7Baggers

Virgin Galactic
(NYSE:SPCE) 

SPCE stock logo

Virgin Galactic Holdings, Inc., an integrated aerospace company, develops human spaceflight for private individuals and researchers in the United States. It also manufactures air and space vehicles. The company's spaceship operations include commercial human spaceflight, flying commercial research, ...

Founded: 2004
IPO Price: $10 (Oct 02, 2019)
Full Time Employees: 721
CEO: Michael Colglazier  
Sector: Industrials
Industry: Aerospace & Defense
AerospaceSpaceSPaaS
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At a glance:
  • Commercial Service Ramp Is the Core Catalyst—and Risk: Virgin Galactic’s investment case hinges on scaling paying spaceflight operations from limited cadence to a repeatable, higher-frequency service model; delays or slower-than-expected ramp would pressure revenue timing and credibility.
  • Cash Burn Remains Material; Liquidity Runway Is Closely Watched: The company has historically generated limited revenue while carrying significant R&D and operating costs, making cash balance, quarterly burn rate, and potential capital raises key variables for shareholders.
  • Next-Generation Vehicle Development Drives Long-Term Economics: Progress on new spacecraft and manufacturing plans is critical to improving unit economics and flight cadence; execution risk includes engineering complexity, supply chain constraints, and certification timelines.
  • Safety, Regulatory Oversight, and Reputation Are Existential Factors: Operational incidents, extended investigations, or stricter regulatory requirements could halt flights and increase costs, while a strong safety record is necessary to grow demand and partnerships.
  • Demand Signal vs. Price Elasticity and Market Size Uncertainty: While interest in space tourism exists, the addressable market at current ticket prices and the pace of repeatable demand remain uncertain; backlog quality, cancellations, and pricing strategy are important indicators.
Bull Thesis:
  • First Mover Advantage in Space Tourism: Virgin Galactic holds a pioneering position in the nascent suborbital space tourism market, giving it a significant lead and brand recognition in a potentially high-growth, aspirational industry with limited direct competition.
  • Strong Demand and Pricing Power: Despite high ticket prices (currently $450,000), the company has demonstrated robust customer demand, evidenced by its substantial backlog of reservations and successful price increases, indicating a premium, inelastic market for unique experiences.
  • Scalability with Delta Class Fleet: The development and upcoming deployment of the Delta class spacecraft promise increased flight frequency and capacity. This new fleet is designed for more efficient operations, offering a clear path to scaling revenue generation and improving unit economics in the coming years.
Bear Thesis:
  • Persistent Operational Delays and Slow Ramp-Up: Virgin Galactic has a history of significant operational delays and a slower-than-anticipated flight cadence. This continues to push out profitability timelines, delay meaningful revenue growth, and erode investor confidence.
  • High Cash Burn and Negative Free Cash Flow: The company continues to incur substantial operating expenses and capital expenditures for spacecraft development and infrastructure, resulting in a high cash burn rate and persistent negative free cash flow, raising concerns about long-term financial sustainability without further capital raises.
  • Niche Market and Limited Addressable Customer Base: The extremely high cost of suborbital space travel limits the addressable market to a very small segment of ultra-high-net-worth individuals. This potentially caps long-term revenue potential and growth, making it difficult to achieve mass-market scale.
  • Significant Safety and Regulatory Risks: Spaceflight inherently carries high safety risks. Any major incident could lead to severe reputational damage, operational halts, increased regulatory scrutiny, and a significant impact on customer confidence and future bookings, potentially crippling the business.
Main Competitors:
  • Blue Origin (New Shepard), Directly competes in the suborbital space tourism market, offering similar high-altitude flights for private individuals. Blue Origin utilizes a vertical take-off and landing rocket system, contrasting with Virgin Galactic's air-launched spaceplane, and emphasizes larger windows and a more traditional rocket launch experience.
  • SpaceX (Crew Dragon / Starship (private missions)), While primarily focused on orbital spaceflight, SpaceX competes for the same ultra-high-net-worth clientele interested in private space experiences. They offer longer duration and higher altitude orbital missions, which can be seen as an 'upgrade' or alternative to suborbital flights for those seeking a more extensive space travel experience.
  • Space Perspective (Spaceship Neptune), Competes in the high-end experiential travel market by offering stratospheric balloon flights that provide stunning views of Earth from near-space. They target a similar clientele seeking unique, luxurious, and accessible space-adjacent experiences, albeit without crossing the Kármán line into true space.
  • World View Enterprises (Explorer Capsule), Similar to Space Perspective, World View offers stratospheric balloon flights for tourism and research. They compete for the luxury adventure travel market, providing a serene, multi-hour journey to the edge of space with panoramic views, appealing to those who might find traditional rocket launches too intense or prefer a longer, gentler experience.
  • Luxury Adventure Travel Industry (e.g., White Desert Antarctica, Triton Submarines) (Ultra-luxury expeditions), Virgin Galactic competes for the discretionary spending of ultra-high-net-worth individuals who seek exclusive, once-in-a-lifetime adventure experiences. This includes high-end offerings like Antarctic expeditions, deep-sea submersible dives, or private yacht charters, positioning space tourism as a unique alternative within this broader luxury market.
Moat:
Virgin Galactic operates in the nascent but highly competitive suborbital space tourism market. Its primary direct competitor is Blue Origin, offering a similar experience with a different launch methodology. Broader competition comes from orbital space tourism providers like SpaceX, which target the same ultra-high-net-worth individuals with more extensive space travel options. Additionally, companies like Space Perspective and World View offer 'near-space' experiences via stratospheric balloons, appealing to a similar luxury adventure demographic. Ultimately, Virgin Galactic also competes with the entire high-end experiential travel industry for the discretionary spending of the ultra-rich. Its moat lies in its unique air-launch spaceplane system, established brand recognition, and being a publicly traded pure-play in this sector, but it faces significant challenges in scaling operations, ensuring safety, and differentiating itself in a market where technological advancements and customer experience are paramount.
Income Statements:
Quarterly
Annual
    Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 
                              
