You haven’t addressed the serious whole in financials and business model I raised above. How they’ll ever make money is beyond me and I want a company I invest in to be able to do that otherwise it won’t be a company for long.
It’s covered in their initial SPAC merger presentation:
https://www.sec.gov/Archives/edgar/data/1706946/000114420419034053/tv524921_ex99-2.htm
They will reach the number of passengers required unless they run out of cash (they paused taking reservations several years ago but had a lot of queries - 600 is not a true indicator of demand). The $500m is required to give them more of a ‘runway’ to profitability. Could they run out of cash? Yes. I think that is one of the biggest risks because they have not executed to original timeframes. But if they get to flying frequently then they will be profitable before considering latter phases of their business plan (decreasing ticket prices, supersonic travel etc) that will increase it further.