Vertical Aerospace has retained Jefferies to evaluate financing options as it prepares to move its 1,500-order Valo eVTOL from development into certification and commercial service, the company said on September 24.

The developer said the review, which carries no set timetable, may or may not lead to a transaction, strategic change, or other outcome. Vertical framed the move as a logical step after the "most significant year" in its history.

"Our team at Vertical has developed the best-in-class and only dual-use VTOL platform to the most exacting safety standards to serve a broad range of commercial and defense markets," CEO Stuart Simpson said. "The technology is in place and has been de-risked. As our focus moves to certification, industrialization and commercialization, we feel that now is the right time to explore our options for financing the next phase of our growth."

What does the review cover?

The scope is deliberately open. Vertical has not identified preferred structures, partners, or capital instruments. Jefferies serves as financial advisor.

The company did not disclose a budget for the review or potential transaction size. The decision to launch the review now, rather than after certification, signals the capital intensity of the industrialization phase.

Certification testing, serial production tooling, and the build-up of a support network all require capital that exceeds the runway implied by the approximately $100 million secured this year.

Where does the Valo program stand?

Vertical completed a piloted transition flight in a full-scale tiltrotor eVTOL during 2026, becoming only the second company globally to do so.

The aircraft also flew transition demonstrations at the Farnborough International Airshow in July 2026. The developer targets completion of its Critical Design Review by year-end 2026.

Its early aircraft production facility and an expanded Energy Centre are scheduled to open later this year. Together, those milestones mark the boundary between prototype development and serial production readiness.

Who are the customers?

Vertical holds around 1,500 pre-orders for the Valo, a tiltrotor designed for commercial and defense markets. Named customers include:

• American Airlines
• Avolon
• Bristow
• GOL
• Japan Airlines

The mix blends a US network carrier, an aircraft lessor, an operator with offshore experience, a Brazilian carrier, and an Asian flag carrier. That breadth is unusual for an eVTOL pre-launch order book.

What comes next?

The review's outcome will shape Vertical's path through type certification, industrialization, and entry into service. Vertical has not published a target entry-into-service date.

The timing of revenue flights will depend on regulatory clearance and on the capital raised under the review. If Vertical secures additional financing, the company will need to convert demonstrated flight performance into a certified product.

The 1,500-order book sets an ambition. Converting it into firm deliveries will require type certification, a serial production line, and a network of operators willing to commit capital to a new aircraft category.

The review's outcome will determine whether Vertical reaches those milestones as an independent developer or as part of a broader partnership.