      revenue
    		227,000 312,000 365,000 406,000 461,000 429,000 402,000 4,220,000 1,985,000 2,809,000 1,728,000 1,871,000 392,000 869,000 767,000 357,000 319,000 141,000 2,580,000 571,000     238,000  
      yoy
    		-50.76% -27.27% -9.20% -90.38% -76.78% -84.73% -76.74% 125.55% 406.38% 223.25% 125.29% 424.09% 22.88% 516.31% -70.27% -37.48% NaN%  NaN% NaN% NaN%      
      qoq
    		-27.24% -14.52% -10.10% -11.93% 7.46% 6.72% -90.47% 112.59% -29.33% 62.56% -7.64% 377.30% -54.89% 13.30% 114.85% 11.91% 126.24% -94.53% 351.84% NaN%   NaN% NaN%   
      operating expenses:
    		                          
      spaceline operations
    		29,640,000 18,240,000 19,497,000 14,206,000 20,826,000 20,271,000 19,874,000 27,288,000 22,591,000 24,338,000 25,648,000                
      research and development
    		6,712,000 12,083,000 14,952,000 20,121,000 33,310,000 28,237,000 23,937,000 41,535,000 58,969,000 53,848,000 44,848,000 86,574,000 109,870,000 102,596,000 97,411,000 62,340,000 51,827,000 41,518,000 35,593,000 35,903,000 36,363,000 41,082,000 46,243,000 37,150,000 34,282,000  
      selling, general and administrative
    		25,551,000 26,802,000 27,965,000 31,850,000 30,550,000 29,703,000 33,978,000 33,931,000 27,884,000 30,844,000 42,218,000 51,437,000 50,365,000 47,298,000 46,113,000 44,700,000 37,007,000 39,902,000 49,859,000 38,503,000 44,914,000 32,854,000 30,936,000 26,047,000 26,755,000  
      depreciation and amortization
    		3,916,000 3,974,000 4,117,000 4,171,000 4,223,000 4,171,000 4,341,000 3,256,000 3,699,000 3,646,000 3,286,000 3,192,000 3,245,000 3,117,000 2,214,000 2,915,000 2,852,000          
      total operating expenses
    		65,819,000 61,099,000 66,531,000 70,348,000 88,909,000 82,382,000 82,130,000 106,010,000 113,143,000 117,074,000 116,000,000 141,437,000 163,798,000 154,180,000 146,328,000 110,077,000 91,711,000          
      operating income
    		-65,592,000 -60,787,000 -66,166,000 -69,942,000 -88,448,000 -81,953,000 -81,728,000 -101,790,000 -111,158,000 -114,265,000 -114,272,000 -139,566,000 -163,406,000 -153,311,000 -145,561,000 -109,720,000 -91,392,000 -81,281,000 -83,079,000 -73,898,000 -81,277,000 -73,936,000 -77,179,000 -63,197,000 -60,972,000  
      yoy
    		-25.84% -25.83% -19.04% -31.29% -20.43% -28.28% -28.48% -27.07% -31.97% -25.47% -21.50% 27.20% 78.80% 88.62% 75.21% 48.47% 12.45% 9.93% 7.64% 16.93% 33.30%      
      qoq
    		7.90% -8.13% -5.40% -20.92% 7.93% 0.28% -19.71% -8.43% -2.72% -0.01% -18.12% -14.59% 6.58% 5.32% 32.67% 20.05% 12.44% -2.16% 12.42% -9.08% 9.93% -4.20% 22.12% 3.65%   
      operating margin %
    		-28895.15% -19483.01% -18127.67% -17227.09% -19186.12% -19103.26% -20330.35% -2412.09% -5599.90% -4067.82% -6612.96% -7459.43% -41685.20% -17642.23% -18977.97% -30733.89% -28649.53% -57646.10% -3220.12% -12941.86% NaN% -Infinity% NaN% NaN% -25618.49%  
      interest income
    		2,701,000 3,829,000 4,966,000 5,832,000 7,215,000 8,573,000 10,363,000 11,108,000 12,308,000 13,644,000 12,856,000 8,404,000 7,330,000 6,175,000 3,524,000 1,985,000 818,000 417,000 234,000 214,000 318,000 272,000 322,000 506,000 1,177,000  
      interest expense
    		-1,828,000 -3,045,000 -3,250,000 -3,247,000 -3,240,000 -3,237,000 -3,233,000 -3,230,000 -3,227,000 -3,224,000 -3,221,000 -3,216,000 -3,211,000 -3,206,000 -3,293,000 -3,157,000 -2,474,000     -10,000 -9,000 -8,000 -9,000  
      other income
    		34,000 119,000 33,000 40,000 34,000 59,000 163,000 171,000 145,000 99,000 86,000 48,000 30,000 51,000 -203,000 194,000 16,000 72,000 70,000 13,000 27,000 9,000 -44,000 221,000 3,000  
      income before income taxes
    		-64,685,000 -62,682,000 -64,417,000 -67,317,000 -84,439,000 -76,558,000 -74,435,000 -93,741,000 -101,932,000 -103,746,000 -104,551,000 -134,330,000 -159,257,000 -150,291,000 -145,533,000 -110,698,000 -93,032,000 -80,792,000 -48,343,000 -94,034,000 -129,651,000 -73,665,000 -76,910,000 -62,478,000 -59,976,000  
      income tax expense
    		30,000 41,000  -37,000 48,000 -145,000 105,000 34,000 80,000 238,000 53,000 34,000 128,000 667,000 -21,000 -23,000 -25,000 153,000 -25,000   -28,000 40,000 40,000 -46,000  
      net income
    		-64,715,000 -62,723,000 -64,417,000 -67,280,000 -84,487,000 -76,413,000 -74,540,000 -93,775,000 -102,012,000 -103,984,000 -104,604,000 -134,364,000 -159,385,000 -150,820,000 -145,554,000 -110,721,000 -93,057,000 -80,797,000 -48,368,000 -94,040,000 -129,694,000 -73,637,000 -76,950,000 -62,518,000 -59,930,000  
      yoy
    		-23.40% -17.92% -13.58% -28.25% -17.18% -26.51% -28.74% -30.21% -36.00% -31.05% -28.13% 21.35% 71.28% 86.67% 200.93% 17.74% -28.25% 9.72% -37.14% 50.42% 116.41%      
      qoq
    		3.18% -2.63% -4.26% -20.37% 10.57% 2.51% -20.51% -8.07% -1.90% -0.59% -22.15% -15.70% 5.68% 3.62% 31.46% 18.98% 15.17% 67.05% -48.57% -27.49% 76.13% -4.31% 23.08% 4.32%   
      net income margin %
    		-28508.81% -20103.53% -17648.49% -16571.43% -18326.90% -17811.89% -18542.29% -2222.16% -5139.14% -3701.82% -6053.47% -7181.40% -40659.44% -17355.58% -18977.05% -31014.29% -29171.47% -57302.84% -1874.73% -16469.35% NaN% -Infinity% NaN% NaN% -25180.67%  
      other comprehensive loss:
    		                          
