In my original valuation I ignored the potential for dilution and I did this for two reasons.
First because I couldn’t calculate or even estimate it, I could only guess.
And second because in the final reckoning, I figure that dilution and ultimately ROI is to a large extent dependent on capital efficiency.
The recently announced partnership with Evolito is important I’m sure, but resonating for me was **Dómhnal Slattery’s comment**, posted a little while later.
**"With our partner Evolito, we have leading edge EPU technology available to us without having blown through $1bn of shareholder money developing it in house. It generally always pays to be prudent. Celebrating the best of British aerospace innovation."**
This comment by Verticals Chairman now falls against a background where their peers are raising money again ($1.2b I think?) without to my knowledge having published even an estimate of the total they require.
In contrast, Vertical highlighted during their Q3 2025 update that they're spending 75% less than their peers and they have committed to being able to certify their aircraft; begin low volume production and reach cash break even with less than a further $700m total.
I expect that much of this will be equity, but I also expect that some will be grants (like the most recent one from Singapore) and some will be debt.
Whatever the final mix and dilution, I expect that Jason Mudrick, as a large majority shareholder, will ensure that shareholder interests are fully represented.
Vertical have the best team; the best partners; the best certification standard; the best product; the best strategy and are destined to lead the sector in my opinion.
Massive thanks to Prof G for the “heads up”.
Adam