shares outstanding

59M 0
Aug 06, 2025

10-Q filing | 57.6M shares outstanding

58M 0
May 15, 2025

10-Q filing | 41.6M shares outstanding

42M 0
Feb 26, 2025

10-K filing | 35.5M shares outstanding

36M 0
Feb 26, 2025

POS AM filing: This POS AM filing discusses the potential offering of depositary shares representing preferred stock, outlining the rights, preferences, and distribution procedures associated with these shares.

28M 0
Nov 07, 2024

8-K filing: Virgin Galactic Holdings, Inc. terminated its distribution agency agreement with Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC on November 4, 2024. Prior to termination, the company sold 12.8 million shares of common stock for $396.2 million of gross proceeds. The Company also entered into an Open Market Sale AgreementSM with Jefferies LLC for the offer and sale of up to $300,000,000 of shares of the Company's common stock. ($396.2M proceeds)

28M 0
Nov 06, 2024

10-Q filing | 28.0M shares outstanding

28M 0
Aug 07, 2024

10-Q filing | 28.5M shares outstanding

28M 0
Jun 17, 2024
Stock Split

8-K filing: Stock split 1-for-20 | Outstanding: 400,387,000 → 20,019,350

20M 0
May 07, 2024

10-Q filing | 400.4M shares outstanding

400M 0
Feb 27, 2024

10-K filing | 400.0M shares outstanding

400M 0
Nov 09, 2023

10-Q filing | 375.9M shares outstanding

380M 0
Aug 01, 2023

10-Q filing | 367.1M shares outstanding

370M 0
Jun 22, 2023

8-K filing: Virgin Galactic Holdings, Inc. entered into a distribution agency agreement with Credit Suisse Securities (USA) LLC, Morgan Stanley & Co. LLC and Goldman Sachs & Co. LLC for the offer and sale of up to $400,000,000 of shares of the Company's common stock. ($300.0M proceeds)

280M 0
May 09, 2023

10-Q filing | 278.5M shares outstanding

280M 0
Feb 28, 2023

10-K filing | 263.9M shares outstanding

260M 0
Nov 03, 2022

10-Q filing | 263.9M shares outstanding

260M 0
Aug 04, 2022

10-Q filing | 258.6M shares outstanding

260M 0
May 05, 2022

10-Q filing | 258.3M shares outstanding

260M 0
Feb 28, 2022

10-K filing | 247.6M shares outstanding

250M 0
Jan 20, 2022

8-K filing: Virgin Galactic Holdings, Inc. issued $425,000,000 principal amount of 2.50% Convertible Senior Notes due 2027 and granted initial purchasers an option to purchase up to an additional $75,000,000 principal amount of Notes, which may result in the issuance of up to 42,372,840 shares of common stock upon conversion.

260M 0
Nov 08, 2021

10-Q filing | 255.1M shares outstanding

260M 0
Aug 05, 2021

10-Q filing | 240.7M shares outstanding

240M 0
Jun 17, 2021

S-3/A filing: Virgin Galactic Holdings, Inc. is offering common stock, preferred stock, debt securities, depositary shares, and purchase contracts up to an aggregate amount of $1,000,000,000 from time to time in one or more offerings.

240M 0
May 28, 2021

S-3 filing: Virgin Galactic Holdings, Inc. files an S-3 registration statement for an unspecified amount of securities, including common stock, preferred stock, debt securities, depositary shares and purchase contracts, up to an aggregate of $1,000,000,000. The company also registers 2,666,667 shares of common stock issuable upon the exercise of outstanding warrants.

240M 0
May 11, 2021

10-Q filing | 240.7M shares outstanding

240M 0
Mar 01, 2021

10-K filing | 236.9M shares outstanding

240M 0
Nov 16, 2020

POS AM filing: This is a post-effective amendment to convert the registration statement on Form S-1 into a registration statement on Form S-3 and to include updated information regarding the selling stockholders named in the prospectus, including a reduction in the number of shares of common stock being offered by the selling stockholders to 112,964,840 shares of common stock.

230M 0
Nov 06, 2020

10-Q filing | 234.3M shares outstanding

230M 140M
Aug 03, 2020

S-1 filing: Virgin Galactic Holdings, Inc. is offering 20,489,977 shares of their common stock.

210M 160M
Aug 03, 2020

10-Q filing | 210.4M shares outstanding

210M 160M
Jul 31, 2020

8-K filing: Vieco 10 Limited distributed 77,290,438 shares of Virgin Galactic Holdings, Inc. common stock to its existing stockholders, with 62,403,260 shares going to Virgin Investments Limited (VIL) and 14,887,178 shares to Aabar Space, Inc.

140M 200M
May 11, 2020

S-1/A filing: This S-1/A filing relates to the resale of up to 150,464,840 shares of common stock by selling stockholders, including 142,464,840 outstanding shares and 8,000,000 shares issuable upon warrant exercise.

140M 200M
May 06, 2020

10-Q filing | 210.4M shares outstanding

210M 140M
May 01, 2020

S-1 filing: Virgin Galactic Holdings, Inc. is filing an S-1 to register the resale of up to 150,464,840 shares of common stock by selling stockholders, including 142,464,840 outstanding shares and 8,000,000 shares issuable upon the exercise of warrants.

200M 150M
Mar 16, 2020

RW filing: This is a request for the withdrawal of a registration statement on Form S-1 because the company no longer wishes to conduct a public offering of securities as contemplated by the Registration Statement.

200M 0
Feb 28, 2020

S-1/A filing: Virgin Galactic Holdings, Inc. is offering 27,457,235 shares of common stock issuable upon the exercise of warrants at an exercise price of $11.50 per share.

200M 27M
Feb 28, 2020

10-K filing | 195.8M shares outstanding

200M 27M
Feb 14, 2020

S-1/A filing: Virgin Galactic Holdings, Inc. may issue up to 30,998,625 shares of common stock upon exercise of warrants at $11.50 per share.

200M 31M
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