      foreign currency translation adjustment
    		-3,000 -6,000 -6,000 22,000 -4,000 6,250 31,000 2,000 -8,000 72,000 -60,000 34,000 35,000 167,000 -180,000 -108,000 -25,000 118,000 3,000 -19,000 27,000 -48,000 48,000  -54,000  
      unrealized loss on marketable securities
    		-85,000   -134,000 -176,000         2,916,000 -585,000 -1,862,000 -5,780,000 -1,566,000 -437,000        
      total comprehensive loss
    		-64,803,000 -62,810,000 -64,184,000 -67,392,000 -84,667,000 -77,377,000 -72,715,000 -93,857,000 -102,884,000 -102,304,000 -103,642,000 -132,445,000 -156,249,000 -147,737,000 -146,319,000 -112,691,000 -98,862,000 -68,132,000 -48,802,000 -94,059,000 -129,667,000 -49,851,000 -76,902,000 -62,518,000 -59,984,000  
      net income per share
    		                          
      basic and diluted
    		-0.81 -0.83 -1.09 -1.47 -2.38 -2.23 -2.66 -4.36 -0.25 -0.23 -0.28 -0.46 -0.57   -0.43 -0.36   -0.39 -0.55 -0.31 -0.34 -0.3 -0.3  
      weighted-average shares outstanding:
    		                          
      basic and diluted
    		79,482 51,242 59,252 45,641 35,440 24,955 27,973 21,484 400,387 337,262 375,853 293,222 278,450 263,947  258,589,270 258,287,847 247,618,557  240,733,497 234,191,636 219,107,905 225,253,536 211,784,541 202,409,552  
      other comprehensive income:
    		                          
      unrealized gain on marketable securities
    		 -17,750 239,000   -939,000 1,794,000 -84,000 -864,000                  
      unrealized income on marketable securities
    		         1,502,000 1,022,000 1,885,000 3,101,000              
      customer experience
    		           234,000 318,000 1,169,000 590,000 122,000 25,000          
      change in fair value of warrants
    		                  34,432,000 -20,363,000 -48,719,000      
      net income per share
    		                          
      basic
    		             -0.335 -0.55   -0.278 -0.19        
      diluted
    		             -0.335 -0.55   -0.278 -0.32        
      weighted-average shares outstanding:
    		                          
      basic
    		              263,907,259    254,749,195        
      diluted
    		              263,907,259    255,147,228        
      cost of revenue
    		                 2,000 207,000 63,000     173,000  
      gross profit
    		                 139,000 2,373,000 508,000     65,000  
      yoy
    		                  NaN% NaN% NaN%      
      qoq
    		                 -94.14% 367.13% NaN%   NaN% NaN%   
      gross margin %
    		0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 98.58% 91.98% 88.97% NaN% NaN% NaN% NaN% 27.31%  
      income tax benefit
    		                   -6,000 -43,000      
      other expense
    		                        -175,000  
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 2017-12-31 
                                        
        assets
      		                                  
        current assets:
      		                                  
        cash and cash equivalents
      		124,837,000 144,727,000 128,789,000 163,547,000 140,763,000 178,605,000 172,359,000 182,310,000 195,433,000 216,799,000 231,030,000 358,309,000 415,682,000 302,291,000 394,032,000 329,857,000 601,464,000 524,481,000 702,565,000 551,624,000 616,625,000 665,924,000 741,575,000 359,912,000 419,374,000 480,443,000         
        restricted cash
      		30,634,000 30,988,000 30,005,000 30,180,000 31,391,000 32,280,000 32,357,000 32,518,000 34,918,000 36,793,000 38,031,000 39,726,000 40,408,000 40,336,000 40,328,000 40,207,000 35,361,000 25,549,000 18,078,000 13,031,000 13,031,000 13,031,000 13,268,000 13,266,000 12,278,000 12,278,000         
        marketable securities
      		95,054,000                                  
        other current assets
      		32,931,000 34,870,000 35,412,000 33,280,000 26,659,000 32,430,000 29,788,000 35,711,000 37,324,000                          
        total current assets
      		283,456,000 372,898,000 458,983,000 532,795,000 547,567,000 627,936,000 713,245,000 843,914,000 837,453,000 950,829,000 1,076,221,000 1,024,708,000 919,791,000 1,001,614,000 1,086,018,000 1,010,160,000 949,584,000 678,592,000 788,353,000 609,610,000 674,329,000 727,927,000 789,861,000 415,642,000 475,328,000 536,671,000 122,747 354,107 472,183 507,501 886,536 939,122 1,246,143  
        property, plant and equipment
      		426,713,000 388,730,000 350,151,000 305,878,000 249,219,000 209,114,000 181,154,000 144,455,000 110,610,000 93,806,000 74,066,000 69,869,000 60,365,000 53,658,000                     
        other non-current assets
      		40,060,000 41,551,000 44,409,000 51,907,000 61,542,000 62,895,000 61,476,000 61,563,000 63,093,000 63,286,000 64,567,000 52,208,000 53,357,000 54,274,000 55,220,000 44,356,000 40,944,000 41,281,000 24,449,000 25,536,000 22,762,000  18,930,000 19,307,000 20,349,000          
        total assets
      		750,229,000 803,179,000 853,543,000 898,817,000 903,933,000 961,225,000 1,016,309,000 1,062,468,000 1,078,261,000 1,179,517,000 1,267,984,000 1,146,785,000 1,033,513,000 1,139,938,000 1,259,184,000 1,268,476,000 1,352,144,000 1,068,834,000 1,117,623,000 684,016,000 748,027,000 803,990,000 866,046,000 490,976,000 548,059,000 605,546,000 677,290,252 712,888,772 708,898,496 704,757,773 701,280,087 698,070,930 695,411,823  
        liabilities and stockholders’ equity
      		                                  
        current liabilities:
      		                                  
        accounts payable
      		17,041,000 15,163,000 9,440,000 10,350,000 2,956,000 3,696,000 8,078,000 37,705,000 32,886,000 32,415,000 27,986,000 24,728,000 25,597,000 16,326,000 19,872,000 12,768,000 9,711,000 9,237,000 7,997,000 3,587,000 3,738,000 5,998,000 8,490,000 8,228,000 8,410,000 7,038,000         
        current portion of long-term debt
      		117,041,000 47,830,000                                 
        customer deposits
      		77,954,000 78,535,000 80,198,000 80,871,000 82,197,000 84,493,000 86,140,000 87,726,000 92,334,000 97,841,000 97,923,000 100,112,000 102,078,000 102,647,000 103,971,000 104,596,000 100,091,000 90,863,000 84,769,000 81,960,000 83,015,000 83,211,000 83,190,000 81,734,000 83,264,000 83,362,000         
        other current liabilities
      		70,578,000 67,795,000 70,374,000 66,209,000 58,671,000 61,821,000 63,688,000 53,780,000 46,534,000 4,541,000 4,342,000 4,035,000 3,749,000 3,232,000 3,336,000 2,803,000 2,529,000 2,636,000 2,416,000 2,627,000 2,981,000  2,300,000 2,926,000 3,207,000          
        total current liabilities
      		282,614,000 209,323,000 160,012,000 157,430,000 143,824,000 150,010,000 157,906,000 179,211,000 171,754,000 185,660,000 180,139,000 187,993,000 190,830,000 184,053,000 170,568,000 156,874,000 142,883,000 131,523,000 118,480,000 112,538,000 118,085,000 115,021,000 116,036,000 113,698,000 113,392,000 115,845,000 7,205,764 3,226,015 679,932 582,204 833,474 661,233 443,242  
        non-current liabilities:
      		                                  
        long-term debt
      		202,695,000 276,362,000                                 
        other long-term liabilities
      		41,191,000 43,530,000 45,793,000 56,751,000 67,249,000 68,815,000    70,495,000 71,148,000 57,456,000 59,647,000 59,942,000 59,885,000 46,464,000 43,009,000 43,047,000 29,214,000 25,908,000 25,939,000 1,757,000 23,763,000 23,040,000 22,666,000          
        total liabilities
      		526,500,000 529,215,000 627,646,000 635,444,000 631,762,000 638,945,000 650,317,000 667,641,000 660,679,000 674,041,000 668,625,000 662,244,000 666,732,000 659,715,000 645,641,000 617,901,000 600,047,000 174,570,000 147,694,000 238,793,000 328,183,000 141,472,000 139,799,000 136,738,000 136,058,000 137,986,000 31,355,764 27,376,015 24,829,932 24,732,204 24,983,474 24,811,233 24,593,242  
        commitments and contingencies
      		                                  
        stockholders’ equity
      		                                  
        preferred stock, 0.0001 par value...
      		                                  
        common stock, 0.0001 par value...
      		8,000 7,000 6,000 6,000 4,000 3,000 3,000 2,000 41,000 40,000 40,000 34,000 28,000 28,000 27,000 26,000 26,000 26,000 25,000 23,000 23,000 23,000 23,000 21,000 21,000 20,000         
        additional paid-in capital
      		3,040,171,000 3,025,604,000 2,914,728,000 2,888,020,000 2,829,428,000 2,794,871,000 2,761,206,000 2,717,327,000 2,646,186,000 2,631,197,000 2,622,776,000 2,404,322,000 2,154,123,000 2,111,316,000 2,096,901,000 1,987,614,000 1,976,445,000 2,019,750,000 2,013,171,000 1,439,667,000 1,320,228,000 1,057,202,000 1,047,246,000 598,337,000 593,582,000 589,158,000      -531,870 1,909,250  
        accumulated deficit
      		-2,816,494,000 -2,751,779,000 -2,689,056,000 -2,624,639,000 -2,557,359,000 -2,472,872,000 -2,396,459,000 -2,321,919,000 -2,228,144,000 -2,126,132,000 -2,022,148,000 -1,917,544,000 -1,783,180,000 -1,623,795,000 -1,472,975,000 -1,327,421,000 -1,216,700,000 -1,123,643,000 -1,042,846,000 -994,478,000 -900,438,000 -394,712,000 -321,075,000 -244,125,000 -181,607,000 -121,677,000         
        accumulated other comprehensive income
      		44,000 132,000 219,000 -14,000 98,000 278,000 1,242,000 -583,000 -501,000 371,000     -10,410,000 -9,644,000 -7,674,000 -1,869,000 -421,000 11,000 31,000 5,000 53,000 5,000 5,000 59,000         
        total stockholders’ equity
      		223,729,000 273,964,000 225,897,000                                
        total liabilities and stockholders’ equity
      		750,229,000 803,179,000 853,543,000                                
        marketable securities, short-term
      		 162,313,000 264,777,000 305,788,000 348,754,000 384,621,000 478,741,000 593,375,000 569,778,000 657,238,000 766,047,000 581,913,000 417,923,000 606,716,000 606,713,000 587,716,000 265,859,000 79,418,000 29,441,000                
        marketable securities, long-term
      		   8,237,000 45,605,000 61,280,000 60,434,000 12,536,000 67,105,000 71,596,000 53,130,000   30,392,000 69,072,000 164,777,000 314,140,000 301,463,000 256,691,000                
        convertible senior notes
      		  421,841,000 421,263,000 420,689,000 420,120,000 419,555,000 418,995,000 418,438,000 417,886,000 417,338,000 416,795,000 416,255,000 415,720,000 415,188,000 414,563,000 414,155,000                  
        liabilities and stockholders' equity
      		                                  
        stockholders' equity
      		                                  
        total stockholders' equity
      		   263,373,000 272,171,000 322,280,000 365,992,000 394,827,000 417,582,000 505,476,000 599,359,000 484,541,000 366,781,000 480,223,000 613,543,000 650,575,000 752,097,000 894,264,000 969,929,000 445,223,000 419,844,000 662,518,000 726,247,000 354,238,000 412,001,000 467,560,000         
        total liabilities and stockholders' equity
      		   898,817,000 903,933,000 961,225,000 1,016,309,000 1,062,468,000 1,078,261,000 1,179,517,000 1,267,984,000 1,146,785,000 1,033,513,000 1,139,938,000 1,259,184,000 1,268,476,000 1,352,144,000 1,068,834,000 1,117,623,000 684,016,000 748,027,000 803,990,000 866,046,000 490,976,000 548,059,000 605,546,000         
        other non-current liabilities
      		      72,856,000 69,435,000 70,487,000                          
        inventories
      		         16,301,000 17,062,000 18,250,000 22,170,000 24,043,000 22,851,000 33,804,000 29,467,000 29,668,000 29,306,000 29,965,000 30,187,000 30,483,000 25,147,000 28,605,000 28,797,000 26,817,000         
        prepaid expenses and other current assets
      		         23,698,000 24,051,000 26,510,000 23,608,000 28,228,000 22,094,000 18,576,000 17,433,000 19,476,000 8,963,000 14,990,000 14,486,000  9,871,000 13,859,000 14,879,000          
        accrued liabilities
      		         50,863,000 49,888,000 59,118,000 59,406,000 61,848,000 43,389,000 36,707,000 30,552,000 28,787,000 23,298,000 24,364,000 28,351,000 22,982,000    22,277,000         
        accumulated other comprehensive loss
      		          -1,309,000 -2,271,000 -4,190,000 -7,326,000                     
        current assets
      		                                  
        property, plant, and equipment
      		              48,874,000 49,183,000 47,476,000 47,498,000 48,130,000 48,870,000 50,936,000 53,148,000 57,255,000 56,027,000 52,382,000 49,333,000         
        current liabilities
      		                                  
        non-current liabilities
      		                                  
        warrant liability
      		                   100,347,000 184,159,000              
        accounts receivable
      		                     470,000    461,000         
        prepayments and other current assets
      		                     17,949,000    16,672,000         
        due from related party
      		                     70,000             
        right-of-use asset
      		                     19,914,000    16,927,000         
        other noncurrent assets
      		                     3,001,000    2,615,000         
        current portion of operating lease obligation
      		                     2,384,000    2,354,000         
        current portion of finance lease obligation
      		                     136,000    47,000         
        current portion of note payable
      		                     310,000             
        due to related parties
      		                         767,000         
        note payable, net of current portion
      		                     310,000             
        operating lease obligation, net of current portion
      		                     24,148,000    21,867,000         
        financing lease obligation, net of current portion
      		                     236,000    274,000         
        accrued expenses
      		                      22,056,000 20,810,000 18,511,000          
        deferred rent
      		                                  
        net parent investment
      		                                  
        cash
      		                          48,489 274,295 326,346 462,162 804,834 817,157 1,006,776  
        prepaid expenses
      		                          74,258 79,812 145,837 45,339 81,702 121,965 239,367  
        marketable securities held in trust account
      		                          677,167,505 712,534,665 708,426,313 704,250,272 700,393,551 697,131,808   
        liabilities and shareholders’ equity
      		                                  
        accounts payable and accrued expenses
      		                          5,479,951 2,466,601 274,808 200,529 457,406 314,338 443,242  
        advances from related party
      		                          1,725,813 759,414 405,124 381,675 376,068 346,895   
        deferred underwriting fees
      		                          24,150,000 24,150,000 24,150,000 24,150,000 24,150,000 24,150,000 24,150,000  
        commitments
      		                                  
        class a ordinary shares subject to possible redemption, 61,738,641 and 66,136,664 shares at redemption value at september 30, 2019 and december 31, 2018, respectively
      		                          640,934,487        
        shareholders’ equity
      		                                  
        preferred shares, 0.0001 par value...
      		                                  
        class a ordinary shares, 0.0001 par value...
      		                          349 310 286 286 287 286 282  
        class b ordinary shares, 0.0001 par value...
      		                          1,725 1,725 1,725 1,725 1,725 1,725 1,725  
        retained earnings
      		                          4,997,927 4,997,966 4,997,990 4,997,990 4,997,989 5,529,860 3,088,744  
        total shareholders’ equity
      		                          5,000,001 5,000,001 5,000,001 5,000,001 5,000,001 5,000,001 5,000,001  
        total liabilities and shareholders’ equity
      		                          677,290,252 712,888,772 708,898,496 704,757,773 701,280,087 698,070,930 695,411,823  
        class a ordinary shares subject to possible redemption, 65,899,081 and 66,136,664 shares at redemption value at june 30, 2019 and december 31, 2018, respectively
      		                           680,512,756       
        class a ordinary shares subject to possible redemption, 66,140,585 and 66,136,664 shares at redemption value at march 31, 2019 and december 31, 2018, respectively
      		                            679,068,563      
        due from underwriter
      		                                  
        class a ordinary shares subject to possible redemption, 66,136,664 and 66,219,742 shares at redemption value as of december 31, 2018 and 2017, respectively
      		                             675,025,568     
        class a ordinary shares subject to possible redemption, 66,133,484 and 66,219,742 shares at redemption value at september 30, 2018 and december 31, 2017, respectively
      		                              671,296,612    
        class a ordinary shares subject to possible redemption, 66,142,325 and 66,219,742 shares at redemption value at june 30, 2018 and december 31, 2017, respectively
      		                               668,259,696   
        cash and marketable securities held in trust account
      		                                694,165,680  
        class a ordinary shares subject to possible redemption, 66,182,301 and 66,219,742 shares at redemption value at march 31, 2018 and december 31, 2017, respectively
      		                                665,818,580  
        operating expenses
      		                                  
        operating costs
      		                                  
        income from operations
      		                                  
        other income:
      		                                  
        unrealized loss on marketable securities held in trust account
      		                                  
        interest income
      		                                  
        net income
      		                                  
        loss per common share:
      		                                  
        basic and diluted
      		                                  
        weighted-average number of common shares outstanding:
      		                                  
        balance sheet data
      		                                  
        cash and securities held in trust account
      		                                  
        ordinary shares subject to possible redemption
      		                                  
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2026-03-31 2025-12-31 2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-03-31 2021-12-31 2021-09-30 2021-06-30 2021-03-31 2020-12-31 2020-09-30 2020-06-30 2020-03-31 2019-12-31 2019-09-30 2019-06-30 2019-03-31 2018-12-31 2018-09-30 2018-06-30 2018-03-31 
                                         
          cash flows from operating activities:
        		                                 
          net loss
        		-64,715,000 -62,723,000 -64,417,000 -67,280,000 -84,487,000 -76,413,000 -74,540,000 -93,775,000 -102,012,000 -103,984,000 -104,604,000 -134,364,000 -159,385,000 -150,820,000 -145,554,000 -110,721,000 -93,057,000 -80,797,000 -48,368,000 -94,040,000 -129,694,000 -73,637,000 -76,950,000 -62,518,000 -59,930,000         
          stock-based compensation
        		4,121,000 4,378,000 4,719,000 4,832,000 4,769,000 5,712,000 7,560,000 8,236,000 8,244,000 8,660,000 10,763,000 11,859,000 12,976,000 11,221,000 11,510,000 12,083,000 10,895,000 13,101,000 12,169,000 14,424,000 22,111,000 11,749,000 8,625,000 5,525,000 4,425,000         
          depreciation and amortization
        		3,916,000 3,974,000 4,117,000 4,171,000 4,223,000 4,171,000 4,341,000 3,256,000 3,699,000 3,646,000 3,286,000 3,192,000 3,245,000   2,915,000 2,852,000 2,883,000 2,895,000 2,871,000 2,869,000 2,384,000 2,677,000 2,615,000 2,105,000         
          amortization of debt issuance costs
        		511,000 571,000 578,000 574,000 569,000 565,000 560,000 557,000 552,000 548,000 543,000 540,000 535,000 532,000 625,000 438,000 403,000                 
          accretion of marketable securities purchased at a discount
        		-406,000 -691,000 -1,373,000 -1,814,000 -2,193,000                             
          other non-cash items
        		-11,000 14,000 4,000 -8,000 -14,000 14,789,000 -4,051,000 -3,953,000 -5,328,000 -7,076,000 -4,480,000 -1,784,000 -236,000                     
          change in operating assets and liabilities:
        		                                 
          other current and non-current assets
        		1,300,000 784,000 -3,843,000 -6,299,000 5,749,000 -3,058,000 7,352,000 2,437,000 3,835,000 1,501,000 5,561,000 -985,000 5,721,000 -5,063,000 843,000 -872,000 2,282,000 -9,807,000 6,023,000 -3,373,000 3,692,000  2,891,000 1,119,000 2,142,000         
          accounts payable
        		840,000 6,206,000 1,049,000 4,716,000 -751,000 -3,839,000 -30,381,000 12,497,000 -7,480,000                         
          customer deposits
        		-581,000 -1,663,000 -673,000 -1,326,000 -2,296,000 -1,647,000 -1,586,000 -4,608,000 -5,507,000 -82,000 -2,189,000 -1,966,000 -569,000 -1,324,000 -625,000 4,505,000 9,228,000 5,504,000 3,400,000 -1,056,000 -196,000 21,000 1,456,000 -1,530,000 -98,000         
          other current and non-current liabilities
        		1,524,000 -3,325,000 3,536,000 6,988,000 -1,487,000 -4,680,000 11,438,000 -3,779,000 -9,232,000      261,000 -58,000 -67,000 -1,811,000 2,938,000 -14,000 102,000  1,502,000           
          net cash from operating activities
        		-53,501,000 -52,475,000 -56,303,000 -55,446,000 -75,918,000 -81,035,000 -79,307,000 -79,132,000 -113,229,000 -95,309,000 -91,497,000 -125,318,000 -136,069,000 -131,242,000 -96,039,000 -86,909,000 -66,051,000 -65,126,000 -52,165,000 -64,703,000 -48,769,000 -70,570,000 -54,701,000 -51,575,000 -56,313,000 -201,798,189 -1,192,205 -406,341 -159,265 -348,279 -41,496   
          cash flows from investing activities:
        		                                 
          capital expenditures
        		-39,807,000 -42,153,000 -51,484,000 -58,361,000 -46,047,000 -35,709,000 -38,659,000 -34,415,000 -13,072,000 -18,368,000 -13,325,000 -9,849,000 -2,767,000 -4,183,000 -6,013,000 -4,520,000 -1,773,000 -2,183,000 -805,000 -828,000 -819,000 -3,066,000 -3,996,000 -6,103,000 -4,036,000 0 0 0 0 0 0   
          free cash flows
        		-93,308,000 -94,628,000 -107,787,000 -113,807,000 -121,965,000 -116,744,000 -117,966,000 -113,547,000 -126,301,000 -113,677,000 -104,822,000 -135,167,000 -138,836,000 -135,425,000 -102,052,000 -91,429,000 -67,824,000 -67,309,000 -52,970,000 -65,531,000 -49,588,000 -73,636,000 -58,697,000 -57,678,000 -60,349,000 -201,798,189 -1,192,205 -406,341 -159,265 -348,279 -41,496   
          purchases of marketable securities
        		-33,516,000 -6,289,000 -85,829,000 -116,318,000 -104,607,000 -16,073,000 -178,528,000 -186,990,000 -161,843,000 -136,886,000 -463,030,000 -326,633,000 -83,287,000 -99,620,000 -225,691,000   -96,752,000                
          proceeds from maturities and calls of marketable securities
        		101,099,000 109,418,000 136,546,000 197,838,000 158,121,000 110,982,000 249,955,000 221,984,000 257,414,000 235,526,000 231,059,000 165,496,000 305,791,000 140,277,000                    
          other investing activities
        		 0 0 0 8,000 12,000 0 0 598,000                         
          net cash from investing activities
        		27,776,000 60,976,000 -767,000 23,159,000 7,475,000 59,212,000 32,768,000 579,000 83,097,000 80,272,000 -245,296,000 -170,986,000 219,737,000                     
          cash flows from financing activities:
        		                                 
          payments of long-term debt
        		-4,967,000                                 
          payments of finance lease obligations
        		-59,000 -57,000 -56,000 -52,000 -46,000 -44,000 -41,000 -48,000 -60,000 -60,000 -59,000 -57,000 -59,000    -34,000 -35,000 -36,000 -35,000 -34,000 -34,000 -40,000 -26,000 -23,000         
          proceeds from issuance of common stock pursuant to at-the-market offering
        		10,961,000                                 
          transaction costs related to issuance of common stock pursuant to at-the-market offering
        		-301,000                                 
          transaction costs related to issuance of common stock and equity-classified warrants pursuant to registered offering
        		-145,000                                 
          withholding taxes paid on behalf of employees on net settled stock-based awards
        		-8,000 -65,000 -10,000 -58,000 -50,000 -54,000 -283,000 -601,000 -269,000 -239,000 -685,000 -446,000 -1,870,000 -505,000 -633,000 -914,000 -1,932,000  -3,976,000 -1,289,000 -10,514,000             
          net cash from financing activities
        		5,481,000 8,420,000 22,137,000 53,860,000 29,712,000 27,992,000 36,427,000 63,030,000 6,891,000 -432,000 207,819,000 238,249,000 29,795,000 3,035,000 97,427,000 -976,000 359,517,000 -6,552,000 495,090,000 530,000 289,000 -2,252,000 440,362,000 -796,000 -720,000 672,071,947 -38,129,686 354,290 23,449 5,607 29,173   
          net decrease in cash, cash equivalents and restricted cash
        		-20,244,000 16,921,000 -34,933,000 21,573,000 -38,731,000 6,169,000    -15,469,000                        
          cash, cash equivalents and restricted cash at beginning of period
        		175,715,000  0 0 210,885,000  0 0 253,592,000  0 0 342,627,000    550,030,000  0 0 678,955,000  0 0 492,721,000         
          cash, cash equivalents and restricted cash at end of period
        		155,471,000  -34,933,000 21,573,000 172,154,000  -10,112,000 -15,523,000 230,351,000  -128,974,000 -58,055,000 456,090,000    636,825,000  155,988,000 -65,001,000 629,656,000  381,665,000 -58,474,000 431,652,000         
          cash and cash equivalents
        		124,837,000 15,938,000 -34,758,000 22,784,000 140,763,000 6,246,000 -9,951,000 -13,123,000 195,433,000 -14,231,000 -127,279,000 -57,373,000 415,682,000 -91,741,000 64,175,000 -271,607,000 601,464,000 -178,084,000 150,941,000 -65,001,000 616,625,000 -75,651,000 381,663,000 -59,462,000 419,374,000         
          restricted cash
        		30,634,000 983,000 -175,000 -1,211,000 31,391,000 -77,000 -161,000 -2,400,000 34,918,000 -1,238,000 -1,695,000 -682,000 40,408,000 8,000 121,000 4,846,000 35,361,000 7,471,000 5,047,000 0 13,031,000 -237,000 2,000 988,000 12,278,000         
          cash, cash equivalents and restricted cash
        		155,471,000 16,921,000 -34,933,000 21,573,000 172,154,000 6,169,000 -10,112,000 -15,523,000 230,351,000 -15,469,000 -128,974,000 -58,055,000 456,090,000 -91,733,000 64,296,000 -266,761,000 636,825,000 -170,613,000 155,988,000 -65,001,000 629,656,000 -75,888,000 381,665,000 -58,474,000 431,652,000         
          proceeds from issuance of long-term debt
        		                                 
          repurchase of convertible debt
        		                                 
          debt issuance costs
        		             0 0 -30,000 -11,248,000                 
          proceeds from issuance of common stock and pre-funded warrants pursuant to registered offering
        		                                 
          proceeds from issuance of purchase warrants
        		                                 
          transaction costs related to issuance of common stock and equity-classified warrants
        		                                 
          proceeds from issuance of common stock pursuant to espp
        		                                 
          other financing activities
        		     0                            
          cash, cash equivalents and restricted cash at beginning of year
        		              0                   
          cash, cash equivalents and restricted cash at end of year
        		                                 
          proceeds from issuance of common stock
        		  22,830,000 55,600,000 30,730,000 29,098,000 37,118,000 64,308,000 7,272,000 0 210,708,000 241,393,000 32,044,000 3,753,000    0                
          transaction costs related to issuance of common stock
        		  -627,000 -1,630,000 -922,000 -1,008,000 -365,000 -629,000 -52,000 -133,000 -2,145,000 -2,641,000 -320,000 -111,000                    
          net increase in cash, cash equivalents and restricted cash
        		       -15,523,000 -23,241,000   -58,055,000 113,463,000                     
          change in fair value of warrant liability
        		                 0 -34,432,000 20,363,000 48,719,000             
          inventories
        		         761,000 -1,797,000 3,920,000 1,873,000 -1,192,000 10,953,000 -4,337,000 201,000 -363,000 660,000 222,000 296,000 -298,000 3,457,000 192,000 -1,980,000         
          accounts payable and accrued liabilities
        		         581,000 1,366,000 -4,010,000 -297,000 11,323,000 13,719,000 8,983,000 1,126,000 6,111,000 2,575,000 -4,073,000 3,322,000             
          other current and long-term liabilities
        		         136,000 54,000 -1,720,000 68,000                     
          proceeds from convertible senior notes
        		             0 0 0 425,000,000                 
          purchase of capped call
        		                                 
          repayment of commercial loan
        		             0                    
          proceeds from issuance of common stock pursuant to stock options exercised
        		             0 0 0 49,000 1,124,000 5,891,000 2,128,000 10,837,000             
          cash, cash equivalents and restricted cash at beginning of year.
        		                                 
          cash, cash equivalents and restricted cash at end of year.
        		                                 
          cash flows from operating activities
        		                                 
          depreciation, amortization and impairment
        		                                 
          change in fair value of warrants
        		                                 
          non-cash interest and other operating activities
        		                                 
          change in assets and liabilities
        		                                 
          cash flows from investing activity
        		                                 
          cash from investing activity
        		              62,908,000 -178,876,000 -206,671,000  -286,937,000 -828,000 -819,000 -3,066,000 -3,996,000 -6,103,000 -4,036,000         
          cash flows from financing activities
        		                                 
          payments of lease obligations
        		              -66,000                   
          capped call premium
        		              0                   
          net increase in cash and cash equivalents
        		                86,795,000 -170,613,000    -75,888,000 381,665,000           
          cash, cash equivalents and restricted cash ending balances
        		              64,296,000                   
          other operating activities
        		               155,000 86,000 53,000 -25,000 -27,000 10,000  8,000 66,000 1,000         
          transaction costs
        		                 -19,000 -6,479,000    -19,399,000 -770,000 -697,000         
          net decrease in cash and cash equivalents
        		                   -65,001,000 -49,299,000             
          investment in marketable securities
        		                -204,898,000                 
          purchase of capped calls
        		                -52,318,000                 
          cash flows from investing activities
        		                                 
          repayment on notes payable
        		                                 
          withholding taxes paid on behalf of employees on net settled stock-based compensation
        		                                 
          net transfer from parent company
        		                                 
          proceeds from parent company
        		                                 
          proceeds from reverse acquisition
        		                                 
          repayment of notes payable
        		                                 
          deferred rent
        		                                 
          loss on disposal of property, plant and equipment
        		                                 
          accounts receivable
        		                                 
          prepayments and other current assets
        		                                 
          other noncurrent assets
        		                                 
          due (to) from related party
        		                                 
          other long-term liabilities
        		                                 
          repayment of note payable
        		                                 
          proceeds from reverse recapitalization
        		                                 
          payments for reverse recapitalization and common stock issuance costs
        		                                 
          withheld taxes paid on behalf of employees on net settled stock-based awards
        		                     -4,368,000            
          accounts payable and accrued expenses
        		                      1,633,000 2,064,000 -2,978,000  3,013,350 2,191,793 74,279 -256,877 143,068   
          issuance of common stock
        		                                 
          net increase increase in cash and cash equivalents
        		                        -61,069,000         
          loss on disposal of property and equipment
        		                                 
          due from related party
        		                                 
          net income
        		                          -482,184 1,444,193 4,042,995 3,728,956 3,036,916 2,441,116 1,758,024 
          adjustments to reconcile net income to net cash from operating activities:
        		                                 
          interest earned on marketable securities held in trust account
        		                          -3,470,728 -4,360,454 -4,193,961 -3,822,187 -3,401,636   
          unrealized loss on marketable securities held in trust account
        		                          -258,197 252,102 17,920 -34,534 139,893   
          changes in operating assets and liabilities:
        		                                 
          prepaid expenses
        		                          5,554 66,025 -100,498 36,363 40,263   
          cash withdrawn from trust account in connection with redemptions
        		                                 
          receipt of amounts due from underwriter
        		                             0 0   
          advances from related party
        		                                 
          redemption of class a common shares
        		                                 
          repayment of advances from related party
        		                                 
          net change in cash
        		                          -225,806 -52,051 -135,816 -342,672 -12,323   
          cash at beginning of period
        		                          0 0 462,162 0 0   
          cash at ending of period
        		                          -225,806 -52,051 326,346 -342,672 -12,323   
          non-cash investing and financing activities:
        		                                 
          change in value of ordinary shares subject to possible redemption
        		                          -482,184 1,444,193 4,042,995 3,728,956 3,036,916   
          6
        		                                 
          advances from related parties
        		                           354,290 23,449  29,173   
          repayment of advances from related parties
        		                             0 0   
          less: income attributable to ordinary shares subject to possible redemption
        		                                 
          adjusted net income
        		                                -375,552 
          weighted-average shares outstanding, basic and diluted
        		                                20,030,258 
          basic and diluted net income per ordinary share
        		                                -0.02 
          investment of cash in trust account
        		                                 
          advances received from related parties
        		                                 
          proceeds from sale of units, net of underwriting discounts paid
        		                                 
          proceeds from sale of private placement warrants
        		                                 
          proceeds from issuance of class b ordinary shares
        		                                 
          proceeds from promissory note
        		                                 
          repayment of promissory note
        		                                 
          payment of offering costs
        		                                 
          initial classification of ordinary shares subject to possible redemption
        		                                 
          deferred underwriting fee payable
        		                                 
          reimbursement of offering costs due from underwriter
        		                                 
          f-6
        		                                 
          proceeds from sale of class b ordinary shares
        		                                 
          5
        		                                 
          accrual of offering costs
        		                                 
          less: income attributable to ordinary shares subject to redemption
        		                                -2,133,576